THE DETERMINATION OF EFFICIENCY OF THE RETAIL-SECTOR COMPANIES WHOSE SHARES ARE TRADED IN BORSA ISTANBUL WITH DATA ENVELOPMENT ANALYSIS

International Congress of Management Economy And Policy, 26-27 Kasım 2016, İstanbulPerakende ticaret sektörü firmaları sürekli bir şekilde değişen ve artan insan ihtiyaçları doğrultusunda sadece üreticilerin ürünlerini nihai tüketicilere ulaştıran firmalar olma konumundan çıkmışlardır. Günümüz perakende ticaret sektörü firmaları, tüketicilere fiyat, kalite ve satış sonrası hizmetler gibi unsurlarda fark yaratabilmek için yoğun bir rekabet ortamında faaliyet göstermektedirler. Birbirinden çok farklı nitelikteki üreticilerin ürün ve hizmetlerini, farklı ihtiyaç ve beklentileri olan tüketicilere sunma görevini yerine getiren bu firmaların faaliyetlerinde mümkün olabildiğince etkin olması gerekmektedir. Bu çalışmada Borsa İstanbul’da pay senetleri işlem gören perakende ticaret sektörü firmalarının etkinlik analizinin Veri Zarflama Analizi (VZA) ile belirlenmesi amaçlanmıştır. 2012-2014 dönemini kapsayan çalışmada firmaların etkinliklerinin belirlenmesi amacıyla aktif toplamı (AT), finansal kaldıraç (FK) ve satışların maliyeti (SM) girdi değişkenleri, satış geliri (SG) ve aktif karlılığı (AK) çıktı değişkenleri olarak belirlenmiştir. Çalışma sonucunda üç girdi ve iki çıktı ile kurulan VZA modeli ile analiz kapsamına alınan 14 firmanın etkinlik değerleri hesaplanmıştır.Considering the constantly changing and increasing human needs, the traditional function of retail sector companies that are merely delivering the products of the producers to the final consumers has been changed.Today's retail-sector firms operate in an intense competitive environment in order to make a difference in terms of prices, quality and after-sales services. It is essential that these companies, which fulfill the duty of presenting products and services of different producers to consumers with different needs and expectations, should be as effective as possible. In this study, the aimed to determine the efficiency of the retail-sector companies whose shares are traded in Borsa Istanbul with Data Envelopment Analysis. In order to determine the efficiencies of the firms covering the period 2012-2014, the total assets, financial leverage and cost of sales are determined as input variables and sales revenue and return on assets are determined as output variables. As a result of the study, the efficiency values of the 14 firms included in the analysis were calculated by using the Data Envelopment Analysis model formed by three inputs and two outputs

A Multiple Criteria Framework to Evaluate Bank Branch Potential Attractiveness

Remarkable progress has occurred over the years in the performance evaluation of bank branches. Even though financial measures are usually considered the most important in assessing branch viability, we posit that insufficient attention has been given to other factors that affect the branches’ potential profitability and attractiveness. Based on the integrated used of cognitive maps and MCDA techniques, we propose a framework that adds value to the way that potential attractiveness criteria to assess bank branches are selected and to the way that the trade-offs between those criteria are obtained. This framework is the result of a process involving several directors from the five largest banks operating in Portugal, and follows a constructivist approach. Our findings suggest that the use of cognitive maps systematically identifies previously omitted criteria that may assess potential attractiveness. The use of MCDA techniques may clarify and add transparency to the way trade-offs are dealt with. Advantages and disadvantages of the proposed framework are also discussed.

Microfinance institutions and efficiency

Microfinance Institutions (MFIs) are special financial institutions. They have both a social nature and a for-profit nature. Their performance has been traditionally measured by means of financial ratios. The paper uses a Data Envelopment Analysis (DEA) approach to efficiency to show that ratio analysis does not capture DEA efficiency.Special care is taken in the specification of the DEA model. We take a methodological approach based on multivariate analysis. We rank DEA efficiencies under different models and specifications; e.g., particular sets of inputs and outputs. This serves to explore what is behind a DEA score. The results show that we can explain MFIs efficiency by means of four principal components of efficiency, and this way we are able to understand differences between DEA scores. It is shown that there are country effects on efficiency; and effects that depend on Non-governmental Organization (NGO)/non-NGO status of the MFI

Relative efficiency in the branch network of a Greek bank : a quantitative analysis

Measuring and evaluating the efficient use of resources of Bank branches plays a decisive role in a Bank’s strategic planning. Usually, efficiency is measured by using accounting ratios, such as labor productivity, capital productivity, return on assets etc. When these ratios are properly used, they provide significant information regarding the effective operation of the branch, and contribute in carrying out intrabank comparisons and comparisons over a period of time. However, by using such ratios, an important part of the branch operation remains uncovered: the measurement of the effective use of the resources. New mathematical programming models that are related with the degree at which each branch makes use of its resources, are applied to deal with the weaknesses of such ratios. This study discuss the limitations of using accounting ratio analysis for assessing performance and, presents and interprets the results from the application of mathematical programming models in a sample of branches of a Greek Bank.peer-reviewe

Eficiencia en instituciones de microfinanzas

Microfinance Institution (MFIs) are special financial institutions. The have both a social nature and a for-profit nature. Their performance has been traditionally measured by means of financial ratios. The paper uses a Data Envelopment Analysis (DEA) approach to efficiency to show that ratio analysis does not capture DEA efficiency. Special care is taken in the specification of the DEA model. We take methodological approach based on multivariate analysis. We rank DEA efficiencies under different models and specifications: e.g. particular sets of inputs and outputs. This serves to explore what is behind a DEA score. The results show that we can explain MFIs efficiency by means of four principal components of efficiency, and this way are able to understand differences between DEA scores. It is shown that there are country effects on efficiency; and effects that depend on Non-governmental Organizations (NGO)/non-NGO status of the MF

A Tobit Model Application on the Determinants of R D Efficiency

DergiPark: 464212trakyasobedThe scarcity ofresources obliges them to adapt to innovation to achieve steady growth ofcountries. The source of innovation is research and development activities. Theaim of this study is to reveal the determinants of the effectiveness ofresearch and development. 1996-2014 period data of 16 OECD countries were usedin the study. Firstly, the efficiency values of research and development werecalculated by Data Envelopment Analysis Method and then Total FactorProductivity, which is considered to be the determinant of the effectiveness ofresearch and development, was obtained. Malmquist Index Method was used inTotal Factor Productivity calculations. In the final stage of the study, TobitModel in which the efficiency values of research and development are used asdependent variables was estimated. Total factor productivity calculated, energyconsumption and foreign direct investment data were used as independentvariable. According to Tobit model estimation results, it was determined thattotal factor productivity and energy consumption variables have a directed lineeffect on the efficiency of research and development, while foreign directinvestment has a back line effect on the efficiency of research anddevelopment.Kaynaklarınkıtlığı, ülkelerin istikrarlı büyümeyi yakalamalarında yeniliğe adapteolmalarını zorunlu kılmaktadır. Yeniliğin kaynağı ise araştırma geliştirmefaaliyetleridir.  Bu çalışmanın amacıaraştırma geliştirmenin etkinliğinin belirleyicilerini ortaya koymaktır.Araştırmada 16 OECD ülkesine ait 1996-2014 dönemi verileri kullanılmıştır. İlkolarak araştırma geliştirmenin etkinlik değerleri Veri Zarflama Analizi Yöntemiile hesaplanmıştır. Daha sonra araştırma geliştirmenin etkinliğininbelirleyicisi olduğu düşülen Toplam Faktör Verimliliği elde edilmiştir. ToplamFaktör Verimliliği hesaplamalarında Malmquist Endeks Yöntemine başvurulmuştur.Araştırmanın son aşamasında araştırma geliştirmenin etkinlik değerlerininbağımlı değişken olarak kullanıldığı Tobit Model tahmin edilmiştir. Bağımsızdeğişken olarak hesaplanan toplam faktör verimliliği, enerji tüketimi vedoğrudan yabancı yatırım verileri kullanılmıştır.  Tobit model tahmin sonuçlarına göre toplamfaktör verimliliği ve enerji tüketimi değişkenlerinin araştırma geliştirmeninetkinliği üzerinde doğru yönlü; buna karşılık doğrudan yabancı yatırımların iseters yönlü etkiye sahip olduğu tespit edilmiştir

Digital banking impact on Turkish deposit banks performance

The technological developments in the banking sector have significant implications for banks and are dramatically changing the way retail banks conduct their business. Banks can invest in digital banking (DB) services either to acquire a strategic advantage or because doing so has become a strategic necessity. This study is organized to examine if DB service channels have any positive or negative impact on Turkish deposit banks’ performance. With this aim in mind, in the first stage of the proposed DEA model, physical assets are used. Then, in the second stage, DB service channels are added to see if they have any impact on banks’ performance. The results show that the banks are investing in DB services just to keep the competition as it is. In other words, they invest in DB services as a strategic necessity. DB services do not provide any strategic advantage to any banks in terms of financial performance or efficiency since the banks are already efficient. Investing in DB only helped to preserve their strategic positions. The Turkish deposit banking industry is very competitive and very profitable, and it is necessary to invest in DB services just to keep the competition as it is

Data envelopment analysis in financial services: a citations network analysis of banks, insurance companies and money market funds

Development and application of the data envelopment analysis (DEA) method, have been the subject of numerous reviews. In this paper, we consider the papers that apply DEA methods specifically to financial services, or which use financial services data to experiment with a newly introduced DEA model. We examine 620 papers published in journals indexed in the Web of Science database, from 1985 to April 2016. We analyse the sample applying citations network analysis. This paper investigates the DEA method and its applications in financial services. We analyse the diffusion of DEA in three sub-samples: (1) banking groups, (2) money market funds, and (3) insurance groups by identifying the main paths, that is, the main flows of the ideas underlying each area of research. This allows us to highlight the main approaches, models and efficiency types used in each research areas. No unique methodological preference emerges within these areas. Innovations in the DEA methodologies (network models, slacks based models, directional distance models and Nash bargaining game) clearly dominate recent research. For each subsample, we describe the geographical distribution of these studies, and provide some basic statistics related to the most active journals and scholars

Assessing Taiwan financial holding companies’ performance using window analysis and Malmquist productivity index

[[abstract]]Performance evaluation is the important approach for enterprises to give incentive and restraint to their operators and it is also an important channel for enterprise stakeholders to get the performance information. The purpose of this study is to analyze current evaluation system for Taiwan Financial Holding Companies. This research tries to measure the performance on thirteen financial holding companies in Taiwan for the period 2003 to 2009. The result presented the proposed method is practical and useful. Also the study result represented that the combined method had certain scientific and rationality. The evaluation model indicates that this method be more reasonable and easier to grasp than other methods. As a result, it is easier to popularize this evaluation method in enterprises. The study thus presents a complete assessment model that helps managers to identify items for improvement, while simultaneously promoting cost and time efficiencies in financial Holding Companies.[[journaltype]]國外[[incitationindex]]SSCI[[booktype]]電子版[[countrycodes]]NG

Adding Value to Bank Branch Performance Evaluation Using Cognitive Maps and MCDA: A Case Study

The performance evaluation of bank branches is a difficult task. One of the main reasons for this difficulty is the complexity inherent in the variety of aspects to be considered in the evaluation, and the multiple and conflicting interests of the different stakeholders involved. In this paper we aim to show how cognitive mapping and the MACBETH approach can be used to support the evaluation of bank branches through the development of multidimensional performance evaluation systems, and to deal explicitly with the trade-offs between the different dimensions of performance and interests of different stakeholders. A case study is discussed where these techniques are used in a constructive way, making the learning activity easier and introducing transparency in the decision making process. The strengths and weaknesses of the integrated use of these two operational research techniques in this context are also discussed.