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EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY

Yıl 2013, Cilt: 8 Sayı: 31, 0 - , 01.06.2013

Öz

The recent financial crisis had influenced the financial systems of many countries in the world. Turkish economy, one of the developing economies, has also been affected, but there are few studies investigating the effect of the recent financial crisis especially on the banking industry. Therefore this study aims to find out the impact of the recent financial crisis on bank profitability and its determinants in Turkey. In this respect, t-tests and dynamic panel estimation technique are used in the study. The analysis covers the period from December 2003 to June 2012, and it is divided into pre-crisis and post crisis periods. System GMM estimator is applied to be able to find out the determinants of bank profitability before and after the crisis. As a result, the findings reveal that profitability of banks in Turkish banking industry was not affected significantly by the recent financial crisis, but the crisis had some impacts on the determinants of bank profitability.

Kaynakça

  • Abbasoglu, O.F; Aysan, A.F.; Gunes, A. (2007). Concentration, competition, efficiency and profitability of the Turkish banking sector in the post-crises period. MPRA Paper , No:5494
  • Aebi, V.; Sabato, G.; Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking and Finance, 36: 3213-3226
  • Albertazzi, U. ;Gambacorta, L. (2010).Bank profitability and taxation. Journal of Banking and Finance, 34: 2801-2810
  • Allen, L. (1988). The determinants of bank interest margins: a note. The Journal of Financial and Quantitative Analysis 23 (2): 231-235
  • Alper, D.; Anbar, A. (2011).Bank specific and macroeconomic determinants of commercial bank profitability: empirical evidence from Turkey. Business and Economics Research Journal, 2 (2):139152
  • Angbazzo, L. (1997). Commercial bank net interest margins, default risk, interest rate risk, and offbalancesheet banking. Journal of Banking and Finance, 21: 55-87
  • Arellano, M.;Bond, S.R. (1991) . Some tests of specification for panel data: Monte-Carlo evidence and an application to employment equations. Review of Economic Studies ,58: 277-297
  • Arellano, M; Bover, O. (1995). Another look at the instrumental variables estimation of errorcomponent models. Journal of Econometrics, 68: 29-51
  • Athanasoglou, P.P.;Brissimis S.N.; Delis M.D.(2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. International Financial Markets, Institutions and Money, 18: 121-136
  • Aysan, A.F.; Ceyhan, S.P. (2008). What determines the banking sector performance in globalized financial markets? The case of Turkey. Physica A, 387: 1593-1602
  • Barros, C..B. ; Borges, M. R. (2011). Measuring peformance in the Portuguese banking ındustry with a fourier regression model. Applied Economics Letters, 18: 21-28
  • BAT (2009). 50th Anniversary of the banks association of Turkey and banking system 1958-2007 ,The Banks Association of Turkey
  • Berger, A.N. (1995).The relationship between capital and earnings in banking. Journal of Money, Credit and Banking , 27 (2): 432-456
  • Beltratti, A.; Stulz R.M. (2012).The credit crisis around the globe: Why did some banks perform better?. Journal of Financial Economics, 105: 1-17
  • Blundell, R.; Bond, S. (1998).Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87 (1): 115-143
  • Bourke, P.(1989) .Concentration and other determinants of bank profitability in Europe, North America and Australia. Journal of Banking and Finance, 13 (1): 65-79
  • BRSA, (2011). Financial markets report, Banking Regulation and Supervision Agency, No: 24, http://www.bddk.gov.tr/WebSitesi/english/Reports/Financial_Markets_Report/109642012_fpr_dec _11eng.pdf
  • Chen, Y. (2007). The determinants of U.S. bank holding companies profitability: a dynamic perspective using quantile regression, http://etdncku.lib.ncku.edu.tw/ETD-db/ETDsearch/getfile?URN=etd-0620108-165653&filename=etd-0620108-165653.pdf
  • Chen, S.; Liao C. (2011). Are foreign banks more profitable than domestic banks? Home- and hostcountry effects of banking market structure, governance, and supervision. Journal of Banking and Finance , 35: 819-839
  • Claeys, S.; Vennet R.V. (2008). Determinants of bank interest margins in Central and Eastern Europe: A comparison with the West. Economic Systems, 32 : 197-216
  • Dagidir, C.(2010). Turk bankacilik sektorunde karlilik ve makroekonomik degiskenlerle iliskisi. Ekonomi Bilimleri Dergisi, 2(1): 25-33
  • Demirguc-Kunt, A.; Huizinga, H. (1999). Determinants of commercial bank interest margins and profitability: some international evidence. The World Bank Economic Review , 13 (2): 379-408
  • Demirguc-Kunt, A.; Huizinga, H.(2000). Financial structure and bank profitability, World Bank Policy Research Working Paper Series, No: 2430
  • Dietrich, A.; Wanzenried, G. (2011). Determinants of Bank Profitability Before and During the Crisis: Evidence from Switzerland. International Financial Markets, Institutions and Money, 21: 307-327
  • Fungacova, Z; Poghosyan, T. (2011). Determinants of bank interest margins in Russia: Does bank ownership matter. Economic Systems, 35: 481-495
  • Hawtrey, K.; Liang H. (2008). Bank interest margins in OECD countries. North American Journal of Economics and Finance, 19: 249-260
  • Ho, T.S.Y; Saunders A. (1981). The Determinants of Bank Interest Margins: Theory and Empirical Evidence. The Journal of Financial and Quantitative Analysis, 16 (4): 581-600
  • IMF (2012). World Economic Outlook ,April 2012, http: //www.imf.org/external/pubs/ft/weo/ 2012/01/index.htm
  • ISPA (2010). Turkish Financial Services Industry Report, Republic of Turkey Prime Ministry Investment Support and Promotion Agency of Turkey Publications, October 2010
  • Kantar, E.; Keskin, M; Deviren, B. (2012). Analysis of the effects of the global financial crisis on the Turkish economy, using hierarchical methods. Physica A , 391: 2342-2352
  • Kaya, Y.T. (2001). Turk bankacılık sisteminde net faiz marjının modellenmesi, Banking Regulation and Supervisory Agency Working Paper, No: 2001/4
  • Kaya, Y.T. (2002). Turk bankacılık sektöründe karlılığın belirleyicileri 1997-2000, Banking Regulation and Supervisory Agency Working Paper, No: 2002/1
  • Kosmidou, K. (2008). The determinants of bank profits in Greece during the period of EU financial integration. Managerial Finance , 34 (3): 146-159
  • Kosmidou, K; Zopounidis, C. (2008).Measurement of bank performance in Greece. South-Eastern Europe Journal of Economics, 1: 79-95
  • Kurtz, R.D.; Rhoades, S. (1992). A note on the market share-profitability relationship. Review of Industrial Organization , 7: 39-50
  • Lin, J-H; Chung, H; Hsieh, M-S; Wu S. (2012). The determinants of interest margins and their effect on bank diversification: Evidence from Asian banks. Journal of Financial Stability, 8(2): 96- 106
  • Maudos, J.; Guevara J.F. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking and Finance , 28: 2259-2281
  • Maudos, J.; Solis L. (2009). The determinants of net interest income in the Mexican banking system: An integrated model. Journal of Banking and Finance , 33: 1920-1931
  • Moshirian, F. (2011). The global financial crisis and the evolution of markets, institutions and regulation. Journal of Banking and Finance, 35: 502-511
  • Molyneux, P.; Thornton, J. (1992). Determinants of European bank profitability: a note. Journal of Banking and Finance, 16: 1173-1178
  • Naceur, S.B. ; Omran, M. (2011). The effects of bank regulations, competition, and financial reforms on banks’ performance. Emerging Markets Review, 12: 1-20
  • OECD (2012). Economic Outlook, No: 92, http : // stats .oecd .org / Index. aspx? DataSet Code = EO92_INTERNET
  • Olson, D.; Zoubi T. (2011). Efficiency and bank profitability in MENA countries. Emerging Markets Review, 12: 94-110
  • Pasiouras, F.; Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign commercial banks in the European Union”. Research in International Business and Finance, 21: 222237
  • Shehzad C.T; De Haan J. (2013). Was the 2007 crisis really a global banking crisis?. North American
  • Journal of Economics and Finance , 24: 113-124 Smith, R; Staikouras C.; Wood, G. (2003). Non-interest income and total income stability, Bank of
  • England Working Paper Series, No: 198 Tandelilin, E.; Kaaro, H.; Mahadwharta P. A.; Supriyatna (2007). Corporate governance, risk management and bank performance, EADN Working Paper, No: 34
  • Taskin, F. D. (2011). Turkiye’de ticari bankaların performansını etkileyen faktörler. Ege Academic Review, 11(12): 289-298
  • Valvarde, S.G.; Fernandez F.R. (2007). The determinants of bank margins in European banking.
  • Journal of Banking and Finance, 3: 2043- 2063
  • Tunay, K.B ; Silpar, M. (2006). Turk ticari bankacılık sektöründe karlılıga dayalı performans analizi-II, Banking Association of Turkey Research Paper, No: 2006-02
  • Uludag, B.K.; Gokmen, H. (2011). Turk bankacilik sektorunun karliliginin dinamik yaklasimla test edilmesi. İktisat, Isletme ve Finans, 26 (308): 71-98
  • Yıldırım, C. (2002). Evolution of banking efficiency within an unstable macroeconomic environment: the case of Turkish commercial banks. Applied Economics , 34: 2289-2301
  • Whalen, G. (1988). Actual competition, potential competition and bank profitability in rural markets. Economic Review, Q3: 14-23
  • Williams, B. (2003). Domestic and international determinants of bank profits: Foreign banks in
  • Australia. Journal of Banking and Finance, 27: 1185-1120
  • Windmeijer, F. (1998). Efficiency Comparisons for a system GMM estimator in dynamic panel data models, IFS Working Paper Series, No: W98/1

EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY

Yıl 2013, Cilt: 8 Sayı: 31, 0 - , 01.06.2013

Öz

Yaşanan son finansal kriz dünyada birçok ülkenin finansal sistemleri üzerinde etkili olmuştur. Gelişmekte olan ekonomilerden olan Türkiye ekonomisi de bu krizden etkilenmiştir, ancak sözkonusu krizin özellikle bankacılık sektörüne etkilerini inceleyen çalışmaların sayısı kısıtlıdır. Bu nedenle, bu çalışmanın amacı son finansal krizin Türkiye’de faaliyet gösteren bankaların karlılıklarının belirleyicileri üzerine etkisini saptamaktır. Analiz dönemi Aralık 2003-Haziran 2012 dönemini kapsamakta olup, bu dönem kriz öncesi ve kriz sonrası olmak üzere ikiye ayrılmıştır. Kriz öncesi ve sonrası dönemlerde banka karlılığını etkileyen faktörleri saptayabilmek üzere sistem GMM tahmincisi kullanılmıştır. Sonuç olarak bulgular, Türk bankacılık sektöründeki bankaların karlılıklarının son finansal krizden önemli ölçü de etkilenmese de, krizin banka karlılığının belirleyicileri üzerinde birtakım etkileri olduğunu göstermektedir.

Kaynakça

  • Abbasoglu, O.F; Aysan, A.F.; Gunes, A. (2007). Concentration, competition, efficiency and profitability of the Turkish banking sector in the post-crises period. MPRA Paper , No:5494
  • Aebi, V.; Sabato, G.; Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking and Finance, 36: 3213-3226
  • Albertazzi, U. ;Gambacorta, L. (2010).Bank profitability and taxation. Journal of Banking and Finance, 34: 2801-2810
  • Allen, L. (1988). The determinants of bank interest margins: a note. The Journal of Financial and Quantitative Analysis 23 (2): 231-235
  • Alper, D.; Anbar, A. (2011).Bank specific and macroeconomic determinants of commercial bank profitability: empirical evidence from Turkey. Business and Economics Research Journal, 2 (2):139152
  • Angbazzo, L. (1997). Commercial bank net interest margins, default risk, interest rate risk, and offbalancesheet banking. Journal of Banking and Finance, 21: 55-87
  • Arellano, M.;Bond, S.R. (1991) . Some tests of specification for panel data: Monte-Carlo evidence and an application to employment equations. Review of Economic Studies ,58: 277-297
  • Arellano, M; Bover, O. (1995). Another look at the instrumental variables estimation of errorcomponent models. Journal of Econometrics, 68: 29-51
  • Athanasoglou, P.P.;Brissimis S.N.; Delis M.D.(2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. International Financial Markets, Institutions and Money, 18: 121-136
  • Aysan, A.F.; Ceyhan, S.P. (2008). What determines the banking sector performance in globalized financial markets? The case of Turkey. Physica A, 387: 1593-1602
  • Barros, C..B. ; Borges, M. R. (2011). Measuring peformance in the Portuguese banking ındustry with a fourier regression model. Applied Economics Letters, 18: 21-28
  • BAT (2009). 50th Anniversary of the banks association of Turkey and banking system 1958-2007 ,The Banks Association of Turkey
  • Berger, A.N. (1995).The relationship between capital and earnings in banking. Journal of Money, Credit and Banking , 27 (2): 432-456
  • Beltratti, A.; Stulz R.M. (2012).The credit crisis around the globe: Why did some banks perform better?. Journal of Financial Economics, 105: 1-17
  • Blundell, R.; Bond, S. (1998).Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87 (1): 115-143
  • Bourke, P.(1989) .Concentration and other determinants of bank profitability in Europe, North America and Australia. Journal of Banking and Finance, 13 (1): 65-79
  • BRSA, (2011). Financial markets report, Banking Regulation and Supervision Agency, No: 24, http://www.bddk.gov.tr/WebSitesi/english/Reports/Financial_Markets_Report/109642012_fpr_dec _11eng.pdf
  • Chen, Y. (2007). The determinants of U.S. bank holding companies profitability: a dynamic perspective using quantile regression, http://etdncku.lib.ncku.edu.tw/ETD-db/ETDsearch/getfile?URN=etd-0620108-165653&filename=etd-0620108-165653.pdf
  • Chen, S.; Liao C. (2011). Are foreign banks more profitable than domestic banks? Home- and hostcountry effects of banking market structure, governance, and supervision. Journal of Banking and Finance , 35: 819-839
  • Claeys, S.; Vennet R.V. (2008). Determinants of bank interest margins in Central and Eastern Europe: A comparison with the West. Economic Systems, 32 : 197-216
  • Dagidir, C.(2010). Turk bankacilik sektorunde karlilik ve makroekonomik degiskenlerle iliskisi. Ekonomi Bilimleri Dergisi, 2(1): 25-33
  • Demirguc-Kunt, A.; Huizinga, H. (1999). Determinants of commercial bank interest margins and profitability: some international evidence. The World Bank Economic Review , 13 (2): 379-408
  • Demirguc-Kunt, A.; Huizinga, H.(2000). Financial structure and bank profitability, World Bank Policy Research Working Paper Series, No: 2430
  • Dietrich, A.; Wanzenried, G. (2011). Determinants of Bank Profitability Before and During the Crisis: Evidence from Switzerland. International Financial Markets, Institutions and Money, 21: 307-327
  • Fungacova, Z; Poghosyan, T. (2011). Determinants of bank interest margins in Russia: Does bank ownership matter. Economic Systems, 35: 481-495
  • Hawtrey, K.; Liang H. (2008). Bank interest margins in OECD countries. North American Journal of Economics and Finance, 19: 249-260
  • Ho, T.S.Y; Saunders A. (1981). The Determinants of Bank Interest Margins: Theory and Empirical Evidence. The Journal of Financial and Quantitative Analysis, 16 (4): 581-600
  • IMF (2012). World Economic Outlook ,April 2012, http: //www.imf.org/external/pubs/ft/weo/ 2012/01/index.htm
  • ISPA (2010). Turkish Financial Services Industry Report, Republic of Turkey Prime Ministry Investment Support and Promotion Agency of Turkey Publications, October 2010
  • Kantar, E.; Keskin, M; Deviren, B. (2012). Analysis of the effects of the global financial crisis on the Turkish economy, using hierarchical methods. Physica A , 391: 2342-2352
  • Kaya, Y.T. (2001). Turk bankacılık sisteminde net faiz marjının modellenmesi, Banking Regulation and Supervisory Agency Working Paper, No: 2001/4
  • Kaya, Y.T. (2002). Turk bankacılık sektöründe karlılığın belirleyicileri 1997-2000, Banking Regulation and Supervisory Agency Working Paper, No: 2002/1
  • Kosmidou, K. (2008). The determinants of bank profits in Greece during the period of EU financial integration. Managerial Finance , 34 (3): 146-159
  • Kosmidou, K; Zopounidis, C. (2008).Measurement of bank performance in Greece. South-Eastern Europe Journal of Economics, 1: 79-95
  • Kurtz, R.D.; Rhoades, S. (1992). A note on the market share-profitability relationship. Review of Industrial Organization , 7: 39-50
  • Lin, J-H; Chung, H; Hsieh, M-S; Wu S. (2012). The determinants of interest margins and their effect on bank diversification: Evidence from Asian banks. Journal of Financial Stability, 8(2): 96- 106
  • Maudos, J.; Guevara J.F. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking and Finance , 28: 2259-2281
  • Maudos, J.; Solis L. (2009). The determinants of net interest income in the Mexican banking system: An integrated model. Journal of Banking and Finance , 33: 1920-1931
  • Moshirian, F. (2011). The global financial crisis and the evolution of markets, institutions and regulation. Journal of Banking and Finance, 35: 502-511
  • Molyneux, P.; Thornton, J. (1992). Determinants of European bank profitability: a note. Journal of Banking and Finance, 16: 1173-1178
  • Naceur, S.B. ; Omran, M. (2011). The effects of bank regulations, competition, and financial reforms on banks’ performance. Emerging Markets Review, 12: 1-20
  • OECD (2012). Economic Outlook, No: 92, http : // stats .oecd .org / Index. aspx? DataSet Code = EO92_INTERNET
  • Olson, D.; Zoubi T. (2011). Efficiency and bank profitability in MENA countries. Emerging Markets Review, 12: 94-110
  • Pasiouras, F.; Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign commercial banks in the European Union”. Research in International Business and Finance, 21: 222237
  • Shehzad C.T; De Haan J. (2013). Was the 2007 crisis really a global banking crisis?. North American
  • Journal of Economics and Finance , 24: 113-124 Smith, R; Staikouras C.; Wood, G. (2003). Non-interest income and total income stability, Bank of
  • England Working Paper Series, No: 198 Tandelilin, E.; Kaaro, H.; Mahadwharta P. A.; Supriyatna (2007). Corporate governance, risk management and bank performance, EADN Working Paper, No: 34
  • Taskin, F. D. (2011). Turkiye’de ticari bankaların performansını etkileyen faktörler. Ege Academic Review, 11(12): 289-298
  • Valvarde, S.G.; Fernandez F.R. (2007). The determinants of bank margins in European banking.
  • Journal of Banking and Finance, 3: 2043- 2063
  • Tunay, K.B ; Silpar, M. (2006). Turk ticari bankacılık sektöründe karlılıga dayalı performans analizi-II, Banking Association of Turkey Research Paper, No: 2006-02
  • Uludag, B.K.; Gokmen, H. (2011). Turk bankacilik sektorunun karliliginin dinamik yaklasimla test edilmesi. İktisat, Isletme ve Finans, 26 (308): 71-98
  • Yıldırım, C. (2002). Evolution of banking efficiency within an unstable macroeconomic environment: the case of Turkish commercial banks. Applied Economics , 34: 2289-2301
  • Whalen, G. (1988). Actual competition, potential competition and bank profitability in rural markets. Economic Review, Q3: 14-23
  • Williams, B. (2003). Domestic and international determinants of bank profits: Foreign banks in
  • Australia. Journal of Banking and Finance, 27: 1185-1120
  • Windmeijer, F. (1998). Efficiency Comparisons for a system GMM estimator in dynamic panel data models, IFS Working Paper Series, No: W98/1
Toplam 57 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

DİLEK Demirhan Bu kişi benim

Yayımlanma Tarihi 1 Haziran 2013
Yayımlandığı Sayı Yıl 2013 Cilt: 8 Sayı: 31

Kaynak Göster

APA Demirhan, D. (2013). EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY. Yaşar Üniversitesi E-Dergisi, 8(31). https://doi.org/10.19168/jyu.66139
AMA Demirhan D. EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY. Yaşar Üniversitesi E-Dergisi. Haziran 2013;8(31). doi:10.19168/jyu.66139
Chicago Demirhan, DİLEK. “EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY”. Yaşar Üniversitesi E-Dergisi 8, sy. 31 (Haziran 2013). https://doi.org/10.19168/jyu.66139.
EndNote Demirhan D (01 Haziran 2013) EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY. Yaşar Üniversitesi E-Dergisi 8 31
IEEE D. Demirhan, “EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY”, Yaşar Üniversitesi E-Dergisi, c. 8, sy. 31, 2013, doi: 10.19168/jyu.66139.
ISNAD Demirhan, DİLEK. “EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY”. Yaşar Üniversitesi E-Dergisi 8/31 (Haziran 2013). https://doi.org/10.19168/jyu.66139.
JAMA Demirhan D. EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY. Yaşar Üniversitesi E-Dergisi. 2013;8. doi:10.19168/jyu.66139.
MLA Demirhan, DİLEK. “EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY”. Yaşar Üniversitesi E-Dergisi, c. 8, sy. 31, 2013, doi:10.19168/jyu.66139.
Vancouver Demirhan D. EFFECTS OF THE RECENT FINANCIAL CRISIS ON THE DETERMINANTS OF BANK PROFITABILITY: CASE OF TURKISH BANKING INDUSTRY. Yaşar Üniversitesi E-Dergisi. 2013;8(31).