Publications-Theses
Article View/Open
Publication Export
-
Google ScholarTM
NCCU Library
Citation Infomation
Related Publications in TAIR
題名 使用NSPF並考慮負利潤樣本下檢定我國銀行業代理成本假說
Testing the agency cost hypothesis in Taiwan`s banking industry using NSPF and considering negative profit samples作者 鄭人瑋
Jeng, Ren-Wei貢獻者 黃台心<br>江彌修
Huang, Tai-Hsin<br>Chiang, Mi-Hsiu
鄭人瑋
Jeng, Ren-Wei關鍵詞 非標準利潤函數
利潤效率
代理成本
規模經濟
Non-standard profit function
Profit efficiency
Agency cost
Increasing returns to scale日期 2023 上傳時間 1-Sep-2023 14:46:51 (UTC+8) 摘要 本文運用Restrepo-Tobón and Kumbhakar (2017) 提出的非標準利潤函數，並將負利潤樣本值納入分析估計效率值，並探討代理成本問題，首先在虛擬變數模型與刪除模型不支持代理成本，縮放模型此結果支持代理成本，NPI模型結果無法判定支持代理成本假說與否。在分群效率結果，顯示縮放模型因為虛增每個樣本點的利潤值，易導致高估利潤效率；刪除法完全排除負利潤樣本，則傾向低估利潤效率；虛擬變數法與NPI法的平均效率值比較接近。三類銀行比較方面，縮放法發現私營銀行平均效率值最高，公營銀行次之，外商銀行最低外，其他三個模型都指向公營銀行的平均效率值最高，私營銀行次之，外商銀行最低。金控與非金控方面除縮放模型支持非金控銀行的平均效率值優於金控銀行外，其餘三模型皆支持金控銀行效率優於非金控銀行。成本函數分群結果，在跨期方面，效率值排序為金融數位轉型2019-2021最佳，全球金融危機後的調整期間2010-2018次之，最低為金融自由化期間2002-2009;三個期間皆有符合規模經濟與範疇經濟。三類銀行比較方面，效率值排序為外商銀行的平均效率最高，私營銀行次之，公營銀行最低;規模經濟方面，三類銀行的平均規模經濟值差異不大，皆小於1，顯示三類銀行皆處於報酬遞增生產階段;範疇經濟方面，三類銀行的平均範疇經濟估計值皆大於1，尤以公營估計較大。金控與非金控方面，金控效率值低於非金控效率值;在規模經方面，兩者平均規模經濟值差異不大，皆小於1，顯示金控與非金控皆有規模經濟; 範疇經濟方面，金控與非金控平均範疇經濟估計值皆大於1，尤以金控較大。
This text employs the non-standard profit function proposed by Restrepo-Tobón and Kumbhakar (2017) and incorporates negative profit sample values into the efficiency estimation analysis, exploring the agency cost issue. Firstly, in the virtual variable model and the deletion model, support for agency costs is not present. However, the scaling model supports the agency cost hypothesis. The results from the NPI model do not allow a determination of support or rejection for the agency cost hypothesis.In terms of efficiency results for different groups, the scaling model tends to overestimate profit efficiency due to inflating the profit values of each sample point. The deletion method, which completely excludes negative profit samples, leans towards underestimating profit efficiency. The virtual variable and NPI methods yield average efficiency values that are relatively close.\nComparing three types of banks, the scaling method reveals that private banks have the highest average efficiency, followed by public banks, and foreign banks have the lowest efficiency. However, the other three models point towards public banks having the highest average efficiency, followed by private banks, and foreign banks having the lowest. In terms of financial holding companies and non-financial holding companies, except for the scaling model supporting higher average efficiency for non-financial holding banks over financial holding banks, the remaining three models all support higher efficiency for financial holding banks over non-financial holding banks.In the context of cost function grouping results, across time periods, efficiency value rankings are as follows: the best efficiency is observed during the financial digital transformation period of 2019-2021, followed by the adjustment period after the global financial crisis (2010-2018), and the lowest efficiency is during the financial liberalization period of 2002-2009. All three periods exhibit compliance with economies of scale and scope.\nComparing the three types of banks, efficiency value rankings are as follows: foreign banks exhibit the highest average efficiency, followed by private banks, and public banks have the lowest efficiency. In terms of economies of scale, the average values for the three types of banks show minor differences and are all less than 1, indicating that all three types of banks are in the stage of increasing returns to scale. Regarding economies of scope, the average estimated values for economies of scope for all three types of banks are greater than 1, with public banks showing the highest estimate.參考文獻 Allen, L., Jagtiani, J., & Landskroner, Y. (1996). Interest rate risk subsidization in\ninternational capital standards. Journal of Banking & Finance, 20(10),\n1761-1780.\nAl-Shboul, M., & Anwar, S. (2018). Bank-specific and macroeconomic determinants\nof bank profitability: Evidence from an oil-dependent economy. International\nJournal of Financial Studies, 6(3), 68.\nAltunbas, Y., Carbo, S., & Gardener, E. P. (2007). Mergers and acquisitions and bank\nperformance in Europe: The role of strategic similarities. Journal of Economics\nand Business, 59(2), 104-141.\nAltunbas, Y., Carbo-Valverde, S., & Marques-Ibanez, D. (2009). Bank risk and\nprofitability: An empirical evidence of cost efficiency, scale efficiency, and\ntechnological change in the European banking industry. Journal of Banking &\nFinance, 33(7), 1230-1241.\nAltunbas, Y., Evans, L., & Molyneux, P. (2001). Bank ownership and efficiency\n. Journal of Money, Credit and Banking, 33(4), 926-954.\nAltunbas, Y., Fazylov, O., & Molyneux, P. (2002). Evidence on the bank lending\nchannel in Europe. Journal of Banking & Finance, 26(11), 2093-2110.\nAthanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific,\nindustry-specific and macroeconomic determinants of bank profitability. Journal\nof International Financial Markets, Institutions and Money, 18(2), 121-136.\nAthanasoglou, P. P., Delis, M. D., & Staikouras, C. K. (2006). Determinants of bank\nprofitability in the South Eastern European region. Journal of Financial Decision\nMaking, 2(2), 126-142.\nÁlvarez-Franco, P. B., & Restrepo-Tobón, D. A. (2016). "Managerial efficiency and failure of U.S. commercial banks during the (2007)-(2009) financial crisis: was this time different?," Revista Ecos de Economía, Universidad EAFIT, vol. 20(43),\npages 4-22, December\nBernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The Financial Accelerator in a\nQuantitative Business Cycle Framework. Handbook of Macroeconomics, 1, 1341-\n1393.\nBerger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial\nbanks. Journal of Banking & Finance, 21(6), 849-870.\nBerger, A. N., & Humphrey, D. B. (1991). The dominance of inefficiencies over scale\nand product mix economies in banking. Journal of Monetary Economics, 28(1),\n117-148.\nBerger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions:\nInternational survey and directions for future research. European Journal of\nOperational Research, 98(2), 175-212.\nBerger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial\nbanks. Journal of Banking & Finance, 21(6), 849-870.\nBonin, J. P., Hasan, I., & Wachtel, P. (2005). Bank performance, efficiency and\nownership in transition countries. Journal of Banking & Finance, 29(1), 31-53.\nBerger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions:\nInternational survey and directions for future research. European Journal of\nOperational Research, 98(2), 175-212.\nBerger, A. N., & Mester, L. J. (1997). Inside the black box: What explains differences\nin the efficiencies of financial institutions?. Journal of Banking & Finance, 21(7),\n895-947.\nBeck, T., Demirgüç-Kunt, A., & Levine, R. (2006). Bank supervision and corruption in\nlending. Journal of Monetary Economics, 53(8), 2131-2163.\nBerger, A. N., & Hannan, T. H. (1989). The price-concentration relationship in banking\n. The Review of Economics and Statistics, 71(2), 291-299.\nBerger, A. N., & Bouwman, C. H. (2013). How does capital affect bank performance\nduring financial crises?. Journal of Financial Economics, 109(1), 146-176.\nBerger, A. N., Hasan, I., & Zhou, M. (2009). Bank liquidity creation, systemic risk, and\ndeposit insurance. Journal of Financial Services Research, 35(3), 189-210.\nBerger, A. N., Demsetz, R. S., & Strahan, P. E. (1999). The consolidation of the\nfinancial services industry: Causes, consequences, and implications for the future\n. Journal of Banking & Finance, 23(2-4), 135-194.\nBerger, A. N., & Emilia Bonaccorsi di Patti, (2002). "Capital structure and firm\nperformance: a new approach to testing agency theory and an application to the\nbanking industry," Finance and Economics Discussion Series 2002-54, Board of\nGovernors of the Federal Reserve System (U.S.).\nBerger, A. N., & Mester, L. J. (1997). Inside the black box: What explains differences\nin the efficiencies of financial institutions? Journal of Banking & Finance, 21(7),\n895-947.\nBerger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions:\nInternational survey and directions for future research. European Journal of\nOperational Research, 98(2), 175-212.\nBerger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial\nbanks. Journal of Banking & Finance, 21(6), 849-870.\nBikker, J. A., & Haaf, K. (2002). Competition, concentration and their relationship: An\nempirical analysis of the banking industry. Journal of Banking & Finance, 26(11),\n2191-2214.\nBos, J. W., & Schmiedel, H. (2009). Is there a single frontier in a single European\nbanking market? Journal of Banking & Finance, 33(11), 1978-1986.\nBikker, J. A., & Hu, H. (2002). Cyclical patterns in profits, provisioning and lending of\nbanks and procyclicality of the new Basel capital requirements. BNL Quarterly\nReview, 221(233), 143-175.\nBeitel, P., Schiereck, D., & Wahrenburg, M. (2004). Explaining bank performance:\nBank-specific determinants. European Financial Management, 10(3), 499-513.\nBelke, A., Haskamp, U., & Setzer, R. (2015). "Regional Bank Efficiency\nand its Effect on Regional Growth in “Normal” and “Bad” Times," ROME\nWorking Papers 201507, ROME Network.\nBrissimis, S. N., & Delis, Manthos D. & Papanikolaou, N. I. (2008).\n"Exploring the nexus between banking sector reform and performance: Evidence from newly acceded EU countries," Journal of Banking & Finance, Elsevier, vol. 32(12), pages 2674-2683, December.\nBeccalli, E., Anolli, M., & Borello, G., (2015). "Are European banks too\nbig? Evidence on economies of scale," Journal of Banking & Finance, Elsevier,\nvol. 58(C), pages 232-246\nBarra, C., & Zotti, R., (2019). Bank performance, financial stability and market\nconcentration: evidence from cooperative and non‐cooperative banks. Annals of\nPublic and Cooperative Economics, 90(1), 103-139.\nBai, T., & Kirshner, S. N., & Wu, M. (2021). "Managing Overconfident\nNewsvendors: A Target‐Setting Approach," Production and Operations\nManagement, Production and Operations Management Society, vol. 30(11), pages\n3967-3986, November.\nBos, J.W.B., & Koetter, M. (2007). "Handling Losses in Translog Profit Models,"\nWorking Papers 07-17, Utrecht School of Economics.\nBoďa, M. (2015). "A Slacks-based Measure DEA Methodology for Identification\nof Returns to Scale in the Slovak Banking Sector," Acta Universitatis\nAgriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press,\nvol. 63(6), pages 1847-1858.\nCasu, B., Girardone, C., & Molyneux, P. (2004). Productivity change in European\nbanking: A comparison of parametric and non-parametric approaches. Journal of\nBanking & Finance, 28(10), 2521-2540.\nCasu, B., & Girardone, C., (2004). "Large banks` efficiency in the single European market," The Service Industries Journal, Taylor & Francis Journals, vol. 24(6), pages 129-142, November.\nCasu, B., Girardone, C., & Molyneux, P. (2004). Productivity change in European\nbanking: A comparison of parametric and non-parametric approaches. Journal of\nBanking & Finance, 28(10), 2521-2540.\nCasu, B., & Girardone, C. (2004). Testing the relationship between competition and\nefficiency in banking: A panel data analysis. Economics Letters, 82(3), 357-365.\nCarbo-Valverde, S., Humphrey, D. B., & López, J. A. (2007). Organizational form and\nefficiency of Spanish banks. Journal of Banking & Finance, 31(4), 1327-1340.\nChen, Y., Hasan, I., & Hasan, M. M. (2011). Does bank ownership matter for bank\nefficiency? Evidence from Bangladesh. The Journal of Developing Areas, 44(2)\n, 57-80.\nClerides, S., Delis, M. D., & Kokas, S. (2015). A new data set on competition in\nnational banking markets. Financial Markets, Institutions & Instruments, 24(2-3),\n267-311.\nCasu, B., & Girardone, C. (2009). Financial efficiency and risk-taking in European\nbanking. Journal of Banking & Finance, 33(12), 244-254.\nChan, S.-G., & Karim, M. Z. A. ( 2016). "Financial market regulation,\ncountry governance, and bank efficiency: Evidence from East Asian countries,"\nContemporary Economics, University of Economics and Human Sciences in\nWarsaw., vol. 10(1), March.\nDemirgüç-Kunt, A., & Huizinga, H. (1999). Determinants of commercial bank interest\nmargins and profitability: Some international evidence. The World Bank\nEconomic Review, 13(2), 379-408.\nDelis, M. D., & Tsionas, E. G. (2009). The joint estimation of bank-level market power\nand efficiency. Journal of Banking & Finance, 33(10), 1842-1850.\nDelis, M. D., & Tsionas, E. G. (2009). The joint estimation of bank-level market power\nand efficiency. Journal of Banking & Finance, 33(10), 1842-1850.\nDelis, M. D., & Kouretas, G. P. (2011). Interest rates and bank risk-taking. Journal of\nBanking & Finance, 35(4), 840-855.\nDiamond, D. W. (1984). Financial intermediation and delegated monitoring. Review of\nEconomic Studies, 51(3), 393-414.\nDeYoung, R., Glennon, D., & Nigro, P. (2008). Borrower-lender distance, credit\nscoring, and loan performance: Evidence from informational-opaque small\nbusiness borrowers. Journal of Financial Intermediation, 17(1), 113-143.\nDemirgüç-Kunt, A., & Huizinga, H. (1999). Determinants of commercial bank interest\nmargins and profitability: Some international evidence. The World Bank\nEconomic Review, 13(2), 379-408.\nDe Haas, R., & van Lelyveld, I. (2010). Internal capital markets and lending by\nmultinational bank subsidiaries. Journal of Financial Intermediation, 19(1), 1-25.\nDemirgüç-Kunt, A., & Huizinga, H. (2001). Financial structure and bank profitability.\nThe World Bank Research Observer, 16(1), 81-108.\nDelis, M., Hasan, I., & Tsionas, E., (2015). "Firms` risk endogenous to strategic management choices," Bank of Finland Research Discussion Papers 16/2015, Bank of Finland.\nDemirgüç-Kunt, A., & Huizinga, H. (1999). Determinants of commercial bank interest\nmargins and profitability: Some international evidence. The World Bank\nEconomic Review, 13(2), 379-408.\nDjalilov, K., & Piesse, J. (2019). Bank regulation and efficiency: Evidence from\ntransition countries. International Review of Economics & Finance, 64, 308-322.\nDesrochers, M., & Lamberte, M. ( 2003). "Efficiency and Expense Preference in Philippines` Cooperative Rural Banks," Cahiers de recherche 0321, CIRPEE.\nEmmons, W. R., Gilbert, R. A., & Yeager, T. J. ( 2001). "The importance\nof scale economies and geographic diversification in community bank mergers,"\nWorking Papers 2001-024, Federal Reserve Bank of St. Louis.\nFare, R., Grosskopf, S., & Weber, W. (2004). "The effect of risk-based\ncapital requirements on profit efficiency in banking," Applied Economics, Taylor\n& Francis Journals, vol. 36(15), pages 1731-1743\nFiordelisi, F., & Mare, D. S. (2013). Convergence in bank performance: Evidence from\nLatin American banking. Journal of Banking & Finance, 37(5), 1612-1625.\nFama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal\nof Law and Economics, 26(2), 301-325.\nFries, S., & Taci, A. (2005). Cost efficiency of banks in transition: Evidence from 289\nbanks in 15 post-communist countries. Journal of Banking & Finance, 29(1),\n55-81.\nFang, Y., Hasan, I., & Marton, K. (2011). "Bank efficiency in\ntransition economies: recent evidence from South-Eastern Europe," Bank of\nFinland Research Discussion Papers 5/2011, Bank of Finland.\nGoddard, J. A., Molyneux, P., & Wilson, J. O., (2001). The profitability of European\nbanks: A cross‐sectional and dynamic panel analysis. The Manchester School,\n69(6), 666-686.\nGoddard, J. A., Molyneux, P., & Wilson, J. O. (2004). The profitability of European\nbanks: A cross-sectional and dynamic panel analysis. The Manchester School,\n72(3), 363-381.\nGlass, A. J., Kenjegalieva, K., & Weyman-Jones, T. (2014) . " Bank\nperformance and the financial crisis: evidence from Kazakhstan," Applied Financial Economics, Taylor & Francis Journals, vol. 24(2), pages 121-138, January.\nGaganis, C., Galariotis, E., Pasiouras, F.,& Staikouras, C., 2021. "Macroprudential regulations\nand bank profit efficiency: international evidence," Post-Print hal-03101692, HAL.\nGoddard, J. A., Molyneux, P., & Wilson, J. O. (2004). Dynamics of growth and\nprofitability in banking. Journal of Money, Credit and Banking, 36(6), 1069-1090.\nGaganis, C., & Pasiouras, F. (2013). Financial supervision regimes and bank\nefficiency: International evidence. Journal of Banking & Finance, 37(12),\n5463-5475.\nGulati, R., & Kumar, S. (2016). "Assessing the impact of the global financial crisis on the profit efficiency of Indian banks," Economic Modelling, Elsevier, vol. 58(C), pages 167-181.\nGallizo, J. L., Moreno, J., & Salvador, M. (2015). "European banking integration: is foreign ownership affecting banking efficiency?," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 16(2), pages 340-368, April.\nGuerra, S. M., Tabak, B. M., & de Castro Miranda, R. C. (2014). "Do Interconnections Matter\nfor Bank Efficiency?," Working Papers Series 374, Central Bank of Brazil, Research\nDepartment.\nHadhek, Z., Frifita, M., & Lafi, M. (2018). "The Determinants of Profit\nEfficiency of Islamic Banks Using Stochastic Frontier Analysis Approach,"\nInternational Journal of Economics and Financial Issues, Econjournals, vol. 8(6),\npages 20-29.\nHuang, C. Y., Shen, C. H., & Wu, M. Y. (2017). Does banking competition increase\nbank stability? Evidence from the US banking industry. Journal of Financial\nStability, 28, 57-68\nHughes, J. P., & Mester, L. J. (1998). "Bank Capitalization And Cost:\nEvidence Of Scale Economies In Risk Management And Signaling," The Review\nof Economics and Statistics, MIT Press, vol. 80(2), pages 314-325, May.\nHavranek, T., & Irsova, Z. (2013). "Determinants of Bank Performance in Transition Countries: A Data Envelopment Analysis," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 20(1), pages 1-17, April.\nJensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior,\nagency costs and ownership structure. Journal of Financial Economics, 3(4),\n305-360.\nJensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers.\nThe American Economic Review, 76(2), 323-329.\nKozak, S., & Maras, M. (2018). Interest rate spread and profitability of banks in\nselected European Union countries. Economic Research-Ekonomska Istraživanja,\n31(1), 1689-1702.\nKoetter, M. (2006). "The stability of efficiency rankings when risk-preferences and objectives are different," Discussion Paper Series 2: Banking and Financial Studies 2006,08, Deutsche Bundesbank.\nKarakaplan, M. U., Kutlu, L., & Tsionas, M. G. (2020). A solution to log of dependent\nvariables with negative observations. Journal of Productivity Analysis, 54, 107-119.\nKarakaplan, M. U., Kutlu, L., & Tsionas, M. G. ( 2020). "A solution to log\nof dependent variables with negative observations," Journal of Productivity\nAnalysis, Springer, vol. 54(2), pages 107-119, December.\nKhumbhakar, S. (2006). "Specification and estimation of nonstandard profit\nfunctions," Empirical Economics, Springer, vol. 31(1), pages 243-260, March.\nLin, J. W., & Sun, X. (2002). Does inflation harm economic growth? Evidence from\nthe countries of the Asia-Pacific Economic Cooperation. Journal of\nMacroeconomics, 24(3), 351-375.\nLepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). The expansion of services in\nEuropean banking: Implications for loan pricing and interest margins. Journal of\nBanking & Finance, 32(11), 2325-2335.\nLiu, Y., & Shaffer, S. (2012). Competition and welfare implications of bank branching\nderegulation: Evidence from China. Journal of Banking & Finance, 36(6),\n1720-1730.\nLe, M., Hoang, V. N., Wilson, C., & Managi, S. (2020). Net stable funding ratio and\nprofit efficiency of commercial banks in the US. Economic Analysis and\nPolicy, 67, 55-66.\nLuo, Y., Tanna, S., & De Vita, G. (2016). Financial openness, risk and bank efficiency:\nCross-country evidence. Journal of Financial Stability, 24, 132-148.\nMamatzakis, E.C., & Tsionas, M.G. (2021). "A Bayesian panel stochastic volatility measure of financial stability," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5363-5384, October.\nMamatzakis, E.C., & Kalyvas, A. (2017). "Do creditor rights and\ninformation sharing affect the performance of foreign banks?," Working Papers\n232, Bank of Greece.\nMishkin, F. S. (1992). Is the Fisher Effect for Real? A Reexamination of the\nRelationship between Inflation and Interest Rates. Journal of Monetary\nEconomics, 30(2), 195-215.\nMiller, M. H., & Upton, C. W. (1976). Inflation, Asset Prices, and Monetary Policy\n. Journal of Finance, 31(2), 425-444.\nMolyneux, P., & Thornton, J. (1992). Determinants of European bank profitability: A\nnote. Journal of Banking & Finance, 16(6), 1173-1178.\nMd, B. H. R. (2017). Cost and profit efficiency of Bangladeshi commercial banks: a\nstochastic frontier approach. Journal of Economic Behavior and\nOrganization, 5(6), 131-142.\nMansour, R., & El Moussawi, C. (2020). "Efficiency, technical progress and productivity of Arab banks: A non-parametric approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 75(C), pages 191-208.\nNaceur, S. B., & Goaied, M. (2008). The determinants of commercial bank interest\nmargin and profitability: Evidence from Tunisia. Frontiers in Finance and\nEconomics, 5(1), 106-130.\nPasiouras, F., Gaganis, C., & Zopounidis, C. (2006). The impact of bank regulations,\nsupervision, market structure, and bank characteristics on individual bank ratings:\nA cross-country analysis. Review of Quantitative Finance and Accounting, 27(4),\n403-438.\nQayyum, A., & Khan, S. (2006). "X-efficiency, scale economies,\nTechnological Progress and Competition of Pakistani’s banks," MPRA Paper\n2654, University Library of Munich, Germany, revised 2006.\nRestrepo-Tobón, D.A., & Kumbhakar, S.C. (2017). "A new method to\nDecompose profit efficiency: an application to US commercial banks," Journal of\nProductivity Analysis, Springer, vol. 48(2), pages 117-132, December.\nRestrepo-Tobón, D.A., & Sánchez-González,J. (2018). "Measuring Profit Efficiency\nof Colombian Banks: A Composite Nonstandard Profit Function Approach,"\nDocumentos de Trabajo CIEF 016789, Universidad EAFIT.\nRestrepo-Tobón.D.A., & Kumbhakar,S.C. (2013). "Profit efficiency of U.S.\ncommercial banks: a decomposition," Documentos de Trabajo CIEF 010939,\nUniversidad EAFIT.\nRestrepo-Tobón, D.A., & Sánchez-González, J., 2021. "Measuring profit efficiency of\nColombian banks: a composite non-standard profit function approach,"\nInternational Journal of Productivity and Quality Management, Inderscience\nEnterprises Ltd, vol. 33(2), pages 234-252.\nSamad, A., & Hassan, M. K. (2018). Interest Rate Spread and Bank Profitability in\nBangladesh: A Panel Data Analysis. Global Business Review, 19(1), 99-115.\nStiroh, K. J. (2004). Stock returns and volatility: Pricing the short-run and long-run\ncomponents of market risk. Journal of Banking & Finance, 28(6), 1259-1286.\nSantos José O. Dacanay III, (2010). "The evolution of cost and profit efficiency of\nPhilippine commercial banks," Philippine Review of Economics, University of\nthe Philippines School of Economics and Philippine Economic Society, vol. 47(1),\npages 109-146, June.\nSaeed, M.,& Izzeldin, M. ( 2016). "Examining the relationship between\ndefault risk and efficiency in Islamic and conventional banks," Journal of\nEconomic Behavior & Organization, Elsevier, vol. 132(S), pages 127-154.\nSilva, T. C., Guerra, S. M., Tabak, B. M., & de Castro Miranda, R. C. (2016). "Financial\nand Risk-Taking," Working Papers Series 428, Central Bank of Brazil, Research\nDepartment.\nTabak, B. M., Fazio, D. M., & Cajueiro, D. O. (2011). "Profit, Cost and\nScale Efficiency for Latin American Banks: Concentration-Performance\nRelationship," Working Papers Series 244, Central Bank of Brazil, Research\nDepartment.\nTadesse, S. (2005). "Consolidation, Scale Economics and Technological Change\nin Japanese Banking," William Davidson Institute Working Papers Series wp878,\nWilliam Davidson Institute at the University of Michigan.\nTercero‐Lucas, D. (2021). Nonstandard monetary policies and bank profitability: The\ncase of Spain. International Journal of Finance & Economics.\nTsionas, Mike & Mamatzakis, E. C. (2017). "Corrigendum to ‘Adjustment\ncosts in the technical efficiency: An application to global banking’ [European\nJournal of Operational Research 256 (2017) 640–649]," European Journal of\nOperational Research, Elsevier, vol. 257(2), pages 704-704.\nTabak, B. M., Fazio, D. M., & Cajueiro, D. O. (2012). The relationship between\nbanking market competition and risk-taking: Do size and capitalization\nmatter?. Journal of Banking & Finance, 36(12), 3366-3381.\nWheelock, D. C., & Wilson, P. W. (2009). Are US banks too large?. Journal of Banking\n& Finance, 33(4), 627-638.\nWilliams, J. (2012). "Efficiency and market power in Latin American banking," Journal of Financial Stability, Elsevier, vol. 8(4), pages 263-276.\nWagenvoort, R. & Schure, P. ( 1999). "Economies of Scale and Efficiency in\nEuropean Banking: New Evidence," Economic and Financial Reports 1999/1,\nEuropean Investment Bank, Economics Department.\nWheelock, D. C., & Wilson, P. W. (2015). "The Evolution of Scale Economies in\nU.S. Banking," Working Papers 2015-21, Federal Reserve Bank of St. Louis\nXu, P., & Zhou, X. (2017). Market Concentration and Bank Profitability: Evidence\nfrom China. Emerging Markets Finance and Trade, 53(12), 2832-2846.\nYamori, N., Harimaya, K., & Tomimura, K. (2017). "Corporate\ngovernance structure and efficiencies of cooperative banks," International Journal\nof Finance & Economics, John Wiley & Sons, Ltd., vol. 22(4), pages 368-378,\nOctober. 描述 博士
國立政治大學
金融學系
102352503資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102352503 資料類型 thesis dc.contributor.advisor 黃台心<br>江彌修 zh_TW dc.contributor.advisor Huang, Tai-Hsin<br>Chiang, Mi-Hsiu en_US dc.contributor.author (Authors) 鄭人瑋 zh_TW dc.contributor.author (Authors) Jeng, Ren-Wei en_US dc.creator (作者) 鄭人瑋 zh_TW dc.creator (作者) Jeng, Ren-Wei en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 14:46:51 (UTC+8) - dc.date.available 1-Sep-2023 14:46:51 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 14:46:51 (UTC+8) - dc.identifier (Other Identifiers) G0102352503 en_US dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=166331 - dc.description (描述) 博士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 金融學系 zh_TW dc.description (描述) 102352503 zh_TW dc.description.abstract (摘要) 本文運用Restrepo-Tobón and Kumbhakar (2017) 提出的非標準利潤函數，並將負利潤樣本值納入分析估計效率值，並探討代理成本問題，首先在虛擬變數模型與刪除模型不支持代理成本，縮放模型此結果支持代理成本，NPI模型結果無法判定支持代理成本假說與否。在分群效率結果，顯示縮放模型因為虛增每個樣本點的利潤值，易導致高估利潤效率；刪除法完全排除負利潤樣本，則傾向低估利潤效率；虛擬變數法與NPI法的平均效率值比較接近。三類銀行比較方面，縮放法發現私營銀行平均效率值最高，公營銀行次之，外商銀行最低外，其他三個模型都指向公營銀行的平均效率值最高，私營銀行次之，外商銀行最低。金控與非金控方面除縮放模型支持非金控銀行的平均效率值優於金控銀行外，其餘三模型皆支持金控銀行效率優於非金控銀行。成本函數分群結果，在跨期方面，效率值排序為金融數位轉型2019-2021最佳，全球金融危機後的調整期間2010-2018次之，最低為金融自由化期間2002-2009;三個期間皆有符合規模經濟與範疇經濟。三類銀行比較方面，效率值排序為外商銀行的平均效率最高，私營銀行次之，公營銀行最低;規模經濟方面，三類銀行的平均規模經濟值差異不大，皆小於1，顯示三類銀行皆處於報酬遞增生產階段;範疇經濟方面，三類銀行的平均範疇經濟估計值皆大於1，尤以公營估計較大。金控與非金控方面，金控效率值低於非金控效率值;在規模經方面，兩者平均規模經濟值差異不大，皆小於1，顯示金控與非金控皆有規模經濟; 範疇經濟方面，金控與非金控平均範疇經濟估計值皆大於1，尤以金控較大。 zh_TW dc.description.abstract (摘要) This text employs the non-standard profit function proposed by Restrepo-Tobón and Kumbhakar (2017) and incorporates negative profit sample values into the efficiency estimation analysis, exploring the agency cost issue. Firstly, in the virtual variable model and the deletion model, support for agency costs is not present. However, the scaling model supports the agency cost hypothesis. The results from the NPI model do not allow a determination of support or rejection for the agency cost hypothesis.In terms of efficiency results for different groups, the scaling model tends to overestimate profit efficiency due to inflating the profit values of each sample point. The deletion method, which completely excludes negative profit samples, leans towards underestimating profit efficiency. The virtual variable and NPI methods yield average efficiency values that are relatively close.\nComparing three types of banks, the scaling method reveals that private banks have the highest average efficiency, followed by public banks, and foreign banks have the lowest efficiency. However, the other three models point towards public banks having the highest average efficiency, followed by private banks, and foreign banks having the lowest. In terms of financial holding companies and non-financial holding companies, except for the scaling model supporting higher average efficiency for non-financial holding banks over financial holding banks, the remaining three models all support higher efficiency for financial holding banks over non-financial holding banks.In the context of cost function grouping results, across time periods, efficiency value rankings are as follows: the best efficiency is observed during the financial digital transformation period of 2019-2021, followed by the adjustment period after the global financial crisis (2010-2018), and the lowest efficiency is during the financial liberalization period of 2002-2009. All three periods exhibit compliance with economies of scale and scope.\nComparing the three types of banks, efficiency value rankings are as follows: foreign banks exhibit the highest average efficiency, followed by private banks, and public banks have the lowest efficiency. In terms of economies of scale, the average values for the three types of banks show minor differences and are all less than 1, indicating that all three types of banks are in the stage of increasing returns to scale. Regarding economies of scope, the average estimated values for economies of scope for all three types of banks are greater than 1, with public banks showing the highest estimate. en_US dc.description.tableofcontents 第一章 緖論.......................................1\n第一節 研究背景與動機........................1\n第二節 研究目的..............................2\n第三節 研究架構與流程........................3\n第二章 文獻回顧...................................5\n第一節 標準與非標準利潤函數..................5\n第二節 處理負利潤方法相關文獻................7\n第三節 成本函數與規模經濟...................10\n第四節 代理理論相關文獻.....................10\n第三章 研究方法..................................12\n第一節 非標準利潤函數模型...................12\n第二節 處理負利潤方法與環境變數模型.........12\n第四章 資料分析..................................16\n第一節 各變數敘述統計量.....................16\n第二節 環境變數說明.........................17\n第五章 實證結果..................................23\n第一節 係數估計.............................23\n第二節 分群效率比較.........................25\n第三節 範疇經濟與規模經濟分析...............28\n第四節 結論.................................29\n參考文獻.........................................45\n附錄.............................................54 zh_TW dc.format.extent 1655514 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102352503 en_US dc.subject (關鍵詞) 非標準利潤函數 zh_TW dc.subject (關鍵詞) 利潤效率 zh_TW dc.subject (關鍵詞) 代理成本 zh_TW dc.subject (關鍵詞) 規模經濟 zh_TW dc.subject (關鍵詞) Non-standard profit function en_US dc.subject (關鍵詞) Profit efficiency en_US dc.subject (關鍵詞) Agency cost en_US dc.subject (關鍵詞) Increasing returns to scale en_US dc.title (題名) 使用NSPF並考慮負利潤樣本下檢定我國銀行業代理成本假說 zh_TW dc.title (題名) Testing the agency cost hypothesis in Taiwan`s banking industry using NSPF and considering negative profit samples en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Allen, L., Jagtiani, J., & Landskroner, Y. (1996). Interest rate risk subsidization in\ninternational capital standards. Journal of Banking & Finance, 20(10),\n1761-1780.\nAl-Shboul, M., & Anwar, S. (2018). Bank-specific and macroeconomic determinants\nof bank profitability: Evidence from an oil-dependent economy. International\nJournal of Financial Studies, 6(3), 68.\nAltunbas, Y., Carbo, S., & Gardener, E. P. (2007). Mergers and acquisitions and bank\nperformance in Europe: The role of strategic similarities. Journal of Economics\nand Business, 59(2), 104-141.\nAltunbas, Y., Carbo-Valverde, S., & Marques-Ibanez, D. (2009). Bank risk and\nprofitability: An empirical evidence of cost efficiency, scale efficiency, and\ntechnological change in the European banking industry. Journal of Banking &\nFinance, 33(7), 1230-1241.\nAltunbas, Y., Evans, L., & Molyneux, P. (2001). Bank ownership and efficiency\n. Journal of Money, Credit and Banking, 33(4), 926-954.\nAltunbas, Y., Fazylov, O., & Molyneux, P. (2002). Evidence on the bank lending\nchannel in Europe. Journal of Banking & Finance, 26(11), 2093-2110.\nAthanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific,\nindustry-specific and macroeconomic determinants of bank profitability. Journal\nof International Financial Markets, Institutions and Money, 18(2), 121-136.\nAthanasoglou, P. P., Delis, M. D., & Staikouras, C. K. (2006). Determinants of bank\nprofitability in the South Eastern European region. Journal of Financial Decision\nMaking, 2(2), 126-142.\nÁlvarez-Franco, P. B., & Restrepo-Tobón, D. A. (2016). "Managerial efficiency and failure of U.S. commercial banks during the (2007)-(2009) financial crisis: was this time different?," Revista Ecos de Economía, Universidad EAFIT, vol. 20(43),\npages 4-22, December\nBernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The Financial Accelerator in a\nQuantitative Business Cycle Framework. Handbook of Macroeconomics, 1, 1341-\n1393.\nBerger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial\nbanks. Journal of Banking & Finance, 21(6), 849-870.\nBerger, A. N., & Humphrey, D. B. (1991). The dominance of inefficiencies over scale\nand product mix economies in banking. Journal of Monetary Economics, 28(1),\n117-148.\nBerger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions:\nInternational survey and directions for future research. European Journal of\nOperational Research, 98(2), 175-212.\nBerger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial\nbanks. Journal of Banking & Finance, 21(6), 849-870.\nBonin, J. P., Hasan, I., & Wachtel, P. (2005). Bank performance, efficiency and\nownership in transition countries. Journal of Banking & Finance, 29(1), 31-53.\nBerger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions:\nInternational survey and directions for future research. European Journal of\nOperational Research, 98(2), 175-212.\nBerger, A. N., & Mester, L. J. (1997). Inside the black box: What explains differences\nin the efficiencies of financial institutions?. Journal of Banking & Finance, 21(7),\n895-947.\nBeck, T., Demirgüç-Kunt, A., & Levine, R. (2006). Bank supervision and corruption in\nlending. Journal of Monetary Economics, 53(8), 2131-2163.\nBerger, A. N., & Hannan, T. H. (1989). The price-concentration relationship in banking\n. The Review of Economics and Statistics, 71(2), 291-299.\nBerger, A. N., & Bouwman, C. H. (2013). How does capital affect bank performance\nduring financial crises?. Journal of Financial Economics, 109(1), 146-176.\nBerger, A. N., Hasan, I., & Zhou, M. (2009). Bank liquidity creation, systemic risk, and\ndeposit insurance. Journal of Financial Services Research, 35(3), 189-210.\nBerger, A. N., Demsetz, R. S., & Strahan, P. E. (1999). The consolidation of the\nfinancial services industry: Causes, consequences, and implications for the future\n. Journal of Banking & Finance, 23(2-4), 135-194.\nBerger, A. N., & Emilia Bonaccorsi di Patti, (2002). "Capital structure and firm\nperformance: a new approach to testing agency theory and an application to the\nbanking industry," Finance and Economics Discussion Series 2002-54, Board of\nGovernors of the Federal Reserve System (U.S.).\nBerger, A. N., & Mester, L. J. (1997). Inside the black box: What explains differences\nin the efficiencies of financial institutions? Journal of Banking & Finance, 21(7),\n895-947.\nBerger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions:\nInternational survey and directions for future research. European Journal of\nOperational Research, 98(2), 175-212.\nBerger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial\nbanks. Journal of Banking & Finance, 21(6), 849-870.\nBikker, J. A., & Haaf, K. (2002). Competition, concentration and their relationship: An\nempirical analysis of the banking industry. Journal of Banking & Finance, 26(11),\n2191-2214.\nBos, J. W., & Schmiedel, H. (2009). Is there a single frontier in a single European\nbanking market? Journal of Banking & Finance, 33(11), 1978-1986.\nBikker, J. A., & Hu, H. (2002). Cyclical patterns in profits, provisioning and lending of\nbanks and procyclicality of the new Basel capital requirements. BNL Quarterly\nReview, 221(233), 143-175.\nBeitel, P., Schiereck, D., & Wahrenburg, M. (2004). Explaining bank performance:\nBank-specific determinants. European Financial Management, 10(3), 499-513.\nBelke, A., Haskamp, U., & Setzer, R. (2015). "Regional Bank Efficiency\nand its Effect on Regional Growth in “Normal” and “Bad” Times," ROME\nWorking Papers 201507, ROME Network.\nBrissimis, S. N., & Delis, Manthos D. & Papanikolaou, N. I. (2008).\n"Exploring the nexus between banking sector reform and performance: Evidence from newly acceded EU countries," Journal of Banking & Finance, Elsevier, vol. 32(12), pages 2674-2683, December.\nBeccalli, E., Anolli, M., & Borello, G., (2015). "Are European banks too\nbig? Evidence on economies of scale," Journal of Banking & Finance, Elsevier,\nvol. 58(C), pages 232-246\nBarra, C., & Zotti, R., (2019). Bank performance, financial stability and market\nconcentration: evidence from cooperative and non‐cooperative banks. Annals of\nPublic and Cooperative Economics, 90(1), 103-139.\nBai, T., & Kirshner, S. N., & Wu, M. (2021). "Managing Overconfident\nNewsvendors: A Target‐Setting Approach," Production and Operations\nManagement, Production and Operations Management Society, vol. 30(11), pages\n3967-3986, November.\nBos, J.W.B., & Koetter, M. (2007). "Handling Losses in Translog Profit Models,"\nWorking Papers 07-17, Utrecht School of Economics.\nBoďa, M. (2015). "A Slacks-based Measure DEA Methodology for Identification\nof Returns to Scale in the Slovak Banking Sector," Acta Universitatis\nAgriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press,\nvol. 63(6), pages 1847-1858.\nCasu, B., Girardone, C., & Molyneux, P. (2004). Productivity change in European\nbanking: A comparison of parametric and non-parametric approaches. Journal of\nBanking & Finance, 28(10), 2521-2540.\nCasu, B., & Girardone, C., (2004). "Large banks` efficiency in the single European market," The Service Industries Journal, Taylor & Francis Journals, vol. 24(6), pages 129-142, November.\nCasu, B., Girardone, C., & Molyneux, P. (2004). Productivity change in European\nbanking: A comparison of parametric and non-parametric approaches. Journal of\nBanking & Finance, 28(10), 2521-2540.\nCasu, B., & Girardone, C. (2004). Testing the relationship between competition and\nefficiency in banking: A panel data analysis. Economics Letters, 82(3), 357-365.\nCarbo-Valverde, S., Humphrey, D. B., & López, J. A. (2007). Organizational form and\nefficiency of Spanish banks. Journal of Banking & Finance, 31(4), 1327-1340.\nChen, Y., Hasan, I., & Hasan, M. M. (2011). Does bank ownership matter for bank\nefficiency? Evidence from Bangladesh. The Journal of Developing Areas, 44(2)\n, 57-80.\nClerides, S., Delis, M. D., & Kokas, S. (2015). A new data set on competition in\nnational banking markets. Financial Markets, Institutions & Instruments, 24(2-3),\n267-311.\nCasu, B., & Girardone, C. (2009). Financial efficiency and risk-taking in European\nbanking. Journal of Banking & Finance, 33(12), 244-254.\nChan, S.-G., & Karim, M. Z. A. ( 2016). "Financial market regulation,\ncountry governance, and bank efficiency: Evidence from East Asian countries,"\nContemporary Economics, University of Economics and Human Sciences in\nWarsaw., vol. 10(1), March.\nDemirgüç-Kunt, A., & Huizinga, H. (1999). Determinants of commercial bank interest\nmargins and profitability: Some international evidence. The World Bank\nEconomic Review, 13(2), 379-408.\nDelis, M. D., & Tsionas, E. G. (2009). The joint estimation of bank-level market power\nand efficiency. Journal of Banking & Finance, 33(10), 1842-1850.\nDelis, M. D., & Tsionas, E. G. (2009). The joint estimation of bank-level market power\nand efficiency. Journal of Banking & Finance, 33(10), 1842-1850.\nDelis, M. D., & Kouretas, G. P. (2011). Interest rates and bank risk-taking. Journal of\nBanking & Finance, 35(4), 840-855.\nDiamond, D. W. (1984). Financial intermediation and delegated monitoring. Review of\nEconomic Studies, 51(3), 393-414.\nDeYoung, R., Glennon, D., & Nigro, P. (2008). Borrower-lender distance, credit\nscoring, and loan performance: Evidence from informational-opaque small\nbusiness borrowers. Journal of Financial Intermediation, 17(1), 113-143.\nDemirgüç-Kunt, A., & Huizinga, H. (1999). Determinants of commercial bank interest\nmargins and profitability: Some international evidence. The World Bank\nEconomic Review, 13(2), 379-408.\nDe Haas, R., & van Lelyveld, I. (2010). Internal capital markets and lending by\nmultinational bank subsidiaries. Journal of Financial Intermediation, 19(1), 1-25.\nDemirgüç-Kunt, A., & Huizinga, H. (2001). Financial structure and bank profitability.\nThe World Bank Research Observer, 16(1), 81-108.\nDelis, M., Hasan, I., & Tsionas, E., (2015). "Firms` risk endogenous to strategic management choices," Bank of Finland Research Discussion Papers 16/2015, Bank of Finland.\nDemirgüç-Kunt, A., & Huizinga, H. (1999). Determinants of commercial bank interest\nmargins and profitability: Some international evidence. The World Bank\nEconomic Review, 13(2), 379-408.\nDjalilov, K., & Piesse, J. (2019). Bank regulation and efficiency: Evidence from\ntransition countries. International Review of Economics & Finance, 64, 308-322.\nDesrochers, M., & Lamberte, M. ( 2003). "Efficiency and Expense Preference in Philippines` Cooperative Rural Banks," Cahiers de recherche 0321, CIRPEE.\nEmmons, W. R., Gilbert, R. A., & Yeager, T. J. ( 2001). "The importance\nof scale economies and geographic diversification in community bank mergers,"\nWorking Papers 2001-024, Federal Reserve Bank of St. Louis.\nFare, R., Grosskopf, S., & Weber, W. (2004). "The effect of risk-based\ncapital requirements on profit efficiency in banking," Applied Economics, Taylor\n& Francis Journals, vol. 36(15), pages 1731-1743\nFiordelisi, F., & Mare, D. S. (2013). Convergence in bank performance: Evidence from\nLatin American banking. Journal of Banking & Finance, 37(5), 1612-1625.\nFama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal\nof Law and Economics, 26(2), 301-325.\nFries, S., & Taci, A. (2005). Cost efficiency of banks in transition: Evidence from 289\nbanks in 15 post-communist countries. Journal of Banking & Finance, 29(1),\n55-81.\nFang, Y., Hasan, I., & Marton, K. (2011). "Bank efficiency in\ntransition economies: recent evidence from South-Eastern Europe," Bank of\nFinland Research Discussion Papers 5/2011, Bank of Finland.\nGoddard, J. A., Molyneux, P., & Wilson, J. O., (2001). The profitability of European\nbanks: A cross‐sectional and dynamic panel analysis. The Manchester School,\n69(6), 666-686.\nGoddard, J. A., Molyneux, P., & Wilson, J. O. (2004). The profitability of European\nbanks: A cross-sectional and dynamic panel analysis. The Manchester School,\n72(3), 363-381.\nGlass, A. J., Kenjegalieva, K., & Weyman-Jones, T. (2014) . " Bank\nperformance and the financial crisis: evidence from Kazakhstan," Applied Financial Economics, Taylor & Francis Journals, vol. 24(2), pages 121-138, January.\nGaganis, C., Galariotis, E., Pasiouras, F.,& Staikouras, C., 2021. "Macroprudential regulations\nand bank profit efficiency: international evidence," Post-Print hal-03101692, HAL.\nGoddard, J. A., Molyneux, P., & Wilson, J. O. (2004). Dynamics of growth and\nprofitability in banking. Journal of Money, Credit and Banking, 36(6), 1069-1090.\nGaganis, C., & Pasiouras, F. (2013). Financial supervision regimes and bank\nefficiency: International evidence. Journal of Banking & Finance, 37(12),\n5463-5475.\nGulati, R., & Kumar, S. (2016). "Assessing the impact of the global financial crisis on the profit efficiency of Indian banks," Economic Modelling, Elsevier, vol. 58(C), pages 167-181.\nGallizo, J. L., Moreno, J., & Salvador, M. (2015). "European banking integration: is foreign ownership affecting banking efficiency?," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 16(2), pages 340-368, April.\nGuerra, S. M., Tabak, B. M., & de Castro Miranda, R. C. (2014). "Do Interconnections Matter\nfor Bank Efficiency?," Working Papers Series 374, Central Bank of Brazil, Research\nDepartment.\nHadhek, Z., Frifita, M., & Lafi, M. (2018). "The Determinants of Profit\nEfficiency of Islamic Banks Using Stochastic Frontier Analysis Approach,"\nInternational Journal of Economics and Financial Issues, Econjournals, vol. 8(6),\npages 20-29.\nHuang, C. Y., Shen, C. H., & Wu, M. Y. (2017). Does banking competition increase\nbank stability? Evidence from the US banking industry. Journal of Financial\nStability, 28, 57-68\nHughes, J. P., & Mester, L. J. (1998). "Bank Capitalization And Cost:\nEvidence Of Scale Economies In Risk Management And Signaling," The Review\nof Economics and Statistics, MIT Press, vol. 80(2), pages 314-325, May.\nHavranek, T., & Irsova, Z. (2013). "Determinants of Bank Performance in Transition Countries: A Data Envelopment Analysis," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 20(1), pages 1-17, April.\nJensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior,\nagency costs and ownership structure. Journal of Financial Economics, 3(4),\n305-360.\nJensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers.\nThe American Economic Review, 76(2), 323-329.\nKozak, S., & Maras, M. (2018). Interest rate spread and profitability of banks in\nselected European Union countries. Economic Research-Ekonomska Istraživanja,\n31(1), 1689-1702.\nKoetter, M. (2006). "The stability of efficiency rankings when risk-preferences and objectives are different," Discussion Paper Series 2: Banking and Financial Studies 2006,08, Deutsche Bundesbank.\nKarakaplan, M. U., Kutlu, L., & Tsionas, M. G. (2020). A solution to log of dependent\nvariables with negative observations. Journal of Productivity Analysis, 54, 107-119.\nKarakaplan, M. U., Kutlu, L., & Tsionas, M. G. ( 2020). "A solution to log\nof dependent variables with negative observations," Journal of Productivity\nAnalysis, Springer, vol. 54(2), pages 107-119, December.\nKhumbhakar, S. (2006). "Specification and estimation of nonstandard profit\nfunctions," Empirical Economics, Springer, vol. 31(1), pages 243-260, March.\nLin, J. W., & Sun, X. (2002). Does inflation harm economic growth? Evidence from\nthe countries of the Asia-Pacific Economic Cooperation. Journal of\nMacroeconomics, 24(3), 351-375.\nLepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). The expansion of services in\nEuropean banking: Implications for loan pricing and interest margins. Journal of\nBanking & Finance, 32(11), 2325-2335.\nLiu, Y., & Shaffer, S. (2012). Competition and welfare implications of bank branching\nderegulation: Evidence from China. Journal of Banking & Finance, 36(6),\n1720-1730.\nLe, M., Hoang, V. N., Wilson, C., & Managi, S. (2020). Net stable funding ratio and\nprofit efficiency of commercial banks in the US. Economic Analysis and\nPolicy, 67, 55-66.\nLuo, Y., Tanna, S., & De Vita, G. (2016). Financial openness, risk and bank efficiency:\nCross-country evidence. Journal of Financial Stability, 24, 132-148.\nMamatzakis, E.C., & Tsionas, M.G. (2021). "A Bayesian panel stochastic volatility measure of financial stability," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5363-5384, October.\nMamatzakis, E.C., & Kalyvas, A. (2017). "Do creditor rights and\ninformation sharing affect the performance of foreign banks?," Working Papers\n232, Bank of Greece.\nMishkin, F. S. (1992). Is the Fisher Effect for Real? A Reexamination of the\nRelationship between Inflation and Interest Rates. Journal of Monetary\nEconomics, 30(2), 195-215.\nMiller, M. H., & Upton, C. W. (1976). Inflation, Asset Prices, and Monetary Policy\n. Journal of Finance, 31(2), 425-444.\nMolyneux, P., & Thornton, J. (1992). Determinants of European bank profitability: A\nnote. Journal of Banking & Finance, 16(6), 1173-1178.\nMd, B. H. R. (2017). Cost and profit efficiency of Bangladeshi commercial banks: a\nstochastic frontier approach. Journal of Economic Behavior and\nOrganization, 5(6), 131-142.\nMansour, R., & El Moussawi, C. (2020). "Efficiency, technical progress and productivity of Arab banks: A non-parametric approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 75(C), pages 191-208.\nNaceur, S. B., & Goaied, M. (2008). The determinants of commercial bank interest\nmargin and profitability: Evidence from Tunisia. Frontiers in Finance and\nEconomics, 5(1), 106-130.\nPasiouras, F., Gaganis, C., & Zopounidis, C. (2006). The impact of bank regulations,\nsupervision, market structure, and bank characteristics on individual bank ratings:\nA cross-country analysis. Review of Quantitative Finance and Accounting, 27(4),\n403-438.\nQayyum, A., & Khan, S. (2006). "X-efficiency, scale economies,\nTechnological Progress and Competition of Pakistani’s banks," MPRA Paper\n2654, University Library of Munich, Germany, revised 2006.\nRestrepo-Tobón, D.A., & Kumbhakar, S.C. (2017). "A new method to\nDecompose profit efficiency: an application to US commercial banks," Journal of\nProductivity Analysis, Springer, vol. 48(2), pages 117-132, December.\nRestrepo-Tobón, D.A., & Sánchez-González,J. (2018). "Measuring Profit Efficiency\nof Colombian Banks: A Composite Nonstandard Profit Function Approach,"\nDocumentos de Trabajo CIEF 016789, Universidad EAFIT.\nRestrepo-Tobón.D.A., & Kumbhakar,S.C. (2013). "Profit efficiency of U.S.\ncommercial banks: a decomposition," Documentos de Trabajo CIEF 010939,\nUniversidad EAFIT.\nRestrepo-Tobón, D.A., & Sánchez-González, J., 2021. "Measuring profit efficiency of\nColombian banks: a composite non-standard profit function approach,"\nInternational Journal of Productivity and Quality Management, Inderscience\nEnterprises Ltd, vol. 33(2), pages 234-252.\nSamad, A., & Hassan, M. K. (2018). Interest Rate Spread and Bank Profitability in\nBangladesh: A Panel Data Analysis. Global Business Review, 19(1), 99-115.\nStiroh, K. J. (2004). Stock returns and volatility: Pricing the short-run and long-run\ncomponents of market risk. Journal of Banking & Finance, 28(6), 1259-1286.\nSantos José O. Dacanay III, (2010). "The evolution of cost and profit efficiency of\nPhilippine commercial banks," Philippine Review of Economics, University of\nthe Philippines School of Economics and Philippine Economic Society, vol. 47(1),\npages 109-146, June.\nSaeed, M.,& Izzeldin, M. ( 2016). "Examining the relationship between\ndefault risk and efficiency in Islamic and conventional banks," Journal of\nEconomic Behavior & Organization, Elsevier, vol. 132(S), pages 127-154.\nSilva, T. C., Guerra, S. M., Tabak, B. M., & de Castro Miranda, R. C. (2016). "Financial\nand Risk-Taking," Working Papers Series 428, Central Bank of Brazil, Research\nDepartment.\nTabak, B. M., Fazio, D. M., & Cajueiro, D. O. (2011). "Profit, Cost and\nScale Efficiency for Latin American Banks: Concentration-Performance\nRelationship," Working Papers Series 244, Central Bank of Brazil, Research\nDepartment.\nTadesse, S. (2005). "Consolidation, Scale Economics and Technological Change\nin Japanese Banking," William Davidson Institute Working Papers Series wp878,\nWilliam Davidson Institute at the University of Michigan.\nTercero‐Lucas, D. (2021). Nonstandard monetary policies and bank profitability: The\ncase of Spain. International Journal of Finance & Economics.\nTsionas, Mike & Mamatzakis, E. C. (2017). "Corrigendum to ‘Adjustment\ncosts in the technical efficiency: An application to global banking’ [European\nJournal of Operational Research 256 (2017) 640–649]," European Journal of\nOperational Research, Elsevier, vol. 257(2), pages 704-704.\nTabak, B. M., Fazio, D. M., & Cajueiro, D. O. (2012). The relationship between\nbanking market competition and risk-taking: Do size and capitalization\nmatter?. Journal of Banking & Finance, 36(12), 3366-3381.\nWheelock, D. C., & Wilson, P. W. (2009). Are US banks too large?. Journal of Banking\n& Finance, 33(4), 627-638.\nWilliams, J. (2012). "Efficiency and market power in Latin American banking," Journal of Financial Stability, Elsevier, vol. 8(4), pages 263-276.\nWagenvoort, R. & Schure, P. ( 1999). "Economies of Scale and Efficiency in\nEuropean Banking: New Evidence," Economic and Financial Reports 1999/1,\nEuropean Investment Bank, Economics Department.\nWheelock, D. C., & Wilson, P. W. (2015). "The Evolution of Scale Economies in\nU.S. Banking," Working Papers 2015-21, Federal Reserve Bank of St. Louis\nXu, P., & Zhou, X. (2017). Market Concentration and Bank Profitability: Evidence\nfrom China. Emerging Markets Finance and Trade, 53(12), 2832-2846.\nYamori, N., Harimaya, K., & Tomimura, K. (2017). "Corporate\ngovernance structure and efficiencies of cooperative banks," International Journal\nof Finance & Economics, John Wiley & Sons, Ltd., vol. 22(4), pages 368-378,\nOctober. zh_TW
