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Do competition and market structure affect sensitivity of bank profitability to the business cycle?

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  • Olszak, Małgorzata
  • Kowalska, Iwona

Abstract

This study aims to determine whether competition and market structure explain heterogeneity in the cyclicality of bank profitability. To answer this question, we consider a large panel of individual bank-level data covering over 8000 banks in more than 100 countries. This study controls for market power and market structure as proxies for the competitive environment and net interest margin (NIM), as well as return on assets (ROA) and return on equity (ROE) as proxies for bank profitability. The results show that decreased competition is related to an increase in the procyclicality of NIM and ROA. Therefore, our results are consistent with the competition–stability perspective. A perfectly competitive environment is associated with the enhanced procyclicality of NIM and ROA in high-income countries, and with the declined procyclicality of all profitability measures in low-income countries. Market structure does statistically significantly affect profitability but seems is important only for the procyclicality of ROE.

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  • Olszak, Małgorzata & Kowalska, Iwona, 2023. "Do competition and market structure affect sensitivity of bank profitability to the business cycle?," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    • Handle: RePEc:eee:pacfin:v:80:y:2023:i:c:s0927538x23001695
    DOI: 10.1016/j.pacfin.2023.102098
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    More about this item

    Keywords

    Profitability; Procyclicality; Competition; Market structure;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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