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Türk Bankacılık Sektörünün Toplam Faktör Verimliliği, Etkinlik ve Teknolojik Değişiminin Analizi

Year 2017, Volume: 12 Issue: 48, 315 - 328, 31.10.2017

Abstract

2000
ve 2001 ekonomik krizleri Türkiye ekonomisi ve Türk bankacılık sektörünü
derinden etkilemiştir. Krizler sonrası bankacılık sektörü yapısal değişimlere
maruz kalmıştır. Yabancı yatırımcının Türk bankacılık sektöründeki ağırlığının
arttığını kriz sonrası dönemde görebiliriz. Bu yabancı yatırımcılardan yeni deneyimler
ve ileri teknolojiyi sektöre dahil edip sektörün rekabet koşullarını
arttırmaktır (Aysan ve diğerleri ;2011). Bu bağlamda, bu çalışmanın cevap
aradığı sorular; 2000 ve 2001 krizleri sonrası; Türk bankacılık sektöründeki
teknolojik değişimin durumu, sektördeki teknik etkinlik ve ölçek etkinliğinde
yaşanan değişimin boyutu ve aynı dönemde sektördeki toplam faktör etkinliği
ölçümü ve değerlendirilmesi yapılmıştır. Çalışmada, ağırlıklı olarak sektördeki
etkinlik ve teknolojik değişim üzerinde durulduğu söylenebilinir. 

References

  • Abbasoğlu, O. F., Aysan, A. F., & Gunes, A. (2007). Concentration, competition, efficiency and profitability of Turkish banking sector in the post-crises period. Ahmet Faruk Aysan, Mustafa Mete Karakaya, Metin Uyanik (2011). “Panel stochastic frontier analysis of profitability and efficiency of Turkish banking sector in the post-crisis era.” Journal of Business Economics and Management, 12:4, 629-654. Ahmet Faruk Aysan, Mustafa Mete Karakaya, Metin Uyanik (2011). Panel stochastic frontier analysis of profitability and efficiency of Turkish banking sector in the post-crisis era, Journal of Business Economics and Management, 12:4, 629-654. Aigner, D. J., & Chu, S. F. (1968). On estimating the industry production function. The American Economic Review, 58(4), 826-839. Aigner, D. J.; Lovell, C. A.; Schmidt, P. (1977). “Formulation and estimation of stochastic frontier production function models.” Journal of Econometrics, 6: 23–37. Aragon, Y., A. Daouia, and C. Thomas-Agnan (2005), ‘Nonparametric frontier estimation: A conditional quantile-based approach’. Econometric Theory 21, 358–389.
  • Avkiran, N. K. (2000). Rising productivity of Australian trading banks under deregulation 1986-1995. Journal of Economics and Finance, 24, 122-140. Balk, B. M. (2001). “Scale Efficiency and Productivity Change.” Journal of Productivity Analysis 15 (3): 159– 183. Barajas, A., Steiner, R., Salazar, N., (2000). ‘The Impact of Liberalization and Foreign Investment in Colombia's Financial Sector’, Journal of Development Economics 63(1), 157-196.
  • Battese G.E.; Lundvall, K. (2000). “Firm size, age and efficiency: evidence from Kenyan manufacturing firms.” The Journal of Development Studies, 36:146-163. Battese, G. E.; Coelli, T. J. (1988). “Prediction of firm-level technical efficiencies with a generalized frontier production function and panel data.” Journal of Econometrics, 38: 387–399. Battese, G. E.; Coelli, T. J. (1992). “Frontier production functions, technical efficiency and panel data: with application to paddy farmers in India.” Journal of Productivity Analysis, 3:153-169. Battese, G. E.; Coelli, T. J. (1995). “A model for technical efficiency effects in a stochastic frontier production function for panel data.” Empirical Economics, 20: 325–332. Battese, G. E.; Corra S. (1977). “Estimation of a production frontier model: with application to the pastoral zone of Eastern Australia, Australian.” Journal of Agricultural and Resource Economics, 21: 169–179. Berg, S.; Forsung, F.; Hjalmarsson, L.; Suominen, M. (1993). “Banking efficiency in the Nordic countries.” Journal of Banking and Finance, 17: 371–388. Berger, A. N., and Mester, L. J. (2003), “Explaining the dramatic changes in performance of US banks: technological change, deregulation, and dynamic changes in competition,” Journal of Financial Intermediation, 12, 57–95.
  • Berger, A. N.; Hancock, D.; Humphrey, D. B. (1993). “Bank efficiency derived from the profit function.” Journal of Banking and Finance, 17: 317–347. Berger, A. N.; Mester, L. J. (1997). “Inside the black box: what explains differences in the efficiencies of financial institutions.” Journal of Banking and Finance, 21: 895–947. Berger. A.N.: De young, R. (1997).”Problem loans and cost efficiency in commercial banks.” Journal of Banking and Finance, 21: 849-870. Carlton and Perloff (2000): Modern Industrial Organization, Dennis W. Carlton and Jeffrey Perloff, 3rd Edition, Reading, MA: Addison-Wesley. Book web-page: http://occawlonline.pearsoned.com/bookbind/pubbooks/carlton_awl/. Cazals, C., Florens, J. P., and Simar, L. (2002), “Nonparametric frontier estimation: A robust approach,” Journal of Econometrics, 106, 1–25.
  • Claessens, Stijn, & Luc Laeven (2003) ‘‘Financial Development, Property Rights, and Growth,’’ 58 J. of Finance 2401–36. Coelli, T. J., P. D. S. Rao, and G. E. Battese. (2005). An Introduction to Efficiency and Productivity Analysis. Boston: Kluwer. Coelli, T. J., P. D. S. Rao, and G. E. Battese. (2005). An Introduction to Efficiency and Productivity Analysis. Boston: Kluwer. Coelli, T., and S. Perelman. (2000). “Technical Efficiency of European Railways: A Distance Function Approach.” Applied Economics 32 (15): 1967–1976. Cornwell C.; Schmidt P., Sickles R.C. (1990). “Production frontiers with cross-sectional and time-series variation in efficiency levels.” Journal of Econometrics, 46: 185-200. Daouia, A. (2003), “Nonparametric analysis of frontier production functions and efficiency measurement using nonstandard conditional quantiles,” PhD dissertation, Groupede Recherche en Economie ath´ematique et Quantititative, Universit´e des Sciences Sociales, Toulouse I, et Laboratoire de Statistique et Probabilit´es, Universit´e Paul Sabatier, Toulouse III.
  • Daouia, A. and A. Ruiz-Gazen (2006), ‘Robust nonparametric frontier estimators: Qualitative robustness and influence function’. Statistica Sinica 16, 1233–1253. Daouia, A. and I. Gijbels (2011b), ‘Robustness and inference in nonparametric partial frontier modeling’. Journal of Econometrics 161, 147–165.
  • Daouia, A., and Simar, L. (2007), “Nonparametric efficiency analysis: A multivariate conditional quantile approach,” Journal of Econometrics, 140, 375–400.
  • Daraio, C., and Simar, L. (2005), “Introducing environmental variables in nonparametric frontier models: A probabilistic approach,” Journal of Productivity Analysis, 24, 93–121.
  • Debreu G. (1951). “The coefficient of resource utilization.” Econometrica, 19: 273-292. Denizer C. Lyigun M. & Owen A. (2002). Finance & Macroeconomic Volatility. Contributions in Macroeconomics Confetrence, 2(1) 1534-6005. Dress B. and Pazarcioglu C. (1998). “The Nordic banking crisis: pitfalls in financial liberalization?.” IMF Publication Services. Englund, P. (1999). “The Swedish Banking Crisis: Roots and Consequences.” Oxford Review of Economic Policy, 15:80-97. Erdogan, Niyazi. (2002). Financial crises in Turkey and in the world. Yaklasım Publishing, Ankara. Evanoff, D.D. and Israilevich, P. R. (1991). Scale Elasticity and efficiency for U.S. Banks. Working Paper, ıssues in Financial Regulation 91-15, Federal Reserve Bank of Chicago. Fȁre, R., S. Groosskopf and M. Norris (1997), Productivity growth, technical progress and efficiency change in industrialized countries: Reply, American Economics Review, 87(5), 1040-43. Farrell, M. J. (1957). “The measurement of productive efficiency.” Journal of the Royal Statistical Society, 120: 253-290. Fecher, F., and P. Pestieau (1993). “Efficiency and Competition in O.E.C.D. Financial Services.” in H.O. Fried, C.A.K. Lovell, and S.S. Schmidt, eds., “The Measurement of Productive Efficiency: Techniques and Applications.” Oxford University Press, : 374-85. Fuentes, H., E. Grifell -Tatje, and S. Perelman. (2001). “A Parametric Distance Function Approach for Malmquist Productivity Index Estimation.” Journal of Productivity Analysis 15: 79 – 94. Gjirja, M. (2004). Efficiency and Productivity in Swedish Banking, University of Gothenburg Publishing. Greene, W. (2003a). Econometric Analysis. Upper Saddle River: Prentice Hall. Greene, W. (2004). “Reconsidering Heterogeneity and Inefficiency: Stochastic Frontier Models.” Journal of Econometrics, Elsevier, vol.126 (2), : 269-303. Greene. W. (2005). “Fixed and Random Effects in Stochastic Frontier Models.” Journal of Productivity Analysis, Springer, 23:7-32. Gunay Ozkan, N.E.; Tektas A. (2006). Efficiency analysis of Turkish banking sector in pre-crisis and crisis period: a DEA approach, Contemporary Economic Policy (ISSN 1074-3529),Vol. 24, No. 3, 418–431. Handoussa, H., Nishimizu, M., & Page, J. M. (1986). Productivity change in Egyptian public sector industries after ‘the opening’, 1973–1979. Journal of Development Economics, 20(1), 53-73. Hermes N, Lensink R (2008) Does financial liberalization influence saving, investment and economic growth: evidence from 25 emerging market economies, 1973–1996. In: Guha-Khasnobis B, Mavrotas G (eds) Financial development, institutions, growth and poverty reduction. Basingstoke: Palgrave MacMillan, pages 164–189. Heshmati, A. (2001). “The dynamics of capital structure: evidence from Swedish micro and small firms.” Research in Banking and Finance, 2: 199-241. Isik, I.; Hassan, M. K. (2002b). “Cost and profit efficiency of the Turkish banking industry: an empirical investigation.” Financial Review, 37: 257–280. Isik, I.; Hassan, M. K. (2002b). Cost and profit efficiency of Turkish banking industry: an empirical investigation, The Financial Review 37: 257–280. Karluk, Rıdvan. (1999). Turkish economy . Beta Publishing Press, Istanbul. Kasman, A. (2002).Cost Efficiency, Scale Economies, and Technological Progress in Turkish Banking, Central Bank Review, 1-20. Kasman, A.; Kasman, S. (2011).Efficiency, Productivity and Stock Performance: Evidence from the Turkish Banking Sector, PANOECONOMICUS, Vol.3, 355-372. Keskin, Y. B. and Degirmenci, S. (2013) The Application of Data Envelopment Analysis Based Malmquist Total Factor Productivity Index: Empirical Evidence in Turkish Banking Sector, PANOECONOMICUS, 2013, 2, Special Issue, pp. 139-159. Koopmans, T. C. (1951). “Analysis of production as an efficient combination of activities.” Activity analysis of production and allocation, 13: 33-37. Kumbhakar, S. C., Lovell, C. K. (2003). “Stochastic frontier analysis”, Cambridge University Press. Kumar S. and Gulati R., (2014), ‘Deregulation and Efficiency of Indian Banks’ India Studies in Business and Economics 2014, pp 119-165.
  • Lovell, C. A. K. (2000). The Decomposition of Malmquist Productivity Indexes. Journal of Productivity Analysis 20: 437– 458. Lovell, C., Jondrow, J., Knox. A., Materov, I. S., Schmidt, P. (1982). “On the estimation of technical inefficiency in the stochastic frontier production function model.” Journal of econometrics, 19: 233-238. Meeusen, W., Van Den Broeck, J. (1977). “Efficiency estimation from Cobb-Douglas production functions with composed error.” International Economic Review, 18:435-444. Orea, L. (2002). “Parametric Decomposition of a Generalized Malmquist Productivity Index.” Journal of Productivity Analysis 20: 437– 458. Papadopoulos, S. (2010). “New evidence on banking efficiency in Europe.” International Journal of Monetary Economics and Finance, 3(3), 280-299. Pastor, Jose, F. Perez, and J. Quesada (1994). “Efficiency Analysis in Banking Firms: An International Comparison.” working paper, Valencia Institute of Economic Investigation, Spain. Porembski, M., K. Breitenstein, and P. Alpar (2005), ‘Visualizing efficiency and reference relations in data envelopment analysis with an application to the branches of a German bank’. Journal of Productivity Analysis 23, 203–221.
  • Sahinoz, Ahmet (2001). Türkiye Ekonomisi Sektörel Analiz, Turkish Economic Associations Publishing, Ankara. Schmidt, P and Sickles, R.C. (1984). “Production frontiers and panel data.” Journal of Business and Economics Statistics, 2: 367-374. Shen, C.; Chen, C. (2009). “Estimating banking cost efficiency with the consideration of cost management.” The Quarterly Review of Economics and Finance, 50: 424–435. Shephard, R. W. (1953). “Cost and Production Functions”. Princeton University Publishing.. Simar, L and P.W. Wilson (2013), “Estimation and Inference in Nonparametric Frontier Models: Recent Developments and Perspectives”, Foundations and Trends R in Econometrics Vol. 5, Nos. 3–4 (2011) 183–337.
  • Simar, L. (2003), ‘Detecting outliers in frontier models: A simple approach’. Journal of Productivity Analysis 20, 391–424.
  • Simar, L. and A. Vanhems (2012), ‘Probabilistic characterization of directional distances and their robust versions’. Journal of Econometrics 166, 342–354.
  • Simar, L., A. Vanhems, and P. W. Wilson (2012), ‘Statistical inference for dea estimators of directional distances’. European Journal of Operational Research 220, 853–864.
  • Wallander, J. (1994), “Bankkrisen—Omfattning, Orsaker, Lärdomar.” [The Banking Crisis —Magnitude, Causes, Lessons], in Bankkrisen, Stockholm, Bankkriskommittén. Wang, H and Ho, C (2010), “Estimating fixed-effect panel stochastic frontier models by model transformation.” Journal of Econometrics, 157 (2010) 286-296. Wheelock D.C. and Wilson P. W. (2008), “Robust Non-parametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985-2004”, Working Papers, Federal Reserve Bank of St. Louis.
  • Wilson, W. P. (1993), ‘Detecting outliers in deterministic nonparametric frontier models with multiple outputs’. Journal of Business and Economic Statistics 11, 319–323.
  • Wilson, W. P. (1995), ‘Detecting influential observations in data envelopment analysis’. Journal of Productivity Analysis 6, 27–45.
  • Wilson, W. P. (2011), ‘Asymptotic properties of some non-parametric hyperbolic efficiency estimators’. In: I. Van Keilegom and P. W. Wilson (eds.): Exploring Research Frontiers in Contemporary Statistics and Econometrics. Berlin: Springer-Verlag, pp. 115–150.
  • Yu, Bingxin., X. Liao and H. Shen (2013). “Parametric Decomposition of the Malmquist Index in an Output-Oriented Distance Function Productivity in Chinese Agriculture” February, IFPRI Discussion Paper 01244. Zhang, Y., and B. Brummer. (2011). “Productivity Change and the Effects of Policy Reform in China’s Agriculture since 1979.” Asian- Pacific Economic Literature 25 (2): 131– 150.

Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector

Year 2017, Volume: 12 Issue: 48, 315 - 328, 31.10.2017

Abstract

Especially, November 2000 and
February 2001 crises adversely affected Turkish economy and particularly
Turkish banking sector. In the post-crisis period, extensive structural changes
have taken place in Turkish banking sector. Interest of foreign banks for
Turkish market increased. Some new foreign banks entered into Turkish banking
sector through acquisition, while existing foreign banks increased their
operations. Foreign banks are expected to bring 
new practices and advance technology to the market and enhance competitive
pressure in banking (Aysan et
al.;2011). In this context, this paper addresses the following questions: How
does technology change after the post-crisis period in Turkish banking sector?
How affected the technology change in Turkish banking sector? How affected the
technical efficiency change and the scale efficiency change in Turkish banking
sector? and finally, how affected the total factor productivity change in
Turkish banking sector? So, in this paper, I analyse the changes efficiency and
technology change in Turkish banking sector in the light of the facts discussed
above, and focus on the total factor productivity of Turkish banking sector and
the existence of the relationship between efficiency and technology change.

References

  • Abbasoğlu, O. F., Aysan, A. F., & Gunes, A. (2007). Concentration, competition, efficiency and profitability of Turkish banking sector in the post-crises period. Ahmet Faruk Aysan, Mustafa Mete Karakaya, Metin Uyanik (2011). “Panel stochastic frontier analysis of profitability and efficiency of Turkish banking sector in the post-crisis era.” Journal of Business Economics and Management, 12:4, 629-654. Ahmet Faruk Aysan, Mustafa Mete Karakaya, Metin Uyanik (2011). Panel stochastic frontier analysis of profitability and efficiency of Turkish banking sector in the post-crisis era, Journal of Business Economics and Management, 12:4, 629-654. Aigner, D. J., & Chu, S. F. (1968). On estimating the industry production function. The American Economic Review, 58(4), 826-839. Aigner, D. J.; Lovell, C. A.; Schmidt, P. (1977). “Formulation and estimation of stochastic frontier production function models.” Journal of Econometrics, 6: 23–37. Aragon, Y., A. Daouia, and C. Thomas-Agnan (2005), ‘Nonparametric frontier estimation: A conditional quantile-based approach’. Econometric Theory 21, 358–389.
  • Avkiran, N. K. (2000). Rising productivity of Australian trading banks under deregulation 1986-1995. Journal of Economics and Finance, 24, 122-140. Balk, B. M. (2001). “Scale Efficiency and Productivity Change.” Journal of Productivity Analysis 15 (3): 159– 183. Barajas, A., Steiner, R., Salazar, N., (2000). ‘The Impact of Liberalization and Foreign Investment in Colombia's Financial Sector’, Journal of Development Economics 63(1), 157-196.
  • Battese G.E.; Lundvall, K. (2000). “Firm size, age and efficiency: evidence from Kenyan manufacturing firms.” The Journal of Development Studies, 36:146-163. Battese, G. E.; Coelli, T. J. (1988). “Prediction of firm-level technical efficiencies with a generalized frontier production function and panel data.” Journal of Econometrics, 38: 387–399. Battese, G. E.; Coelli, T. J. (1992). “Frontier production functions, technical efficiency and panel data: with application to paddy farmers in India.” Journal of Productivity Analysis, 3:153-169. Battese, G. E.; Coelli, T. J. (1995). “A model for technical efficiency effects in a stochastic frontier production function for panel data.” Empirical Economics, 20: 325–332. Battese, G. E.; Corra S. (1977). “Estimation of a production frontier model: with application to the pastoral zone of Eastern Australia, Australian.” Journal of Agricultural and Resource Economics, 21: 169–179. Berg, S.; Forsung, F.; Hjalmarsson, L.; Suominen, M. (1993). “Banking efficiency in the Nordic countries.” Journal of Banking and Finance, 17: 371–388. Berger, A. N., and Mester, L. J. (2003), “Explaining the dramatic changes in performance of US banks: technological change, deregulation, and dynamic changes in competition,” Journal of Financial Intermediation, 12, 57–95.
  • Berger, A. N.; Hancock, D.; Humphrey, D. B. (1993). “Bank efficiency derived from the profit function.” Journal of Banking and Finance, 17: 317–347. Berger, A. N.; Mester, L. J. (1997). “Inside the black box: what explains differences in the efficiencies of financial institutions.” Journal of Banking and Finance, 21: 895–947. Berger. A.N.: De young, R. (1997).”Problem loans and cost efficiency in commercial banks.” Journal of Banking and Finance, 21: 849-870. Carlton and Perloff (2000): Modern Industrial Organization, Dennis W. Carlton and Jeffrey Perloff, 3rd Edition, Reading, MA: Addison-Wesley. Book web-page: http://occawlonline.pearsoned.com/bookbind/pubbooks/carlton_awl/. Cazals, C., Florens, J. P., and Simar, L. (2002), “Nonparametric frontier estimation: A robust approach,” Journal of Econometrics, 106, 1–25.
  • Claessens, Stijn, & Luc Laeven (2003) ‘‘Financial Development, Property Rights, and Growth,’’ 58 J. of Finance 2401–36. Coelli, T. J., P. D. S. Rao, and G. E. Battese. (2005). An Introduction to Efficiency and Productivity Analysis. Boston: Kluwer. Coelli, T. J., P. D. S. Rao, and G. E. Battese. (2005). An Introduction to Efficiency and Productivity Analysis. Boston: Kluwer. Coelli, T., and S. Perelman. (2000). “Technical Efficiency of European Railways: A Distance Function Approach.” Applied Economics 32 (15): 1967–1976. Cornwell C.; Schmidt P., Sickles R.C. (1990). “Production frontiers with cross-sectional and time-series variation in efficiency levels.” Journal of Econometrics, 46: 185-200. Daouia, A. (2003), “Nonparametric analysis of frontier production functions and efficiency measurement using nonstandard conditional quantiles,” PhD dissertation, Groupede Recherche en Economie ath´ematique et Quantititative, Universit´e des Sciences Sociales, Toulouse I, et Laboratoire de Statistique et Probabilit´es, Universit´e Paul Sabatier, Toulouse III.
  • Daouia, A. and A. Ruiz-Gazen (2006), ‘Robust nonparametric frontier estimators: Qualitative robustness and influence function’. Statistica Sinica 16, 1233–1253. Daouia, A. and I. Gijbels (2011b), ‘Robustness and inference in nonparametric partial frontier modeling’. Journal of Econometrics 161, 147–165.
  • Daouia, A., and Simar, L. (2007), “Nonparametric efficiency analysis: A multivariate conditional quantile approach,” Journal of Econometrics, 140, 375–400.
  • Daraio, C., and Simar, L. (2005), “Introducing environmental variables in nonparametric frontier models: A probabilistic approach,” Journal of Productivity Analysis, 24, 93–121.
  • Debreu G. (1951). “The coefficient of resource utilization.” Econometrica, 19: 273-292. Denizer C. Lyigun M. & Owen A. (2002). Finance & Macroeconomic Volatility. Contributions in Macroeconomics Confetrence, 2(1) 1534-6005. Dress B. and Pazarcioglu C. (1998). “The Nordic banking crisis: pitfalls in financial liberalization?.” IMF Publication Services. Englund, P. (1999). “The Swedish Banking Crisis: Roots and Consequences.” Oxford Review of Economic Policy, 15:80-97. Erdogan, Niyazi. (2002). Financial crises in Turkey and in the world. Yaklasım Publishing, Ankara. Evanoff, D.D. and Israilevich, P. R. (1991). Scale Elasticity and efficiency for U.S. Banks. Working Paper, ıssues in Financial Regulation 91-15, Federal Reserve Bank of Chicago. Fȁre, R., S. Groosskopf and M. Norris (1997), Productivity growth, technical progress and efficiency change in industrialized countries: Reply, American Economics Review, 87(5), 1040-43. Farrell, M. J. (1957). “The measurement of productive efficiency.” Journal of the Royal Statistical Society, 120: 253-290. Fecher, F., and P. Pestieau (1993). “Efficiency and Competition in O.E.C.D. Financial Services.” in H.O. Fried, C.A.K. Lovell, and S.S. Schmidt, eds., “The Measurement of Productive Efficiency: Techniques and Applications.” Oxford University Press, : 374-85. Fuentes, H., E. Grifell -Tatje, and S. Perelman. (2001). “A Parametric Distance Function Approach for Malmquist Productivity Index Estimation.” Journal of Productivity Analysis 15: 79 – 94. Gjirja, M. (2004). Efficiency and Productivity in Swedish Banking, University of Gothenburg Publishing. Greene, W. (2003a). Econometric Analysis. Upper Saddle River: Prentice Hall. Greene, W. (2004). “Reconsidering Heterogeneity and Inefficiency: Stochastic Frontier Models.” Journal of Econometrics, Elsevier, vol.126 (2), : 269-303. Greene. W. (2005). “Fixed and Random Effects in Stochastic Frontier Models.” Journal of Productivity Analysis, Springer, 23:7-32. Gunay Ozkan, N.E.; Tektas A. (2006). Efficiency analysis of Turkish banking sector in pre-crisis and crisis period: a DEA approach, Contemporary Economic Policy (ISSN 1074-3529),Vol. 24, No. 3, 418–431. Handoussa, H., Nishimizu, M., & Page, J. M. (1986). Productivity change in Egyptian public sector industries after ‘the opening’, 1973–1979. Journal of Development Economics, 20(1), 53-73. Hermes N, Lensink R (2008) Does financial liberalization influence saving, investment and economic growth: evidence from 25 emerging market economies, 1973–1996. In: Guha-Khasnobis B, Mavrotas G (eds) Financial development, institutions, growth and poverty reduction. Basingstoke: Palgrave MacMillan, pages 164–189. Heshmati, A. (2001). “The dynamics of capital structure: evidence from Swedish micro and small firms.” Research in Banking and Finance, 2: 199-241. Isik, I.; Hassan, M. K. (2002b). “Cost and profit efficiency of the Turkish banking industry: an empirical investigation.” Financial Review, 37: 257–280. Isik, I.; Hassan, M. K. (2002b). Cost and profit efficiency of Turkish banking industry: an empirical investigation, The Financial Review 37: 257–280. Karluk, Rıdvan. (1999). Turkish economy . Beta Publishing Press, Istanbul. Kasman, A. (2002).Cost Efficiency, Scale Economies, and Technological Progress in Turkish Banking, Central Bank Review, 1-20. Kasman, A.; Kasman, S. (2011).Efficiency, Productivity and Stock Performance: Evidence from the Turkish Banking Sector, PANOECONOMICUS, Vol.3, 355-372. Keskin, Y. B. and Degirmenci, S. (2013) The Application of Data Envelopment Analysis Based Malmquist Total Factor Productivity Index: Empirical Evidence in Turkish Banking Sector, PANOECONOMICUS, 2013, 2, Special Issue, pp. 139-159. Koopmans, T. C. (1951). “Analysis of production as an efficient combination of activities.” Activity analysis of production and allocation, 13: 33-37. Kumbhakar, S. C., Lovell, C. K. (2003). “Stochastic frontier analysis”, Cambridge University Press. Kumar S. and Gulati R., (2014), ‘Deregulation and Efficiency of Indian Banks’ India Studies in Business and Economics 2014, pp 119-165.
  • Lovell, C. A. K. (2000). The Decomposition of Malmquist Productivity Indexes. Journal of Productivity Analysis 20: 437– 458. Lovell, C., Jondrow, J., Knox. A., Materov, I. S., Schmidt, P. (1982). “On the estimation of technical inefficiency in the stochastic frontier production function model.” Journal of econometrics, 19: 233-238. Meeusen, W., Van Den Broeck, J. (1977). “Efficiency estimation from Cobb-Douglas production functions with composed error.” International Economic Review, 18:435-444. Orea, L. (2002). “Parametric Decomposition of a Generalized Malmquist Productivity Index.” Journal of Productivity Analysis 20: 437– 458. Papadopoulos, S. (2010). “New evidence on banking efficiency in Europe.” International Journal of Monetary Economics and Finance, 3(3), 280-299. Pastor, Jose, F. Perez, and J. Quesada (1994). “Efficiency Analysis in Banking Firms: An International Comparison.” working paper, Valencia Institute of Economic Investigation, Spain. Porembski, M., K. Breitenstein, and P. Alpar (2005), ‘Visualizing efficiency and reference relations in data envelopment analysis with an application to the branches of a German bank’. Journal of Productivity Analysis 23, 203–221.
  • Sahinoz, Ahmet (2001). Türkiye Ekonomisi Sektörel Analiz, Turkish Economic Associations Publishing, Ankara. Schmidt, P and Sickles, R.C. (1984). “Production frontiers and panel data.” Journal of Business and Economics Statistics, 2: 367-374. Shen, C.; Chen, C. (2009). “Estimating banking cost efficiency with the consideration of cost management.” The Quarterly Review of Economics and Finance, 50: 424–435. Shephard, R. W. (1953). “Cost and Production Functions”. Princeton University Publishing.. Simar, L and P.W. Wilson (2013), “Estimation and Inference in Nonparametric Frontier Models: Recent Developments and Perspectives”, Foundations and Trends R in Econometrics Vol. 5, Nos. 3–4 (2011) 183–337.
  • Simar, L. (2003), ‘Detecting outliers in frontier models: A simple approach’. Journal of Productivity Analysis 20, 391–424.
  • Simar, L. and A. Vanhems (2012), ‘Probabilistic characterization of directional distances and their robust versions’. Journal of Econometrics 166, 342–354.
  • Simar, L., A. Vanhems, and P. W. Wilson (2012), ‘Statistical inference for dea estimators of directional distances’. European Journal of Operational Research 220, 853–864.
  • Wallander, J. (1994), “Bankkrisen—Omfattning, Orsaker, Lärdomar.” [The Banking Crisis —Magnitude, Causes, Lessons], in Bankkrisen, Stockholm, Bankkriskommittén. Wang, H and Ho, C (2010), “Estimating fixed-effect panel stochastic frontier models by model transformation.” Journal of Econometrics, 157 (2010) 286-296. Wheelock D.C. and Wilson P. W. (2008), “Robust Non-parametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985-2004”, Working Papers, Federal Reserve Bank of St. Louis.
  • Wilson, W. P. (1993), ‘Detecting outliers in deterministic nonparametric frontier models with multiple outputs’. Journal of Business and Economic Statistics 11, 319–323.
  • Wilson, W. P. (1995), ‘Detecting influential observations in data envelopment analysis’. Journal of Productivity Analysis 6, 27–45.
  • Wilson, W. P. (2011), ‘Asymptotic properties of some non-parametric hyperbolic efficiency estimators’. In: I. Van Keilegom and P. W. Wilson (eds.): Exploring Research Frontiers in Contemporary Statistics and Econometrics. Berlin: Springer-Verlag, pp. 115–150.
  • Yu, Bingxin., X. Liao and H. Shen (2013). “Parametric Decomposition of the Malmquist Index in an Output-Oriented Distance Function Productivity in Chinese Agriculture” February, IFPRI Discussion Paper 01244. Zhang, Y., and B. Brummer. (2011). “Productivity Change and the Effects of Policy Reform in China’s Agriculture since 1979.” Asian- Pacific Economic Literature 25 (2): 131– 150.
There are 19 citations in total.

Details

Journal Section Articles
Authors

Onur Akkaya

Publication Date October 31, 2017
Published in Issue Year 2017 Volume: 12 Issue: 48

Cite

APA Akkaya, O. (2017). Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector. Yaşar Üniversitesi E-Dergisi, 12(48), 315-328.
AMA Akkaya O. Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector. Yaşar Üniversitesi E-Dergisi. October 2017;12(48):315-328.
Chicago Akkaya, Onur. “Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector”. Yaşar Üniversitesi E-Dergisi 12, no. 48 (October 2017): 315-28.
EndNote Akkaya O (October 1, 2017) Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector. Yaşar Üniversitesi E-Dergisi 12 48 315–328.
IEEE O. Akkaya, “Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector”, Yaşar Üniversitesi E-Dergisi, vol. 12, no. 48, pp. 315–328, 2017.
ISNAD Akkaya, Onur. “Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector”. Yaşar Üniversitesi E-Dergisi 12/48 (October 2017), 315-328.
JAMA Akkaya O. Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector. Yaşar Üniversitesi E-Dergisi. 2017;12:315–328.
MLA Akkaya, Onur. “Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector”. Yaşar Üniversitesi E-Dergisi, vol. 12, no. 48, 2017, pp. 315-28.
Vancouver Akkaya O. Efficiency, Technological Change and Total Factor Productivity in Turkish Banking Sector. Yaşar Üniversitesi E-Dergisi. 2017;12(48):315-28.