Tác động của sở hữu nhà nước đến hiệu quả hoạt động của ngân hàng thương mại - Trường hợp Việt Nam
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Tóm tắt
Bài nghiên cứu xem xét sự tác động của sở hữu nhà nước đến hiệu quả hoạt động ngân hàng tại Việt Nam. Kết quả cho thấy cấu trúc sở hữu có những ảnh hưởng đáng kể đến hiệu quả hoạt động của ngân hàng, cụ thể là các ngân hàng nhà nước có hiệu quả hơn các ngân hàng tư nhân về mặt kỹ thuật nhưng lại không đạt hiệu quả về mặt quy mô. Đồng thời, các ngân hàng nhà nước có vẻ chưa thực hiện tốt các hoạt động đầu tư, song song đó thì tỷ lệ dự phòng nợ khó đòi cao, phần nào làm hạn chế hiệu quả hoạt động của ngân hàng. Đối với các ngân hàng niêm yết, việc niêm yết khiến các ngân hàng có động lực thực hiện càng nhiều hoạt động để làm gia tăng hiệu quả về mặt quy mô và lợi nhuận từ đó có thể làm hài lòng các cổ đông hiện tại và thu hút các nhà đầu tư mới. Quy mô càng lớn thì hiệu quả của các ngân hàng niêm yết càng gia tăng, nhưng những ngân hàng này lại không đạt hiệu quả cao về mặt kỹ thuật.
Chi tiết bài viết
Từ khóa
Sở hữu nhà nước, hệ thống ngân hàng, hiệu quả hoạt động
Tài liệu tham khảo
Abdul, H.Zulkafli và Fazilah, A. Samad, (2007). “Corporate Governance and Performance of Banking Firms: Evidence from Asian Emerging Markets”. Emerald Group Publishing Limted, 12, 49 – 74.
Aggarwal, R. và Kyaw, N., (2010). “Capital structure, dividend policy, and multinationality: Theory versus empirical evidence”. International Review of Financial Analysis, 19(2), 140 – 150.
Ahunwan, B., (2002). “Corporate gorvernance in Nigeria”. Journal of Business Ethics, 37(3), 269
– 287.
Andrei, S. và Robert, W.Vishny, (1997). “A Survey of Corporate Governance”. The Journal of Finance, 57(2), 737 – 783.
Armen, A. Alchian, (1972).“Production, Information Costs, and Economic Organization”. The American Economic Review, 62(5), 777-795
Athanasoglou, P. P., Sophocles, N. B., Matthaios D. Delis, (2008). “Bank – specific, industry
– specific and macroeconomic determinants of bank profitability”. Journal of International Financial Markets, Institutions and Money, 18(2), 121 – 136.
Barbara,C. và Claudia,G., (2002). “A comparative study of the cost efficiency of Italian bank conglomerates”. Managerial Finance, 28(9), 3 – 23.
Barr, R.S.,Killgo, K.A., Siems, T.F., (2002). “Evaluating the Productive Efficiency and Performance of U.S. Commercial Banks”. Managerial Finance, 28(8), 3 – 25.
Barth, J.R., Lin, C., Ma, Y., Seade, J., (2006). “Do bank regulation, supervision and monitoring enhance or impede bank efficiency?”. Journal of Banking & Finance, 37(8), 2879 – 2892.
Beck, T.,Demirgüç-Kunt, A., Maksimovic, V., (2003). “Bank competition and access to finance:international evidence”. Journal of Money, Credit and Banking, 36(3), 627 – 648.
Belen Villalonga, (2004). “Diversification Discount or Premium? New Evidence from the Business Information Tracking Series”. Journal of Finance, 59(2), 479 – 506.
Berger, A. N., Bonaccorsi, E. D. P., (2005). “Capital Structure and Firm performance: A new approach to testing agency theory and an application to the banking industry”. Journal of Banking & Finance, 30(4), 1065 – 1102.
Berger, A. N., Clarke, G. R. G., Cull, R., Klapper, L., (2005). “Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership”. Journal of Banking & Finance, 29(8-9), 2179 – 2221.
Berger,A.N., Hasan, I., Zhou, M. (2009) .“Bank ownership and efficiency in China: What will happen in the world’s largest nation?”. Journal of Banking & Finance, 33(1), 113 – 130.
Boateng, A., Huang, W., Kufuor, N. K., (2015). “Commercial bank ownership and performance in China”. Applied Economics, 47(49), 5320 – 5336.
Bonin, J.P., Hasan, I., Wachtel, P., (2005).”Bank performance, efficiency and ownership in transition countries”. Journal of Banking & Finance, 29(1), 31 – 53.
Boubakri, N.J.C., Cosset,G., và Fisher, K., (2005), “Ownership structure and the performance of privatized banks”. Journal of Banking and Finance, 29 (8), 2015 - 2041.
Cornett, L. Guo, Khaksari, S.,Tehranian, H., (2000). “The impact of state ownership on performance differences in privately-owned versus state-owned banks: An international comparison”. Journal of Financial Intermediation, 19(1), 74 – 94.
Thanh, Ngo, 2012, “Measuring the Performance of the Banking System Case of Vietnam (1990- 2010)”, Journal of Applied Finance & Banking. 2(2): 289-312.
Demsetz, H. (1983), “The structure of ownership and the theory of the firm”. Journal of Law and Economic, 26( 2), 357 - 390.
Duc, P., Anil, M., (2015).“Ownership structure and firm performance: Evidence from Vietnamese listed firms”. Australian Economic Papers, 55(1), 63 – 98.
Elsas, R., Hackethal, A., Holzhäuser, M., (2010). “The Anatomy of Bank Diversification”. SSRN Electronic Journal, 34(6), 1274 – 1287.
Elyasiani, E. và Meinster, D.R., (1988). “The performance of foreign owned, minority owned, and holding company owned banks in the U.S”. Journal of Banking & Finance, 12(2), 293 – 313.
Firth, M.,Lin, C.,Wong, S.M.L., (2008). “Leverage and investment under a state-owned bank lending environment: Evidence from China”. Journal of Corporate Finance, 14(5), 642 – 653.
Fu, X.M., Heffernan, S., (2009). “The effects of reform on China’s bank structure and performance”.
Journal of Banking & Finance, 33(1), 39 – 52.
García-Herrero, A., Gavilá, S., Santabárbara, D., (2009). “What explains the low profitability of Chinese banks?”. Journal of Banking & Finance,33(11), 2080 – 2092.
George, R. G. Clarke, Robert Cull, Shirley, M.M., (2005). “Bank privatization in developing countries: A summary of lessons and findings”. Journal of Banking & Finance, 29(8-9), 1905
– 1930.
Gilbert,R.A., Wilson, P.W., (1998). “Effects of Deregulation on the Productivity of Korean Banks”.
Journal of Economics and Business, 50(2), 133 – 155.
H. SemihYildirim và George, C. Philippatos, (2007). “Efficiency of banks: recent evidence from the transition economies of Europe 1993–2000”. European Journal of Finance, 13(2), 123 – 143.
Harold Demsetz và Kenneth Lehn, (1985). “The Structure of corporate ownership: causes and consequences”. Journal of Political Economy, 96(6), 1155 – 1177.
Helen, S. và Kelvin, K., (1999). “Managerial ownership and the performance of firms: Evidence from the UK”. Journal of Corporate Finance, 5(1), 79 – 101.
Huibers, (2005). “Initial Public Offerings. In The Future of State-Owned Financial Institutions”.
Journal of Chinese Economic and Business Studies, 10(2), 131 – 146.
Isik, I., Hassan, M.K., (2002). “Cost and Profit Efficiency of the Turkish Banking Industry: An Empirical Investigation”. Financial Review, 37(2), 257 – 279.
Jeremy, C. Stein, (1997). “Internal Capital Markets and the Competition for Corporate Resources”.
Journal of Finance,52(1) ,111 – 133.
John, J. McConnell và Henri, S., (1990). “Additional evidence on equity ownership and corporate value”. Journal of Financial Economics, 27(2), 595 – 612.
Jonathan, W. và Nghia, N., (2005). “Financial liberalisation, crisis, and restructuring: A comparative study of bank performance and bank governance in South East Asia”. Journal of Banking & Finance, 29(8-9), 2119 – 2154.
Kumbhakar, S.C., Sarkar, S. (2003). “Deregulation, Ownership, and Productivity Growth in the Banking Industry: Evidence from India”. Journey of Money, Credit and Banking, 35(3), 403 – 424.
Kwang Chul, L.và Chuck, C.Y.K., (1988). “Multinational Corporations vs. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure”. Journal of International Business Studies, 19(2), 195 – 217.
Levine, R., (1997). “Financial Development and Economic Growth: Views and Agenda”. Journal of Economic Literature, 35(2), 688 – 726.
Lianxi Zhou và Amy Wong, (2008). “Consumer Impulse Buying and In – Store Stimuli in Chinese Supermarkets”. Journal of International Consumer Marketing, 16(2), 37 – 53.
Mathew,T., Elsie, E. A., Joseph, O., (2007). “Disclosure and corporate governance in developing countries: evidence from Ghana”. Managerial Auditing Journal, 22(3), 319 – 334.
Maudos, J., Pastor, J.M., Perez, F., (2002). “Competition and efficiency in the Spanish banking sector: the importance of specialization”. Applied Financial Economics, 12(7), 505 – 516.
Mian, A., (2003). “Foreign, private domestic, and government banks: New evidence from emerging markets”. Journal of Banking and Finance, 27 (7), 1219 – 1410.
Mohammed Omran, (2007). “Privatization, State Ownership, and Bank Performance in Egypt”.
World Development, 35(4), 714 – 733.
Morck, R., Shleifer, A.,Vishny, R.W., (1988). ”Management Ownership and Market Valuation: An Empirical Analysis”. Journal of Financial Economics, 20(1-2), 293 – 315.
Mukherjee, K., Ray, S.C., Miller, S.M, (2001). “Productivity growth in large US commercial banks: The initial post-deregulation experience”. Journal of Banking & Finance, 25(5), 913 – 939.
Ngô, D.Thanh (2012). “Measuring the Performance of the Banking System Case of Viet Nam”.
Journal of Applied Finance and Banking, 2, 289 – 312.
Nguyễn,T.T.Thương (2017). “Hiệu quả hoạt động của ngân hàng thương mại trên địa bàn Thái Nguyên”. Tạp chí Khoa học trường Đại học Cần Thơ, 50d, 52 – 62.
Nutt, B., (2000). “Four competing futures of facility management”. Facilities, 18(3-4), 124 – 132.
Porta, R.L., Lopez-De-Silanes, F. và Shleifer, A., (2002). “Government Ownership of Banks”.
Journal of Finance, 57(1), 265 – 301.
Phạm, T.B.Lương (2006). Luận án Tiến sĩ: “Giải pháp nâng cao hiệu quả hoạt động của Ngân hàng thương mại nhà nước Việt Nam hiện nay”. Truy xuất từ website: http://bit.do/ uquahoatdongnganhangthuongmaivietnamhiennay
Roman Matousek và AnitaTaci, (2002). “Banking Efficiency in Transition Economies: Em pirical Evidence from the Czech Republic”. Economic Change and Restructing, 37(3), 225 – 244.
Sarra, B. S. Zouari và Neila, B.Taktak, (2012). “Ownership structure and financial performance in Islamic banks: Does bank ownership matter?”. Middle Eastern Finance and Management, 7(2), 146 – 160.
Sayilgan,G., và Yildirim, O., (2009). “Determinants of profitability in Turkish banking sector: 2002
– 2007”. International Research Journal of Finance and Economics, 1(1), 17 – 27.
Sensarma, R., (2006). “Are foreign banks always the best? Comparison of state-owned, private and foreign banks in India”. Economic Modelling, 23(4), 717 – 735.
Shleifer, A., (1998). “State versus private ownership”. Journal of Economic Perspectives,12 (4), 133-150.
Shujie, Y., Jiang, C.,Feng, G., Willenbockel, D., (2007). “On the Efficiency of Chinese Banks and WTO Challenges”. Managerial Finance, 40(10), 969 – 986.
Steven,F. và AnitaTaci, (2005). “Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries”. Journal of Banking & Finance, 29(1), 55 – 81.
Thorsten, B., Robert, C., Afeikhena, J., (2005). “Bank privatization and performance: Empirical evidence from Nigeria”. Journal of Banking & Finance, 29(8-9), 2355 – 2379.
Trần, H.Hoàng và Nguyễn H.Huân (2016). “Phân tích các yếu tố tác động đến hiệu quả hoạt động của hệ thống ngân hàng thương mại Việt Nam trong thời kỳ hội nhập tài chính quốc tế”. Phát triển Khoa học và Công nghệ 2016, 19, 88 – 101.
William, L. Megginson, (2005). “The economics of bank privatization”. Journal of Banking & Finance, 29(8-9), 1931 – 1980.
Xiaochin, L. và Yi Zhang, (2009). “Bank ownership reform and bank performance in China”.
Journal of Banking & Finance, 33(1), 20 – 29.
Yener Altunbas, Lynne Evans và Philip Molyneux, (2001). “Bank Ownership and Efficiency”.
Journal of Money, Credit and Banking, 33(4), 926 – 954.
Yeyati, E. L., Micco, A., (2007). “Concentration and foreign penetration in Latin American Banking Sectors: Impact on competition and risk”. Journal of Banking & Finance, 31(6), 1633 – 1647
Aggarwal, R. và Kyaw, N., (2010). “Capital structure, dividend policy, and multinationality: Theory versus empirical evidence”. International Review of Financial Analysis, 19(2), 140 – 150.
Ahunwan, B., (2002). “Corporate gorvernance in Nigeria”. Journal of Business Ethics, 37(3), 269
– 287.
Andrei, S. và Robert, W.Vishny, (1997). “A Survey of Corporate Governance”. The Journal of Finance, 57(2), 737 – 783.
Armen, A. Alchian, (1972).“Production, Information Costs, and Economic Organization”. The American Economic Review, 62(5), 777-795
Athanasoglou, P. P., Sophocles, N. B., Matthaios D. Delis, (2008). “Bank – specific, industry
– specific and macroeconomic determinants of bank profitability”. Journal of International Financial Markets, Institutions and Money, 18(2), 121 – 136.
Barbara,C. và Claudia,G., (2002). “A comparative study of the cost efficiency of Italian bank conglomerates”. Managerial Finance, 28(9), 3 – 23.
Barr, R.S.,Killgo, K.A., Siems, T.F., (2002). “Evaluating the Productive Efficiency and Performance of U.S. Commercial Banks”. Managerial Finance, 28(8), 3 – 25.
Barth, J.R., Lin, C., Ma, Y., Seade, J., (2006). “Do bank regulation, supervision and monitoring enhance or impede bank efficiency?”. Journal of Banking & Finance, 37(8), 2879 – 2892.
Beck, T.,Demirgüç-Kunt, A., Maksimovic, V., (2003). “Bank competition and access to finance:international evidence”. Journal of Money, Credit and Banking, 36(3), 627 – 648.
Belen Villalonga, (2004). “Diversification Discount or Premium? New Evidence from the Business Information Tracking Series”. Journal of Finance, 59(2), 479 – 506.
Berger, A. N., Bonaccorsi, E. D. P., (2005). “Capital Structure and Firm performance: A new approach to testing agency theory and an application to the banking industry”. Journal of Banking & Finance, 30(4), 1065 – 1102.
Berger, A. N., Clarke, G. R. G., Cull, R., Klapper, L., (2005). “Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership”. Journal of Banking & Finance, 29(8-9), 2179 – 2221.
Berger,A.N., Hasan, I., Zhou, M. (2009) .“Bank ownership and efficiency in China: What will happen in the world’s largest nation?”. Journal of Banking & Finance, 33(1), 113 – 130.
Boateng, A., Huang, W., Kufuor, N. K., (2015). “Commercial bank ownership and performance in China”. Applied Economics, 47(49), 5320 – 5336.
Bonin, J.P., Hasan, I., Wachtel, P., (2005).”Bank performance, efficiency and ownership in transition countries”. Journal of Banking & Finance, 29(1), 31 – 53.
Boubakri, N.J.C., Cosset,G., và Fisher, K., (2005), “Ownership structure and the performance of privatized banks”. Journal of Banking and Finance, 29 (8), 2015 - 2041.
Cornett, L. Guo, Khaksari, S.,Tehranian, H., (2000). “The impact of state ownership on performance differences in privately-owned versus state-owned banks: An international comparison”. Journal of Financial Intermediation, 19(1), 74 – 94.
Thanh, Ngo, 2012, “Measuring the Performance of the Banking System Case of Vietnam (1990- 2010)”, Journal of Applied Finance & Banking. 2(2): 289-312.
Demsetz, H. (1983), “The structure of ownership and the theory of the firm”. Journal of Law and Economic, 26( 2), 357 - 390.
Duc, P., Anil, M., (2015).“Ownership structure and firm performance: Evidence from Vietnamese listed firms”. Australian Economic Papers, 55(1), 63 – 98.
Elsas, R., Hackethal, A., Holzhäuser, M., (2010). “The Anatomy of Bank Diversification”. SSRN Electronic Journal, 34(6), 1274 – 1287.
Elyasiani, E. và Meinster, D.R., (1988). “The performance of foreign owned, minority owned, and holding company owned banks in the U.S”. Journal of Banking & Finance, 12(2), 293 – 313.
Firth, M.,Lin, C.,Wong, S.M.L., (2008). “Leverage and investment under a state-owned bank lending environment: Evidence from China”. Journal of Corporate Finance, 14(5), 642 – 653.
Fu, X.M., Heffernan, S., (2009). “The effects of reform on China’s bank structure and performance”.
Journal of Banking & Finance, 33(1), 39 – 52.
García-Herrero, A., Gavilá, S., Santabárbara, D., (2009). “What explains the low profitability of Chinese banks?”. Journal of Banking & Finance,33(11), 2080 – 2092.
George, R. G. Clarke, Robert Cull, Shirley, M.M., (2005). “Bank privatization in developing countries: A summary of lessons and findings”. Journal of Banking & Finance, 29(8-9), 1905
– 1930.
Gilbert,R.A., Wilson, P.W., (1998). “Effects of Deregulation on the Productivity of Korean Banks”.
Journal of Economics and Business, 50(2), 133 – 155.
H. SemihYildirim và George, C. Philippatos, (2007). “Efficiency of banks: recent evidence from the transition economies of Europe 1993–2000”. European Journal of Finance, 13(2), 123 – 143.
Harold Demsetz và Kenneth Lehn, (1985). “The Structure of corporate ownership: causes and consequences”. Journal of Political Economy, 96(6), 1155 – 1177.
Helen, S. và Kelvin, K., (1999). “Managerial ownership and the performance of firms: Evidence from the UK”. Journal of Corporate Finance, 5(1), 79 – 101.
Huibers, (2005). “Initial Public Offerings. In The Future of State-Owned Financial Institutions”.
Journal of Chinese Economic and Business Studies, 10(2), 131 – 146.
Isik, I., Hassan, M.K., (2002). “Cost and Profit Efficiency of the Turkish Banking Industry: An Empirical Investigation”. Financial Review, 37(2), 257 – 279.
Jeremy, C. Stein, (1997). “Internal Capital Markets and the Competition for Corporate Resources”.
Journal of Finance,52(1) ,111 – 133.
John, J. McConnell và Henri, S., (1990). “Additional evidence on equity ownership and corporate value”. Journal of Financial Economics, 27(2), 595 – 612.
Jonathan, W. và Nghia, N., (2005). “Financial liberalisation, crisis, and restructuring: A comparative study of bank performance and bank governance in South East Asia”. Journal of Banking & Finance, 29(8-9), 2119 – 2154.
Kumbhakar, S.C., Sarkar, S. (2003). “Deregulation, Ownership, and Productivity Growth in the Banking Industry: Evidence from India”. Journey of Money, Credit and Banking, 35(3), 403 – 424.
Kwang Chul, L.và Chuck, C.Y.K., (1988). “Multinational Corporations vs. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure”. Journal of International Business Studies, 19(2), 195 – 217.
Levine, R., (1997). “Financial Development and Economic Growth: Views and Agenda”. Journal of Economic Literature, 35(2), 688 – 726.
Lianxi Zhou và Amy Wong, (2008). “Consumer Impulse Buying and In – Store Stimuli in Chinese Supermarkets”. Journal of International Consumer Marketing, 16(2), 37 – 53.
Mathew,T., Elsie, E. A., Joseph, O., (2007). “Disclosure and corporate governance in developing countries: evidence from Ghana”. Managerial Auditing Journal, 22(3), 319 – 334.
Maudos, J., Pastor, J.M., Perez, F., (2002). “Competition and efficiency in the Spanish banking sector: the importance of specialization”. Applied Financial Economics, 12(7), 505 – 516.
Mian, A., (2003). “Foreign, private domestic, and government banks: New evidence from emerging markets”. Journal of Banking and Finance, 27 (7), 1219 – 1410.
Mohammed Omran, (2007). “Privatization, State Ownership, and Bank Performance in Egypt”.
World Development, 35(4), 714 – 733.
Morck, R., Shleifer, A.,Vishny, R.W., (1988). ”Management Ownership and Market Valuation: An Empirical Analysis”. Journal of Financial Economics, 20(1-2), 293 – 315.
Mukherjee, K., Ray, S.C., Miller, S.M, (2001). “Productivity growth in large US commercial banks: The initial post-deregulation experience”. Journal of Banking & Finance, 25(5), 913 – 939.
Ngô, D.Thanh (2012). “Measuring the Performance of the Banking System Case of Viet Nam”.
Journal of Applied Finance and Banking, 2, 289 – 312.
Nguyễn,T.T.Thương (2017). “Hiệu quả hoạt động của ngân hàng thương mại trên địa bàn Thái Nguyên”. Tạp chí Khoa học trường Đại học Cần Thơ, 50d, 52 – 62.
Nutt, B., (2000). “Four competing futures of facility management”. Facilities, 18(3-4), 124 – 132.
Porta, R.L., Lopez-De-Silanes, F. và Shleifer, A., (2002). “Government Ownership of Banks”.
Journal of Finance, 57(1), 265 – 301.
Phạm, T.B.Lương (2006). Luận án Tiến sĩ: “Giải pháp nâng cao hiệu quả hoạt động của Ngân hàng thương mại nhà nước Việt Nam hiện nay”. Truy xuất từ website: http://bit.do/ uquahoatdongnganhangthuongmaivietnamhiennay
Roman Matousek và AnitaTaci, (2002). “Banking Efficiency in Transition Economies: Em pirical Evidence from the Czech Republic”. Economic Change and Restructing, 37(3), 225 – 244.
Sarra, B. S. Zouari và Neila, B.Taktak, (2012). “Ownership structure and financial performance in Islamic banks: Does bank ownership matter?”. Middle Eastern Finance and Management, 7(2), 146 – 160.
Sayilgan,G., và Yildirim, O., (2009). “Determinants of profitability in Turkish banking sector: 2002
– 2007”. International Research Journal of Finance and Economics, 1(1), 17 – 27.
Sensarma, R., (2006). “Are foreign banks always the best? Comparison of state-owned, private and foreign banks in India”. Economic Modelling, 23(4), 717 – 735.
Shleifer, A., (1998). “State versus private ownership”. Journal of Economic Perspectives,12 (4), 133-150.
Shujie, Y., Jiang, C.,Feng, G., Willenbockel, D., (2007). “On the Efficiency of Chinese Banks and WTO Challenges”. Managerial Finance, 40(10), 969 – 986.
Steven,F. và AnitaTaci, (2005). “Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries”. Journal of Banking & Finance, 29(1), 55 – 81.
Thorsten, B., Robert, C., Afeikhena, J., (2005). “Bank privatization and performance: Empirical evidence from Nigeria”. Journal of Banking & Finance, 29(8-9), 2355 – 2379.
Trần, H.Hoàng và Nguyễn H.Huân (2016). “Phân tích các yếu tố tác động đến hiệu quả hoạt động của hệ thống ngân hàng thương mại Việt Nam trong thời kỳ hội nhập tài chính quốc tế”. Phát triển Khoa học và Công nghệ 2016, 19, 88 – 101.
William, L. Megginson, (2005). “The economics of bank privatization”. Journal of Banking & Finance, 29(8-9), 1931 – 1980.
Xiaochin, L. và Yi Zhang, (2009). “Bank ownership reform and bank performance in China”.
Journal of Banking & Finance, 33(1), 20 – 29.
Yener Altunbas, Lynne Evans và Philip Molyneux, (2001). “Bank Ownership and Efficiency”.
Journal of Money, Credit and Banking, 33(4), 926 – 954.
Yeyati, E. L., Micco, A., (2007). “Concentration and foreign penetration in Latin American Banking Sectors: Impact on competition and risk”. Journal of Banking & Finance, 31(6), 1633 – 1647