Ariane Szafarz is Professor at the Solvay Brussels School of Economics and Management (SBS-EM), Université libre de Bruxelles (ULB), Belgium. She is also Founding Member and Co-Director of the Centre for European Research in Microfinance (CERMi), Co-Director of the SBS-EM Doctoral Programme in Management Sciences, and Founding Member and President of the Marie-Christine Adam Foundation. She has initiated and is still President of the Jury for the European Microfinance Programme (EMP).

Her research mainly focuses on microfinance, gender discrimination, international finance, ownership and control, epistemology of mathematics, and finance.

CERMi group photo - 2013



Anastasia Cozarenco, Valentina Hartarska, and Ariane Szafarz received the 2019 Warren Samuels Prize for the paper "Too Many Cooks Spoil the Broth: The Conflicting Impacts of Subsidies and Deposits on the Cost-Efficiency of Microfinance Institutions",  Atlanta, USA, January 2019



The Warren Samuels Prize is awarded by the Association for Social Economics to a paper, presented at the Allied Social Science Associations (ASSA) meetings, that best exemplifies scholarly work that is of high quality, is important to the project of social economics, and has broad appeal across disciplines.

Selected publications

  • 2019 Abramowicz, M., A. Szafarz, "Ethics of Randomized Controlled Trials: Should Economists Care about Equipoise?,"  in Bédécarrats, F., Guérin, I., & Roubaud, F. (Eds.) Randomized Control Trials in the Field of Development: A Critical Perspective, Oxford University Press, forthcoming
  • 2019 Varendh Mansson, C., T. Wry, A. Szafarz, “Anchors Aweigh? Then Time to go Upstream. Why we Need to Theorize ‘Mission’ before ‘Drift’” Academy of Management Review, forthcoming
  • 2019 Cornée, S., P. Kalmi, A. Szafarz, “The Business Model of Social Banks” Kyklos, forthcoming
  • 2019 Mersland, R., S.A. Nyarko, A. Szafarz, "Mission Drift in Social Enterprises: Do Microfinance Organizations Walk the Talk?" Journal of Business Venturing Insights, 11, June, e00117
  • 2018 Cozarenco, A., A. Szafarz, “Gender Biases in Bank Lending: Lessons from Microcredit in France,” Journal of Business Ethics, 147, 3, 631–650
  • 2017 Garikipati S., I. Guérin, S. Johnson, A. Szafarz, "Microfinance and Gender: Issues, Challenges and the Road Ahead" Journal of Development Studies, 53, 5, 641–648
  • 2017 Levy, M., A. Szafarz, “Cross-Ownership: A Device for Management Entrenchment?” Review of Finance, 21, 4, 1675-1699

See more of Ariane Szafarz's publications