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Is foreign-bank efficiency in financial centers driven by home or host country characteristics?

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  • Claudia Curi
  • Paolo Guarda
  • Ana Lozano-Vivas
  • Valentin Zelenyuk

Abstract

This paper investigates whether home or host country factors can explain differences in technical efficiency among foreign banks operating in the Luxembourg financial center. We first address heterogeneity across banks by using the group-wise bootstrap to compare DEA measures of bank efficiency between branches and subsidiaries, focused and diversified banks, and euro area and non-euro area banks. We then control for these factors in a second-stage regression indentifying the impact of country-specific regulatory and macroeconomic variables on individual bank efficiency scores. Our regulatory indicators capture the strictness of capital requirements, private monitoring, official disciplinary power and restrictions on bank activities. Our macroeconomic indicators capture GDP per capita in the home country and its position in the business cycle. Our results carry policy implications for bank regulators in both home and host countries and provide insight into banks’ choice between establishing a branch or a subsidiary to develop cross-border activities through international financial centers. Copyright Springer Science+Business Media, LLC 2013

Suggested Citation

  • Claudia Curi & Paolo Guarda & Ana Lozano-Vivas & Valentin Zelenyuk, 2013. "Is foreign-bank efficiency in financial centers driven by home or host country characteristics?," Journal of Productivity Analysis, Springer, vol. 40(3), pages 367-385, December.
    • Handle: RePEc:kap:jproda:v:40:y:2013:i:3:p:367-385
    DOI: 10.1007/s11123-012-0294-y
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    10. Claudia Curi & Ana Lozano-Vivas, 2015. "Financial center productivity and innovation prior to and during the financial crisis," Journal of Productivity Analysis, Springer, vol. 43(3), pages 351-365, June.
    11. Almudena Martínez-Campillo & Yolanda Fernández-Santos & María Pilar Sierra-Fernández, 2018. "How Well Have Social Economy Financial Institutions Performed During the Crisis Period? Exploring Financial and Social Efficiency in Spanish Credit Unions," Journal of Business Ethics, Springer, vol. 151(2), pages 319-336, August.
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    15. Gabriel A. Ogunmola & Fengsheng Chien & Ka Yin Chau & Li Li, 2022. "The Influence of Capital Requirement of Basel III Adoption on Banks’ Operating Efficiency: Evidence from U.S. Banks," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 11(2), pages 5-26.
    16. So Young Sohn & Yonghan Ju, 2023. "Mission Efficiency Analysis of For-Profit Microfinance Institutions with Categorical Output Variables," Sustainability, MDPI, vol. 15(3), pages 1-12, February.
    17. 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.
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    19. Natalya Zelenyuk & Valentin Zelenyuk, 2014. "Regional and Ownership Drivers of Bank Efficiency," CEPA Working Papers Series WP112014, School of Economics, University of Queensland, Australia.
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    More about this item

    Keywords

    Foreign bank efficiency; Home-host country characteristics; Bank regulation; Data envelopment analysis; Bootstrap; G15; G21; G28; C14;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • 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
    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General

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