Main Article Content
Abstract
Purpose — This paper investigates the impact of bank efficiency on shareholder value in the context of Vietnamese commercial banks.
Methods — Bank technical efficiency is measured using the DEA input cost minimization method. We employ fixed effects model (FEM), random effects model (REM), and two-step difference generalized method of moments (GMM) to regress the research models.
Findings — The findings indicate that bank efficiency positively impacts shareholder value. Additionally, the study reveals that specific bank characteristics, such as return on equity, bank size, market risk, liquidity risk, and macroeconomic factors, such as GDP growth rate, inflation rate, and credit to the private sector, also affect shareholder value.
Implications — We recommend that bank managers implement policies to enhance technical efficiency, creating greater shareholder value.
Originality — This study is the first to explore the role of technical efficiency in predicting shareholder value, specifically within the context of Vietnamese banks.
Keywords
Article Details
Copyright (c) 2025 Buu Kiem Dang, Duc Toan Vo
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References
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- Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001
- Boubaker, S., Le, T. D. Q., & Ngo, T. (2023). Managing bank performance under COVID-19: A novel inverse DEA efficiency approach. International Transactions in Operational Research, 30(5), 2436–2452. https://doi.org/10.1111/itor.13132
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- Dietrich, A., & Wanzenried, G. (2014). The determinants of commercial banking profitability in low-, middle-, and high-income countries. Quarterly Review of Economics and Finance, 54(3), 337–354. https://doi.org/10.1016/j.qref.2014.03.001
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- Fiordelisi, F., & Molyneux, P. (2010). The determinants of shareholder value in European banking. Journal of Banking and Finance, 34(6), 1189–1200. https://doi.org/10.1016/j.jbankfin.2009.11.018
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- Kontesa, M., Nichol, E. O., Bong, J. S., & Brahmana, R. K. (2020). Board capital and bank efficiency: Insight from vietnam. Business: Theory and Practice, 21(2), 483–493. https://doi.org/10.3846/btp.2020.11238
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- Le, C., Šević, A., G. Tzeremes, P., & Ngo, T. (2022). Bank efficiency in Vietnam: Do scale expansion strategies and non-performing loans matter? International Journal of Finance and Economics, 27(1), 822–843. https://doi.org/10.1002/ijfe.2179
- Le, H. N. Q., Nguyen, T. V. H., & Schinckus, C. (2021). Bank efficiency, market structure and strategic interaction: Evidence from Vietnam. Research in International Business and Finance, 56, 101371. https://doi.org/10.1016/j.ribaf.2020.101371
- Liadaki, A., & Gaganis, C. (2010). Bank Efficiency and Stock Returns: Evidence from EU 15. Omega: The International Journal of Management Science, 38, 254–259.
- Liu, J. S., Lu, L. Y. Y., Lu, W. M., & Lin, B. J. Y. (2013). A survey of DEA applications. Omega (United Kingdom), 41(5), 893–902. https://doi.org/10.1016/j.omega.2012.11.004
- Liu, R. (2019). Comparison of bank efficiencies between the US and Canada: Evidence based on sfa and dea. Journal of Competitiveness, 11(2), 113–129. https://doi.org/10.7441/joc.2019.02.08
- MJ Farrell. (1957). The Measurement of Productive Efficiency. Journal of the Royal Statistical Society Series A (General), 120(3), 253–281. https://doi.org/https://doi.org/10.2307/2343100
- Naceur, S. Ben, & Omran, M. (2011). The effects of bank regulations, competition, and financial reforms on banks’ performance. Emerging Markets Review, 12(1), 1–20. https://doi.org/10.1016/j.ememar.2010.08.002
- Ngo, D. T. (2015). Huong Dan Su Dung Phuong Phap Phan Tich Bao Du Lieu Trong Excel (Vietnamese DEA Add-In for Excel). SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2577136
- Nguyen, P. A., & Simioni, M. (2015). Productivity and efficiency of Vietnamese banking system: new evidence using Färe-Primont index analysis. Applied Economics, 47(41), 4395–4407. https://doi.org/10.1080/00036846.2015.1030565
- Nguyen, P. H., & Pham, D. T. B. (2020). The cost efficiency of Vietnamese banks – the difference between DEA and SFA. Journal of Economics and Development, 22(2), 209–227. https://doi.org/10.1108/jed-12-2019-0075
- Nguyen, T. P. T., Nghiem, S. H., Roca, E., & Sharma, P. (2016). Bank reforms and efficiency in Vietnamese banks: evidence based on SFA and DEA. Applied Economics, 48(30), 2822–2835. https://doi.org/10.1080/00036846.2015.1130788
- Pasiouras, F., Liadaki, A., & Zopounidis, C. (2008). Bank efficiency and share performance: Evidence from Greece. Applied Financial Economics, 18(14), 1121–1130. https://doi.org/10.1080/09603100701564346
- Pennacchi, G. G., & Santos, J. A. C. (2021). Why do banks target ROE? Journal of Financial Stability, 54, 100856. https://doi.org/10.1016/j.jfs.2021.100856
- Řepková, I. (2014). Efficiency of the Czech Banking Sector Employing the DEA Window Analysis Approach. Procedia Economics and Finance, 12, 587–596. https://doi.org/10.1016/s2212-5671(14)00383-9
- Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9(1), 86–136. https://doi.org/10.1177/1536867x0900900106
- Saif-Alyousfi, A. Y. H. (2020). Determinants of bank shareholder value: evidence from GCC countries. International Journal of Managerial Finance, 16(2), 224–252. https://doi.org/10.1108/IJMF-05-2019-0170
- Sharma, D. (2018). Stock Market Performance and Efficiency of Banks in a Developing Economy: Evidence from the Indian Banking Sector. IIM Kozhikode Society and Management Review, 7(2), 178–193. https://doi.org/10.1177/2277975218770502
- Siauwijaya, R. (2020). The effect of banking efficiency, earnings per share and price-earnings ratio towards the stock return of banking companies in Indonesia. Pertanika Journal of Social Sciences and Humanities, 28(S1), 277–288.
- Silva, T. C., Tabak, B. M., Cajueiro, D. O., & Dias, M. V. B. (2017). A comparison of DEA and SFA using micro- and macro-level perspectives: Efficiency of Chinese local banks. Physica A: Statistical Mechanics and Its Applications, 469, 216–223. https://doi.org/10.1016/j.physa.2016.11.041
- Stewart, C., Matousek, R., & Nguyen, T. N. (2016). Efficiency in the Vietnamese banking system: A DEA double bootstrap approach. Research in International Business and Finance, 36, 96–111. https://doi.org/10.1016/j.ribaf.2015.09.006
- Sufian, F., & Majid, M. Z. A. (2009). Bank efficiency and share prices in China: empirical evidence from a three-stage banking model. International Journal of Computational Economics and Econometrics, 1(1), 23. https://doi.org/10.1504/ijcee.2009.029151
- Svitalkova, Z. (2014). Comparison and Evaluation of Bank Efficiency in Austria and the Czech Republic. Journal of Competitiveness, 6(2), 15–29. https://doi.org/10.7441/joc.2014.02.02
- Thanh Ngo, & Tripe, D. (2017). Measuring Efficiency of Vietnamese Banks: Accounting for Nonperforming Loans in a Single-step Stochastic Cost Frontier Analysis. The Eletronic Library, 29(2), 1–17.
- Thoraneenitiyan, N., & Avkiran, N. K. (2009). Measuring the impact of restructuring and country-specific factors on the efficiency of post-crisis East Asian banking systems: Integrating DEA with SFA. Socio-Economic Planning Sciences, 43(4), 240–252.
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- Wanke, P., Barros, C. P., & Emrouznejad, A. (2016). Assessing productive efficiency of banks using integrated Fuzzy-DEA and bootstrapping: A case of Mozambican banks. European Journal of Operational Research, 249(1), 378–389.
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References
Abdulahi, S. M., Yitayaw, M. K., Feyisa, H. L., & Mamo, W. B. (2023). Factor affecting technical efficiency of the banking sector: Evidence from Ethiopia. Cogent Economics and Finance, 11(1). https://doi.org/10.1080/23322039.2023.2186039
Aftab, M., Ahamad, S., Ullah, W., & Sheikh, R. a. (2011). The impact of bank efficiency on share performance: Evidence from Pakistan. African Journal of Business Management, 5(10), 3975–3980.
Alsharif, M. (2021). The efficiency of banks and stock performance: Evidence from Saudi Arabia. Cogent Economics and Finance, 9(1), 1953726. https://doi.org/10.1080/23322039.2021.1953726
Apergis, N. (2014). The long-term role of non-traditional banking in profitability and risk profiles: Evidence from a panel of U.S. banking institutions. Journal of International Money and Finance, 45, 61–73. https://doi.org/10.1016/j.jimonfin.2014.03.003
Arshad, M. U. (2021). The relevance of earning-to-price and ROE predictability for explaining Shenzhen stock exchange (SZSE), returns in China: A dynamic panel data approach. Journal of Corporate Accounting and Finance, 32(3), 94–109. https://doi.org/10.1002/jcaf.22503
Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001
Boubaker, S., Le, T. D. Q., & Ngo, T. (2023). Managing bank performance under COVID-19: A novel inverse DEA efficiency approach. International Transactions in Operational Research, 30(5), 2436–2452. https://doi.org/10.1111/itor.13132
Coelli, T. J., Prasada Rao, D. S., O’Donnell, C. J., & Battese, G. E. (2005). An introduction to efficiency and productivity analysis. In An Introduction to Efficiency and Productivity Analysis. springer science & business media. https://doi.org/10.1007/b136381
Dar, A. H., Mathur, S. K., & Mishra, S. (2021). The Efficiency of Indian Banks: A DEA, Malmquist and SFA Analysis with Bad Output. Journal of Quantitative Economics, 19(4), 653–701. https://doi.org/10.1007/s40953-021-00247-x
Dietrich, A., & Wanzenried, G. (2014). The determinants of commercial banking profitability in low-, middle-, and high-income countries. Quarterly Review of Economics and Finance, 54(3), 337–354. https://doi.org/10.1016/j.qref.2014.03.001
Dinh, L. H., Nguyen, N. T., & Vu, L. T. (2019). Measuring banking efficiency in Vietnam: Parametric and nonparametric methods. Banks and Bank Systems, 14(1), 55–64. https://doi.org/10.21511/bbs.14(1).2019.06
Dong, Y., Hamilton, R., & Tippett, M. (2014). Cost efficiency of the Chinese banking sector: A comparison of stochastic frontier analysis and data envelopment analysis. Economic Modelling, 36, 298–308. https://doi.org/10.1016/j.econmod.2013.09.042
Fiordelisi, F., & Molyneux, P. (2010). The determinants of shareholder value in European banking. Journal of Banking and Finance, 34(6), 1189–1200. https://doi.org/10.1016/j.jbankfin.2009.11.018
Fu, X. M., Linb, Y. R., & Molyneux, P. (2014). Bank efficiency and shareholder value in Asia Pacific. Journal of International Financial Markets, Institutions and Money, 33, 200–222. https://doi.org/10.1016/j.intfin.2014.08.004
Fukuyama, H., Tsionas, M., & Tan, Y. (2023). Dynamic network data envelopment analysis with a sequential structure and behavioural-causal analysis: Application to the Chinese banking industry. European Journal of Operational Research, 307(3), 1360–1373. https://doi.org/10.1016/j.ejor.2022.09.028
Gržeta, I., Žiković, S., & Tomas Žiković, I. (2023). Size matters: analyzing bank profitability and efficiency under the Basel III framework. Financial Innovation, 9(1). https://doi.org/10.1186/s40854-022-00412-y
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics. McGraw-hill.
Henriques, I. C., Sobreiro, V. A., Kimura, H., & Mariano, E. B. (2018). Efficiency in the Brazilian banking system using data envelopment analysis. Future Business Journal, 4(2), 157–178. https://doi.org/10.1016/j.fbj.2018.05.001
Hoang, V. H. T., Hoang, N. T., & Yarram, S. R. (2020). Efficiency and Shareholder Value in Australian Banking. Economic Record, 96(312), 40–64. https://doi.org/10.1111/1475-4932.12508
Hughes, J. P., & Mester, L. J. (2012). Efficiency in Banking: Theory, Practice, and Evidence. The Oxford Handbook of Banking. https://doi.org/10.1093/oxfordhb/9780199640935.013.0018
Kale, S., Eken, M. H., & Kaya, İ. G. (2020). Bank Efficiency and Stock Returns in the Turkish Stock Market: A Two-stage Analysis Approach. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 15(3), 1001–1018. https://doi.org/10.17153/oguiibf.471816
Kamarudin, F., Hue, C. Z., Sufian, F., & Mohamad Anwar, N. A. (2017). Does productivity of Islamic banks endure progress or regress? Empirical evidence using Data Envelopment Analysis based Malmquist Productivity Index. Humanomics, 33(1), 84–118.
Kamarudin, F., Sufian, F., & Md. Nassir, A. (2016). Does country governance foster revenue efficiency of Islamic and conventional banks in GCC countries? EuroMed Journal of Business, 11(2), 181–211. https://doi.org/10.1108/EMJB-06-2015-0026
Kamarudin, F., Sufian, F., Nassir, A. M., & Anwar, N. A. M. (2015). Technical efficiency and returns to scale on banking sector: Empirical evidence from GCC countries. Pertanika Journal of Social Sciences and Humanities, 23(September), 219–236.
Kontesa, M., Nichol, E. O., Bong, J. S., & Brahmana, R. K. (2020). Board capital and bank efficiency: Insight from vietnam. Business: Theory and Practice, 21(2), 483–493. https://doi.org/10.3846/btp.2020.11238
Lan, P. M., Minh, N. K., Van Khanh, P., & Luan, N. T. (2024). The efficiency and the stability of efficiency rankings of Vietnamese commercial banks through mergers and acquisitions from 2008 to 2018. Afro-Asian Journal of Finance and Accounting, 14(4), 581–604. https://doi.org/10.1504/AAJFA.2024.139933
Le, C., Šević, A., G. Tzeremes, P., & Ngo, T. (2022). Bank efficiency in Vietnam: Do scale expansion strategies and non-performing loans matter? International Journal of Finance and Economics, 27(1), 822–843. https://doi.org/10.1002/ijfe.2179
Le, H. N. Q., Nguyen, T. V. H., & Schinckus, C. (2021). Bank efficiency, market structure and strategic interaction: Evidence from Vietnam. Research in International Business and Finance, 56, 101371. https://doi.org/10.1016/j.ribaf.2020.101371
Liadaki, A., & Gaganis, C. (2010). Bank Efficiency and Stock Returns: Evidence from EU 15. Omega: The International Journal of Management Science, 38, 254–259.
Liu, J. S., Lu, L. Y. Y., Lu, W. M., & Lin, B. J. Y. (2013). A survey of DEA applications. Omega (United Kingdom), 41(5), 893–902. https://doi.org/10.1016/j.omega.2012.11.004
Liu, R. (2019). Comparison of bank efficiencies between the US and Canada: Evidence based on sfa and dea. Journal of Competitiveness, 11(2), 113–129. https://doi.org/10.7441/joc.2019.02.08
MJ Farrell. (1957). The Measurement of Productive Efficiency. Journal of the Royal Statistical Society Series A (General), 120(3), 253–281. https://doi.org/https://doi.org/10.2307/2343100
Naceur, S. Ben, & Omran, M. (2011). The effects of bank regulations, competition, and financial reforms on banks’ performance. Emerging Markets Review, 12(1), 1–20. https://doi.org/10.1016/j.ememar.2010.08.002
Ngo, D. T. (2015). Huong Dan Su Dung Phuong Phap Phan Tich Bao Du Lieu Trong Excel (Vietnamese DEA Add-In for Excel). SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2577136
Nguyen, P. A., & Simioni, M. (2015). Productivity and efficiency of Vietnamese banking system: new evidence using Färe-Primont index analysis. Applied Economics, 47(41), 4395–4407. https://doi.org/10.1080/00036846.2015.1030565
Nguyen, P. H., & Pham, D. T. B. (2020). The cost efficiency of Vietnamese banks – the difference between DEA and SFA. Journal of Economics and Development, 22(2), 209–227. https://doi.org/10.1108/jed-12-2019-0075
Nguyen, T. P. T., Nghiem, S. H., Roca, E., & Sharma, P. (2016). Bank reforms and efficiency in Vietnamese banks: evidence based on SFA and DEA. Applied Economics, 48(30), 2822–2835. https://doi.org/10.1080/00036846.2015.1130788
Pasiouras, F., Liadaki, A., & Zopounidis, C. (2008). Bank efficiency and share performance: Evidence from Greece. Applied Financial Economics, 18(14), 1121–1130. https://doi.org/10.1080/09603100701564346
Pennacchi, G. G., & Santos, J. A. C. (2021). Why do banks target ROE? Journal of Financial Stability, 54, 100856. https://doi.org/10.1016/j.jfs.2021.100856
Řepková, I. (2014). Efficiency of the Czech Banking Sector Employing the DEA Window Analysis Approach. Procedia Economics and Finance, 12, 587–596. https://doi.org/10.1016/s2212-5671(14)00383-9
Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9(1), 86–136. https://doi.org/10.1177/1536867x0900900106
Saif-Alyousfi, A. Y. H. (2020). Determinants of bank shareholder value: evidence from GCC countries. International Journal of Managerial Finance, 16(2), 224–252. https://doi.org/10.1108/IJMF-05-2019-0170
Sharma, D. (2018). Stock Market Performance and Efficiency of Banks in a Developing Economy: Evidence from the Indian Banking Sector. IIM Kozhikode Society and Management Review, 7(2), 178–193. https://doi.org/10.1177/2277975218770502
Siauwijaya, R. (2020). The effect of banking efficiency, earnings per share and price-earnings ratio towards the stock return of banking companies in Indonesia. Pertanika Journal of Social Sciences and Humanities, 28(S1), 277–288.
Silva, T. C., Tabak, B. M., Cajueiro, D. O., & Dias, M. V. B. (2017). A comparison of DEA and SFA using micro- and macro-level perspectives: Efficiency of Chinese local banks. Physica A: Statistical Mechanics and Its Applications, 469, 216–223. https://doi.org/10.1016/j.physa.2016.11.041
Stewart, C., Matousek, R., & Nguyen, T. N. (2016). Efficiency in the Vietnamese banking system: A DEA double bootstrap approach. Research in International Business and Finance, 36, 96–111. https://doi.org/10.1016/j.ribaf.2015.09.006
Sufian, F., & Majid, M. Z. A. (2009). Bank efficiency and share prices in China: empirical evidence from a three-stage banking model. International Journal of Computational Economics and Econometrics, 1(1), 23. https://doi.org/10.1504/ijcee.2009.029151
Svitalkova, Z. (2014). Comparison and Evaluation of Bank Efficiency in Austria and the Czech Republic. Journal of Competitiveness, 6(2), 15–29. https://doi.org/10.7441/joc.2014.02.02
Thanh Ngo, & Tripe, D. (2017). Measuring Efficiency of Vietnamese Banks: Accounting for Nonperforming Loans in a Single-step Stochastic Cost Frontier Analysis. The Eletronic Library, 29(2), 1–17.
Thoraneenitiyan, N., & Avkiran, N. K. (2009). Measuring the impact of restructuring and country-specific factors on the efficiency of post-crisis East Asian banking systems: Integrating DEA with SFA. Socio-Economic Planning Sciences, 43(4), 240–252.
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