Azerbaycan Bankacılık Sisteminde Karların Sürekliliği

Çalışmada Azerbaycan bankacılık sektöründe kısa ve uzun dönemde karların sürekliliği araştırılmıştır. Bu konuda farklı ülkeleri konu alan çok sayıda araştırma olmasına karşın kendi bölgesinde hızla gelişen bir ülke olan Azerbaycan’a dair yeterince çalışma bulunmamaktadır. Çalışmada sistem dinamik panel veri yöntemiyle karların sürekliliği analiz edilmiştir. Elde edilen bulgular hem kısa hem de uzun dönemde karların süreklilik göstermediğini veya çok düşük oranda bir süreklilik gösterdiğini ortaya koymaktadır. Buna bağlı olarak, sektörde rekabetçi güçlerin yüksek olduğu söylenebilir.

The Persistence of Profits in Azerbaijan's Banking System

In this research, the persistence of profits in Azerbaijan's banking sector in the short-run and the long-run is investigated. Although there are a lot of researches done in the case of different countries, enough study has been implemented for the case of Azerbaijan despite of its high speed economic growth. This research analysis continuity of profits by using system panel data method. Obtained results indicate that profits demonstrate no persistence or a little persistence. In this context, existence of competitive powers in the sector can be stated.

___

  • Agostino, M., Leonida, L. ve Trivieri, F . (2005). Profits Persistence and Ownership: Evidence from the Italian Banking Sector. Applied Economics , 37, 1615- 1621.
  • Aras , O.N. (2003). Azerbaycan Ekonomisi: Makro Ekonomik ve Sektörel Analiz, Bakü: Kafkasya Araştırmaları Merkezi Yayınları.
  • Arellano, M. (2005). Panel Data Econometrics: Advanced Texts in Econometrics , Oxford: Oxford University Press.
  • Arellano, M. ve Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Applic ation to Unemployment Equations. Review of Economic Studies , 58, 277- 297.
  • Arellano, M. ve Bover, O. (1995). Another Look at the Instrumental Variable Es timation of Error- Components Models , Journal of Econometrics , 68(1), 29- 51.
  • Baltagi, B.H. (2002). Econometric Analysis of Panel Data, Second Edition, Chichester: John Wiley and Sons.
  • Bektaş, E. (2007). The Persistence of Profits in The Turkish Banking Syst em. Applied Economic Letters , 14, 187- 190.
  • Berger, A.N., Bonime, S.D., Covitz, D.M. ve Hancock, D. (2000). Why are Bank Profits so Persistent? The Roles of Product Market Competition, Informal Opacity, and Regional / Macroeconomic Schoks. Journal of Banking and Finance, 24, 1203 - 1235.
  • Bou, J .C. ve Sattora, A. (2007). The Persistence of Abnormal Returns at Industry and Firm Levels: Evidence from Spain. Strategic Management Journal , 28, 707- 722.
  • Bourlakis, C.A. (1997). Testing the Competitive Environment and the Persis tence of Profits Hypothesis. Review of Industrial Organization , 12, 208- 218.
  • Blundell, R. ve Bond, S. (1998). Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics , 87(1), 115- 143.
  • Çağıl G., Mukhtarov S. (2014). Azerbaycan Ticari Bankacılık Sektörünün Camels Yöntemi ile Performans Analizi. Marmara Üniversitesi Öneri Dergisi , 11(41), 77- 94.
  • Dietrich, A. ve Wanzenried, G. (2014). The Determinants of Commercial Banking Profitability in Low- , Middle- , and High- Income Countries, Ouarterly Review of Economics and Finance, 54(3), 337- 354.
  • Flamini, V., McDonald, C. ve Schumacher, L. (2009), Determinants of Commercial Banks’ Profitability in Sub- Saharan Africa. IMF Working Papers, No: WP/09/15, January.
  • Francis, M. E. (2011). Determinants of Commercial Banks’ Profi tability in Sub- Saharan Africa. Workshop: Economic Perspectives of Least Developed Countries, DAAD Partnership on Economic Development Studies.
  • Garza- Garcia, J. G. (2011) . Determinants of Bank Performance in Mexico: Efficiency or Market Power, University of the West England, Centre for Global Finance Working Paper Series , No: 03/11.
  • Geroski, P.A. ve Jacquemin, A. (1988). The P ersistence of Profits: A European Comparison. Economic Journal, 98(391), 375–389.
  • Glen, J., Lee, K. ve Singh, A. (2001). Persistence of P rofitability and Competition in Emerging M arkets: A Time Series Analysis. Economic Letters , 72(2), 247–253.
  • Glen, J., Lee, K. ve Singh, A. (2003). Corporate P rofitability and the D ynamics of Competition in E merging M arkets: A T ime S eries Analysis. Economic Journal , 113(491), F465–F484.
  • Goddard, J.A. ve Wilson, J.O.S. (1996) . Persistence of P rofits for UK M anufacturing and S ervice S ector Firms. Service Industries Journal , 16(2), 105–117.
  • Goddard, J.A. ve Wilson, J.O.S. (1999). Persistence of profit: a new empirical interpretation. International Journal of Industrial Organization, 17(5), 663 – 687.
  • Goddard, J., Liu, H., Molyneux, P. ve Wilson, J.O.S. (2011). The Persistence of Bank Profit. Journal of Banking and Finance, 35, 2881 - 2890.
  • Goddard, J., McMillan, D. ve Wilson, J.O.S. (2006). Do Firms Sizes and Profit Rates Convergence? Evidence on Gibrat’s Law and the Persist ence of Profits in the Long Run, Applied Economics , 38, 267- 278.
  • Goddard, J., Molyneux, P. v e Wilson, J.O.S. (2004). The Profitability of European Banks: A Cross - Sectional and Dynamic Panel Analysis. The Manchester School , 72(3), 363 - 381.
  • Greene, W.H. (2008). Econometric Analysis , 6th. Edition, Upper Saddle River: Prentice Hall. Gschwandtner, A. ve Hauser, M.A. (2008). Modelling Profit Series: Nonstationary and Long Memory. Applied Economics , 40, 1475- 1482.
  • Hansen, L.P. (1982). Large Sample Properties of Generalized Method of Moments Estimators. Econometrica, 50(4), 1029–1054.
  • Hoffmann, P.S. (2011) . Determinants of the Profitability of the US Banking Industry, International Journal of Business and Social Science, 2(22), 255- 269.
  • Im, K.S., Pesaran, M.H. ve Shin, S. (2003) . Testing for Unit Roots in Heterogeneous Panels, Journal of Econometrics , 115(1 ), 53 - 74.
  • L evin, A., Lin C. ve Chu, C.J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite- Sample Properties . Journal of Econometrics , 108(1), 1 - 24.
  • Levonian, M.E. (1993). Competitive Forces and Profit Persist ence in Banking. FRBSF Weekly Letter, No: 93 - 04, January 29.
  • Levonian, M.E. (1994). The Persistence of Bank Profits: What the Stock Market Implies. FRBSF Economic Review, No: 2, 3 - 17.
  • Marayuma, N. ve Odagiri, H. (2002). Does the P ersistence of Profits P ersist? A S tudy of Company Profits in J apan, 1964- 97. International Journal of Industrial Organization, 20(10), 1513 - 1533.
  • Mcgahan, A. ve Porter, M.E. (1999). The P ersistence of S hocks to Profitability, Review of Economics and Statistics , 81(1), 143 - 153.
  • Mcgahan, A. ve Porter, M.E. (2003). The E mergence and S ustainability of Abnormal Profits, Strategic Organisation, 1(1), 79- 108.
  • McMillan, D.G. ve Wohar, M.E. (2011). Profit Persistence Revisited: The Case of the UK. The Manchester School , 79(3), 510- 527.
  • Mueller, D.C. (1977). The P ersistence of P rofits Above the Norm. Economica, 44(176), 369- 380.
  • Mueller, D. (1986). Profits in the Long Run. Cambridge: Cambridge University Press.
  • Pesaran, H.M. (2007). A Simple Panel Unit Root Test in the Presence of Cross - Section Dependence. Journal of Applied Econometrics , 22(2), 265- 312.
  • Roodman, D. (2006) . How to Do xtabond2: An Introduction to “Differe nce” and “System” GMM in Stata. Center for Global Development Working Paper, No:103, December.
  • Roodman, D. (2008). A Note on the Theme of Too Many Instruments . Center for Global Development Working Paper, No: 125, May.
  • Shehzad, C.T., de Haan, J. ve Scholtens, B . (2009). Growth and Earnings Persistence in Banking Firms : A Dynamic Panel Investigation. CESifo Working Paper Series, No: 2772.
  • Tarzijan, J., Brahm, F. ve Daiber, L.F. (2008). Enterpreneurial Profitability and Persistence: Chile versus the U.S.A. Journal of Business Research, 61, 599- 608.
  • Torres - Reyna, O. (2007). Panel Data Analysis Fixed and Random Effects Using Stata, Data and Statistical Services Lecture Notes , Princeton University, December.
  • Turgutlu, E. (2014). Dynamics of Profitability in the Turkish Banking Industry, Ege Akademik Bakış, 14(1), 43 - 52.
  • Waring, G.F. (1996). Industry Differences in the Persis tence of Firm - Specific Returns . American Economi c Review, 86(5), 1253 –1265.
  • Yafee, R. (2003). A Primer for Panel Data Analysis, Connect: Information Technology at NYU, Fall, 1 - 11.
  • Yurtoglu, B .B. (2004). Persistence of Firm - Level Profitability in Turkey. Applied Economics , 36(6), 615- 625.