메뉴 건너뛰기




Volumn 72, Issue 3, 2004, Pages 363-381

The profitability of European banks: A cross-sectional and dynamic panel analysis

Author keywords

[No Author keywords available]

Indexed keywords


EID: 2542527770     PISSN: 14636786     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1467-9957.2004.00397.x     Document Type: Article
Times cited : (424)

References (54)
  • 3
    • 84881844837 scopus 로고
    • Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations
    • Arellano, M. and Bond, S. (1991). 'Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations', Review of Economic Studies, Vol. 58, No. 2, pp. 277-297.
    • (1991) Review of Economic Studies , vol.58 , Issue.2 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 5
    • 0043246810 scopus 로고
    • The profit-structure relationship in banking: Tests of market power and efficient structure hypotheses
    • Berger, A. N. (1995a). 'The Profit-Structure Relationship in Banking: Tests of Market Power and Efficient Structure Hypotheses', Journal of Money, Credit and Banking, Vol. 27, No. 2, pp. 404-431.
    • (1995) Journal of Money, Credit and Banking , vol.27 , Issue.2 , pp. 404-431
    • Berger, A.N.1
  • 6
    • 15844393462 scopus 로고
    • The relationship between capital and earnings in banking
    • Berger, A. N. (1995b). 'The Relationship Between Capital and Earnings in Banking', Journal of Money, Credit and Banking, Vol. 27, No. 2, pp. 432-456.
    • (1995) Journal of Money, Credit and Banking , vol.27 , Issue.2 , pp. 432-456
    • Berger, A.N.1
  • 7
    • 0000869035 scopus 로고
    • The price-concentration relationship in banking
    • Berger, A. N. and Hannan, T. H. (1989). 'The Price-Concentration Relationship in Banking', Review of Economics and Statistics, Vol. 71, No. 2, pp. 291-299.
    • (1989) Review of Economics and Statistics , vol.71 , Issue.2 , pp. 291-299
    • Berger, A.N.1    Hannan, T.H.2
  • 8
    • 0032382856 scopus 로고    scopus 로고
    • The efficiency cost of market power in the banking industry: A test of the quiet life and related hypotheses
    • Berger, A. N. and Hannan, T. H. (1998). 'The Efficiency Cost of Market Power in the Banking Industry: a Test of the Quiet Life and Related Hypotheses', Review of Economics and Statistics, Vol. 80, No. 3, pp. 454-465.
    • (1998) Review of Economics and Statistics , vol.80 , Issue.3 , pp. 454-465
    • Berger, A.N.1    Hannan, T.H.2
  • 9
    • 0000786043 scopus 로고    scopus 로고
    • Efficiency of financial institutions: International survey and directions for future research
    • Berger, A. N. and Humphrey, D. B. (1997). 'Efficiency of Financial Institutions: International Survey and Directions for Future Research', European Journal of Operational Research, Vol. 98, No. 2, pp. 175-212.
    • (1997) European Journal of Operational Research , vol.98 , Issue.2 , pp. 175-212
    • Berger, A.N.1    Humphrey, D.B.2
  • 10
    • 0001938805 scopus 로고    scopus 로고
    • Why are bank profits so persistent? the roles of product market competition, information opacity and regional macroeconomic shocks
    • Berger, A. N., Bonime, S. D., Covitz, D. M. and Hancock, D. (2000). 'Why are Bank Profits so Persistent? The Roles of Product Market Competition, Information Opacity and Regional Macroeconomic Shocks', Journal of Banking and Finance, Vol. 24, No. 7, pp. 1203-1235.
    • (2000) Journal of Banking and Finance , vol.24 , Issue.7 , pp. 1203-1235
    • Berger, A.N.1    Bonime, S.D.2    Covitz, D.M.3    Hancock, D.4
  • 11
    • 0035647780 scopus 로고    scopus 로고
    • Criterion-based inference for GMM in autoregressive panel data models
    • Bond, S., Bowsher, C. and Windmeijer, F. (2001). 'Criterion-based Inference for GMM in Autoregressive Panel Data Models', Economics Letters, Vol. 73, No. 3, pp. 379-388.
    • (2001) Economics Letters , vol.73 , Issue.3 , pp. 379-388
    • Bond, S.1    Bowsher, C.2    Windmeijer, F.3
  • 12
    • 38249025771 scopus 로고
    • Concentration and other determinants of bank profitability in europe, North America, and Australia
    • Bourke, P. (1989). 'Concentration and Other Determinants of Bank Profitability in Europe, North America, and Australia', Journal of Banking and Finance, Vol. 13, No. 1, pp. 65-79.
    • (1989) Journal of Banking and Finance , vol.13 , Issue.1 , pp. 65-79
    • Bourke, P.1
  • 13
    • 0039569423 scopus 로고
    • Empirical studies of industries with market power
    • R. Schmalensee and R. D. Willig (eds), Amsterdam, Elsevier Science
    • Bresnahan, T. F. (1989). 'Empirical Studies of Industries with Market Power', in R. Schmalensee and R. D. Willig (eds), Handbook of Industrial Organisation, Amsterdam, Elsevier Science, Vol. 2, pp. 1011-1058.
    • (1989) Handbook of Industrial Organisation , vol.2 , pp. 1011-1058
    • Bresnahan, T.F.1
  • 14
    • 0010198843 scopus 로고
    • Bain's concentration and rates of return revisited
    • Brozen, Y. (1971). 'Bain's Concentration and Rates of Return Revisited', Journal of Law and Economics, Vol. 13, No. 2, pp. 279-292.
    • (1971) Journal of Law and Economics , vol.13 , Issue.2 , pp. 279-292
    • Brozen, Y.1
  • 15
    • 0037579324 scopus 로고    scopus 로고
    • Efficiency in banking: Empirical evidence from the savings banks sector
    • Carbo, S., Gardener, E. P. M. and Williams, J. (2002). 'Efficiency in Banking: Empirical Evidence from the Savings Banks Sector', The Manchester School, Vol. 70, No. 2, pp. 204-228.
    • (2002) The Manchester School , vol.70 , Issue.2 , pp. 204-228
    • Carbo, S.1    Gardener, E.P.M.2    Williams, J.3
  • 16
    • 34250078603 scopus 로고
    • The relative efficiency of stock versus mutual S & Ls: A stochastic frontier approach
    • Cebenoyan, A., Sinan, E. S., Cooperman, C. A. and Hudgkins, S. (1993). 'The Relative Efficiency of Stock versus Mutual S & Ls: a Stochastic Frontier Approach', Journal of Financial Services Research, Vol. 7, No. 2, pp. 151-170.
    • (1993) Journal of Financial Services Research , vol.7 , Issue.2 , pp. 151-170
    • Cebenoyan, A.1    Sinan, E.S.2    Cooperman, C.A.3    Hudgkins, S.4
  • 17
    • 0001488464 scopus 로고    scopus 로고
    • Competition, contestability and market structure in european banking sectors on the Eve of EMU: Evidence from France, Germany, and Italy with a perspective on the United States
    • De Bandt, O. and Davis, E. P. (2000). 'Competition, Contestability and Market Structure in European Banking Sectors on the Eve of EMU: Evidence from France, Germany, and Italy with a Perspective on the United States', Journal of Banking and Finance, Vol. 24, No. 6, pp. 1045-1066.
    • (2000) Journal of Banking and Finance , vol.24 , Issue.6 , pp. 1045-1066
    • De Bandt, O.1    Davis, E.P.2
  • 18
    • 0031536608 scopus 로고    scopus 로고
    • Diversification, size, and risk at bank holding companies
    • Demsetz, R. S. and Strahan, P. E. (1997). 'Diversification, Size, and Risk at Bank Holding Companies', Journal of Money, Credit and Banking, Vol. 29, No. 3, pp. 300-313.
    • (1997) Journal of Money, Credit and Banking , vol.29 , Issue.3 , pp. 300-313
    • Demsetz, R.S.1    Strahan, P.E.2
  • 19
    • 47749120440 scopus 로고
    • Financial intermediation and delegated monitoring
    • Diamond, D. W. (1984). 'Financial Intermediation and Delegated Monitoring', Review of Economic Studies, Vol. 51, No. 3, pp. 393-414.
    • (1984) Review of Economic Studies , vol.51 , Issue.3 , pp. 393-414
    • Diamond, D.W.1
  • 20
    • 51249171968 scopus 로고
    • Re-evaluation of the structure-conduct-performance paradigm in banking
    • Evanoff, D. D. and Fortier, D. L. (1988). 'Re-evaluation of the Structure-Conduct-Performance Paradigm in Banking', Journal of Financial Services Research, Vol. 1, No. 3, pp. 277-294.
    • (1988) Journal of Financial Services Research , vol.1 , Issue.3 , pp. 277-294
    • Evanoff, D.D.1    Fortier, D.L.2
  • 21
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama, E. F. (1980). 'Agency Problems and the Theory of the Firm', Journal of Political Economy, Vol. 88, No. 2, pp. 288-307.
    • (1980) Journal of Political Economy , vol.88 , Issue.2 , pp. 288-307
    • Fama, E.F.1
  • 22
    • 0000172445 scopus 로고
    • Separation of ownership and control
    • Fama, E. F. and Jensen, M. C. (1983). 'Separation of Ownership and Control', Journal of Law and Economics, Vol. 26, No. 2, pp. 301-326.
    • (1983) Journal of Law and Economics , vol.26 , Issue.2 , pp. 301-326
    • Fama, E.F.1    Jensen, M.C.2
  • 23
    • 84936127503 scopus 로고
    • The persistence of profits: A European comparison
    • Geroski, P. A. and Jacquemin, A. (1988). 'The Persistence of Profits: a European Comparison', Economic Journal, Vol. 98, No. 391, pp. 375-389.
    • (1988) Economic Journal , vol.98 , Issue.391 , pp. 375-389
    • Geroski, P.A.1    Jacquemin, A.2
  • 27
    • 0000414660 scopus 로고
    • Large sample properties of generalized method of moments estimators
    • Hansen, L. P. (1982). 'Large Sample Properties of Generalized Method of Moments Estimators', Econometrica, Vol. 50, No. 4, pp. 1029-1054.
    • (1982) Econometrica , vol.50 , Issue.4 , pp. 1029-1054
    • Hansen, L.P.1
  • 30
    • 0011504201 scopus 로고
    • The price-concentration relationship in banking: A comment
    • Jackson, W. E. (1992). 'The Price-Concentration Relationship in Banking: a Comment', Review of Economics and Statistics, Vol. 74, No. 2, pp. 373-376.
    • (1992) Review of Economics and Statistics , vol.74 , Issue.2 , pp. 373-376
    • Jackson, W.E.1
  • 31
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M. C. and Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure', Journal of Financial Economics, Vol. 3, No. 4, pp. 305-360.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 33
    • 11244313273 scopus 로고
    • The persistence of bank profits: What the stock market implies
    • San Francisco, CA, Federal Reserve Bank of San Francisco
    • Levonian, M. E. (1993). 'The Persistence of Bank Profits: What the Stock Market Implies', Working Papers in Applied Economic Theory No. 93-15, San Francisco, CA, Federal Reserve Bank of San Francisco.
    • (1993) Working Papers in Applied Economic Theory No. 93-15 , vol.93 , Issue.15
    • Levonian, M.E.1
  • 35
    • 0001515625 scopus 로고
    • Testing for expense preference behaviour: Mutual versus stock savings and loans
    • Mester, L. J. (1989). 'Testing for Expense Preference Behaviour: Mutual versus Stock Savings and Loans', Rand Journal of Economics, Vol. 20, No. 4, pp. 483-498.
    • (1989) Rand Journal of Economics , vol.20 , Issue.4 , pp. 483-498
    • Mester, L.J.1
  • 36
    • 0000976473 scopus 로고
    • Efficiency in the savings and loan industry
    • Mester, L. J. (1993). 'Efficiency in the Savings and Loan Industry', Journal of Banking and Finance, Vol. 17, No. 2-3, pp. 267-286.
    • (1993) Journal of Banking and Finance , vol.17 , Issue.2-3 , pp. 267-286
    • Mester, L.J.1
  • 37
    • 38249008919 scopus 로고
    • Determinants of European bank profitability: A note
    • Molyneux, P. and Thornton, J. (1992). 'Determinants of European Bank Profitability: a Note', Journal of Banking and Finance, Vol. 16, No. 6, pp. 1173-1178.
    • (1992) Journal of Banking and Finance , vol.16 , Issue.6 , pp. 1173-1178
    • Molyneux, P.1    Thornton, J.2
  • 38
    • 2542566646 scopus 로고
    • French banking long-term under-performance may be over
    • 6 November
    • Morgan Stanley (1995). 'French Banking Long-term Under-performance May Be Over', European and UK Banking Bulletin, 6 November.
    • (1995) European and UK Banking Bulletin
    • Stanley, M.1
  • 39
    • 2542569606 scopus 로고    scopus 로고
    • French banks: Light at the end of the tunnel
    • 21 June
    • Morgan Stanley (1996). 'French Banks: Light at the End of the Tunnel', European Financial Briefing, 21 June.
    • (1996) European Financial Briefing
    • Stanley, M.1
  • 41
    • 0040645291 scopus 로고
    • The persistence of profits in the United States
    • D. C. Mueller (ed.), Cambridge, Cambridge University Press
    • Mueller, D. C. (1990). 'The Persistence of Profits in the United States', in D. C. Mueller (ed.), The Dynamics of Company Profits: an International Comparison, Cambridge, Cambridge University Press.
    • (1990) The Dynamics of Company Profits: An International Comparison
    • Mueller, D.C.1
  • 42
    • 0001541505 scopus 로고
    • Property Rights and behavior: Stock versus mutual savings and loan associations: Some evidence of differences in behavior
    • Nicols, A. (1967). 'Property Rights and Behavior: Stock versus Mutual Savings and Loan Associations: Some Evidence of Differences in Behavior', American Economic Review, Vol. 57, No. 2, pp. 337-346.
    • (1967) American Economic Review , vol.57 , Issue.2 , pp. 337-346
    • Nicols, A.1
  • 43
    • 0001222496 scopus 로고
    • Property rights and the financial firm
    • O'Hara, M. (1981). 'Property Rights and the Financial Firm', Journal of Law and Economics, Vol. 24, No. 2, pp. 317-332.
    • (1981) Journal of Law and Economics , vol.24 , Issue.2 , pp. 317-332
    • O'Hara, M.1
  • 44
    • 0009092220 scopus 로고
    • Market share as a source of market power: Implications and some evidence
    • Rhoades, S. A. (1985). 'Market Share as a Source of Market Power: Implications and Some Evidence', Journal of Economics and Business, Vol. 37, No. 4, pp. 343-363.
    • (1985) Journal of Economics and Business , vol.37 , Issue.4 , pp. 343-363
    • Rhoades, S.A.1
  • 45
    • 0002358121 scopus 로고    scopus 로고
    • Research on IO topics in banking: An introduction and overview
    • Rhoades, S. A. (1997). 'Research on IO Topics in Banking: an Introduction and Overview', Review of Industrial Organisation, Vol. 12, No. 1, pp. 1-8.
    • (1997) Review of Industrial Organisation , vol.12 , Issue.1 , pp. 1-8
    • Rhoades, S.A.1
  • 46
    • 0348200766 scopus 로고    scopus 로고
    • Profit persistence in large U.S. bank holding companies: An empirical investigation
    • Office of the Comptroller of Currency
    • Roland, K. P. (1997). 'Profit Persistence in Large U.S. Bank Holding Companies: an Empirical Investigation', Economics Working Paper 97-2, Office of the Comptroller of Currency.
    • (1997) Economics Working Paper , vol.97 , Issue.2
    • Roland, K.P.1
  • 47
    • 2542549778 scopus 로고    scopus 로고
    • The determinants of success in the new financial services environment: Now that firms can do everything, what should they do and why should regulators care?
    • October
    • Santomero, A. M. and Eckles, D. L. (2000). 'The Determinants of Success in the New Financial Services Environment: Now that Firms Can Do Everything, What Should They Do and Why Should Regulators Care?', Federal Reserve Bank of New York Economic Policy Review, October, pp. 11-23.
    • (2000) Federal Reserve Bank of New York Economic Policy Review , pp. 11-23
    • Santomero, A.M.1    Eckles, D.L.2
  • 48
    • 70350108827 scopus 로고
    • Inter-industry studies of structure and performance
    • R. Schmalensee and R. D. Willig (eds), Amsterdam, Elsevier Science Publishers
    • Schmalensee, R. (1989). 'Inter-industry Studies of Structure and Performance', in R. Schmalensee and R. D. Willig (eds), Handbook of Industrial Organisation, Amsterdam, Elsevier Science Publishers, Vol. 2, pp. 959-1009.
    • (1989) Handbook of Industrial Organisation , vol.2 , pp. 959-1009
    • Schmalensee, R.1
  • 49
    • 2542568155 scopus 로고    scopus 로고
    • Competition, growth and performance in the banking industry
    • University of Groningen, Netherlands, February
    • Scholtens, B. (2000). 'Competition, Growth and Performance in the Banking Industry', Department of Finance Working Paper, University of Groningen, Netherlands, February.
    • (2000) Department of Finance Working Paper
    • Scholtens, B.1
  • 50
    • 0002975110 scopus 로고
    • Evidence of the (non) relationship between concentration and profitability in banking
    • Smirlock, M. (1985). 'Evidence of the (non) Relationship Between Concentration and Profitability in Banking', Journal of Money, Credit and Banking, Vol. 17, No. 1, pp. 69-83.
    • (1985) Journal of Money, Credit and Banking , vol.17 , Issue.1 , pp. 69-83
    • Smirlock, M.1
  • 51
    • 0000245375 scopus 로고    scopus 로고
    • How Did bank holding companies prosper in the 1990s?
    • Stiroh, K. J. (2000). 'How Did Bank Holding Companies Prosper in the 1990s?', Journal of Banking and Finance, Vol. 24, No. 11, pp. 1703-1745.
    • (2000) Journal of Banking and Finance , vol.24 , Issue.11 , pp. 1703-1745
    • Stiroh, K.J.1
  • 52
    • 0039295379 scopus 로고    scopus 로고
    • Cost and profit dynamics in financial conglomerates and universal banks in Europe
    • Paper presented at the, Frankfurt, 15-17 October
    • Vander Vennet, R. (1998). 'Cost and Profit Dynamics in Financial Conglomerates and Universal Banks in Europe', Paper presented at the SUERF/CFS Colloquium, Frankfurt, 15-17 October.
    • (1998) SUERF/CFS Colloquium
    • Vander Vennet, R.1
  • 53
    • 0000095552 scopus 로고
    • A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity
    • White, H. (1980). 'A Heteroscedasticity-consistent Covariance Matrix Estimator and a Direct Test for Heteroscedasticity', Econometrica, Vol. 48, No. 4, pp. 817-838.
    • (1980) Econometrica , vol.48 , Issue.4 , pp. 817-838
    • White, H.1
  • 54
    • 0037729202 scopus 로고    scopus 로고
    • Domestic and international determinants of bank profits: Foreign banks in Australia
    • Williams, B. (2003). 'Domestic and International Determinants of Bank Profits: Foreign Banks in Australia', Journal of Banking and Finance, Vol. 27, No. 6, pp. 1185-1210.
    • (2003) Journal of Banking and Finance , vol.27 , Issue.6 , pp. 1185-1210
    • Williams, B.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.