Estimating cost efficiency of Turkish commercial banks under unobserved heterogeneity with stochastic frontier models

Central Bank Review - Tập 16 - Trang 127-136 - 2016
Hakan Gunes1, Dilem Yildirim1
1Department of Economics, Middle East Technical University, 06531 Ankara, Turkey

Tài liệu tham khảo

Aigner, 1977, Formulation and estimation of stochastic frontier production function models, J. Econ., 6, 23, 10.1016/0304-4076(77)90052-5 Akın, 2009, Transformation of the Turkish financial sector in the aftermath of the 2001 crisis, Turk. Glob. Econ. Neo-Liberal Restruct. Integr. Post-Crisis Era, 73 Altunbas, 2001, Bank ownership and efficiency, J. Money, Credit Bank., 33, 926, 10.2307/2673929 Amidu, 2013, Does bank competition and diversification lead to greater stability? Evidence from emerging markets, Rev. Dev. Finance, 3, 152, 10.1016/j.rdf.2013.08.002 Assaf, 2013, Turkish bank efficiency: Bayesian estimation with undesirable outputs, J. Bank. Finance, 37, 506, 10.1016/j.jbankfin.2012.09.009 Aysan, 2013 Aysan, 2013 Ataullah, 2006, Economic reforms and bank efficiency in developing countries: the case of the Indian banking industry, Appl. Financ. Econ., 16, 653, 10.1080/09603100500407440 Banker, 2011, Differential impact of Korean banking system reforms on bank productivity, J. Bank. Finance, 34, 1450, 10.1016/j.jbankfin.2010.02.023 Battese, 1995, A model for technical efficiency effects in a stochastic frontier production for panel data, Empir. Econ., 20, 325, 10.1007/BF01205442 Ben-Khedhiri, 2011 Berger, 1993, Bank efficiency derived from the profit function, J. Bank. Finance, 17, 317, 10.1016/0378-4266(93)90035-C Berger, 1997, Inside the black box: what explains differences in the efficiencies of financial institutions?, J. Bank. Finance, 21, 895, 10.1016/S0378-4266(97)00010-1 Berger, 2005, Corporate governance and bank performance: a joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership, J. Bank. Finance, 29, 2179, 10.1016/j.jbankfin.2005.03.013 Cornwell, 1990, Production frontiers with cross-sectional and time series variation in efficiency levels, J. Econ., 46, 185, 10.1016/0304-4076(90)90054-W Delfino, 2003 Demir, 2005, The technical inefficiency effects of Turkish banks after financial liberalization, Dev. Econ., 43, 396, 10.1111/j.1746-1049.2005.tb00951.x Denizer, 2007, Financial liberalization and banking efficiency: evidence from Turkey, J. Prod. Anal, 27, 177, 10.1007/s11123-007-0035-9 Du, 2011, Cost economies, efficiency and productivity growth in the Chinese banking industry: evidence from a quarterly panel dataset, Empir. Econ., 41, 199, 10.1007/s00181-011-0465-0 Efthyvoulou, 2014, Market power in CEE banking sectors and the impact of the global financial crisis, J. Bank. Finance, 40, 11, 10.1016/j.jbankfin.2013.11.010 El-Gamal, 2005, Inefficiency and heterogeneity in Turkish banking: 1990-2000, J. Appl. Econ., 20, 641, 10.1002/jae.835 Erkoc, 2012, Estimation methodology of economic efficiency: stochastic frontier analysis vs data envelopment analysis, Int. J. Acad. Res. Econ. Manag., 1 Ertugrul, 1999, Economic crises and efficiency in Turkish banking industry, METU Stud. Dev., 26, 99 Fries, 2005, Cost efficiency of banks in transition: evidence from 289 banks in 15 post-communist countries, J. Bank. Finance, 29, 55, 10.1016/j.jbankfin.2004.06.016 Fukuyama, 2011, Efficiency of Turkish banking: two stage network system. Variable returns to scale model, J. Int. Financ Mark. Inst Money, 21, 75, 10.1016/j.intfin.2010.08.004 Greene, 1990, A gamma-distributed stochastic frontier model, J. Econ., 46, 141, 10.1016/0304-4076(90)90052-U Greene, 2004, Distinguishing between heterogeneity and inefficiency: stochastic frontier analysis of the World Health Organization's panel data on national health care systems, Health Econ., 13, 959, 10.1002/hec.938 Greene, 2005, Fixed and random effects in stochastic frontier models, J. Prod. Anal, 23, 7, 10.1007/s11123-004-8545-1 Hao, 2001, Deregulation and efficiency: the case of private Korean banks, J. Econ. Bus., 53, 237, 10.1016/S0148-6195(00)00051-5 Hasan, 2003, Development and efficiency of the banking sector in a transitional economy: Hungarian experience, J. Bank. Finance, 27, 2249, 10.1016/S0378-4266(02)00328-X Huang, 2012, Estimation of stochastic frontier models based on multimodel inference, J. Prod. Anal, 38, 273, 10.1007/s11123-011-0260-0 Isik, 2002, Technical, scale and allocative efficiencies of Turkish banking industry, J. Bank. Finance, 26, 719, 10.1016/S0378-4266(01)00167-4 Jondrow, 1982, On the estimation of technical inefficiency in the stochastic production function model, J. Econ., 19, 233, 10.1016/0304-4076(82)90004-5 Kasman, 2002, Cost efficiency, scale economies and technological progress in Turkish banking, Cent. Bank. Rev., 1, 1 Kasman, 2006, Cost and profit efficiencies in transition banking: the case of new EU members, Appl. Econ., 38, 1079, 10.1080/00036840600639022 Koetter, 2009, The identification of technology regimes in banking: implications for the market power-fragility nexus, J. Bank. Finance, 33, 1413, 10.1016/j.jbankfin.2009.02.005 Koetter, 2010, Finance and growth in a bank based economy: is it quantity or quality that matters?, J. Int. Money Finance, 29, 1529, 10.1016/j.jimonfin.2010.05.015 Kumbhakar, 1990, Production frontiers, panel data and time-varying technical inefficiency, J. Econ., 46, 201, 10.1016/0304-4076(90)90055-X Kumbhakar, 2000 Kumbhakar, 2007, Economic reforms, efficiency and productivity in Chinese banking, J. Regul. Econ., 32, 105, 10.1007/s11149-007-9028-x Kumbhakar, 2013, Cost efficiency of Kazakhstan and Russian banks: results from competing panel data models, Macroecon. Finance Emerg. Mark. Econ., 6, 88 Manlagnit, 2011, Cost efficiency, determinants, and risk preferences in banking: a case of stochastic frontier analysis in the Philippines, J. Asian Econ., 22, 23, 10.1016/j.asieco.2010.10.001 Meeusen, 1977, Efficiency estimation from Cobb-Douglas production functions with composed error, Int. Econ. Rev., 18, 435, 10.2307/2525757 Mester, 1996, A study of bank efficiency taking to account risk-preferences, J. Bank. Finance, 20, 1025, 10.1016/0378-4266(95)00047-X Ozkan-Gunay, 2012, Risk incorporation and efficiency in emerging market banks during the global crisis: evidence from Turkey, 2002-2009, Emerg. Mark. Finance Trade, 48, 91, 10.2753/REE1540-496X4806S507 Ozkan, 2014, Effect of banking regulation on performance: evidence from Turkey, Emerg. Mark. Finance Trade, 50, 196, 10.2753/REE1540-496X500412 Poghosyan, 2010, Heterogeneity of technological regimes and banking efficiency in former socialist economies, J. Prod. Anal, 33, 19, 10.1007/s11123-009-0157-3 Rao, 2005, Cost frontier efficiency and risk-return analysis in an emerging market, Int. Rev. Financ Anal, 14, 283, 10.1016/j.irfa.2004.10.006 Williams, 2012, Efficiency and market power in Latin American banking, J. Financ Stab., 8, 263, 10.1016/j.jfs.2012.05.001 Yildirim, 2002, Evolution of banking efficiency within an unstable macroeconomic environment: the case of Turkish commercial banks, Appl. Econ., 34, 2289, 10.1080/00036840210140146 Zaim, 1995, The effect of financial liberalization on the efficiency of Turkish commercial banks, Appl. Financ. Econ., 5, 257, 10.1080/758536876