THE RELATIONSHIP BETWEEN STOCK PERFORMANCE AND THE EFFICIENCY IN TURKISH BANKING SECTOR

Abstract

This study aims to investigate the relationship between efficiency and the stock performance of the banking sector in Turkey. Efficiency analysis is conducted via Stochastic Frontier Analysis SFA . Subsequently, the market-to-book value as a measure of stock performance is regressed against the percentage change in efficiency using panel data analysis. SFA shows that the concentration ratios and capital adequacy ratio have a positive effect on the efficiency of stocks, whereas the number of employees per unit of branches and age influence stocks negatively. The results also show that investors perceive efficiency to be a significant factor in terms of stock performance.

Keywords

• Efficiency, Banking Sector, Stochastic Frontier (SFA), Stock Performance, Panel Data

TÜRK BANKACILIK SEKTÖRÜNDE HİSSE SENEDİ PERFORMANSI VE ETKİNLİK ARASINDAKİ İLİŞKİ

Abstract

Bu çalışma Türkiye’deki bankacılık sektöründeki hisse senedi performansı ve etkinlik arasındaki ilişkiyi analiz etmektir. Etkinlik analizleri Stokastik Frontier Analizi SFA ile gerçekleştirilmiştir. Daha sonra bir hisse senedi performans ölçümü olarak piyasa defter değeri, panel veri analizleri kullanılarak etkinliğin oransal değişimiyle regresyona tabi tutulmuştur. SFA, şube başına çalışan sayısı ve banka yaşı hisse senetlerinin etkinlikleri üzerinde negatif yoğunlaşma oranı ve sermaye yeterlilik oranı pozitif bir etkiye sahip olduğunu göstermiştir. Sonuçlar aynı zamanda hisse senedi performansını değerlendirirken bankaların etkinlik seviyesini anlamlı bir faktör olarak dikkate aldıklarını göstermiştir

Keywords

• Etkinlik, Bankacılık Sektörü, Stokastik Frontier Analizi (SFA) Hisse Senedi Performansı, Panel Veri

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