¿Son persistentes los efectos de la concentración de mercado y la diversificación de ingresos sobre el desempeño bancario?
Main Article Content
Keywords
Desempeño bancario, Concentración de mercado, Diversificación de ingresos
Resumen
Analizamos los efectos de la concentración de mercado y diversificación de ingresos sobre el desempeño bancario. Usamos el estimador GMM de Arellano y Bover (1995) para 134 países entre 1994 y 2011. Nuestros resultados demuestran que la concentración de mercado y la diversificación tienen un efecto positivo
y no lineal sobre el desempeño bancario. La forma no lineal sugiere que el efecto positivo se revierte si la industria bancaria tiene elevada concentración y diversificación. En períodos de crisis, la industria bancaria debe reducir su grado de diversificación para soportar un mayor desempeño. Estos resultados son relevantes para la política financiera y estrategias bancarias.
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Referencias
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Arellano, M. & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51.
Athanasoglou, P., Brissimis, S., & Delis, M. (2008). Bank-specific, industry specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121-136.
Baele, L., De Jonghe, O., & Vander-Vennet, R. (2007). Does the stock market value bank diversification? Journal of Banking and Finance, 31(7), 1999-2023.
Beck, T., Demirgüç-Kunt, A. & Levine, R. (2006). Bank concentration, competition and crises: First results. Journal of Banking and Finance, 30, 1581-1603.
Behname, M. (2012). The compare of concentration and efficiency in banking industry: Evidence from the OPEC countries. Eurasian Journal of Business and Economics, 5(10), 15-24.
Ben, S. & Plihon, D. (2011). Revenue diversification in emerging market banks: Implications for financial performance, working paper. hal-00598136v2.
Berger, A. (1995). The profit-structure relationship in banking-tests of market-power and efficient-structure hypotheses. Journal of Money, Credit and Banking, 27(2), 404-431.
Berger, A., & Hannan, T. (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, 80(3), 454-465.
Berger, A., Klapper, L., & Rima, T. (2009). Bank competition and financial stability. Journal of Finance Service Research, 35, 99-118.
Berger, A., Hasan, I., & Zhou, M. (2010). The effects of focus versus diversification on bank performance: Evidence from Chinese banks. Journal of Banking and Finance, 34(7), 1417-1435.
Bikker, J. & Hu, H. (2002). Cyclical patterns in profits, provisioning and lending of banks and procyclicality of the new Basel capital requirements. PSL Quarterly Review, 55(221), 143-175.
Bourke, P. (1989). Concentration and other determinants of bank profitability in Europe, North America and Australia. Journal of Banking and Finance, 13(1), 65-79.
Boyd, J. & De Nicoló, D. (2005). The theory of bank risk taking and competition revisited. The Journal of Finance, 60(3), 1329-1343.
Carbó, S. & Rodríguez, F. (2007). The determinants of bank margins in European banking. Journal of Banking and Finance, 31(7), 2043-2063.
Chen, S. & Liao, C. (2011). Are foreign banks more profitable than domestic banks? Home- and host-country effects of banking market structure, governance, and supervision. Journal of Banking and Finance, 35(4), 819-839.
Chiorazzo, V., Milani, C., & Salvini, F. (2008). Income diversification and bank performance: Evidence from Italian banks. Journal of Financial Services Research, 33(3), 181-203.
Chortareas, G., Garza-Garcia, J., & Girardone, C. (2011). Banking sector performance in Latin America: Market power versus efficiency. Review of Development Economics, 15(2), 307-325.
De Jonghe, O. (2010). Back to the basics in banking? A micro-analysis of banking system stability. Journal of Financial Intermediation, 19(3), 387-417.
Demirgüç-Kunt, A. & Huizinga, H. (1999). Determinants of commercial bank interest margins and profitability: Some international evidence (English). The World Bank Economic Review, 13(2), 379-408.
Demirgüç-Kunt, A. & Huizinga, H. (2000). Financial structure and bank profitability. Policy Research Working Paper Series No. 2430. Washington, D. C.: The World Bank.
Demirgüç-Kunt, A. & Huizinga, H. (2010). Bank activity and funding strategies: The impact on risk and return. Journal of Financial Economics, 98(3), 626-650.
Demirgüç-Kunt, A., Laeven, L., & Levine, R. (2004). Regulations, market structure, institutions, and the cost of financial intermediation. Journal of Money, Credit, and Banking, 36(3), 593-622.
Deng, S. & Elyasiani, E. (2008). Geographic diversification, bank holding company value, and risk. Journal of Money, Credit and Banking, 40(6), 1217-1238.
DeYoung, R. & Rice, T. (2004). Non-interest income and financial performance at U.S. commercial banks. The Financial Review, 39(1), 101-127.
Elsas, R., Hackethal, A. & Holzhäuser, M. (2010). The anatomy of bank diversification. Journal of Banking and Finance, 34(6), 1274-1287.
Fang, Y., Hasan, I., & Marton, K. (2011). Institutional development and its impact on the performance effect of bank diversification: Evidence from transition economies. Emerging Markets Finance and Trade, 47(4), 5-22.
Fiordelisi, F., Marques-Ibanez, D., & Molyneux, P. (2011). Efficiency and risk in European banking. Journal of Banking and Finance, 35(5), 1315-1326.
Garza-García, J. (2012). Does market power influence bank profits in Mexico? A study on market power and efficiency. Applied Financial Economics, 22(1), 21-32.
Gelos, G. (2009). Banking spreads in Latin America. Economic Inquiry, 47(4), 796-814.
Girma, S. & Shortland, A. (2008). The political economy of financial development. Oxford Economic Papers, 60(4), 567-596.
Goddard, J., McKillop, D., & Wilson, J. (2008). The diversification and financial performance of US credit unions. Journal of Banking and Finance, 32(9), 1836-1849.
Goddard, J., Molyneux, P., & Wilson, J. (2004). The profitability of European banks: A cross-sectional and dynamic panel analysis. The Manchester School, 72(3), 363-381.
Gregoire, J. & Mendoza, M. (1990). Estructura del mercado financiero. Estudios de Economía, 17(1), 57-70.
Guillén, J., Rengifo, E., & Ozsoz, E. (2014). Relative power and efficiency as a main determinant of banks’ profitability in Latin America. Borsa Istanbul Review, 14(2), 119-125.
Gul, S., Irshad, F., & Zaman, K. (2011). Factors affecting bank profitability in Pakistan. The Romanian Economic Journal, 14(39), 61-87.
Jara, M., Arias, J., & Rodriguez, A. (2014). Determinants of bank performance: Evidence for Latin America. Academia Revista Latinoamericana de Administración, 27(2), 164-182.
King, R. & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737.
Klein, M. (1971). A theory of the banking firm. Journal of Money, Credit and Banking, 3(2), 205-218.
Lee, C., Hsieh, M., & Yang, S. (2014). The relationship between revenue diversification and bank performance: Do financial structures and financial reforms matter? Japan and the World Economy, 29, 18-35.
Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of Banking and Finance, 32(8), 1452-1467.
Martínez-Peria, M. & Mody, A. (2004). How foreign participation and market concentration impact bank spreads: Evidence from Latin America. Journal of Money, Credit and Banking, 36(3), 511-537.
Marcelin, I. & Mathur, I. (2014). Financial development, institutions and banks. International Review of Financial Analysis, 31, 25-33.
Maudos, J. & Fernández de Guevara, J. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking and Finance, 28(9), 2259-2281.
Maudos, J. & Solís, L. (2009). The determinants of net interest income in the Mexican banking system: An integrated model. Journal of Banking and Finance, 33(10), 1920-1931.
Mercieca, S., Schaeck, K., & Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking and Finance, 31(7), 1975-1998.
Meslier, C., Tacneng, R., & Tarazi, A. (2012). Bank diversification, risk and profitability in an emerging economy with regulatory asset structure constraints: Evidence from the Philippines. Université de Limoges (working paper).
Mirzaei, A., Moore, T., & Liu, G. (2013). Does market structure matter on banks’ profitability and stability? Emerging vs. advanced economies. Journal of Banking and Finance, 37(8), 2920-2937.
Molyneux, P. & Thornton, J. (1992). Determinants of European bank profitability: A note. Journal of Banking and Finance, 16(6), 1173-1178.
Montes, G., de Mendonça, H., & Oliveira, D. (2016). Sovereign credit ratings in developing economies: New empirical assessment. International Journal of Finance and Economics, 21(4), 382-397.
Monti, M. (1972). Deposit, credit, and interest rate determination under alternative bank objectives. In G. P. Szego & K. Shell (Eds.), Mathematical methods in investment and finance (pp. 431–454). Amsterdam: North- Holland.
Revell, J. (1979). Inflation and financial institutions. London: Financial Times.
Roe, M. & Siegel, J. (2011). Political instability: Effects on financial development, roots in the severity of economic inequality. Journal of Comparative Economics, 39(3), 279-309.
Sanya, S. & Wolfe, S. (2011). Can banks in Emerging economies benefit from revenue diversification? Journal of Financial Services Research, 40(1-2), 79-101.
Shepherd, W. (1983). Economies of scale and monopoly profits. In J. Craven (Ed.). Industrial organization, antitrust, and public policy (pp. 165-204). Dordrecht: Springer.
Smirlock, M. (1985). Evidence of the (non) relationship between concentration and profitability in banking. Journal of Money, Credit and Banking, 17(1), 69-83.
Staikouras, C. & Wood, G. (2004). The determinants of European bank profitability. International Business and Economics Research Journal, 3(6), 57-68.
Stiglitz, J. & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410.
Stiroh, K. (2004a). Do community banks benefit from diversification? Journal of Financial Service Research, 25(2-3), 135-160.
Stiroh, K. (2004b). Diversification in banking: Is noninterest income the answer? Journal of Money, Credit and Banking, 36(5), 853-882.
Stiroh, K. (2006). New evidence on the determinants of bank risk. Journal of Financial Services Research, 30(3), 237-263.
Stiroh, K. & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking and Finance, 30(8), 2131-2161.
Tregenna, F. (2009). The fat years: The structure and profitability of the US banking sector in the pre-crisis period. Cambridge Journal of Economics, 33(4), 609-632.
Williams, B. (2003). Domestic and international determinants of bank profits: foreign banks in Australia. Journal of Banking and Finance, 27, 1185-1210.
Yahya, A., Akhtar, A., & Tabash, M. (2017). The impact of political instability, macroeconomic and bank-specific factors on the profitability of Islamic banks: An empirical evidence. Investment Management and Financial Innovations, 14(4), 30-39.
Zhang, J., Jiang, C., Baozhi, Q., & Wang, P. (2013). Market concentration, risk-taking, and bank performance: Evidence from emerging economies. International Review of Financial Analysis, 30, 149-157.
Amediku, J. (2012). The impact of income diversification on bank performance: A case study of Zenith bank, Cal bank and Unibank (master degree thesis). Kwame Nkrumah University of Science and Technology.
Arellano, M. & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51.
Athanasoglou, P., Brissimis, S., & Delis, M. (2008). Bank-specific, industry specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121-136.
Baele, L., De Jonghe, O., & Vander-Vennet, R. (2007). Does the stock market value bank diversification? Journal of Banking and Finance, 31(7), 1999-2023.
Beck, T., Demirgüç-Kunt, A. & Levine, R. (2006). Bank concentration, competition and crises: First results. Journal of Banking and Finance, 30, 1581-1603.
Behname, M. (2012). The compare of concentration and efficiency in banking industry: Evidence from the OPEC countries. Eurasian Journal of Business and Economics, 5(10), 15-24.
Ben, S. & Plihon, D. (2011). Revenue diversification in emerging market banks: Implications for financial performance, working paper. hal-00598136v2.
Berger, A. (1995). The profit-structure relationship in banking-tests of market-power and efficient-structure hypotheses. Journal of Money, Credit and Banking, 27(2), 404-431.
Berger, A., & Hannan, T. (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, 80(3), 454-465.
Berger, A., Klapper, L., & Rima, T. (2009). Bank competition and financial stability. Journal of Finance Service Research, 35, 99-118.
Berger, A., Hasan, I., & Zhou, M. (2010). The effects of focus versus diversification on bank performance: Evidence from Chinese banks. Journal of Banking and Finance, 34(7), 1417-1435.
Bikker, J. & Hu, H. (2002). Cyclical patterns in profits, provisioning and lending of banks and procyclicality of the new Basel capital requirements. PSL Quarterly Review, 55(221), 143-175.
Bourke, P. (1989). Concentration and other determinants of bank profitability in Europe, North America and Australia. Journal of Banking and Finance, 13(1), 65-79.
Boyd, J. & De Nicoló, D. (2005). The theory of bank risk taking and competition revisited. The Journal of Finance, 60(3), 1329-1343.
Carbó, S. & Rodríguez, F. (2007). The determinants of bank margins in European banking. Journal of Banking and Finance, 31(7), 2043-2063.
Chen, S. & Liao, C. (2011). Are foreign banks more profitable than domestic banks? Home- and host-country effects of banking market structure, governance, and supervision. Journal of Banking and Finance, 35(4), 819-839.
Chiorazzo, V., Milani, C., & Salvini, F. (2008). Income diversification and bank performance: Evidence from Italian banks. Journal of Financial Services Research, 33(3), 181-203.
Chortareas, G., Garza-Garcia, J., & Girardone, C. (2011). Banking sector performance in Latin America: Market power versus efficiency. Review of Development Economics, 15(2), 307-325.
De Jonghe, O. (2010). Back to the basics in banking? A micro-analysis of banking system stability. Journal of Financial Intermediation, 19(3), 387-417.
Demirgüç-Kunt, A. & Huizinga, H. (1999). Determinants of commercial bank interest margins and profitability: Some international evidence (English). The World Bank Economic Review, 13(2), 379-408.
Demirgüç-Kunt, A. & Huizinga, H. (2000). Financial structure and bank profitability. Policy Research Working Paper Series No. 2430. Washington, D. C.: The World Bank.
Demirgüç-Kunt, A. & Huizinga, H. (2010). Bank activity and funding strategies: The impact on risk and return. Journal of Financial Economics, 98(3), 626-650.
Demirgüç-Kunt, A., Laeven, L., & Levine, R. (2004). Regulations, market structure, institutions, and the cost of financial intermediation. Journal of Money, Credit, and Banking, 36(3), 593-622.
Deng, S. & Elyasiani, E. (2008). Geographic diversification, bank holding company value, and risk. Journal of Money, Credit and Banking, 40(6), 1217-1238.
DeYoung, R. & Rice, T. (2004). Non-interest income and financial performance at U.S. commercial banks. The Financial Review, 39(1), 101-127.
Elsas, R., Hackethal, A. & Holzhäuser, M. (2010). The anatomy of bank diversification. Journal of Banking and Finance, 34(6), 1274-1287.
Fang, Y., Hasan, I., & Marton, K. (2011). Institutional development and its impact on the performance effect of bank diversification: Evidence from transition economies. Emerging Markets Finance and Trade, 47(4), 5-22.
Fiordelisi, F., Marques-Ibanez, D., & Molyneux, P. (2011). Efficiency and risk in European banking. Journal of Banking and Finance, 35(5), 1315-1326.
Garza-García, J. (2012). Does market power influence bank profits in Mexico? A study on market power and efficiency. Applied Financial Economics, 22(1), 21-32.
Gelos, G. (2009). Banking spreads in Latin America. Economic Inquiry, 47(4), 796-814.
Girma, S. & Shortland, A. (2008). The political economy of financial development. Oxford Economic Papers, 60(4), 567-596.
Goddard, J., McKillop, D., & Wilson, J. (2008). The diversification and financial performance of US credit unions. Journal of Banking and Finance, 32(9), 1836-1849.
Goddard, J., Molyneux, P., & Wilson, J. (2004). The profitability of European banks: A cross-sectional and dynamic panel analysis. The Manchester School, 72(3), 363-381.
Gregoire, J. & Mendoza, M. (1990). Estructura del mercado financiero. Estudios de Economía, 17(1), 57-70.
Guillén, J., Rengifo, E., & Ozsoz, E. (2014). Relative power and efficiency as a main determinant of banks’ profitability in Latin America. Borsa Istanbul Review, 14(2), 119-125.
Gul, S., Irshad, F., & Zaman, K. (2011). Factors affecting bank profitability in Pakistan. The Romanian Economic Journal, 14(39), 61-87.
Jara, M., Arias, J., & Rodriguez, A. (2014). Determinants of bank performance: Evidence for Latin America. Academia Revista Latinoamericana de Administración, 27(2), 164-182.
King, R. & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737.
Klein, M. (1971). A theory of the banking firm. Journal of Money, Credit and Banking, 3(2), 205-218.
Lee, C., Hsieh, M., & Yang, S. (2014). The relationship between revenue diversification and bank performance: Do financial structures and financial reforms matter? Japan and the World Economy, 29, 18-35.
Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of Banking and Finance, 32(8), 1452-1467.
Martínez-Peria, M. & Mody, A. (2004). How foreign participation and market concentration impact bank spreads: Evidence from Latin America. Journal of Money, Credit and Banking, 36(3), 511-537.
Marcelin, I. & Mathur, I. (2014). Financial development, institutions and banks. International Review of Financial Analysis, 31, 25-33.
Maudos, J. & Fernández de Guevara, J. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking and Finance, 28(9), 2259-2281.
Maudos, J. & Solís, L. (2009). The determinants of net interest income in the Mexican banking system: An integrated model. Journal of Banking and Finance, 33(10), 1920-1931.
Mercieca, S., Schaeck, K., & Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking and Finance, 31(7), 1975-1998.
Meslier, C., Tacneng, R., & Tarazi, A. (2012). Bank diversification, risk and profitability in an emerging economy with regulatory asset structure constraints: Evidence from the Philippines. Université de Limoges (working paper).
Mirzaei, A., Moore, T., & Liu, G. (2013). Does market structure matter on banks’ profitability and stability? Emerging vs. advanced economies. Journal of Banking and Finance, 37(8), 2920-2937.
Molyneux, P. & Thornton, J. (1992). Determinants of European bank profitability: A note. Journal of Banking and Finance, 16(6), 1173-1178.
Montes, G., de Mendonça, H., & Oliveira, D. (2016). Sovereign credit ratings in developing economies: New empirical assessment. International Journal of Finance and Economics, 21(4), 382-397.
Monti, M. (1972). Deposit, credit, and interest rate determination under alternative bank objectives. In G. P. Szego & K. Shell (Eds.), Mathematical methods in investment and finance (pp. 431–454). Amsterdam: North- Holland.
Revell, J. (1979). Inflation and financial institutions. London: Financial Times.
Roe, M. & Siegel, J. (2011). Political instability: Effects on financial development, roots in the severity of economic inequality. Journal of Comparative Economics, 39(3), 279-309.
Sanya, S. & Wolfe, S. (2011). Can banks in Emerging economies benefit from revenue diversification? Journal of Financial Services Research, 40(1-2), 79-101.
Shepherd, W. (1983). Economies of scale and monopoly profits. In J. Craven (Ed.). Industrial organization, antitrust, and public policy (pp. 165-204). Dordrecht: Springer.
Smirlock, M. (1985). Evidence of the (non) relationship between concentration and profitability in banking. Journal of Money, Credit and Banking, 17(1), 69-83.
Staikouras, C. & Wood, G. (2004). The determinants of European bank profitability. International Business and Economics Research Journal, 3(6), 57-68.
Stiglitz, J. & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410.
Stiroh, K. (2004a). Do community banks benefit from diversification? Journal of Financial Service Research, 25(2-3), 135-160.
Stiroh, K. (2004b). Diversification in banking: Is noninterest income the answer? Journal of Money, Credit and Banking, 36(5), 853-882.
Stiroh, K. (2006). New evidence on the determinants of bank risk. Journal of Financial Services Research, 30(3), 237-263.
Stiroh, K. & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking and Finance, 30(8), 2131-2161.
Tregenna, F. (2009). The fat years: The structure and profitability of the US banking sector in the pre-crisis period. Cambridge Journal of Economics, 33(4), 609-632.
Williams, B. (2003). Domestic and international determinants of bank profits: foreign banks in Australia. Journal of Banking and Finance, 27, 1185-1210.
Yahya, A., Akhtar, A., & Tabash, M. (2017). The impact of political instability, macroeconomic and bank-specific factors on the profitability of Islamic banks: An empirical evidence. Investment Management and Financial Innovations, 14(4), 30-39.
Zhang, J., Jiang, C., Baozhi, Q., & Wang, P. (2013). Market concentration, risk-taking, and bank performance: Evidence from emerging economies. International Review of Financial Analysis, 30, 149-157.