Impact of Firm Attributes on the Efficiency of Brokerage Houses

Year 2011, Volume: 5 Issue: 2, 159 - 181, 01.12.2011

Hakan Aygören M. Ensar Yeşilyurt

Abstract

Financial markets exist in order to bring together buyers and sellers of securities. Financial intermediaries, also known as financial institutions play an important role in financial markets. The most important contribution of financial intermediaries is a steady and relatively inexpensive flow of funds from savers to final users or investors. Thus efficiency of financial intermediaries is of importance for efficient markets. Brokerage houses efficiency is closely related to efficiency of financial markets due to the transaction costs and speed of transacting. This study analyzes the factors influencing the efficiency of brokerage houses by using Stochastic Frontier Analysis SFA . The results show that several firm attributes have impact on efficiency. The results indicate that age of brokerage houses and numbers of employees have positive impact on efficiency, however, other firm attributes such as number of branches, firm size, financial leverage, and service ratio Stock transactions/Total transaction have negative impact on efficiency of brokerage houses

Keywords

Efficiency, Brokerage Houses, Stochastic Frontier SFA , Financial Markets, Financial Intermediary

Aracı Kurum Firma Özelliklerinin Etkinlik Üzerindeki Etkisi

Abstract

Finansal piyasalar, menkul kıymet alım ve satımını yapanları bir araya getiren piyasalardır. Finansal kurumlar olarak da sınıflandırılan finansal aracılar finansal piyasalarda önemli rol oynarlar. Finansal aracıların en önemli katkısı fonların tasarruf sahiplerinden fon talep edenlere göreli olarak ucuza aktarmasıdır. Dolayısıyla, aracı kurumların etkinliği işlem maliyetleri ve hızı açısından değerlendirildiğinde finansal piyasaların etkinliğiyle yakından ilgilidir. Bu çalışma da, aracı kurumların etkinliğini etkileyen faktörler Stochastic Frontier Analizi SFA kullanılarak irdelenmektedir. Sonuçlar bazı aracı kurum özellikleri etkinliği etkilediğini göstermektedir. Sonuçlara göre ; aracı kurumun yaşı ve çalışan sayısı etkinlik üzerinde olumlu etkiye sahip iken, şube sayısı, aracı kurum büyüklüğü, finansal kaldıraç ve hizmet rasyosu Hisse senedi işlem büyüklüğü/Toplam işlem büyüklüğü olumsuz etkiye sahip olduğunu ortaya koymaktadır.

Keywords

Etkinlik, Aracı Kurumlar, Stochastic Frontier SFA , Finansal Piyasalar, Finansal Kurumlar.

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