Research

Impact of Microfinance on Economic, FIIB Business Review

1–16
2020 Fortune Institute of
Social, Political and Psychological International Business
Reprints and permissions:

Empowerment: Evidence from Women’s in.sagepub.com/journals-permissions-india

DOI: 10.1177/2319714520972905

Self-help Groups in Kashmir Valley, India

journals.sagepub.com/home/fib

Shagufta Tariq Khan1, Mohd Abass Bhat2 and

Mohi-Ud-Din Sangmi3

Abstract
The present study attempts to examine the impact of microfinance on certain dimensions of women empowerment, namely economic,
social, political and psychological. Quasi-experimental design comprising of control group (180) and treatment group (190) has been
employed to assess the impact of microfinance on women empowerment. The findings revealed positively significant but moderate
level of impact of microfinance on economic, political and psychological dimensions of women empowerment and only smaller overall
impact on social empowerment. In addition, case studies further supported microfinance programme has substantially empowered
women in terms of economic, political, social and psychological dimensions. More importantly, ambiguity over social empowerment
was cleared.

Keywords
Microfinance, economic empowerment, social empowerment, political empowerment, psychological empowerment, self-help group

Introduction mostly by mobilizing them in self-help groups (SHGs).

Women are more likely to assemble together and form self-
Across the globe, women population, is poorer and often selected groups to address their common problems and in
deprived of basic facilities such as healthcare, clean water, doing so, they ease up the work of microfinance providers
sanitation and education. Women’s work often goes unpaid whereby transaction costs can be saved to a greater extent.
and they are subjected to several forms of violence (United Thus, a huge number (90%) of SHGs formed belong to
Nations, 2015). To end feminization of poverty, microfinance women only (Batra & Sumanjeet, 2012). The present article
has been recognized as one of the major and effective mainly focuses on microfinance services disbursed through
interventions (Chant, 2014). Microfinance has been largely a major mission mode programme ‘National Rural
targeting women on certain grounds. First, women are credit Livelihood Mission (NRLM)’ that replaced the earlier
constrained to start micro or small enterprises particularly in poverty alleviation programme ‘Swarna Jayanti Gram
a male-dominated society where their role is confined to Swarozgar Yojana’ in 2013. The redesigned and restructured
handling household chores and thus, women often fall under programme has been launched by the Ministry of Rural
the debt trap of informal moneylenders and are exploited by Development, Government of India. The programme
them (Madichie & Nkamnehe, 2010). Second, women are anticipates reducing women’s poverty by enabling them to
considered as disciplined, good credit risk, that is, low on start microenterprises and empowering them in all the
default rates and more likely to share their benefits with the spheres of life. The programme aims to achieve the global
entire family and improve children’s health and education goals of poverty reduction and women empowerment agreed
(Fofana et al., 2015; Gomez, 2013). In India, women have at United Nations under Sustainable Development Goals in
been the primary target group of microfinance programmes 2015, the successor of Millennium Development Goals.

1 Department of Accounting, Jazan University, Jazan, Saudi Arabia.

2 Department of Accounting and Finance, College of Business and Economics, Assosa University, Ethiopia.
3 Department of Commerce, University of Kashmir, Srinagar, Jammu and Kashmir, India.

Corresponding author:
Shagufta Tariq Khan, Department of Accounting, Jazan University, Jazan 45142, Saudi Arabia.
E-mail: sitariq@jazanu.edu.sa
2 FIIB Business Review

However, the contribution of microfinance towards women & Rao, 2003). It is believed that SHG approach leads to
empowerment is ambiguous as documented in the literature women empowerment more effectively. An experimental
for two broad reasons. First, some empirical studies claim study of SHGs in India reports increase in women’s
that microfinance does impact women empowerment, while awareness of rights, independent savings and active
others state that microfinance does not significantly involvement of women in political areas. There is also a
empower women in one or the other domains. Second, the reduction in verbal, physical and emotional abuse of women.
measurement of empowerment has not been valid, given the Hence, women in SHGs are empowered overtime compared
cultural and geographical context, time horizon as well as its to those women who do not participate in SHGs (Swain &
multidimensional character. Women’s empowerment has Wallentin, 2009). The case studies from SHGs in Pakistan
been considered multidimensional in nature and occurs and Malawi indicate that reliance of women in SHG on
across the dimensions of economic, social and cultural, social capital and accessing microfinance helps them to
legal, political and psychological. There is a wide consensus achieve collective business plans, generate own income,
among researchers that empowerment is a complex expand asset base, increase savings and utilize pooled
multidimensional process that occurs at individual, resources for consumption expenditure or emergency needs
community and organizational levels involving the domains such as healthcare; thus, women in SHGs contribute to
of health, economic, political, natural resources and spiritual whole family welfare (Rashid & Jonathan, 2014). Women
and is fostered by knowledge, agency, opportunity, capacity participating in microfinance, no doubt, take part in
building, resources and sustainability. The various domains expenditure decisions and gain asset ownership, which
of empowerment are interdependent and each domain is ultimately leads to reduction in domestic conflicts. Evidence
facilitated by or dependent on another domain (Hennink reveals that participation of women in SHGs and accessing
et al., 2012; Malhotra & Schuler, 2005). The broader and microfinance led them to increase monthly income,
holistic empowerment of women is an open-ended process expenditure and savings. However, confronting various
and is of utmost importance to eliminate marginalization, obstacles in getting financial assistance is also a true story
devaluation, subalternism, displacement and dispensability, for members of SHGs in certain contexts (Srinivas, 2015).
particularly of women in India (Misra, 2006). The present
study attempts to address these concerns and develops and
evaluates context-specific empowerment under the four Literature Review and Hypotheses
widely agreed dimensions—economic, social, political and Development
psychological—and hence, defines empowerment as a Employing traditional narrow view of women empowerment,
process of change by which individuals or groups with earlier studies have largely revealed constructive effect of
limited choice, freedom and power are enabled to gain and microfinance programmes on several indicators, for instance,
leverage power that enhances their ability to exercise choice on surveying 1,300 women clients in Bangladesh it was
and freedom in ways that positively contribute to their well- found that mobility, ability to make purchases and major
being (Ganle et al., 2015). household decisions, economic security (assets), political
This empirical article is documented in the context of and legal awareness, participation in protests and campaigns,
Kashmir valley of Jammu and Kashmir Union Territory, control over assets and income as a result of continuous
India, which undoubtedly bears a strong practical relevance financial support to the families have improved (Hashmi
as few research were made in this regional context. Data et al., 1996); in a comparison of 316 established clients (who
have been mainly collected from women’s SHGs mobilized accessed and utilized four loans) with 231 new clients of
and nurtured under the flagship programme NRLM. With microfinance institutions (MFIs) in the context of Ghana, an
particular reference to Kashmir, women are far behind in increase could be observed in physical capital (sewing
empowerment and still counted among the disadvantaged machine, refrigerator and electric cooker), financial capital
sections of the society. Women are generally exposed to (savings and subscription for client welfare schemes) and
domestic violence. As per Census 2011, literacy rate of human capital (children’s education and health status of
women is comparatively lower than their counterparts and household members), as established clients were significantly
women in rural areas of Kashmir still live in marginalized benefited from microfinance (Adjei et al., 2009); in another
conditions. In addition, labour force participation rate is study of 305 women members of MFIs operating in Tanzania
lowest (10.6%) for women in Kashmir compared to other who were in the programme for more than 3 years (treatment
states (RBI, 2015). group) and 149 women non-members from non-programme
areas (control group), impact on women’s better control over
Self-help Group Model of their economic resources (saving, income & assets), say in
decisions, freedom of movement and participation in
Microfinance and Women activities happening outside home as well, increase in self-
Women’s group-based models are more instrumental for esteem and self-efficacy could be observed (Kato & Kratzer,
eradication of poverty and empowerment of women (Galab 2013). However, in the recent studies, there is a transition in
Khan et al. 3

notion in relation to empowerment. Empowerment is can improve women’s financial base, decision-making
contemplated as a complex, multidimensional process that process and bargaining power and reduce dependency and
involves different spheres, namely social and cultural, further strengthen their voice, yet microfinance cannot be an
health, economic, legal, political and psychological natural empowering tool for all kinds of women, but majority of
resources and spiritual (Hennink et al., 2012; Malhotra & them are also impacted though insignificantly. Inclusion of
Schuler, 2005; Misra, 2006). In line with this kind of perfect control group in cross-sectional comparison can be
comprehension, we reviewed those studies, in specific, that one of the ways to overcome methodological problems that
examine impact of microfinance on allied domains of increase bias in impact assessments.
empowerment.
H1: Microfinance positively impacts economic
empowerment.
Microfinance and Women’s
Economic Empowerment
Microfinance and Women’s Social
Economic empowerment pertains to access to economic
Empowerment
resources, such as income, assets, savings and exercising
control over these resources. Economic empowerment is the Social empowerment refers to individual’s independence to
elite that can further lead to social, political and psychological live life freely, enjoy free mobility with social status and
empowerment. On certain indicators such as income, liberal interaction with people around. There is evidence
asset generation, consumption expenditure, savings, loan claiming microfinance as instrumental in socially
utilization, considered for measuring economic empowering women (Addai, 2017). Microfinance services
empowerment domain, definite impact has been found in can result in women’s self-confidence, ability to face
quantitative investigations (Sinha et al., 2012; Weber & problems, control over the use of money, decision-making
Ahmad, 2014). On the other hand, doubt has been raised ability, participation in public issues and ownership over
about the unique role of microfinance programmes in productive as well as consumer assets (Sinha et al., 2012).
economic empowerment of women. A qualitative These findings could be further confirmed from studies
investigation by Rehman et al. (2015) revealed improvement employing qualitative tools of investigation. While
in economic conditions in terms of household purchase examining economic, health and education, social and
decisions but detected age, education, family type and political domains Rehman et al. (2015) could find a
marital status as other important determinants. Similar noticeable effect on social empowerment of women
observations were drawn in a quantitative analysis by Addai (children’s marriage, visit to MFIs and visit to social
(2017) while recognizing education and marital status gatherings). However, external environment can also have a
equally determining women’s economic empowerment as tremendous bearing on social empowerment of women; for
microfinance do. Women participating in microfinance, no instance, in Pakistan, Weber and Ahmad (2014) posed some
doubt, take part in expenditure decisions and gain asset questions to respondents in relation to social empowerment
ownership that can be expected to reduce their domestic in addition to financial empowerment mainly regarding
conflicts. However, women’s long-term memberships in household decision-making matters such as purchases,
MFIs can also lead to marital conflicts between husband and children’s schooling and marriage and freedom of movement.
wife. In addition to it, women’s increasing workload cannot In their investigation, though massive improvement was
be overlooked (Arku & Arku, 2009) as women are observed as a mobility indicator of women after microfinance
overburdened with a dual work of household chores along participation, other remaining indicators were found
with operating their income generating activities (Haile amenable to external societal interferences.
et al., 2012). It is also argued that the presence of women in
micro-credit programmes has a limited effect on women’s H2: Microfinance positively impacts social
access to material resources consisting of education and empowerment.
employment (Mahmud, 2003). Sometimes accessing loans
and possession of household assets can have an adverse Microfinance and Women’s
effect on women’s decision-making power (Lavoori &
Paramanik, 2014). Some notable systematic reviews could
Political Empowerment
not be conclusive about the impact of microfinance on poor Political empowerment can be understood as one’s awareness
people due to inappropriate methodological designs of political domain, and it is characterized by participation in
employed in several studies; thus, stern need of mixed political activities. It is believed that women who are
method research with well-designed experimental methods economically better-off and are assembled in groups are
suitable to particular context was brought into limelight more likely to be empowered in political arena. It is argued
(Brody et al., 2017; Duvendack et al., 2011). Bayulgen that the small nature of microfinance loans can hardly lead
(2015) and Rehman et al. (2015) argue though microfinance to significant improvements in clients’ business, leaving
4 FIIB Business Review

their socio-economic status stable. However, prior It is vividly clear that efficacy of microfinance on this
experience with political activism can increase the proclivity particular domain is still inconclusive.
of microfinance clients to care about and participate in
politics more (Bayulgen, 2015). Further, participation of H4: Microfinance positively impacts psychological
women in the microfinance programmes particularly empowerment.
through group mechanism can lead to their greater awareness
about politics and confidence to take active part in local
government (panchayats). Women in SHG model of Research Methodology
microfinance are more likely to show interest in contesting Data Collection
in elections and attend various meetings of Grama Sabhas
where they can raise their demands for developmental The study covers Kashmir valley of Union Territory of
schemes, benefiting their localities (Brody et al., 2017; J&K, India and through structured interview schedule, the
Sreermulu & Hushenkhan, 2008). Studies based on primary data have been collected from women SHG
experimental approach of comparing women SHG members members registered under the scheme Umeed of the
with non-members further support definite effect of the mission mode programme ‘National Rural Livelihood
intervention on political empowerment index (Garai et al., Mission’. Secondary data have also been utilized for the
2012). Membership in the microfinance can be another present study and were gathered from several books,
factor that can strengthen the political empowerment of journals, websites, block offices and regional offices of
women, in terms of their awareness of the political field and National Rural Livelihood Mission.
participation in political activities particularly through
casting votes and supporting political party. In contrast, Sample Selection
there are such instances as well where microfinance
cannot be claimed as a tool to empower women in political A sample of 370 has been drawn from the total number of
domain. Rehman et al. (2015) also found in their study that SHG members following Krejcie and Morgan’s (1970)
participation of women in the intervention has not resulted formulae of sample size determination. Multi-stage
in the increasing awareness about their rights and women (mixed) sampling has been employed in the study. At the
initial stage, 4 out of a total 10 districts of Kashmir have
still caste votes as per their family choice. Hence, contribution
been selected purposively. These four selected districts had
of microfinance towards political empowerment of women
higher concentration of bank-linked SHGs and had been
seems doubtful, which needs further investigation.
graduated to highest doses of bank loans. In the second
H3: 
Microfinance positively impacts political stage, four respective blocks have been selected from each
empowerment. district as these were the only blocks where SHGs were
linked to banks for provision of basic financial services. At
the third stage, blocks have been divided into six clusters
Microfinance and Women’s each, and three clusters have been chosen for the study on
Psychological Empowerment random basis. In the final stage, respondents have been
selected randomly from all the chosen clusters for which
Psychological empowerment also called personal em- prior random numbers were generated in a spreadsheet.
powerment points out internal strength of an individual and
is characterized by increased self-confidence, self-reliance,
self-esteem, decreased psychological distress, challenging Methodological Design
gender norms and so on. Microfinance is believed to increase In order to assess impact, quasi-experimental design
collective efficacy, proactive attitude, self-esteem and self- has been employed for the present study. The quasi-
efficacy of women. However, improvement in this particular experimental approach, also called pipeline approach, is
empowerment domain over a longer period of time is not yet such a design in which new borrowers/microfinance clients
clear. Despite the positive contribution of microfinance that are at first/initial loan cycle form the control group,
towards women’s psychological empowerment, increase in whereas, established borrowers/mature clients who are
women’s stress and strain cannot be overlooked (Moyle et at second or higher loan cycle make the treatment group.
al., 2006). While alternatively using the term ‘Power Within’ This pipeline approach has been found apt for the present
for psychological empowerment, Kim et al. (2007) found study due to selection bias and complexity in tracing
microfinance has the potential to enhance self-confidence, non-borrowers/non-members (Adjei et al., 2009; Kumar,
financial confidence and challenging gender norms ability 2013; Nilakantan et al., 2013; Weber & Ahmad, 2014). The
among women. Another study assessing psychological selection bias arises mainly from two sources as believed
empowerment of women participating in microfinance by the researchers. These are: (a) self-selection as well as
programme divulged increase in personal control beliefs and non-random selection of participants into the programme
social network size (active group members) (Hansen, 2015). and (b) non-random selection of places to implement the
Khan et al. 5

programme. The first source of bias ‘Self-selection’ arises 20 microfinance loan recipients from 4 countries to record
if one group would consist of SHG members and the other changes in women’s lives (Leach & Sitaram, 2002). Another
group non-members. The second source of bias arises study is wholly based on case study approach in which
when one group consists of members from a programme unstructured interviews were conducted with 15 women
village and another group members from non-programme microfinance clients to ensure thorough understanding about
village. In the present model of microfinance programme women empowerment (Rehman et al., 2015). In the present
(National Rural Livelihood Mission), women participants study, case study tool has been mainly employed to confirm
are non-randomly selected, for example, poor households, hypotheses tested in quantitative analysis.
widow-headed households, households affected due to
natural calamities and so on. In the same way, villages that
are economically far behind or backward are targeted for Development of the Scale and
programme implementation. Keeping this in view, selecting Statistics Used
members and non-members in the programme village or
Women empowerment has been investigated under four
members from villages with microfinance programme and
domains—economic, social, political and psychological—
non-members from villages without the programme or
based on literature survey and exploratory interviews/
intervention would fetch biased programme impact
discussions conducted with the respondents. The various
estimation. Hence, based on the above arguments a
dimensions along with their description and items used to
different quasi-experimental design (pipeline approach) is
measure women empowerment on 5-point Likert scale are
employed in which both the treatment and control groups
presented in Table 1.
are self-selected. In this design, both the groups share
common characteristics and will result in bias-free impact Prior to conducting the final field survey, post literature
estimation (Chowdhury, 2000, 2008, 2009; Chowdhury et survey, few focus group discussions were held in Ganderbal
al., 2016; Coleman, 1999). The total sample of 370 and Budgam district for framing the scale of empowerment
respondents consists of 180 new borrowers (control group) (shown as above) as there is a wide agreement among
and 190 established borrowers (treatment group). researchers that empowerment is a context-specific
phenomenon and thus, the same items measuring women
empowerment stand invalid in other contexts (Porter, 2013;
Qualitative Approach Schuler et al., 2010). After devising an empowerment
In addition to quantitative approach, qualitative approach framework considering the dimensions of economic,
has also been employed in the present study with the purpose social, political and psychological, pre-testing of the
to get more clear insights and understanding regarding interview schedule was conducted in two districts, namely
impact of microfinance intervention on women Budgam and Ganderbal. During pilot survey, 100
empowerment. Several qualitative research tools such as respondents were interviewed to collect data for identifying
focus group discussions, in-depth interviews, field notes, various factors of empowerment. For the development of
observation and case stories have been well utilized in a women empowerment measurement scale, exploratory
good number of studies (Ganle et al., 2015; Kato & Kratzer, factor analysis (EFA) has been performed based on pilot
2013; Kim et al., 2007; Moyle et al., 2006). In one of the survey data. Based on data collected during final survey,
research studies, extensive interviews were conducted with confirmatory factor analysis (CFA) has been performed to

Table 1. Measurement Scale of Women’s Empowerment

Dimensions Description Indicators/Items

Economic Women’s ability to gain and control Independent income Independent savings Asset generation Control
economic resources over household income Control over household savings Control
over household purchases
Social Women’s ability to freely live life outside Visiting friends/relatives Visiting bank/market/hospital Ill treatment
home, interact with different people and by husband/any other male member Abuse by husband/any other
enjoy social status male member Respect/status Interaction in family Interaction with
bank officials/any other outsiders
Political Women’s ability to participate in political Voting practice Participation in election campaign Participation
process\activities\meetings outside home and in panchayat Women’s reservation in panchayat Choice of
gain political awareness candidate Contesting local election
Psychological Capacity of women to increase their own Confidence to talk to children’s teachers/ any other
self-reliance and internal strength outsider Confidently expressing opinion in family Reduction in
alienation Reduction in tension Valuing self for working harder and
longer Equity with husband/any other male member
Source: The authors.
6 FIIB Business Review

confirm the structures or factors retrieved by previously model fit indices. The chi-square value is 349.214 with 161
used EFA. In order to analyse the impact of microfinance degrees of freedom and minimum discrepancy divided by
on different empowerment dimensions, an independent degree of freedom (CMIN/df) ratio of 2.169. The value of
samples t-test has been used to compare two independent standardized root mean square residual (SRMR) is 0.0418
groups of respondents. The analysis of the primary data has and root mean square error of approximation (RMSEA)
been performed by SPSS and AMOS 21. value is 0.056 with its corresponding PCLOSE value of
0.098. The goodness of fit index (GFI) is 0.918, comparative
fit index (CFI) is 0.972 and Tucker–Lewis index (TLI) is
Results and Discussion 0.967. All the model fit indices indicate good fit of the
Pre-testing model.
In order to achieve construct validity, both convergent
In order to explore the diverse domains of women and discriminant validity must be evaluated, that is, testing
empowerment, EFA was performed on 25 items with for convergence across different measures of the same
orthogonal rotation (Varimax) using the data collected from construct as well as testing for divergence between two
100 women SHG members. Factor analysis is a data distinct constructs (Campbell & Fiske, 1959). In order to
reduction tool and is used to identify the underlying establish construct validity, CFA can be used as primary
structures called latent variables. A latent variable is basically tool (Hair et al., 2010). Further, according to Bagozzi and
a construct that cannot be measured directly but only with a Phillips (1991), CFA can best be utilized for examining
set of observed variables (Field, 2009). In the preliminary convergent and discriminant validity of the measurement
stage, sample adequacy for factor analysis was examined scale. According to Hair et al. (2010), convergent validity
through KMO (0.622) and Bartlett’s test (|2 = 1849.881) can better be assessed by examining factor loadings,
significant (0.000) with 300 degrees of freedom, indicating average variance extracted (AVE) and composite reliability.
sufficient correlations between items. EFA could extract It is clearly depicted in Figure 1 that all the items have
four factors with satisfactory loadings (>0.5). The cumulative satisfactory factor loadings (>0.5 or ideally >0.7), thus
variance explained by four factors revealed 59.516 per cent providing the evidence of convergent validity. As depicted
with eigen value greater than 1 (2.972). However, three in Table 2, AVE for all the constructs is above the threshold
items, namely ill treatment by husband/any other household value of 0.50, meaning all the latent variables explain more
member, abuse by husband/any other household member than 50 per cent of the overall variance. Composite
and contesting elections in panchayat had poor loadings, reliability for all the constructs is either close to 0.7 or
that is, <0.50 as well as cross loadings. Hence, these three greater than 0.7, providing further rich evidence of
poorly loaded/problematic items were dropped. convergent validity.
Exploratory factor analysis (revised) was conducted In CFA, discriminant validity is achieved by comparing
again while removing the above problematic items. The the AVE with the squared correlation between two
loadings for each of the items of empowerment dimensions constructs and the validity is good if the square root of
were revealed very well (>0.50) and the cumulative AVE is greater than inter-construct correlations (Hair et al.,
variance explained by all the four factors increased to 2010; Malhotra & Dash, 2011). It can be observed from
63.873 per cent with eigen value greater than 1 (2.798). Table 2 that all the square root of AVE values are greater
Hence, after achieving revised and satisfactory EFA results, than inter-construct correlations, supplying sufficient
the scale of women empowerment consisting of 22 items evidence of discriminant validity.
was finalized. The items that could cluster under the
respective underlying components suggest that component
1 represents economic empowerment, component 2 Analysis of the Impact of
represents social empowerment, component 3 represents Microfinance on Economic,
political empowerment and component 4 represents Social, Political and Psychological
psychological empowerment.
Empowerment
In this study, EFA was followed by CFA, which is
generally used to develop measures and validate the The analysis involves two groups: control group (new
constructs. It is also used as a secondary step to confirm borrowers) who are on first loan cycle and treatment group
the factors or structures identified earlier during EFA. In (established borrowers) who are on second or higher loan
the present study, CFA is preceded by an empirical base, cycle. Exploration of data across groups yielded
that is, EFA performed on pilot survey data (Demirbag approximately normal distribution and thus, an independent
et al., 2006; Field, 2009). samples t-Test has been used for impact assessment (Field,
CFA has been evaluated with the help of various 2009; Hopkins et al., 2018; Malhotra & Dash, 2011).
goodness of fit as well as badness of fit indices. The various It can be observed from Table 3 that means of treatment
model fit indices basically test whether the predicted model group are more or less greater than those of control group for
fits the sample data. AMOS output table yielded various each of the individual items of economic, social, political
Khan et al. 7

Figure 1. Confirmatory Factor Analysis

Source: AMOS output.
Note: EE1post–EE6post are the manifest variables of economic empowerment (EE), SE1post–SE7post are the manifest variables of social empowerment
(SE), PE1post–PE5post are the manifest variables of political empowerment (PE), PsyE1–PsyE6 are the manifest variables of psychological empowerment
(PsyE) and u1–u20 are the unique variances or error variances of the manifest variables. All the manifest variables have been observed for post-
intervention.

Table 2. Reliability and Validity Analysis

Item Square Root of Average Variance Extracted Composite Reliability

Label AVE (AVE) (CR) EE SE PE PsyE
EE 0.800 0.640 0.688 1.000
SE 0.887 0.787 0.806 0.136 1.000
PE 0.878 0.771 0.783 0.270 0.096 1.000
PsyE 0.840 0.701 0.740 0.347 0.121 0.198 1.000
Source: The authors.
Note: EE = Economic empowerment; SE = social empowerment; PE = political empowerment; PsyE = psychological empowerment.

and psychological empowerment. In case of economic (2009) also found substantial increase in asset base, savings
empowerment, the differences between means of two groups and other household expenditures in case of established
are significant (t = −4.266, p ≤ 0.05), leading us to accept the borrowers compared to new clients.
proposed hypothesis while rejecting its null hypothesis. For social empowerment, notably insignificant impact
These results suggest positive and significant impact of (p > 0.05) on all the individual items (visit to market\bank\
microfinance intervention on economic empowerment of hospital, respect\status, interaction in family\groups,
women beneficiaries with moderate level of impact (r < interaction with officials\outsiders) except visit to friends\
0.50). These findings were corroborated with Sinha et al. relatives (p < 0.05) has been noticed in the present study.
(2012) who found substantial impact of microfinance SHG- However, overall impact is significant (t = -2.027, p <
bank linkage programme on economic empowerment 0.05), indicating positively significant impact of
compared to social empowerment of women. Adjei et al. microfinance intervention on social empowerment of
8 FIIB Business Review

Table 3. Impact Estimation

New Established t-Test for Equality of Effect

Variables Borrower Borrower Means Size
Items Mean Mean t Mean Dif. Sig. (r)
Independent income 2.86 3.25 −3.803 −0.386 0.000 0.194
Independent savings 3.18 3.79 −4.810 −0.611 0.000 0.243
Asset generation 3.12 3.70 −4.553 −0.583 0.000 0.226
Control over household income 3.48 3.87 −3.203 −0.385 0.001 0.165
Control over household savings 3.83 4.13 −2.848 −0.293 0.005 0.146
Control over large purchases 3.78 4.01 −2.025 −0.222 0.043 0.105
Economic empowerment (composite) 3.3769 3.7904 −4.266 −0.41350 0.000 0.216
Visit to friends\relatives 3.91 4.15 −2.059 −0.236 0.040 0.108
Visit to market\bank\hospital 3.86 4.06 −1.771 −0.208 0.077 0.091
Respect\status 3.98 4.18 −1.824 −0.201 0.069 0.094
Interaction in family\groups 4.01 4.21 −1.833 −0.200 0.068 0.094
Interaction with officials\outsiders 4.00 4.18 −1.673 −0.184 0.095 0.086
Social empowerment (composite) 3.9500 4.1558 −2.027 −0.20579 0.043 0.104
Voting practice 3.69 4.03 −2.935 −0.332 0.004 0.154
Participation in panchayat proceedings 3.74 4.07 −2.958 −0.324 0.003 0.155
Participation in election campaigns 3.75 4.03 −2.513 −0.282 0.012 0.132
Choice of candidate 3.69 3.97 −2.555 −0.285 0.011 0.134
Political empowerment (composite) 3.7194 4.0250 −3.021 −0.30556 0.003 0.160
Confidence to talk to children’s teachers\outsiders 3.74 4.23 −4.214 −0.487 0.000 0.219
Confidence to give opinion in family 3.79 4.20 −3.531 −0.411 0.000 0.183
Reducing feeling of loneliness 3.74 4.13 −3.170 −0.382 0.002 0.164
Valuing self for working harder and longer 3.75 4.12 −3.038 −0.366 0.003 0.157
Equity with husband\male member 3.67 4.11 −3.552 −0.433 0.000 0.183
Psychological empowerment (composite) 3.7400 4.1558 −3.961 −0.41579 0.000 0.202
Source: The authors.

women clients. Further, effect size indicated small impact (Baramulla, Budgam, Ganderbal and Kupwara). These case
(r = 0.10) on treatment group. studies along with brief narratives are presented below:
As far as political empowerment is concerned, positively
significant (t = −3.021, p < 0.05) change has been noticed
Case Study 1
in case of treatment group compared to control group with
moderate impact level (r = 0.160). Similarly, for all the This case study is from Singhpora block of district
sub-variables related to psychological empowerment, there Baramulla recorded after a visit to the place during the
are positively significant differences in means (t = −3.961, month of December in 2017.
p < 0.05) between experimental groups with moderate Zamrooda is a 40-year-old woman and has been a
level of impact (r = 0.202). In consistency with previous member of Hyderi SHG from last 4 years. She stated that
research, Garai et al. (2012) also found microfinance she had no hope of earning a livelihood and was earning
through SHG approach positively impacts personal, only a meagre amount of money by doing wage work
economic and political empowerment of women before the programme and was wandering and looking for
beneficiaries as well as their decision-making ability in opportunities to earn a sufficient livelihood. Then she
family. While analysing the impact of microfinance heard about the formation of SHG under Umeed scheme of
through SHG mechanism on personal and economic National Rural Livelihood Mission. Zamrooda together
empowerment of women, Moyle et al. (2006) revealed with other women belonging to poor socio-economic
increase in self-esteem, self-efficacy and reduction in section formed a group in which initially they were required
psychological distress. to contribute and save `100 each. After few months, they
were given an amount of `15,000 from the revolving fund
(internal lending). She had received `5,000 out of total
Qualitative Evidence: Report from
amount received and took an initiative to bring cloth for
Case Studies embroidery. After a year, the group was eligible for bank
Though a good number of interesting case stories have been loans. She has taken bank loans twice of `50,000 and then
experienced during the field survey, this study reports some `100,000. She has now formally started a business venture
selected case stories chosen, one from each district of embroidery making and also engaged women employees
Khan et al. 9

to work with her. She along with other women does watch to medicate to purchase some drugs. Now the situation
embroidery work on shawls, pheran and stoles. She has altogether changed, my financial condition is such a sound
operates her business at her house and this way she is easily that I can even afford to grant a hefty amount to the same
able to maintain a balance between household chores and neighbor who had hesitated to help me earlier.
her business life. Zamrooda, an entrepreneur, generates her
own income and contributes to household purchases as She is so busy with her business that workload is a happy
well as children’s education by paying school fees. She is moment for her as she is able to bring money, comfort and
able to participate in all kinds of decision-making at joy to her family. Prior to programme intervention, she was
household level which she was previously denied. She has unable to value her work but after being setting her own
been able to improve both the business and communication business venture, she has been able to respect herself by
skills. Before joining SHG, she was unable to speak not doing productive work and she is able to value herself
only outside but also in her house. Now, she fearlessly talks equal to her husband. She could even manage her household
to her husband, in-laws and outsiders including officials. expenditure alone when her husband met with a catastrophe.
Being illiterate though she was not able to sign the She explains how she has become strong to overcome
documents and being in the programme she has learnt contingencies confidently
about signature also. Before the intervention, she was
restricted to move outside or visit her maternal home or Once my husband fell ill and his health was continuously
deteriorating for complete three months. I could manage all
any other place. Being in the programme, she is able to
the household expenditures of my own and take care of the
freely move to any place and also make her in-laws realize
entire household for which the credit goes to the Program that
the importance of her mobility for the betterment of the helped me to stand on my own feet.
household. She is now able to participate in any public
meeting and caste vote according to her own choice. The programme has brought lot of changes in her life
Earlier, she used to consult her spouse or in-laws to caste though she stated the problem of marketing her products.
vote in their interest. She has been able to reduce anxiety She wants a good market for her products at a reasonable
about which she narrated a brief story. margin. Similar kinds of problems have been reported in
one study of Bangladesh that obstructs micro-entrepreneurs
Before the Program, one of my children fell ill at one night
from performing innovative businesses (Ferdousi, 2015).
and there was emergency to take him to hospital. I went to
neighbors for help who were well-off and at least had a vehicle
that could have helped me to reach hospital. They mercilessly Case Study II
hesitated to help us and took us for granted. I had no money
in my hands, but somehow I managed to reach hospital. After The second case study is from block Khansahib of district
consulting a doctor, I was asked to bring some drugs for the Budgam recorded after a visit to the place during the month
recovery of my child. As I had no money, I handed over my of December in 2017.
10 FIIB Business Review

Hafeeza has been an SHG member for last 4 years. The Before joining SHG, as my spouse has been working as a
group has been graduated to formal financial services laborer and our earnings were insufficient. I was not able to
ask him for my personal expenditures because his earnings
through bank linkage and made eligible for bank loans.
were meager to meet even household expenditures. My
Hafeeza has taken two doses of bank loans. The initial husband was often getting depressed and many times he met
bank loan was `30,000 and second bank loan was of the accidents. But now I am able to bring many things not only for
amount of `40,000. She has started venture of cattle rearing myself but for children and entire household as well.
and utilized a space at her own house. She manages her
business alone and sells cattle in local market of her own. Prior to intervention, Hafeeza was not able to move to
She is easily able to manage her business along with her certain places, for lack of money in her hand. Thus, she
was unaware about market, bank or any other place.
household chores, as she operates her business at home.
Moreover, she was not able to talk to outsiders. But the
She is now able to earn income, meet personal expenditures scenario has altogether changed and after being in the
such as clothes, shoes and even golden ornaments and programme, it has become easy for her to move to places,
contribute to overall household expenditure. She explains to explore markets, bank, hospital or any other place in her
that she has been able to get rid of anxiety and tension after locality. She has gained confidence to talk to people
participation in the programme without any fear. Her status at home as well as outside has
Khan et al. 11

raised and thus, she considers herself as important member education. She is pursuing her graduation in Arts, which
of the household. Rehman et al. (2015) also employed was made possible only after joining the programme.
qualitative approach and conducted open-ended discussion Being a microfinance programme participant, she has
with 15 women microfinance clients and revealed women taken a bank loan of `15,000 in addition to Village
are empowered in economic, social and political domains Organization loans (internal lending) of `30,000. She has
as well as improved their health and education of their started a tailoring boutique at her own house. She has
children. Hafeeza narrates how Umeed has changed her life invested loan amounts for purchasing few sewing machines
and other required things. She employs and trains other
Before the Program, I was never consulted at home regarding girls from her locality in her boutique. On an average, she
any matter and was treated as unworthy family member. Even is able to stitch five to six suits in a day. She gets customers
though I was unaware about panchayats, but now I go to any both from her locality and from distant villages. She is able
public or panchayat meetings without any restriction. I can go to manage her business along with her studies and
even anywhere now I like. More importantly, I have been able household chores. She has become independent and earns
to get rid of loneliness, as I meet and interact with other group
sufficient income to meet not only her own requirements
members freely. Really, Umeed has brought me a new life and
but of the entire household as well. She is able to move to
Umeed has really become my life.
far places freely and get rid of the feelings of anxiety/
loneliness. She narrates
Hafeeza wants her longer association with the programme
and wants to further expand her venture and achieve more
Being in the intervention, I learned many skills and got my
success in this endeavour. business mind developed. Even though I have brothers, since
I started earning from my business and meet many household
Case Study III requirements, my status has raised and my father treats me as
his son instead of daughter.
This case study is from Lar block of district Ganderbal
recorded after a visit to the place during the month of Before the programme, Neelofar was not able to participate
December in 2017. in any kinds of decisions in the household. She was fully
Neelofar has been an SHG member for last 4 years. She reliant on her family and had to ask for money to meet
lives in the hilly areas of Boniputus village that generally all the needs. Very low income of the family was restricting
lacks access to basic amenities. She was earlier a dependent her to meet her requirements. After joining SHG and
member of her family, and her father earns livelihood by generating her income from her own venture, she has been
doing wage work. Belonging to very low-income family, it participating in all the decision-making matters. She is able
was becoming extremely difficult for her to fulfil her basic to purchase whatever she likes with her own income. She
needs. Despite all odds, she has been able to continue her has started living a comfortable and satisfied life. Neelofar
12 FIIB Business Review

wants to further expand her business venture and increase am often invited to many programs related to entrepreneurship
customer base by making every potential customer aware and to inspire other aspiring women entrepreneurs. I have
of her boutique. A case study approach by Rashid and gained confidence to speak while facing hundreds of people
Jonathan (2014) of SHG members revealed that women together. I also got an opportunity to meet and interact with
great personalities and officials.
achieve collective business plans, generate income,
increase their asset base and savings and also contribute to
the entire family welfare. Neelofar further narrates In their group discussions and semi-structured interviews
with microfinance clients (SHG members), Guerin et al.
I feel wonderful being in the venture, I wish all the girls like (2013) also revealed enhanced status, dignity and respect
me to join the Program and become independent member of for women in intervention. Besides, not only women’s
the family. dependence on men decreased but women clients also
contributed to household finance. Samia, an SHG
entrepreneur, is living an independent and happy life and is
Case Study IV an inspiration for other women belonging to low-income
This case study is from block Kupwara of district Kupwara families.
recorded after a visit to the place during the month of This case study indicates that not all women micro-
December in 2017. entrepreneurs are driven by necessity; rather, there is every
Samia has been an SHG member as well as group leader possibility of opportunity-based women micro-entrepreneurs
for last 5 years. Samia is highly qualified and has done as well, that is, women have also been pulled towards
master’s in arts and thus has been in search of job prior to entrepreneurial opportunities.
programme intervention. She has received three doses of In all the case studies discussed earlier, it is clear that
bank loans of `50,000, `50,000 and `100,000. She has women are mostly inclined towards home-based micro-
invested these loans for the establishment of a dairy farm. entrepreneurial activities. In the context of rural Vietnam,
She has started the venture from zero and has well women micro-credit borrowers were also seen involved in
established the farm. She has employed one person to take necessity-driven entrepreneurship that were mostly home-
care of the farm as well as manages her farm herself too. based and employing 0–5 employees in their enterprises
She has constructed a shed close to her house and thus, is (Nguyen et al., 2014). An open-ended discussion with
able to maintain work–life balance. She is able to produce microfinance participants by Chhay (2011) also revealed
approximately 100 kg of milk in a day that is sold in a local that microfinance is one of the powerful tools contributing
market, and she is able to earn hefty amount of income towards women’s economic Empowerment that further
monthly. Further, she is able to save money even after enhances social, political and psychological empowerment
repaying loan instalments. She spends income on herself as by creating jobs and self-employment options for them.
well as children’s education. She is now able to participate
in every household matter, which she was previously
denied before joining the programme. She narrates Conclusion and Policy Implications
In order to empower women and eradicate their poverty,
I used to purchase limited things for myself and home. Also, access to microfinance through group mechanism is
even though I had a friendly relationship with my husband instrumentally implemented. There have been a host of
but I was not wholly consulted in decisions regarding every studies examining impact of microfinance on one or the
household matter. However, since I joined the Program and
other domains of empowerment. However, this article
started earning good amount of money I purchase many things
for myself, children as well as for the house. Now I also take
assesses holistic women empowerment impact. The results
part in every household matter, as I am respected much more from quantitative analysis revealed participation of women
than before. in microfinance significantly leads to their economic
empowerment (increased income, savings, asset possession
She has gained confidence to talk to officials and visit as well as greater control over household income, savings
market, banks or any other place. Her status both in her and large purchases). The results of social empowerment
own home and in community has sufficiently improved. have also been found favourable for treatment category,
Earlier, before joining SHG, she was confined to the walls though statistically insignificant impact has been noticed for
of home and was not aware about panchayats or the individual items except visit to friends/relatives, indicating
meetings held there. After being in the programme, she is no substantial impact on social empowerment of women.
able to move to places without any restrictions. She has However, composite score revealed significant overall social
been able to improve her communication skills while empowerment impact. Under the domain of political
facing people at large. She narrates as empowerment, it has been found treatment group enjoys
more voting practice, participate freely in election campaign
Engagement with the business venture has brought me respect, and panchayats as well as exert greater choice of candidate
dignity and fame. I have become a role model in my locality. I during elections. As far as psychological empowerment is
Khan et al. 13

concerned, women clients who were in the microfinance encourage more women to start and operate their own
intervention for longer duration reported higher self- business ventures successfully.
confidence in talking to children’s teachers/any other In this study, researchers put their ample efforts to
outsiders, express their opinion freely in family, are more minimize bias while keeping in view the time and financial
likely to get rid of the feeling of alienation, have increased constraints, but there still remained few serious and
feeling of self-worth for working harder and longer than unavoidable loopholes. At the time of data collection,
any other in their household and are more likely to enjoy respondents had generally taken three doses of bank loans
equity with their husbands/any other male members in the as the programme (National Rural Livelihood Mission)
household. Further, effect size indicated moderate level of was reconstructed just 5 years ago and respondents were in
impact in case of economic, political and psychological SHG membership for 4–5years. A larger span of their
empowerment and only smaller impact in case of social membership would enrich the study results. Further,
empowerment. No doubt, new borrowers as control category geographical scope of the study is somewhat narrow and is
are also somewhat influenced by the microfinance just confined to Kashmir valley. Extension in the study
intervention; however, comparing them with treatment area would fetch a more in-depth understanding of the
category (established borrowers) that have been substantially problem.
empowered leads us to detect exact impact of microfinance.
The findings from the case stories were found consistent Declaration of Conflicting Interests
with the above findings. In case stories, women revealed The authors declared no potential conflicts of interest with respect
how their lives have altogether been transformed after to the research, authorship and/or publication of this article.
their participation in the programme and establishment of
their new business ventures through which they generate Funding
income and other economic resources, exert their bargaining The authors received no financial support for the research,
power that help them to make their own choices. Case authorship and/or publication of this article.
studies further supported that women in the microfinance
intervention for a longer period are more likely to be References
economically, socially, politically and psychologically
Addai, B. (2017). Women empowerment through microfinance:
empowered. Hence, it can be deduced that participation of
Empirical evidence from Ghana. Journal of Finance and
women in microfinance substantially impels them towards Accounting, 5(1), 1–11.
economic, social, political and psychological empowerment. Adjei, J., Arun, T., & Hussain, F. (2009). Asset building and
This article contributes to the existing body of literature poverty reduction in Ghana: The case of microfinance.
which states that access to microfinance can be an effective Savings and Development, 33(3), 265–291.
intervention towards holistic empowerment of women. Arku, C., & Arku, F. S. (2009). More money, new household
Since it was found in this study that attaining maturity cultural dynamics: Women in microfinance in Ghana.
(increasing membership) in microfinance programme and Development in Practice, 19(2), 200–213.
large size of microfinance loans has largely impacted Bagozzi, R., Yi, Y., & Phillips, L. (1991). Assessing construct
women empowerment, thus the programme needs to be validity in organizational research. Administrative Science
Quarterly, 36(3), 421–458.
strengthened in these parameters, that is, maintain client’s
Batra, V., & Sumanjeet. (2012). The state of microfinance in
participation in the intervention in the long run and ensure
India: Emergence, delivery models and issues. Journal of
access to increasingly higher amount of micro-credit on International Economics, 3(1), 69–92.
continuous and consistent basis. Further, it is suggested Bayulgen, O. (2015). Microcredit and political empowerment
that policymakers would make an increasing effort to target in Azerbaijan and Kazakhstan. International Journal of
more and more women in the intervention and include a Development Issues, 14(2), 130–148.
broad range of microfinance services other than financial Brody, C., de Hoop, T., Vojtkova, M., Warnock. R., Dunbar, M.,
that would intensively benefit the target clients. Women Murthy, P., & Dworkin, S. L. (2017). Can self-help group
empowerment is a route to poverty eradication; hence, the programs improve women’s empowerment? A systematic
programme would emphasize on holistic empowerment of review. Journal of Development Effectiveness, 9(1), 15–40.
women. Moreover, qualitative approach (Case Stories) Campbell, D. T., & Fiske, D. W. (1959). Convergent and
unveiled marketing problems such as no bulk customers, discriminant validation by the multitrait-multimethod matrix.
Psychological Bulletin, 56(2), 81–105.
pricing issues and unawareness among potential customers
Chant, S. (2014). Exploring the “Feminisation of poverty” in
that women encounter in their businesses. This pivotal relation to women’s work and home-based enterprise in
finding would further hasten policymakers to take some slums of The Global South. International Journal of Gender
initiatives towards the end of these marketing-related and Entrepreneurship, 6(3), 296–316.
problems. There is a need that the government agencies Chhay, D. (2011). Women’s economic empowerment through
should provide marketing expertise for these enterprises by microfinance in Cambodia. Development in Practice, 21(8),
conducting market research in their product areas. It would 1122–1137.
14 FIIB Business Review

Chowdhury, M. J. A. (2000). Microcredit, enhancement of Haile, H. B., Bock, B., & Folmer, H. (2012). Microfinance and
entitlement and alleviation of poverty: An investigation into female empowerment: Do institutions matter? Women’s
the Grameen Bank’s role in entrepreneurship, Bangladesh Studies International Forum, 35, 256–265.
(PhD thesis). Submitted to University of Stirling Excellence Hair, J. F., Black, W. C., Babin Barry, J., & Anderson, R. E.
and Innovation. (2010). Multivariate data analysis (7th ed.). Pearson Prentice
Chowdhury, M. J. A. (2008, August, 21–23). Does the Hall.
participation in the microcredit programs contribute to the Hansen, N. (2015). The development of psychological capacity
development of women entrepreneurship at the household for action: The empowering effect of a microfinance
level? Experience from Bangladesh (CMD Working Paper programme on women in Sri Lanka. Journal of Social Issues,
04). Paper Presented At UNU-WIDER Project Workshop on 71(3), 597–613.
Entrepreneurship and Economic Development. Hashmi, S. M., Schuler, S. R., & Riley, A. P. (1996). Rural credit
Chowdhury, M. J. A. (2009). Microcredit, micro-enterprises and programs and women’s empowerment in Bangladesh. World
self-employment of women: Experience from The Grameen Development, 24(4), 635–653.
Bank in Bangladesh. Paper presented at the FAO-IFAD- Hennink, M., Kiiti, N., Pillinger, M., & Jayakaran, R. (2012).
ILO Workshop on Gaps, Trends and Current Research in Defining empowerment: Perspectives from international
Gender Dimensions of Agricultural and Rural Employment: development organisations. Development in Practice, 22(2),
Differentiated Pathways Out of Poverty, Rome, 31 March to 202–215.
2 April. Hopkins, S., Dettori, J. R., & Chapman, J. R. (2018). Parametric
Chowdhury, M. J. A., Shabaz, A., & Tazrina, F. (2016). Women’s and nonparametric tests in spine research: Why do they
entrepreneurship and access to micro-credit: Evidence from matter? Global Spine Journal, 8(6), 652–654.
Bangladesh (Partnership for Economic Policy, No. 139). PEP Kato, M. P., & Kratzer, J. (2013). Empowering women through
Policy Brief. microfinance: Evidence from Tanzania. ACRN Journal of
Coleman, B. E. (1999). The impact of group lending in Northeast Entrepreneurship Perspectives, 2(1), 31–59.
Thailand. Journal of Development Economics, 60(1), Kim, J. C., Watts, C. H., Hagreaves, J. R., Ndhlova, L. H., Phetla,
105–141. G., Morison, L. A., Busza, J., Porter, J. D. H., & Proynk, P.
Demirbag, M., Tatoglu, E., Tekinkus, M., & Zaim, S. (2006). An (2007). Understanding the impact of a microfinance-based
analysis of the relationship between TQM implementation intervention on women’s empowerment and the reduction of
and organizational performance: Evidence from Turkish intimate partner violence in South Africa. American Journal
SMEs. Journal of Manufacturing Technology Management, of Public Health, 97(10), 1794–1802.
17(6), 829–847. Krejcie, R. V., & Morgan, D. W. (1970). Determining sample
Duvendack, M., Palmer-Jones, R., Copestake, J. G., Hooper, size for research activities. Educational and Psychological
L., Loke, Y., & Rao, N. (2011). What is the evidence of the Measurement, 30, 607–610.
impact of microfinance on the well-being of poor people? Kumar, L. (2013). Illusions of women empowerment in
EPPI-Centre, Social Science Research Unit, Institute of microfinance. Economic and Political Weekly, Xlviii(15),
Education, University of London. 70–76.
Ferdousi, F. (2015). Impact of microfinance on sustainable Lavoori, V., & Paramanik, R. N. (2014). Microfinance impact on
entrepreneurship development. Development Studies Research, women’s decision making: A case study of Andhra Pradesh.
2(1), 51–63. Journal of Global Entrepreneurship Research, 4(11), 1–13.
Field, A. (2009). Discovering statistics using SPSS (3rd ed.). Leach, F., & Sitaram, S. (2002). Microfinance and women
SAGE Publications. empowerment: A lesson from India. Development in Practice,
Fofana, N. B., Antonides, G., Niehof, A., & Ophem, J. A. C. 12(5), 575–588.
V. (2015). How microfinance empowers women in Cote Madichie, N. O., & Nkamnehe, A. D. (2010). Micro-credit for
De’ivore. Review of Economics of the Household, 13(4), microenterprises. Gender in Management: An International
1023–1041. Journal, 25(4), 301–319.
Galab, S., & Rao, N. C. (2003). Women’s self-help groups, poverty Mahmud, S. (2003). Actually how empowering is microcredit?
alleviation and empowerment. Economic and Political Development and Change, 34(4), 577–605.
Weekly, 38(12), 1274–1283. Malhotra, N. K., & Dash, S. (2011). Marketing research: An
Ganle, J. K., Afriyie, K., & Segbefia, A. Y. (2015). Microcredit: applied orientation (6th ed.). Pearson Pretence Hall.
Empowerment and disempowerment of rural women in Malhotra, A., & Schuler, S. R. (2005). Women’s empowerment
Ghana. World Development, 66, 335–345. as a variable in international development. Measuring
Garai, S., Mazumder, G., & Maiti, S. (2012). Empowerment of Empowerment: Cross-Disciplinary Perspectives, 1(1), 71–88.
women through self-help group approach: Empirical evidence Misra, J. K. (2006). Empowerment of women in India. The Indian
from West Bengal, India. African Journal of Agricultural Journal of Political Science, 67(4), 867–878.
Research, 7(48), 6395–6400. Moyle, T. L., Dollard, M., & Biswas, S. N. (2006). Personal and
Gomez, A. M. (2013). Microcredit lending to female entrepreneurs: economic empowerment in rural Indian women: A self-help
A middle east case study. Journal of International Women’s group approach. International Journal of Rural Management,
Studies, 14(2), 30–38. 2(2), 245–266.
Guerin, I., Kumar, S., & Agier, I. (2013). Women’s empowerment: Nguyen, C., Frederick, H., & Nguyen, H. (2014). Female
Power to act or power over other women? Lessons from entrepreneurship in rural Vietnam: An exploratory study.
Indian microfinance. Oxford Development Studies, 41(Sup 1), International Journal of Gender and Entrepreneurship, 6(1),
S76–S94. 50–67.
Khan et al. 15

Nilakantan, R., Data, S. C., Sinha, P., & Data Samar, K. (2013). poverty empowerment in India. Cotemporary South Asia,
The impact of microfinance on women empowerment: 20(4), 487–510.
Evidence from Eastern India. International Journal of Sreermulu, G., & Hushenkhan, P. (2008). Political empowerment
Development and Conflict, 3(1), 27–40. of women through self-help groups (SHGs): A study in
Porter, E. (2013). Rethinking women’s empowerment. Journal of Andhra Pradesh. The Indian Journal of Political Science,
Peacebuilding and Development, 8(1), 1–14. 69(3), 609–617.
Rashid, T., & Jonathan, M. (2014). Global financial crisis and Srinivas, K. (2015). Socio-economic dimensions of women
women’s micro-lending innovations in Pakistan and Malawi. entrepreneurs through SHGs: An empirical study.
Development in Practice, 24(1), 39–50. International Journal of Entrepreneurship and Business
RBI. (2015). Handbook of statistics on Indian states. RBI. Environment Perspectives, 4(2), 1688–1693.
Rehman, H., Moazzam, A., & Ansari, N. (2015). Role of Swain, R. B., & Wallentin, F. Y. (2009). Does microfinance
microfinance institutions in women empowerment: A case empower women? Evidence from self-help groups in India.
study of Akhuwat, Pakistan. A Research Journal of South International Review of Applied Economics, 23(5), 541–556.
Asian Studies, 30(1), 93–111. United Nations. (2015). The world’s women 2015: Trends and
Schuler, S. R., Islam, F., & Rottach, E. (2010). Women’s statistics. United Nations, Department of Economic and
empowerment revisited: A case study from Bangladesh. Social Affairs, Statistics Division. Sales No. E.15.XVII.8.
Development in Practice, 20(7), 840–854. Weber, O., & Ahmad, A. (2014). Empowerment through
Sinha, A., Parida, P. C., & Baurah, P. (2012). The impact of microfinance: The relation between loan cycle and level of
NABARD’s self-help group – Bank linkage programme on empowerment. World Development, 62, 75–87.

About the Authors

 hagufta Tariq Khan works as an assistant professor at the Department of Accounting in Jazan
S
University (Saudi Arabia). She has published more than 10 research papers in reputed international
journals including Scopus indexed and UGC-CARE list. She has attained her PhD from the Department
of Commerce, University of Kashmir (India) in the area of Accounting and Finance. She is active in
research in the fields of behavioural finance, microfinance, women empowerment, women
entrepreneurship and informal entrepreneurship. She has presented research papers at various national
and international conferences and acted as a reviewer for a variety of scholarly publications. She can be
reached at sitariq@jazanu.edu.sa

Mohd Abass Bhat is working as an assistant professor in the Department of Accounting and Finance,
Assosa University, Ethiopia (Africa). He has a doctorate degree in commerce pursued from Department
of Commerce, University of Kashmir (India), and he has more than 7 years of teaching experience at
higher education level. He has published more than a dozen of research papers in reputed international
journals including Scopus indexed. He has presented research papers in national and international
conferences and served as a reviewer for a number of academic journals. His main research interests
lie in several key areas: labour market conditions, effectiveness of internal audit, non-performing
loans, credit management, push and pull effect on employee’s performance, job burnout, occupational stress, commitment,
budgetary practice effectiveness, perceived external opportunities and work performance. He has sufficient experience in
higher order research methodology and analysis, for instance, structural equation modelling, mediation, moderation and
conditional process analysis. He can be reached at abass.ashoor.bhat788@gmail.com

Mohi-Ud-Din Sangmi is working as a senior professor in the Department of Commerce and incharge
of a reputed position of Dean, College Development Council, University of Kashmir, Jammu and
Kashmir, India. He previously worked as Director in UGC—Human Resource Development Centre
(HRDC), University of Kashmir, India, Dean Faculty of Commerce and Management Studies,
University of Kashmir, India and Head, Department of Business and Financial Studies, University of
Kashmir, India. He has held positions of Academic Chief Editor and Editor for The Business Review,
Journal of the Faculty of Commerce and Management Studies. He has been honoured with International
Visitor’s Leadership Programme (IVLP) by US Department of State, Government of USA, Washington,
DC, 2006 and Bharat Joyti Award by IIFS Delhi, 2010. The author has been the member of Chief Minster’s Special Task
Force for Assessment of Industrial policy in the state, Government of Jammu and Kashmir, Civil Secretariat Jammu/
Srinagar, 2013–2014 and member of State Audit Advisory Board, with Principal Accountant General (J&K) under the
auspicious of Comptroller and Auditor General of India, 2010–2012. He has a membership with World Finance (Professors)
16 FIIB Business Review

Association/Conference, Indian Accounting Association, Udaipur; Indian Institute of Public Administration, New Delhi
and Institute of Objective Studies, New Delhi. His main research interests lie in several key areas: financial inclusion,
microinsurance, financial literacy, stock market, corporate governance and derivatives trading. Around 10 candidates
successfully completed PhD under his supervision and around 5 candidates are currently working under his worthy
guidance. He has published more than 70 papers in various journals and presented more than 100 papers in various national
and international conferences. He has published books which include (a) Emerging Dimensions of Business, (edited
volume) with N. A. Nazir, New Century Publications, New Delhi, 2004, (b) Management Control System in Banks, Anmol
Publications, New Delhi, 2000, (c) Accountancy: Theory and Practice, Ahmed Publishing House Srinagar, 1994, (d)
Modern Book-Keeping and Accounting, Anmol Publications, New Delhi, 1992. He has more than 30 years of experience
in teaching and research. Furthermore, he has travelled abroad (Washington, Baltimore, California, Chicago, New York,
Philadelphia, (all USA); Beijing, Shanghai (China); Venice, Rome, Milan (Italy); Lyon, Paris (France); Vatican City
(Vatican); Zurich (Switzerland); Frankfurt (Germany); and Thimpu & Geddu (Bhutan)) to gain more insights about
research. He can be reached at sangmi2k@gmail.com