چکیده:
بانکها، یکی از مهمترین نهادهای بازار پول و سرمایه، نقش ارزندهای در توسعۀ اقتصادی دارند. رشد پرشتاب اقتصادی و افزایش رقابت بین بانکها در تخصیص بهینۀ منابع مالی باعث شده است که قدرت بازاری نظام بانکی اهمیت زیادی داشته باشد. از این رو بانکها بر آن هستند که با افزایش خلاقیت در استفاده از استراتژیهای تنوعبخشی سپردهها و متقاضیان تسهیلات بانکی بیشتری جذب کنند. هدف از این پژوهش بررسی تأثیر استراتژیهای تنوع درآمدی بر قدرت بازاری نظام بانکی است. به این ترتیب دادههای 20 بانک در ایران طی دورۀ زمانی 1398- 1393 از صورتهای مالی و یادداشتهای پیوست جمعآوری شد. روش برازش پژوهش حاضر مدل گشتاور تعمیمیافته (GMM) است. قدرت بازاری بانکهای موردبررسی از طریق شاخص لرنر اندازهگیری برای رسیدن به این هدف از تابع هزینۀ مرزی ترانسلوگ استفاده و سپس قدرت بازاری محاسبه شد. برای سنجش استراتژیهای تنوع درآمدی از دو شاخص هریشمن هرفیندال تعدیلشده شامل تنوع درآمدی بهرهای(HHINOI) و غیر بهرهای (HHINON) استفاده شده است. نتایج حاکی از آن است که استراتژی تنوع درآمدی غیر بهرهای بر قدرت بازاری نظام بانکی تأثیر مثبت و معناداری دارد؛ اما تأثیر استراتژی تنوع درآمدی بهرهای بر قدرت بازاری تأیید نشده است.
The purpose of this research was to investigate the effects of income diversification strategies on market power in Iranian banking system during the period of 2015-2020. The fitting method of the present study was the Generalized Method of Moments (GMM) model. Market power in banking system is measured by the Lerner index using the Translog stochastic frontier cost function. Two adjusted Herfindahl-Hirschman indices are used to measure income diversification strategies, including interest and non-interest income diversifications. The results showed that the non-interest income diversification strategy had a significant positive effect on market power in the banking system; however, the effect of the interest income diversification strategy on the market power was not confirmed. IntroductionIn recent years, one of the most important issues considered by researchers in industrial economics in the field of banking is analysis of the interbank market structure, market power of banking system and impacts of internal and external factors that have been widely used by policy makers and managers. It helps the banking industry to become more competitive. On the other hand, it can be seen that the banking industry has faced fundamental, rapid, and complex changes, including mergers, acquisitions, structural reforms, deregulation, and increasing competition. Many commercial banks have been pursuing income diversification strategies for maintaining their positions in the market in response to increasing competition. In fact, the competition between financial markets for optimal allocation of financial resources has attracted more depositors towards banks. It has made banks increase their banking facilities for applicants by increasing creativity via various tools. One of the most widely used diversification strategies is income diversification. The income structure includes the two types of interest and non-interest incomes. The structure of interest income includes the lending and traditional activities of banks, while that of non-interest income consists of fee income, commission, foreign exchange income, etc. There are few and contradictory studies on the relationship between the market power of banking system and diversification strategies. Given the contradictory points of view, this question will be raised: What effects do the income diversification strategies have on the market power of banking system in the Iranian banking industry? Method and DataThe sample of this study included all the banks in the Iranian banking network operating in Iran during the period of 2015-2020. For this purpose, the required information of 20 banks was collected from their financial statements shown in Codal.ir website. The economic data were also extracted from the Central Bank website. The method used in this research was the Generalized Method of Moments (GMM). In this model, the dependent variable is added with an interval on the right side of the model, which leads to explaining the dynamic effects in the model. The estimated compatibility of the GMM is measured by Sargan test. FindingsFirst, to determine the choice of method between the Pool and Panel or the Fixed and Random Effects method, the Chow test was performed. The results showed that the value of F-Limer statistic was 2.38 and its significance level was 0.0050. Therefore, the panel data were accepted. The Hausman test was then used to distinguish the fixed effects versus random effects. The result of this test was 32.31 ƛ2 and its significance level was 0.0001, which indicated that the model had to be estimated by using the fixed effects. In the next step, the GMM was fitted. The results showed that the variable of market power or competition with one lag had a significance level of less than 0.05. Hence, it had a positive and significant effect on the dependent variable (0.055(. The results also revealed that the non-interest income diversification with a coefficient of 0.21 and significance level of less than 0.05 had a positive and significant impact on the market power of the banking system (0.0094). The findings showed that all the control variables, except for the firm size, had a positive and significant effect on the market power of the banking system. Conclusion and discussion In this study, the effects of income diversification strategies on the market power of banking system were investigated in the Iranian banking industry during the period 1393-2014. The results demonstrated that non-interest income diversification had a positive and significant effect on the competition and market power of the banking system. However, the effect of interest income diversification on the market power of the banking system was not confirmed. It could be argued that commercial banks could create values for themselves based on non-interest income diversification by providing extensive financial services to customers and motivating them to use them so as to create the favorable market power and gain a competitive advantage. To strengthen this strategy, it is suggested that policymakers and legislators provide a better environment for foreign exchange by formulating and approving facilitative policies and creating the necessary infrastructure to cooperate with other banks in the neighboring countries. Banks can earn non-interest income by updating their services and coming up with new and innovative ideas to provide new services and strengthen their competitive positions in banking system. In the future research, the effects of various diversification strategies on market power in the developing and developed countries can be assessed and compared.
خلاصه ماشینی:
مقاله پژوهشی تأثیر استراتژیهای تنوع درآمدی بر قدرت بازاری نظام بانکی محمدحسن قلی زاده دانشیار، گروه مدیریت، دانشکدۀ ادبیات و علوم انسانی، دانشگاه گیلان، رشت، ایران gholizadeh@guilan.
با توجه به دیدگاههای متناقض این سؤال مطرح خواهد شد که استراتژیهای تنوعبخشی درآمدی بر قدرت بازاری نظام بانکی در صنعت بانکداری ایران چه تأثی ذارد؟ اهمیت تنوعبخشی درآمدی در کسب سود، بهبود عملکرد بانکها و مقاومت بیشتر در برابر شوکهای اقتصادی باعث کناررفتن و حذف تدریجی استراتژی متمرکز کسب درآمد برحسب یک روش خاص شده است.
Liang et al Adesina Li et al Dang & Cuong Dang Stiroh Leroy Amidu & Wolfe Gupla & Moudud-Ul-Huq Lapteacru Lin et al مبانی نظری یکی از موضوعات بسیار مهمی که در سالهای اخیر توجه پژوهشگران اقتصاد صنعتی را در حوزۀ بانکی جلب کرده است، تحلیل ساختار بازار بین بانکی، قدرت بازاری نظام بانکی و بررسی تأثیر عوامل درونی و بیرونی اثرگذار بر آن است که کاربرد فراوانی داشته است و به سیاستگذاران و مدیران در هدایت صنعت بانکداری بهسمت رقابتیشدن کمک ارزندهای میکند.
نتایج حاکی از آن است که در مقایسه با دو منطقۀ مختلف، بانکهای BRICS با بهکارگیری هر دو استراتژی تنوعبخشی برای بهبود سودآوری بانک، کارایی و کاهش رفتار ریسکپذیری تا حد چشم Ariefianto Manurung Edirisuriya Hunjra Ndungu & Muturi Moudud-Ul-Huq اندونزی، مالزی، فیلیپین، سنگاپور، تایلند برزیل، روسیه، هند، چین، آفریقای جنوبی بالاترین سود را نسبتبه ASEAN-5 کسب میکنند.
2021 Research Paper Investigating the Mediating Roles of Information Asymmetry and Illiquidity Related to Cluster Trading in the Relationship between Noise Trading and Market Efficiency in Tehran Stock Exchange (TSE) Mahmood Ramshini Assistant professor, Department of Business Management, Faculty of Humanities, Universityof Bojnord, Bojnord, Iran m.