EFFICIENCY AND PRODUCTIVITY OF TURKISH SECURITIES FIRMS: 2011-2015

Year 2017, , 75 - 80, 30.06.2017

Oktay Tas , Gokben Cevikcan

https://doi.org/10.17261/Pressacademia.2017.394

Abstract

Employing a Data Envelopment Analysis (DEA) approach,
we investigate the technological progress, efficiency, and productivity of the
Turkish securities firms between 2010 and 2015. After measuring the performance
of these firms with DEA analysis, we combine the efficiency scores with
contingency factors (ownership, size and bank affiliation) in a panel
regression analysis in order to determine the effects. Our results indicate
that the securities industry in general is less efficient than the existing technology
allows. The relative productivity of the Turkish securities industry in general
improved. Foreign acquisition has positive significant contribution to the
efficiency of securities firms. Smaller firms, due to their inability to
respond to technological innovation, experienced especially large decreases in
both efficiency and productivity. 

Keywords

Securities firms, efficiency, data envelopment analysis, panel regression, capital markets

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