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An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era

Yıl 2017, Cilt: 25 Sayı: 34, 227 - 245, 31.10.2017
https://doi.org/10.17233/sosyoekonomi.322057

Öz

The aim of this study
is to explore both the bank-specific and macroeconomic drivers of net interest
margins using panel data techniques for a sample of 12 deposit banks publicly
traded on the Borsa Istanbul Stock Exchange over the post-crisis period
2010-2015. Our panel data results suggest that while bank size and
managerial
efficiency
affect net interest margins negatively and
significantly,
operating cost, credit risk, and implicit interest payments influence the NIMs positively and significantly in
the post-crisis era. The results also imply that macroeconomic indicators such
as economic growth and inflation do not have any significant effects on the
NIMs.

Kaynakça

  • Afşar, M. (2011), “Küresel Kriz ve Türk Bankacılık Sektörüne Yansımaları” Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 6(2), 143-171.
  • Almeida, F.D. & J.A. Divino (2015), “Determinants of the Banking Spread in the Brazilian Economy: The Role of Micro and Macroeconomic Factors”, International Review of Economics and Finance, 40, 29-39.
  • Bektas, E. (2014), “Are the determinants of bank net interest margin and spread different? The case of North Cyprus”, Banks and Bank Systems, 9(4), 82-91.
  • Ben Khediri, K. & H. Ben-Khedhiri (2011), “Determinants of bank net interest margin in Tunisia: a panel data model”, Applied Economics Letters, 18(13), 1267-1271.
  • Boyd, J.H. & R. Levine & B.D. Smith (2001), “The Impact of Inflation on Financial Sector Performance”, Journal of Monetary Economics, 47(2), 221-248.
  • Brock, P.L. & L. Rojas Suarez (2000), “Understanding the Behavior of Bank Spreads in Latin America”, Journal of Development Economics, 63(1), 113-134.
  • Claeys, S. & R. Vander Vennet (2008), “Determinants of Bank Interest Margins in Central and Eastern Europe: A Comparison with the West”, Economic Systems, 32(2), 197-216.
  • Demirguc-Kunt, A. & H. Huizinga (1999), “Determinants of commercial bank interest margins and profitability: Some international evidence”, World Bank Economic Review, 13(2), 379–408.
  • Demirguc-Kunt, A. & L. Laeven & R. Levine (2003),”The impact of bank regulations, concentration, and institutions on bank margins”, Policy Research Working Paper, No. 3030, World Bank.
  • Demirgüç-Kunt, A. & L. Laeven & R. Levine (2004), “Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation”, Journal of Money, Credit and Banking, 36(3), 593-622.
  • Dumičić, M. & T. Rizdak (2013), “Determinants of banks’ net interest margins in Central and Eastern Europe”, Financial theory and practice, 37(1), 1-30.
  • Fungáčová, Z. & T. Poghosyan (2011) “Determinants of bank interest margins in Russia: Does bank ownership matter?”, Economic Systems, 35(4), 481-495.
  • Ganioğlu, A. & V. Us (2014), “The Structure of the Turkish Banking Sector Before and After Global Crisis”, CBRT Working Paper, No: 14/29, Ankara.
  • Garza-García, J. G. (2010), “What influences net interest rate margins? Developed versus developing countries”, Banks and Bank Systems, 5(4), 32-41.
  • Gounder, N. & P. Sharma (2012), “Determinants of bank net interest margins in Fiji, a small island developing state”, Applied Financial Economics, 22(19), 1647-1654.
  • Hawtrey, K. & H. Liang (2008), “Bank interest margins in OECD countries”, The North American Journal of Economics and Finance, 19(3), 249-260.
  • Ho, T. S. Y. & A. Saunders (1981), “The Determinants of Bank Interest Margins: Theory and Empirical Evidence”, The Journal of Financial and Quantitative Analysis, 16(4), 581-600.
  • Huybens, E. & B.D. Smith (1999), “Inflation, Financial Markets, and Long-Run Real Activity”, Journal of Monetary Economics, 43(2), 283-315.
  • Hussain, I. (2014), “Banking industry concentration and net interest margins (NIMs) in Pakistan”, Journal of Business Economics and Management, 15(2), 384–402.
  • Islam, M. S. & S. I. Nishiyama (2016), “The determinants of bank net interest margins: A panel evidence from South Asian countries. Research in International Business and Finance, 37, 501-514.
  • Kansoy, F. (2012), “The Determinants of Net Interest Margin in the Turkish Banking Sector: Does Bank Ownership Matter?”, Journal of BRSA Banking and Financial Markets, 6(2), 13-49.
  • Kasman, A. & G. Tunc & G. Vardar & B. Okan (2010), “Consolidation and commercial bank net interest margins: Evidence from the old and new European Union members and candidate countries”, Economic Modelling, 27(3), 648-655.
  • King, R.G. & R. Levine (1993a), “Finance and Growth: Schumpeter Might Be Right”, The Quarterly Journal of Economics, 108(3), 717-37.
  • King, R. G. & R. Levine (1993b), “Finance, Entrepreneurship, and Growth: Theory and Evidence”, Journal of Monetary Economics, 32(3), 513-42.
  • Kumari, S. S. M. (2014), “Determinants of Interest Margins of Banks in Sri Lanka”, South Asia Economic Journal, 15(2), 265-280.
  • López-Espinosa, G. & A. Moreno & F. P. de Gracia (2011), “Banks’ net interest margin in the 2000s: A macro-accounting international perspective”, Journal of International Money and Finance, 30(6), 1214-1233.
  • Levine, R. (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, 35(2), 688-726. Levine, R. (2002), “Bank-Based or Market-Based Financial Systems: Which Is Better?”, Journal of Financial Intermediation, 11(4), 398-428.
  • Lin, J.R. & H. Chung & M.H. Hsieh & S. Wu (2012), “The Determinants of Interest Margins and Their Effect on Bank Diversification: Evidence from Asian Banks”, Journal of Financial Stability, 8(2), 96-106.
  • Ly, K. C. (2015), "Liquidity Risk, Regulation and Bank Performance: Evidence from European Banks." Global Economy and Finance Journal, 8(1), 11-33.
  • Maudos, J. & L. Solís (2009), “The determinants of net interest income in the Mexican banking system: An integrated model”, Journal of Banking & Finance, 33(10), 1920-1931.
  • Marinković, S. & O. Radović (2014), “Bank net interest margin related to risk, ownership, and size: an exploratory study of the Serbian banking industry”, Economic Research-Ekonomska Istraživanja, 27(1), 134-154.
  • Merton, R.C. & Z. Bodie (1995), “A Conceptual Framework for Analyzing the Financial Environment” in D.B. Crane & K.A. Froot & S.P. Mason & A.F. Perold & R.C. Merton & Z. Bodie & E.R. Sirri & P. Tufano (ed.), The Global Financial System: A Functional Perspective, Boston: Harvard Business School Press, 3-31.
  • Nassar, K. B. & E. Martinez & A. Pineda (2014), “Determinants of Banks' Net Interest Margins in Honduras”, International Monetary Fund Working Paper, No. 14-163.
  • Perry, P. (1992), “Do Banks Gain or Lose from Inflation?”, Journal of Retail Banking, 14(2), 25-40.
  • Pasiouras, F. & K. Kosmidou (2007), “Factors Influencing the Profitability of Domestic and Foreign Commercial Banks in the European Union”, Research in International Business and Finance, 21(2), 222-237.
  • Plakalović, N. & A. Alihodžić (2015), “Determinants of the net interest margins in BH banks”, Industrija, 43(1), 133-153.
  • Poghosyan, T. (2013), “Financial intermediation costs in low-income countries: The role of regulatory, institutional, and macroeconomic factors”, Economic Systems, 37(1), 92-110.
  • Reis, Ş. G. & Y. Kiliç & M. F. Buğan (2016), “Banka Karlılığını Etkileyen Faktörler: Türkiye Örneği” Journal of Accounting & Finance, 72, 21-36.
  • Saunders, A. & L. Schumacher (2000), “The determinants of bank interest rate margins: an international study”, Journal of International Money and Finance, 19, 813–832.
  • Sufian, F. & M. S. Habibullah (2009), “Determinants of Bank Profitability in a Developing Economy: Empirical Evidence from Bangladesh”, Journal of Business Economics and Management, 10(3), 207-217.
  • Tan, T.B.P. (2012), “Determinants of Credit Growth and Interest Margins in the Philippines and Asia”, IMF Working Paper, No. 12/123, International Monetary Fund.
  • Tarus, D.K. & Y.B. Chekol & M. Mutwol (2012), “Determinants of Net Interest Margins of Commercial Banks in Kenya: A Panel Study”, Procedia Economics and Finance, 2, 199-208.
  • Taskin, F. D. (2011), “Türkiye'de Ticari Bankalarin Performansini Etkileyen Faktörler/The Factors Affecting The Performance of The Turkish Commercial Banks” Ege Akademik Bakis, 11(2), 289-298.
  • Tsuru, K. (2000), “Finance and Growth: Some Theoretical Considerations and a Review of the Empirical Literature”, OECD Economics Department Working Papers, No. 228, OECD Publishing, Paris.
  • Türkiye Cumhuriyeti Merkez Bankası (2014), Bülten, Sayı: 34, Haziran, Ankara, <http://www.tcmb.gov.tr.>
  • Us, V. (2015), “Banking Sector Performance in Turkey before and after the Global Crisis”, Iktisat Isletme ve Finans, 30(353), 45-74.
  • Yuksel, S. & S. Zengin (2017), “Influencing Factors of Net Interest Margin in Turkish Banking Sector”, International Journal of Economics and Financial Issues, 7(1), 178-191.
  • Zhou, K. & M. C. Wong (2008), “The determinants of net interest margins of commercial banks in mainland China”, Emerging Markets Finance and Trade, 44(5), 41-53.

Borsa İstanbul’da İşlem Gören Bankaların Net Faiz Marjlarının Belirleyicilerinin Ampirik Analizi: Kriz Sonrası Döneminden Panel Verileri Kanıtları

Yıl 2017, Cilt: 25 Sayı: 34, 227 - 245, 31.10.2017
https://doi.org/10.17233/sosyoekonomi.322057

Öz

Kaynakça

  • Afşar, M. (2011), “Küresel Kriz ve Türk Bankacılık Sektörüne Yansımaları” Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 6(2), 143-171.
  • Almeida, F.D. & J.A. Divino (2015), “Determinants of the Banking Spread in the Brazilian Economy: The Role of Micro and Macroeconomic Factors”, International Review of Economics and Finance, 40, 29-39.
  • Bektas, E. (2014), “Are the determinants of bank net interest margin and spread different? The case of North Cyprus”, Banks and Bank Systems, 9(4), 82-91.
  • Ben Khediri, K. & H. Ben-Khedhiri (2011), “Determinants of bank net interest margin in Tunisia: a panel data model”, Applied Economics Letters, 18(13), 1267-1271.
  • Boyd, J.H. & R. Levine & B.D. Smith (2001), “The Impact of Inflation on Financial Sector Performance”, Journal of Monetary Economics, 47(2), 221-248.
  • Brock, P.L. & L. Rojas Suarez (2000), “Understanding the Behavior of Bank Spreads in Latin America”, Journal of Development Economics, 63(1), 113-134.
  • Claeys, S. & R. Vander Vennet (2008), “Determinants of Bank Interest Margins in Central and Eastern Europe: A Comparison with the West”, Economic Systems, 32(2), 197-216.
  • Demirguc-Kunt, A. & H. Huizinga (1999), “Determinants of commercial bank interest margins and profitability: Some international evidence”, World Bank Economic Review, 13(2), 379–408.
  • Demirguc-Kunt, A. & L. Laeven & R. Levine (2003),”The impact of bank regulations, concentration, and institutions on bank margins”, Policy Research Working Paper, No. 3030, World Bank.
  • Demirgüç-Kunt, A. & L. Laeven & R. Levine (2004), “Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation”, Journal of Money, Credit and Banking, 36(3), 593-622.
  • Dumičić, M. & T. Rizdak (2013), “Determinants of banks’ net interest margins in Central and Eastern Europe”, Financial theory and practice, 37(1), 1-30.
  • Fungáčová, Z. & T. Poghosyan (2011) “Determinants of bank interest margins in Russia: Does bank ownership matter?”, Economic Systems, 35(4), 481-495.
  • Ganioğlu, A. & V. Us (2014), “The Structure of the Turkish Banking Sector Before and After Global Crisis”, CBRT Working Paper, No: 14/29, Ankara.
  • Garza-García, J. G. (2010), “What influences net interest rate margins? Developed versus developing countries”, Banks and Bank Systems, 5(4), 32-41.
  • Gounder, N. & P. Sharma (2012), “Determinants of bank net interest margins in Fiji, a small island developing state”, Applied Financial Economics, 22(19), 1647-1654.
  • Hawtrey, K. & H. Liang (2008), “Bank interest margins in OECD countries”, The North American Journal of Economics and Finance, 19(3), 249-260.
  • Ho, T. S. Y. & A. Saunders (1981), “The Determinants of Bank Interest Margins: Theory and Empirical Evidence”, The Journal of Financial and Quantitative Analysis, 16(4), 581-600.
  • Huybens, E. & B.D. Smith (1999), “Inflation, Financial Markets, and Long-Run Real Activity”, Journal of Monetary Economics, 43(2), 283-315.
  • Hussain, I. (2014), “Banking industry concentration and net interest margins (NIMs) in Pakistan”, Journal of Business Economics and Management, 15(2), 384–402.
  • Islam, M. S. & S. I. Nishiyama (2016), “The determinants of bank net interest margins: A panel evidence from South Asian countries. Research in International Business and Finance, 37, 501-514.
  • Kansoy, F. (2012), “The Determinants of Net Interest Margin in the Turkish Banking Sector: Does Bank Ownership Matter?”, Journal of BRSA Banking and Financial Markets, 6(2), 13-49.
  • Kasman, A. & G. Tunc & G. Vardar & B. Okan (2010), “Consolidation and commercial bank net interest margins: Evidence from the old and new European Union members and candidate countries”, Economic Modelling, 27(3), 648-655.
  • King, R.G. & R. Levine (1993a), “Finance and Growth: Schumpeter Might Be Right”, The Quarterly Journal of Economics, 108(3), 717-37.
  • King, R. G. & R. Levine (1993b), “Finance, Entrepreneurship, and Growth: Theory and Evidence”, Journal of Monetary Economics, 32(3), 513-42.
  • Kumari, S. S. M. (2014), “Determinants of Interest Margins of Banks in Sri Lanka”, South Asia Economic Journal, 15(2), 265-280.
  • López-Espinosa, G. & A. Moreno & F. P. de Gracia (2011), “Banks’ net interest margin in the 2000s: A macro-accounting international perspective”, Journal of International Money and Finance, 30(6), 1214-1233.
  • Levine, R. (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, 35(2), 688-726. Levine, R. (2002), “Bank-Based or Market-Based Financial Systems: Which Is Better?”, Journal of Financial Intermediation, 11(4), 398-428.
  • Lin, J.R. & H. Chung & M.H. Hsieh & S. Wu (2012), “The Determinants of Interest Margins and Their Effect on Bank Diversification: Evidence from Asian Banks”, Journal of Financial Stability, 8(2), 96-106.
  • Ly, K. C. (2015), "Liquidity Risk, Regulation and Bank Performance: Evidence from European Banks." Global Economy and Finance Journal, 8(1), 11-33.
  • Maudos, J. & L. Solís (2009), “The determinants of net interest income in the Mexican banking system: An integrated model”, Journal of Banking & Finance, 33(10), 1920-1931.
  • Marinković, S. & O. Radović (2014), “Bank net interest margin related to risk, ownership, and size: an exploratory study of the Serbian banking industry”, Economic Research-Ekonomska Istraživanja, 27(1), 134-154.
  • Merton, R.C. & Z. Bodie (1995), “A Conceptual Framework for Analyzing the Financial Environment” in D.B. Crane & K.A. Froot & S.P. Mason & A.F. Perold & R.C. Merton & Z. Bodie & E.R. Sirri & P. Tufano (ed.), The Global Financial System: A Functional Perspective, Boston: Harvard Business School Press, 3-31.
  • Nassar, K. B. & E. Martinez & A. Pineda (2014), “Determinants of Banks' Net Interest Margins in Honduras”, International Monetary Fund Working Paper, No. 14-163.
  • Perry, P. (1992), “Do Banks Gain or Lose from Inflation?”, Journal of Retail Banking, 14(2), 25-40.
  • Pasiouras, F. & K. Kosmidou (2007), “Factors Influencing the Profitability of Domestic and Foreign Commercial Banks in the European Union”, Research in International Business and Finance, 21(2), 222-237.
  • Plakalović, N. & A. Alihodžić (2015), “Determinants of the net interest margins in BH banks”, Industrija, 43(1), 133-153.
  • Poghosyan, T. (2013), “Financial intermediation costs in low-income countries: The role of regulatory, institutional, and macroeconomic factors”, Economic Systems, 37(1), 92-110.
  • Reis, Ş. G. & Y. Kiliç & M. F. Buğan (2016), “Banka Karlılığını Etkileyen Faktörler: Türkiye Örneği” Journal of Accounting & Finance, 72, 21-36.
  • Saunders, A. & L. Schumacher (2000), “The determinants of bank interest rate margins: an international study”, Journal of International Money and Finance, 19, 813–832.
  • Sufian, F. & M. S. Habibullah (2009), “Determinants of Bank Profitability in a Developing Economy: Empirical Evidence from Bangladesh”, Journal of Business Economics and Management, 10(3), 207-217.
  • Tan, T.B.P. (2012), “Determinants of Credit Growth and Interest Margins in the Philippines and Asia”, IMF Working Paper, No. 12/123, International Monetary Fund.
  • Tarus, D.K. & Y.B. Chekol & M. Mutwol (2012), “Determinants of Net Interest Margins of Commercial Banks in Kenya: A Panel Study”, Procedia Economics and Finance, 2, 199-208.
  • Taskin, F. D. (2011), “Türkiye'de Ticari Bankalarin Performansini Etkileyen Faktörler/The Factors Affecting The Performance of The Turkish Commercial Banks” Ege Akademik Bakis, 11(2), 289-298.
  • Tsuru, K. (2000), “Finance and Growth: Some Theoretical Considerations and a Review of the Empirical Literature”, OECD Economics Department Working Papers, No. 228, OECD Publishing, Paris.
  • Türkiye Cumhuriyeti Merkez Bankası (2014), Bülten, Sayı: 34, Haziran, Ankara, <http://www.tcmb.gov.tr.>
  • Us, V. (2015), “Banking Sector Performance in Turkey before and after the Global Crisis”, Iktisat Isletme ve Finans, 30(353), 45-74.
  • Yuksel, S. & S. Zengin (2017), “Influencing Factors of Net Interest Margin in Turkish Banking Sector”, International Journal of Economics and Financial Issues, 7(1), 178-191.
  • Zhou, K. & M. C. Wong (2008), “The determinants of net interest margins of commercial banks in mainland China”, Emerging Markets Finance and Trade, 44(5), 41-53.
Toplam 48 adet kaynakça vardır.

Ayrıntılar

Bölüm Makaleler
Yazarlar

Ozcan Işık

Murat Belke

Yayımlanma Tarihi 31 Ekim 2017
Gönderilme Tarihi 16 Haziran 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 25 Sayı: 34

Kaynak Göster

APA Işık, O., & Belke, M. (2017). An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era. Sosyoekonomi, 25(34), 227-245. https://doi.org/10.17233/sosyoekonomi.322057
AMA Işık O, Belke M. An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era. Sosyoekonomi. Ekim 2017;25(34):227-245. doi:10.17233/sosyoekonomi.322057
Chicago Işık, Ozcan, ve Murat Belke. “An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era”. Sosyoekonomi 25, sy. 34 (Ekim 2017): 227-45. https://doi.org/10.17233/sosyoekonomi.322057.
EndNote Işık O, Belke M (01 Ekim 2017) An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era. Sosyoekonomi 25 34 227–245.
IEEE O. Işık ve M. Belke, “An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era”, Sosyoekonomi, c. 25, sy. 34, ss. 227–245, 2017, doi: 10.17233/sosyoekonomi.322057.
ISNAD Işık, Ozcan - Belke, Murat. “An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era”. Sosyoekonomi 25/34 (Ekim 2017), 227-245. https://doi.org/10.17233/sosyoekonomi.322057.
JAMA Işık O, Belke M. An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era. Sosyoekonomi. 2017;25:227–245.
MLA Işık, Ozcan ve Murat Belke. “An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era”. Sosyoekonomi, c. 25, sy. 34, 2017, ss. 227-45, doi:10.17233/sosyoekonomi.322057.
Vancouver Işık O, Belke M. An Empirical Analysis of Bank-Specific and Macroeconomic Drivers Influencing Net Interest Margins of Turkish Listed Banks: Panel Data Evidence from Post-Crisis Era. Sosyoekonomi. 2017;25(34):227-45.