Does Ownership Structure Affect Bank Performance in The Covid-19 Pandemic Period? Evidence From Croatia
Abstract
This paper investigates the relationship between bank ownership and efficiency before and after the COVID-19 pandemic in a sample of 20 Croatian commercial banks in the period from 2015 to 2020. The interconnection between these variables is examined with the use of a dynamic data envelopment analysis (window DEA) framework. Other goals are to measure the relative efficiency of Croatian banks in the observed period as well as the evolvement of the banking sector as a whole. The findings reveal that domestic banks outperform by little foreign-owned Croatian banks during the COVID-19 crisis year 2020, but, moreover, domestic and small-sized banks have experienced the least negative impact of COVID-19 in 2020. The results regarding the impact of bank size on bank efficiency are inconsistent and require additional study. The used methodology and the findings of this empirical research could be of interest to academic members, bank management and policymakers. The latter should be especially interested in the results and the resilience of domestic and foreign banks to external shocks, in order to re-examine their current bank policies and the national attitude towards attracting foreign capital in the banking sector.
References
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[30] M. Gardijan Kedžo and B. Tuškan Sjauš, “The Efficiency Analysis of Large Banks Using the Bootstrap and Fuzzy DEA: A Case of an Emerging Market”, Information, vol. 12, 507, 14, 2021. doi:10.3390/info12120507.
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[39] A. Pisarović, S. Tišma, K.A. Dujmović and M.M.Škrtić, “The Event of Croatia’s EU Accession and Membership from the Croatian High School Students’ Perspective”, Journal of Risk Financial Management, vol. 14, no. 2, 2021. https://dx.doi.org/10.3390/ jrfm14010002.
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[2] F. Sufian and F. Kamarudin, “Determinants of efficiency in the Malaysian banking sector: Does bank origins matter?”, Intellectual Economics, vol. 10 no. 1, pp. 38-54, 2016.
[3] A. M. Andries and S.G. Ursu, “Financial crisis and bank efficiency: An empirical study of European banks”, Economic Research–Ekonomska istraživanja, 29(1), pp. 485-497, 2016.
[4] A. Peša, M. Maté and M. Jerić, “Regional Efficiency in European Union Banking Industry—Traditional and DEA Approach”, in: Karanovic, G., Polychronidou, P., Karasavvoglou, A. (eds) The Changing Financial Landscape. Contributions to Economics. Springer, Cham., 2021. doi: https://doi.org/10.1007/978-3-030-82778-6_8.
[5] V. Belousova, A. Karminsky and I. Kozyr, “Bank ownership and profit efficiency of Russian banks”, BOFIT Discussion Papers, No. 5/2018, Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki, 2018.
[6] M. Davidovic, O. Uzelac and V. Zelenovic, “Efficiency dynamics of the Croatian banking industry: DEA investigation”, Economic Research–Ekonomska Istraživanja, vol. 32, no. 1, pp. 33-49. 2019. doi: https://doi.org/10.1080/1331677X.2018.1545596.
[7] M. Pervan, I. Pelivan and J. Arnerić, “Profit persistence and determinants of bank profitability in Croatia”, Economic Research–Ekonomska Istraživanja, vol. 28, no. 1, pp. 284-298, 2015. doi: https://doi.org/10.1080/1331677X.2015.1041778.
[8] K. Fotova Čiković and V. Cvetkoska, “How efficient are banks in Croatia?”, Ekonomski vjesnik, vol. 35, no. 1, pp. 139-150, 2022. doi: 10.51680/ev.35.1.11.
[9] “Godišnje izvješće” HNB Periodicals, 2021. [Online]. Available: https://www.hnb.hr/ documents/20182/3953672/h-gi-2020.pdf/747bcefc-0d05-31c5-038c-ab636a555077 [Accessed 08 January 2022].
[10] V. Cvetkoska and K. Fotova Čiković, “Assessing the relative efficiency of commercial banks in the Republic of North Macedonia: DEA window analysis”, Croatian operational research review, vol. 11, no. 2, pp. 217-227, 2020. doi: 10.17535/crorr.2020.0017.
[11] A. Demirguc-Kunt and H. Huizinga, “Determinants of commercial bank interest margins and profitability: some international evidence.”, No 1900, Policy Research Working Paper Series from The World Bank, 1999.
[12] Y. Altunbas, L. Evans and P. Molyneux, “Bank Ownership and Efficiency”, Journal of Money, Credit and Banking, vol. 33, no. 4, pp. 926–954, 2001. doi: https://doi.org/10.2307/2673929.
[13] S. Fries and A. Taci, “Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries”, Journal of Banking & Finance, vol. 29, no. 1, pp. 55-81, 2005. doi: https://doi.org/10.1016/j.jbankfin.2004.06.016.
[14] M. Košak and M. Čok, “Ownership structure and profitability of the banking sector”, Zbornik radova Ekonomskog fakulteta u Rijeci, vol. 26, no. 1, pp. 93-122, 2008.
[15] A.N. Berger, I. Hasan and M. Zhou, “Bank ownership and efficiency in China: What will happen in the world’s largest nation?” Journal of Banking & Finance, vol. 33, pp.113–130, 2009. doi: https://doi.org/10.1016/j.jbankfin.2007.05.016.
[16] T.A. Barry, S.J.O. Dacanay, L. Lepetit and A.Tarazi, “Ownership Structure and Bank Efficiency in Six Asian Countries”, Philippine Management Review, vol. 18, pp.19-35, 2011.
[17] E. Mamatzakis, X. Zhang and C. Wang, “Ownership structure and bank performance: An emerging market perspective”, MPRA Paper No. 80653, pp. 1-56, 2017. [Online] Available: https://mpra.ub.uni-muenchen.de/80653/1/MPRA_paper_80653.pdf, [Accessed 21 November 2021]
[18] P.K. Ozili and O. Uadiale, “Ownership concentration and bank profitability”, Future Business Journal, vol. 3, no. 2, pp. 159-171, 2017. doi: https://doi.org/10.1016/j.fbj.2017.07.001.
[19] E. Kraft, R. Hofler and J. Payne, “Privatization, foreign bank entry and bank efficiency in Croatia: a Fourier-flexible function stochastic cost frontier analysis”, CNB Working Paper No. W-9. Zagreb: Croatian National Bank, 2002.
[20] E. Kraft and D. Tirtiroglu, “Bank Efficiency in Croatia: A Stochastic-Frontier Analysis”, Journal of Comparative Economics, vol 26, no 2, pp. 282-300, 1998. doi: https://doi.org/10.1006/jcec.1998.1517.
[21] I. Huljak, I., “Cost efficiency of banks in Croatia”, Croatian Review of Economic, Business and Social Statistics (CREBSS), vol. 1, no. 1-2, pp.12-26, 2015. doi:10.1515/crebss-2016-0002.
[22] B. Tuškan and A. Stojanović, “Measurement of cost efficiency in the European banking industry”, Croatian Operational Research Review, vol. 7, no. 1, pp. 47-66, 2016. doi: https://doi.org/10.17535/crorr.2016.0004.
[23] I. Jemrić and B. Vujčić, “Efficiency of Banks in Croatia: A DEA Approach”, Comparative Economic Studies, vol. 44, no. 2-3, pp. 169-193, 2002. doi: https://doi.org/10.1057/ces.2002.13.
[24] V.Z. Toci, “Efficiency of Banks in South-East Europe: with Special Reference to Kosovo”, CBK Working Paper No. 4. Prishtina: Central Bank of the Republic of Kosovo, 2009.
[25] B. Jurčević and M. Mihelja Žaja, “Banks and insurance companies efficiency indicators in the period of financial crisis: The case of the Republic of Croatia”, Ekonomska istraživanja–Economic research, vol. 26, no. 1, pp. 203-224, 2013.
[26] M. Bambulović and I. Huljak, “Technical efficiency of banks in Croatia” in: Dumičić, K., Erjavec, N. & Pejić Bach, M. (eds.) Proceedings of the ISCCRO - International Statistical Conference in Croatia - Zagreb, Croatia, 05-06 May 2016; Conference Topic: „New Challenges of Official and Applied Statistics in European Union“, (ISCCRO’16), 1(1), 2016.
[27] L. Kordić and J. Visković, “Investigating efficiency of Croatian banking sector - further steps towards more efficient banks” in Mašek Tonković, A. & Crnković, B. (Eds.). Proceedings of the 7th International Scientific Symposium Economy of Eastern Croatia - vision and growth. Osijek: Faculty of Economics in Osijek, 2018.
[28] A. Pavković, A. Cesarec and A. Stojanović, “Profitability and efficiency of the Croatian banking sector: impact of bank size”, International Journal of Trade and Global Markets, vol. 11, no. 4, pp. 243-258, 2018. doi: https://doi.org/10.1504/IJTGM.2018.097265.
[29] D. Učkar and D. Petrović, “Efficiency of banks in Croatia”, Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, vol. 39, no. 2, pp. 349-379, 2021.
[30] M. Gardijan Kedžo and B. Tuškan Sjauš, “The Efficiency Analysis of Large Banks Using the Bootstrap and Fuzzy DEA: A Case of an Emerging Market”, Information, vol. 12, 507, 14, 2021. doi:10.3390/info12120507.
[31] B. Tuškan Sjauš and M. Mihelja Žaja, “Croatian banking and insurance industry: overview of cost efficiency performance after accession to the European Union”, in: Leko Šimić, M. & Crnković, B. (eds.) 9th International Scientific Symposium Region Entrepreneurship Development, 2020.
[32] V. Cvetkoska, K. Fotova Čiković and M. Tasheva, “Efficiency of Commercial Banking in Developing Countries”, Mathematics, vol. 9, no 14, pp. 1-21, 2021. doi:10.3390/math9141597.
[33] A. Charnes, W. Cooper and E. Rhodes, “Measuring the efficiency of decision-making units”, European Journal of Operational Resesearch, vol. 2, pp. 429-444, 1978. doi: https://doi.org/10.1016/0377-2217(78)90138-8.
[34] L. Neralić and M. Gardijan Kedžo, “A Survey and Analysis of Scholarly Literature in DEA Published by Croatian Researchers: 1978 – 2018”, Zagreb International Review of Economics & Business, vol. 22, no. 1, pp. 93-106, 2019. doi: https://doi.org/10.2478/zireb-2019-0014.
[35] A. Emrouznejad and G. Yang, “A survey and analysis of the first 40 years of scholarly literature in DEA: 1978–2016”, Socio-Economic Planning Sciences, vol. 61, pp. 4-8, 2018. doi: https://doi.org/10.1016/j.seps.2017.01.008.
[36] Hunjak, T., Jakovčević, D. (2001). AHP Based Model for Bank Perfomance Evaluation and Rating. U: Sixth International Symposium on the Analytic Hierarchy process, ISAHP 2001.
[37] K. Fotova Čiković and J. Lozić, “Application of Data Envelopment Analysis (DEA) in Information and Communication Technologies”, Tehnički glasnik - Technical journal, vol. 6, no. 1, pp. 129-134. doi:10.31803/tg-20210906103816. 2022.
[38] C. Gaganis and F. Pasiouras, “Efficiency in the Greek Banking Industry: A Comparison of Foreign and Domestic Banks”, International Journal of the Economics of Business, vol. 16, no. 2, pp. 221-237. doi: 10.1080/13571510902917533, 2009.
[39] A. Pisarović, S. Tišma, K.A. Dujmović and M.M.Škrtić, “The Event of Croatia’s EU Accession and Membership from the Croatian High School Students’ Perspective”, Journal of Risk Financial Management, vol. 14, no. 2, 2021. https://dx.doi.org/10.3390/ jrfm14010002.
[40] W. Cooper, L. Seiford and Tone, K., Data Envelopment Analysis: A Comprehensive Text with Models, Applications, References and DEA-Solver Software, 2nd ed.; Springer Science-i-Business Media, LLC: New York, NY, USA. 2007.
[41] V. Cvetkoska and P. Barišić, “The efficiency of the tourism industry in the Balkans” in Proc. of the Faculty of Economics in East Sarajevo, vol. 14, pp. 31-41, 2017. doi:10.7251/ZREFIS1714031C.
[42] G. Klopp, “The analysis of the efficiency of production system with multiple inputs and outputs”, PhD Thesis, (Chicago: University of Illinois at Chicago, Industrial and Systems Engineering College). 1985.
[43] A. Charnes, C.T. Clark, W. Cooper and B. Golany, “A Developmental Study of Data Envelopment Analysis in Measuring the Efficiency of Maintenance Units in the U.S. Air Forces”, Annals of Operation Research, vol. 2, pp. 95–112. 1985.
[44] A. Flokou, V. Aletras and D. Niakas, “A window-DEA based efficiency evaluation of the public hospital sector in Greece during the 5-year economic crisis”, PLoS ONE, vol. 12, no. 5, e0177946, 2017. https://doi.org/10.1371/journal.pone.0177946.
[45] T. Jia and H. Yuan, “The application of DEA (Data Envelopment Analysis) window analysis in the assessment of influence on operational efficiencies after the establishment of branched hospitals”, BMC Health Service Research, vol. 17, no. 265, 2017. doi: https://doi.org/10.1186/s12913-017-2203-6.
[46] K.S.K Al-Delaimi and A.H.B. Al-Ani, “Using Data Envelopment Analysis to measure cost efficiency with an application on Islamic banks”, Scientific Journal of Administrative Development, 4, I.A.D., pp. 134-156, 2006.
[47] H.O. Fried, C.A.K. Lovell and S.S. Schmidt, The Measurement of Productive Efficiency and Productivity Growth. Oxford University Press. 2008.
[48] G. Savić, M. Radosavljević and D. Ilievski, “DEA window analysis approach for measuring the efficiency of Serbian banks based on panel data”, Management: Journal for Theory and Practice Management, vol. 17, no. 65, pp. 5–14, 2012.
Published
2022-10-15
How to Cite
FOTOVA ČIKOVIĆ, Katerina; KEČEK, Damira; LOZIĆ, Joško.
Does Ownership Structure Affect Bank Performance in The Covid-19 Pandemic Period? Evidence From Croatia.
Yugoslav Journal of Operations Research, [S.l.], v. 33, n. 2, p. 277-292, oct. 2022.
ISSN 2334-6043.
Available at: <https://yujor.fon.bg.ac.rs/index.php/yujor/article/view/1140>. Date accessed: 22 nov. 2024.
doi: https://doi.org/10.2298/YJOR220615018F.
Issue
Section
Research Articles
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