دانلود مقاله ISI انگلیسی شماره 2937
عنوان فارسی مقاله

رقابت در مقابل بهره وری : چه چیزی باعث ایجاد ارزش های فرانشیز (فرانچایز) در بانکداری اروپا شده است ؟

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
2937 2008 16 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Competition versus efficiency: What drives franchise values in European banking?
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Volume 32, Issue 9, September 2008, Pages 1820–1835

کلمات کلیدی
- ’ ارزش منشور - قدرت بازار - بهره وری - توبین - مرز تصادفی
پیش نمایش مقاله
پیش نمایش مقاله رقابت در مقابل بهره وری : چه چیزی باعث ایجاد ارزش های فرانشیز (فرانچایز) در بانکداری اروپا شده است ؟

چکیده انگلیسی

This paper investigates how stock market investors perceive the impact of market structure and efficiency on the long-run performance potential of European banks. To that end, a modified Tobin’s Q ratio is introduced as a measure of bank franchise value. This measure is applied to discriminate between the market structure and efficient-structure hypotheses in a coherent forward-looking framework, in which differences in banks’ horizontal and vertical differentiation strategies are controlled for. The results show that banks with better management or production technologies possess a long-run competitive advantage. In addition, bank market concentration does not affect all banks equally. Only the banks with a large market share in a concentrated market are able to generate non-competitive rents. The paper further documents that the forward-looking, long-run perspective and the noise-adjustment of the performance measure overcome most of the drawbacks associated with testing these hypotheses in a multi-country set-up. Finally, notwithstanding the international expansion of bank activities, the harmonization of regulation and the macroeconomic convergence in the European Union (EU15), we still find that country-specific macroeconomic variables have a significant impact on bank performance. The findings indicate that there is a trade-off between competition and stability that should be taken into account when assessing mergers or acquisitions.

خرید مقاله
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