OECD Ülkeleri Bankacılık Sektöründe Çalışma Süresi ve Finansal Verimlilik: Ters U İlişkisinin Panel Veri Analizi

Abstract

Bu çalışma, OECD ülkeleri finans sektöründe haftalık ortalama çalışma süresi ile finansal kurumların verimliliği arasındaki ilişkinin biçimini incelemektedir. Otuz altı OECD ülkesinin 2000-2021 dönemine ait dengeli paneli (NT = 792) üzerinde, Uluslararası Para Fonu tarafından yayımlanan finansal kurumlar verimlilik endeksi bağımlı değişken olarak kullanılmış, haftalık ortalama çalışma süresi ile bu değişkenin karesi temel açıklayıcı değişkenler, mevduatların hasılaya oranı ise kontrol değişkeni olarak modele dahil edilmiştir. Birim etkilerin varlığı ve Hausman testi doğrultusunda sabit etkiler tahmincisi benimsenmiş, değişen varyans, otokorelasyon ve yatay kesit bağımlılığının birlikte tespit edilmesi üzerine çıkarım Driscoll-Kraay dirençli standart hatalarına dayandırılmıştır. Bulgular, çalışma süresinin düzey teriminin pozitif, karesel teriminin ise negatif ve anlamlı olduğunu, dolayısıyla ters U hipotezinin işaret koşullarının sağlandığını göstermektedir. Eğrinin tepe noktası haftalık 29,55 saat düzeyinde hesaplanmış ve bu değerin örneklemde gözlenen saat aralığının solunda kaldığı görülmüştür. Böylece panelde yer alan bütün gözlemler eğrinin iniş kolunda konumlanmakta ve marjinal etki gözlenen bütün saat düzeylerinde negatif değer almaktadır.

Keywords

• Çalışma Süresi
• Verimlilik
• Bankacılık Sektörü
• Panel Veri Analizi

Working Hours and Financial Productivity in the Banking Sector of OECD Countries: A Panel Data Analysis of the Inverted-U Relationship

Abstract

This study examines the functional form of the relationship between average weekly working hours and the efficiency of financial institutions in OECD countries. Using a balanced panel of thirty-six OECD countries for the period 2000-2021 (NT = 792), the financial institutions efficiency index published by the International Monetary Fund is employed as the dependent variable, while average weekly working hours and its square constitute the main explanatory variables and the deposits-to-GDP ratio serves as a control. Following tests for unit effects and the Hausman test, the fixed effects estimator is adopted; since heteroskedasticity, autocorrelation and cross-sectional dependence are jointly detected, inference relies on Driscoll-Kraay robust standard errors. The findings show that the level term of working hours is positive and the quadratic term is negative, both statistically significant, thereby satisfying the sign conditions of the inverted-U hypothesis. The turning point is estimated at 29.55 hours per week, which lies to the left of the observed range of working hours in the sample. Consequently, all observations in the panel are located on the declining arm of the curve, and the marginal effect is negative at every observed level of working hours.

Keywords

• Working Hours
• Productivity
• Banking Sector
• Panel Data Analysis

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