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Productivity and efficiency change and shareholder value: evidence from the Spanish banking sector

机译:生产率和效率变化与股东价值:西班牙银行业的证据

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摘要

Productivity change and shareholder value have been analysed in the banking sector in the last few years, although it should be noted that these two important aspects have been studied separately. In this regard, the main contribution of our study is to link these two lines of research by verifying whether those banks characterised by higher levels of efficiency and productivity change have a higher shareholder value. To measure changes in efficiency and productivity we use the Malmquist non-parametric technique, which is calculated from Data Envelopment Analysis (DEA) linear programming approach. The Malmquist total factor productivity index enables separation of the 'catching up' effect, i.e, changes over time in technical efficiency, from 'technological change', i.e., the shift of best practice frontier over time due to technological progress. Our results for a sample of listed Spanish banks in the period 2000-2004 confirm that those banks with higher efficiency and productivity changes have a higher shareholder value, even after controlling for the impact of traditional measures of performance, such as return on assets.
机译:尽管应该指出,这两个重要方面已分别进行了研究,但在过去几年中,已经对银行业的生产率变化和股东价值进行了分析。在这方面,我们的研究的主要贡献是通过验证那些具有较高效率和生产率变化水平的银行是否具有较高的股东价值来将这两条研究联系起来。为了衡量效率和生产率的变化,我们使用Malmquist非参数技术,该技术是根据数据包络分析(DEA)线性规划方法计算得出的。马尔姆奎斯特全要素生产率指数能够将``赶上效应''(即技术效率随时间的变化)与``技术变化''(即由于技术进步而导致的最佳实践前沿随时间的变化)分开。我们对2000-2004年期间西班牙上市银行的抽样结果证实,即使在控制了传统业绩指标(如资产收益率)的影响之后,那些效率和生产率变化较高的银行也具有较高的股东价值。

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