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Efficiency, Productivity and Stock Performance: Evidence from the Turkish Banking Sector

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  • Saadet Kasman
  • Adnan Kasman

Abstract

This paper investigates the link between stock performance of the listed commercial banks in the Turkish stock exchange and three measures of bank performance, such as technical efficiency, scale efficiency and productivity for the period 1998-2008. The relationship between efficiency and stock returns is investigated by running a regression of stock returns on measures of performance and some bank specific variables. The results indicate that the changes in three measures of performance have positive and significant effect on stock returns, suggesting that stocks of technical efficient, scale efficient and productive banks tend to outperform their inefficient and unproductive rivals. Key words: Stock returns, Technical efficiency, Productivity, Scale efficiency, Turkish banking.JEL: G21, D24.

Suggested Citation

  • Saadet Kasman & Adnan Kasman, 2011. "Efficiency, Productivity and Stock Performance: Evidence from the Turkish Banking Sector," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(3), pages 355-372.
    • Handle: RePEc:voj:journl:v:58:y:2011:i:3:p:355-372:id:160
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    More about this item

    Keywords

    Stock returns; Technical efficiency; Productivity; Scale efficiency; Turkish banking;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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