Beyond the Numbers: Social Factors in Credit Risk

Asuamah Yeboah, Samuel and Mogre, Diana and Nartey Menzo, Benjamin Prince (2024): Beyond the Numbers: Social Factors in Credit Risk.

Abstract

This review explores the critical impact of social and cultural factors on credit risk assessment and lending practices, especially in developing countries. By examining existing research, we delve into how cultural norms, social relationships, and community dynamics shape the evaluation of creditworthiness for small and medium-scale enterprises (SMEs). Our findings offer valuable insights for policymakers, financial institutions, and researchers aiming to enhance the accuracy and cultural sensitivity of credit risk management strategies for SMEs in these contexts.

• Item Type: MPRA Paper
• Language: English
• Keywords: Credit risk assessment, lending decisions, social factors, cultural dynamics, small and medium-scale enterprises (SMEs), developing countries, community relationships, cultural norms, creditworthiness evaluation, financial inclusion.
• Subjects: D - Microeconomics > D1 - Household Behavior and Family Economics > D14 - Household Saving; Personal Finance; G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance; Z - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology > Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification

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