Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach

Kale, Süleyman; Kaya, İ. Gökçe; EKEN, MEHMET HASAN

Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach

Süleyman Kale, (Kırklareli Üniversitesi, Uygulamalı Bilimler Yüksek Okulu, Bankacılık ve Finans Bölümü, Kırklareli, Türkiye)

Mehmet Hasan Eken, (Kırklareli Üniversitesi, Uygulamalı Bilimler Yüksek Okulu, Bankacılık ve Finans Bölümü, Kırklareli, Türkiye)

Gökçe Kaya (İstanbul Gelişim Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Uluslararasi Lojistik ve Taşımacılık Bölümü, İstanbul, Türkiye)

Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi

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Yıl: 2020 Cilt: 15 Sayı: 3 Sayfa Aralığı: 1001 - 1018 Metin Dili: İngilizce İndeks Tarihi: 06-01-2021

Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach

Öz:

This study researches the effects of bank efficiencychanges of returns in Turkish stock markets using a twostage model for the period of 2002-2017. First, MalmquistProductive Index is employed to measure the different dimensions of efficiency; then, static and dynamic paneldata models are used to investigate the effects of efficiency changes. First stage indicates that efficiency increased until 2010, and then a considerable decrease wasobserved. Second stage proves that together with marketitself efficiency change has explanatory power on stockreturn. Effect of increase in profitability efficiency is positive in the long run while effect of intermediation is positive in the short but negative in the long run. This may beexplained with the side effects of increasing intermediation in the short run as the increasing non-performingloans and decreasing profitability in the long run.

Anahtar Kelime:

Türk Hisse Senetleri Piyasasında Banka Etkinliği ve Getiri: İki Aşamalı Bir Analiz

Öz:

Bu çalışamada, 2002-2017 döneminde Türk hisse senedi piyasalarında, banka etkinliğindeki değişimin getiriler üzerinde etkili olup olmadığı, araştırılmaktadır. Önce Malmquist Verimlikilik Endeksi ile etkinlik farklı boyutları ile hesaplanmış; daha sonra statik ve dinamik panel veri yönetmleri ile etkinlik değişiminin etkileri incelenmiştir. İlk aşama, banklarda etkinliğin 2010 yılına kadar arttığını, sonrasında önemli derecede azaldığını göstermektedir. İkinci aşama, piyasanın ve etkinlikteki değişimin getiri üzerinde etkili olduğunu ortaya koymuştur. Karlılık etkinliği uzun dönemde olumlu; diğer taraftan aracılık etkinliği kısa dönemde olumlu ancak uzun dönemde olumsuz etkiye sahiptir. Bu durum aracılık etkinliğinin artması sonucu uzun vadede takipteki kredi oranının artması ve karlığın azalması ile açıklanabilir.

Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık

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APA	Kale S, EKEN M, Kaya İ (2020). Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. , 1001 - 1018.
Chicago	Kale Süleyman,EKEN MEHMET HASAN,Kaya İ. Gökçe Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. (2020): 1001 - 1018.
MLA	Kale Süleyman,EKEN MEHMET HASAN,Kaya İ. Gökçe Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. , 2020, ss.1001 - 1018.
AMA	Kale S,EKEN M,Kaya İ Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. . 2020; 1001 - 1018.
Vancouver	Kale S,EKEN M,Kaya İ Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. . 2020; 1001 - 1018.
IEEE	Kale S,EKEN M,Kaya İ "Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach." , ss.1001 - 1018, 2020.
ISNAD	Kale, Süleyman vd. "Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach". (2020), 1001-1018.

APA	Kale S, EKEN M, Kaya İ (2020). Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 15(3), 1001 - 1018.
Chicago	Kale Süleyman,EKEN MEHMET HASAN,Kaya İ. Gökçe Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi 15, no.3 (2020): 1001 - 1018.
MLA	Kale Süleyman,EKEN MEHMET HASAN,Kaya İ. Gökçe Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, vol.15, no.3, 2020, ss.1001 - 1018.
AMA	Kale S,EKEN M,Kaya İ Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2020; 15(3): 1001 - 1018.
Vancouver	Kale S,EKEN M,Kaya İ Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2020; 15(3): 1001 - 1018.
IEEE	Kale S,EKEN M,Kaya İ "Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach." Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 15, ss.1001 - 1018, 2020.
ISNAD	Kale, Süleyman vd. "Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach". Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi 15/3 (2020), 1001-1018.