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dc.contributor.author
Zarouchas, Konstantinos
en
dc.date.accessioned
2016-05-11T11:02:37Z
dc.date.available
2016-05-12T00:00:21Z
dc.date.issued
2016-05-11
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/14524
dc.rights
Default License
dc.subject
bank performance
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dc.subject
PIIGS
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dc.subject
pre-crisis
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dc.subject
post-crisis
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dc.title
Empirical Analysis of Bank Performance in PIIGS before and during Financial Crisis
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heal.type
masterThesis
el
heal.creatorID.email
kzarouchas@yahoo.gr
heal.keywordURI.LCSH
Bank management
heal.keywordURI.LCSH
Banks and banking
heal.keywordURI.LCSH
Banks and banking--Case studies
heal.keywordURI.LCSH
Banks and banking--Finance
heal.keywordURI.LCSH
Global Financial Crisis
heal.keywordURI.LCSH
Global Financial Crisis, 2008-2009
heal.keywordURI.LCSH
Financial crises--European Union countries--History--21st century
heal.keywordURI.LCSH
Italy--Economic conditions--21st century
heal.keywordURI.LCSH
European Union countries--Economic policy
heal.keywordURI.LCSH
Italy--Economic policy
heal.keywordURI.LCSH
Portugal--Economic conditions--21st century
heal.keywordURI.LCSH
Portugal--Economic policy
heal.keywordURI.LCSH
Ireland--Economic conditions--21st century
heal.keywordURI.LCSH
Ireland--Economic policy
heal.keywordURI.LCSH
Spain--Economic conditions--21st century
heal.keywordURI.LCSH
Spain--Economic policy
heal.keywordURI.LCSH
Greece--Economic conditions--21st century
heal.keywordURI.LCSH
Greece--Economic policy
heal.language
en
el
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
el
heal.references
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National Bureau of Economic Research . Benn aceur, S., & Goaied, M. (2008). The determinants of commercial bank interest margin and profitability: evidence from Tunisia. Frontiers in Finance and Economics , 5 (1), 106 - 130. Berger, A. N. (1995). The relationshi p between capital and earnings in banking. Journal of Money, Credit and Banking , 432 - 456. Bourke, P. (1989). Concentration and other determinants of bank profitability in Europe, North America and Australia. Journal of Banking & Finance , 13 (1), 65 - 79. Claessens, S., Demirgüç - Kunt, A., & Huizinga, H. (2001). How does foreign entry affect domestic banking markets?. Journal of Banking & Finance , 25 (5), 891 - 911. Cornett, M. M., McNutt, J. J., & Tehranian, H. (2010). The Financial Crisis, Internal Corporate Governance, and the Performance of Publicly - Traded US Bank Holding Companies. SSRN Working Paper Series . Demirgüç - Kunt, A., & Huizinga, H. (1999). Determinants of commercial bank interest margins and profitability: some international evidence. The World Ba nk Economic Review , 13 (2), 379 - 408. Demirgüç - Kunt, A., & Huizinga, H. (2 000). Financial Structure and Bank Profitability. World Bank Policy Research Working Paper , (2430). - 31 - Demirgüç - Kunt , A., Laeven, L., & Levine, R. (2003). Regulations, market structure, institutions, and the cost of financial intermediation (No. w9890). National Bureau of Economic Research. Dietrich, A., & Wanzenried, G. (2011). Determinants of bank profitability before and during the crisis: Evidence from Switzerland. Journal of International Financial Markets, Institutions and Money , 21 (3), 307 - 327. Flamini, V., McDonald, C. A. & Schumacher, L., (2009). The Determinants of Commercial Bank Profitability in Sub - Saharan Africa (No. 09/15). International Monetary Fund. García - Herrero, A., Gavilá, S., & Santabárbara, D. (2009). What explains the low profitability of Chinese banks?. Journal of Banking & Finance , 33 (11), 2080 - 2092. Goddard, J., Liu, H., Molyneux, P., & Wilson, J. O. (2010). Do Bank Profits Converge? (No. 10004). Bangor Business School, Prifysgol Bangor University (Cymru/Wales). Goddard, J. , Molyneux, P., & Wilson, J. O. (2001). European banking: efficiency, technology and growth . Wiley & Sons Ltd. Goddard, J., Molyneux, P., & Wilson, J. O. (2004). The profitability of european banks: a cross - sectional and dynamic panel analysis. The Manchester School , 72 (3), 363 - 381. Golin, J . (2001 ). The bank credit analysis handbook: a guide for analysts, bankers and investors . John Wiley & Sons . Kosmidou, K. (2008). The determinants of banks' profits in Greece during the period of EU financial integration. Managerial Finance , 34 (3), 146 - 159. Kosmidou, K., Pasiouras, F., Zopounidis, C., & Doumpos, M. (200 4 ). A multivariate analysis of the financial characteristics of foreign and domestic banks in the UK. Omega , 34 (2), 189 - 195. Kosmidou, K., Tanna, S., & Pasiouras, F. (2005). Determinants of profitability of domestic UK commercial banks: panel evidence from the period 1995 - 2002. In Money Macro and Finance (MMF) Research Group Conference (Vol. 45). Molyneux, P., & Thornton, J. (1992). Determinants of European bank profitability: A note. Journal of banking & Finance , 16 (6), 1173 - 1178. Pasiouras, F., & Kosmidou, K. (2007). Factors influ encing the profitability of domestic and foreign commercial banks in the European Union. Research in International Business and Finance , 21 (2), 222 - 237. - 32 - Perry, P. (1992). Do banks gain or lose from inflation?. Journal of Retail Banking, 14 (2), 25 - 40. Short, B. K. (1979). The relation between commercial bank profit rates and banking concentration in Canada, Western Europe, and Japan. Journal of Banking & Finance , 3 (3), pp. 209 - 219. Smirlock, M. (1985). Evidence on the (Non) Relationship between Concentr ation and Profitability in Banking. Journal of Money, Credit and Banking , 17 (1), 69 - 83. Staikouras, C., Mamatzakis, E., & Koutsomanoli - Filippaki, A. (2008). An empirical investigation of operating performance in the new European banking landscape. Global Finance Journal , 19 (1), 32 - 45. Staikouras, C. , & Wood, G. (20 04 ). The determinants of European bank profitability. International Business & Economics Research Journal , 3 (6) , 57 - 68. Stiroh, K. J., & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of banking & finance, 30 (8), 2131 - 2161. The World Bank (2015): http://www.worldbank.org/ Trujillo - Ponce, A. (2013). What determines the profitability of banks? Evidence from Spain. Accounting & Finance , 53 (2), 561 - 586. Xiao, Y. (2009). French Banks Amid the Global Financial Crisis (No. 09/201). International Monetary Fund .
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heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
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heal.publicationDate
2016-05-08
heal.abstract
The primary purpose of this study is to investigate the effects of the factors that determine the performance of banks operating in Portugal, Italy, Ireland, Spain and Greece (PIIGS), over the years 2004-2013. In our analysis, we use Return on Average Assets (ROAA), as a function of internal (bank-specific) and external (macroeconomic) determinants, so as to measure bank profitability. Initially, we create a balanced panel dataset of 46 listed and unlisted banks (excluding central banks) over a time period of ten years (2004-2013), for our model. We assess the effect of the recent global financial crisis by splitting the entire period into two equal sub-periods: the pre-crisis period (2004-2008) and the crisis and post-crisis period (2009-2013). Our findings signify that the influence of the investigated variables on bank performance is not always in accordance with our expectations. Specifically, the equity to total assets ratio has a significantly positive effect on ROAA over the pre-crisis period, whereas the cost to income ratio has a significantly negative impact over the crisis and post-crisis period. On the side of macroeconomic characteristics, we notice that only GDP growth rate presents a significant association with bank performance. In particular, there is a significantly positive relation between GDP growth rate and ROAA for the crisis and post-crisis period.
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heal.tableOfContents
1. INTRODUCTION .................................................................................................... 1 2. LITERATURE REVIEW ............................................................................................ 3 2.1 THEORETICAL BACKGROUND ON THE DETERMINANTS OF BANK PROFITABILITY ......................... 3 2.2 FINANCIAL CRISIS AND DETERMINANTS OF BANK PROFITABILITY .......................................... 11 3. DETERMINANTS OF BANK PERFORMANCE AND SELECTION OF VARIABLES .......... 12 3.1 BANK PROFITABILITY MEASURES .................................................................................. 13 3.2 INTERNAL OR BANK-SPECIFIC VARIABLES ........................................................................ 13 3.3 EXTERNAL OR MACROECONOMIC VARIABLES .................................................................. 17 4. RESEARCH DESIGN .............................................................................................. 19 4.1 DATA COLLECTION PROCESS ........................................................................................ 19 4.2 EMPIRICAL METHODOLOGY ........................................................................................ 21 5. EMPIRICAL FINDINGS AND DISCUSSION .............................................................. 23 6. CONCLUDING REMARKS ..................................................................................... 27 BIBLIOGRAPHY ....................................................................................................... 30 APPENDIX .............................................................................................................. 33
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heal.advisorName
Leventis, Stergios
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heal.committeeMemberName
Sikalidis, Alexandros
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heal.committeeMemberName
Grose, Christos
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heal.academicPublisher
IHU
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heal.academicPublisherID
ihu
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heal.numberOfPages
40
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heal.spatialCoverage
Portugal
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heal.spatialCoverage
Italy
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heal.spatialCoverage
Ireland
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heal.spatialCoverage
Spain
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heal.spatialCoverage
Greece
en


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