This study investigates the association between the unique characteristics
of microfinance institutions and board structure. The agency and
resource dependence theories provided theoretical guidance for this
study. Using a panel dataset of 63 microfinance institutions in East Africa,
we found that the presence of regulations and international influence
is associated with larger boards, while the presence of founders is
associated with small boards and less board independence. There is a
higher level of board gender diversity in microfinance institutions managed
by founders. There is greater diversity of nationalities in microfinance
institutions that are internationally influenced. The implications for
practice and theory from this study are further discussed.