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Comparing Cost Efficiency Between Financial and Non-financial Holding Banks and Insurers in Taiwan Under the Framework of Copula Methods and Metafrontier

Author

Listed:
  • Tai-Hsin Huang

    (National Chengchi University)

  • Yi-Chun Lin

    (National Changhua University of Education
    National Chengchi University)

  • Kuo-Jui Huang

    (National Taiwan University)

  • Yu-Wei Liao

    (National Chengchi University)

Abstract

This paper examines the cost efficiency (CE), technology gap ratio (TGR), and overall cost efficiency (OCE) of 43 banks and 27 life insurance companies operating in Taiwan. The use of the copula method to derive the joint probability density function for the cost functions of financial holding banks (FHBs) and financial holding life insurers (FHLIs) allows us to take into account the operational synergies enjoyed by the financial holding companies. Our empirical results are as follows. (1) A significant, positive correlation exists between the cost efficiencies of FHBs and FHLIs, supporting that both types of firms benefit from the synergy effect. (2) The omission of synergy effects leads to underestimated measures of CE and OCE for FHBs, but leaves the measure of TGR intact. (3) The absence of synergies results in underestimating the CE scores for FHLIs, but the TGRs of FHLIs and non-FHLIs are overestimated, exaggerating the OCE scores.

Suggested Citation

  • Tai-Hsin Huang & Yi-Chun Lin & Kuo-Jui Huang & Yu-Wei Liao, 2022. "Comparing Cost Efficiency Between Financial and Non-financial Holding Banks and Insurers in Taiwan Under the Framework of Copula Methods and Metafrontier," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(4), pages 735-766, December.
    • Handle: RePEc:kap:apfinm:v:29:y:2022:i:4:d:10.1007_s10690-022-09373-9
    DOI: 10.1007/s10690-022-09373-9
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    More about this item

    Keywords

    Copula method; Financial holding banks; Financial holding life insurers; Stochastic metafrontier cost function; Synergy effects; CE; TGR; OCE;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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