AUA Faculty Member Knar Khachatryan Awarded Trophy for Sustainable Finance

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YEREVAN, Armenia – Knar Khachatryan, Assistant Professor of Marketing and Management at the American University of Armenia (AUA)’s College of Business and Economics, was recently awarded with a SAB Trophy for Sustainable Finance for her PhD thesis, entitled ‘Managing Microfinance Institutions: Linking Performance with Service and Capital Portfolios.’ Dr. Khachatryan received her PhD in Management from the Skema Business School in France.

Held annually, the Trophy for Sustainable Finance is awarded to the best scientific works, both thesis submissions and academic articles, written on sustainable finance in French universities or business schools. This year, three winners were announced and asked to attend an award ceremony in Paris. When asked about the impact of this achievement, Dr. Khachatryan said, “This is a great encouragement for me and an incentive to be even more involved in my research.”

Inspired by Muhammad Yunus’ Nobel Prize winning concepts of microcredit and microfinance, Dr. Khachatryan focused her thesis on microfinance institutions (MFIs) and the idea of providing poor people with convenient credits, building sustainable financial systems, and establishing closer and long-term relationships with clients. More specifically,  the thesis concentrates on incentive mechanisms to address contract enforcement and screening problems, performance of MFIs though the lens of combined microfinance services, and performance of MFIs though the lens of capital structure.

“I was passionate about the idea of using microfinance to help pull people out of poverty. I started to look at that practice here in Armenia and I still continue to do research on it today,” she said.

Dr. Khachatryan came to AUA’s College of Business and Economics in 2013 and currently serves as an Assistant Professor of Marketing and Management. Apart from teaching at AUA, Dr. Khachatryan has held a visiting position at the French University in Armenia since 2010. She is an affiliated researcher with Knowledge, Technology and Organization (KTO) research center, Skema Business School, and GREDEG research lab, University of Nice-Sophia Antipolis. Her research centers on microfinance and development finance. She holds a BA in Management from the French University in Armenia, MSc in International Business and MSc in Research both from Skema Business School, a Doctorate degree in Economics from University of Nice-Sophia Antipolis, and a Ph.D. in Management from Skema Business School.

Her full Ph.D. thesis can be read here.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia and affiliated with the University of California. AUA provides a global education in Armenia and the region, offering high-quality, graduate and undergraduate studies, encouraging civic engagement, and promoting public service and democratic values.


Knar Khachatryan (left) accepts her Trophy for Sustainable Finance at a ceremony in Paris