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How to cite this paper
APA: Sharif, O., Hasan, M., Kurniasari, F., Hermawan, A & Gunardi, A. (2019). Productivity and efficiency analysis using DEA: Evidence from financial companies listed in Bursa Malaysia. Management Science Letters, 9(2), 301-312.
Chicago/Turabian: Sharif, O., Hasan, M., Kurniasari, F., Hermawan, A & Gunardi, A. 2019. "Productivity and efficiency analysis using DEA: Evidence from financial companies listed in Bursa Malaysia." Management Science Letters 9, no. 2 (2019): 301-312.
AMA: Sharif, O., Hasan, M., Kurniasari, F., Hermawan, A & Gunardi, A. Productivity and efficiency analysis using DEA: Evidence from financial companies listed in Bursa Malaysia. Management Science Letters. 2019;9(2):301-312.
References
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Ali, M., Sun, G., & Chowdhury, M. A. A. (2018b). Dynamic interaction between macroeconomic fundamentals and stock prices in Bangladesh. Indonesian Journal of Management and Business Economics, 1(1), 66–84.
Azizan, N. A., & Sorooshian, S. (2014). Stock market performance and modern portfolio theory: Case on Malaysian stock market and Asian indices. WSEAS Transactions on Business and Economics, 11(303), 2224-2899.
Banker, R.D., Charnes, A., & Cooper, W.W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 30(9), 1078–1092.
Bauer, P. W., Berger, A. N., Ferrier, G. D., & Humphrey, D. B. (1998). Consistency conditions for regulatory analysis of financial institutions: A comparison of frontier efficiency methods. Journal of Economics and Business, 50(2), 85–114.
Becsky-Nagy, P., Fazekas, B. (2014). Returns of private equity: comparative analyses of the returns of venture capital and buyout funds in Europe and in the US Annals of the University of Oradea. Economic Science, 2(2), 820-827.
Berg, S. A., Forsund, F. R., & Jansen, E. S. (1991). Technical efficiency of Norwegian banks: The non-parametric approach to efficiency measurement. Journal of Productivity Analysis, 2(2), 127–142.
Canhoto, A. and Dermine J. (2003). A note on banking efficiency in Portugal, New vs. Old banks. Journal of Banking and Finance, 27, 2087-2098.
Casu, B., Ferrari, A., Girardone, C., & Wilson, J. O. (2016). Integration, productivity and technologi-cal spillovers: Evidence for Eurozone banking industries. European Journal of Operational Re-search, 255(3), 971–983.
Casu, B., Girardone, C., & Molyneux, P. (2004). Productivity change in European banking: A com-parison of parametric and non-parametric approaches. Journal of Banking & Finance, 28(10), 2521–2540.
Caves, D. W., Christensen, L. R., & Diewert, W. E. (1982). The economic theory of index numbers and the measurement of input, output, and productivity. Econometrical: Journal of the Economet-ric Society, 50(6), 1393–1414.
Charnes, A., Cooper, W. W., Rousseau, J., & Semple, J. (1987). Data Envelopment Analysis and Ax-iomatic Notions of Efficiency and Reference Sets. Research Report CCS 558. Centre for Cyber-netic Studies. The University of Texas. Austin.
Coelli, T.J. (1996). A Guide to DEAP Version 2.1 A Data Envelopment Analysis (Computer) Pro-gram. CEPA Working Paper 96/08. University of New England. Armidale.
Coelli, T. J. , Prasada Rao, D. S. , O’Donnell, C. J. , & Battese, G. E. (2005). An introduction to effi-ciency and productivity analysis (2nd Ed.). Springer.
Cook, W. D., Tone, K., & Zhu, J. (2014). Data envelopment analysis: Prior to choosing a model. Omega, 44, 1–4.
Cooper, W. W., Seiford, L. M., & Tone, K. (2002). Data envelopment analysis, a comprehensive text with models, applications, references and DEA-solver software. Boston: Kluwer Academic Pub-lishers.
Doaei, M., & Shavazipour, B. (2013). Corporate diversification and efficiency of manufacturing firms listed in Bursa Malaysia. International Journal of Business and Development Studies, 8(1), 77–96.
Duygun, M., Sena, V., & Shaban, M. (2016). Trademarking activities and total factor productivity: Some evidence for British commercial banks using a metafrontier approach. Journal of Banking & Finance, 72, S70–S80.
Färe, R., Grosskopf, S., Norris, M., & Zhang, Z. (1994). Productivity growth, technical progress, and efficiency change in industrialized countries. The American Economic Review, 84(1), 66–83.
Fenyves, V., Tarnóczi, T., & Zsidó, K. (2015). Financial performance evaluation of agricultural enter-prises with DEA method. Procedia Economics and Finance, 32(15), 423–431.
Fernandes, F. D. S., Stasinakis, C., & Bardarova, V. (2018). Two-stage DEA-Truncated Regression: Application in banking efficiency and financial development. Expert Systems with Applications, 96, 284–301.
Fethi, M. D., & Pasiouras, F. (2010). Assessing bank efficiency and performance with operational re-search and artificial intelligence techniques: A survey. European Journal of Operational Research, 204(2), 189–198.
Herczeg, A. (2014). Financing Aspects of the Hungarian general manufacturers in 2010-2012: The Annals of the University of Oradea (pp.905-91). Economic Sciences, Tom XXIII -2014 .
Ismail, M. K. A., Rahman, N. M. N. A., Salamudin, N., & Kamaruddin, B. H. (2012, May). DEA portfolio selection in Malaysian stock market. In Innovation Management and Technology Re-search (ICIMTR), 2012 International Conference on (pp. 739-743). IEEE.
Ismail, M., (2005). A study of efficiency and competitive Behaviour of commercial Banks in Malaysia (Doctoral thesis). Retrieved from UMI Dissertation Publishing, UMI Number U584012.
John, E. I. (2018). Macroeconomic determinants of stock market performance in Nigeria: An econo-metric approach. Indonesian Journal of Applied Business and Economic Research, 1(1), 47–58.
Khodabakhshi, M., Asgharian, M., & Gregoriou, G. N. (2010). An input-oriented super-efficiency measure in stochastic data envelopment analysis: Evaluating chief executive officers of US public banks and thrifts. Expert Systems with Applications, 37(3), 2092–2097.
Levine, R. (1998). The legal environment, banks, and long run economic growth. Journal of Money, Credit and Banking, 30(3), 596–613.
Malmquist, S. (1953). Index numbers and indifferent surfaces. Trabajos de Estadica, 4, 209-242.
Noulas, A. G. (1997). Productivity growth in the Hellenic banking industry: State versus private banks. Applied Financial Economics, 7(3), 223–228.
Ong, T. S., & Ng, P. S. (2018). The effects of share repurchase announcements on returns in the Ma-laysia stock market. Indonesian Journal of Business Finance and Accounting, 1(1), 1–19.
Orbán, Mrs., & Tamás Dékán, I. (2013): Reporting companies’ performance. International Financial Reporting Standards (IFRS), 7(5), 107-112.
Portela, M. C., & Thanassoulis, E. (2010). Malmquist-type indices in the presence of negative data: An application to bank branches. Journal of Banking & Finance, 34(7), 1472–1483.
Rashid, A., & Mehmood, A. (2018). Downside risk analysis of returns of financial institutions in Pa-kistan. Indonesian Journal of Management and Business Economics, 1(1), 1–18.
Rossi, M., & Gunardi, A. (2018). Efficient market hypothesis and stock market anomalies: Empirical evidence in four European countries. Journal of Applied Business Research, 34(1), 183–192.
Sealey, C.W.J., & Lindley, J.T. (1977). Inputs, outputs, and a theory of production and cost at semi-parametric methodology. Managerial Finance, 35(3), 260–275.
Siew, L. W., Fai, L. K., & Hoe, L. W. (2017). An empirical investigation on the efficiency of financial companies in Malaysia with data envelopment analysis model. American Journal of Information Science and Computer Engineering, 3(3), 32-38.
Soteriou, A. C., & Zenios, S. A. (1999). Using data envelopment analysis for costing bank products. European Journal of Operational Research, 114(2), 234–248.
Stavárek, D., & Řepková, I. (2013). Efficiency in the Czech banking industry: A non-parametric ap-proach. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 60(2), 357-366.
Sufian, F., Kamarudin, F., & Nassir, A. M. (2016). Determinants of efficiency in the Malaysian bank-ing sector: Does bank origins matter? Intellectual Economics, 10(1), 38–54.
Tsolas, I. E., & Charles, V. (2015). Incorporating risk into bank efficiency: A satisficing DEA ap-proach to assess the Greek banking crisis. Expert Systems with Applications, 42(7), 3491–3500.
Vardar, G. (2013). Efficiency and Stock Performance of Banks in Transition Countries: Is There A Relationship? International Journal of Economics and Financial Issues, 3(2), 355–369.
Wozniewska, G. (2008). Methods of measuring the efficiency of commercial banks: an example of Polish banks, Ekonomika, 84, 81–91.
Zhu, J. (2003). Quantitative models for performance evaluation and benchmarking: Data envelopment analysis with spreadsheets. Kluwer Academic Publishers, Boston.
Ali, M., Sun, G., & Chowdhury, M. A. A. (2018b). Dynamic interaction between macroeconomic fundamentals and stock prices in Bangladesh. Indonesian Journal of Management and Business Economics, 1(1), 66–84.
Azizan, N. A., & Sorooshian, S. (2014). Stock market performance and modern portfolio theory: Case on Malaysian stock market and Asian indices. WSEAS Transactions on Business and Economics, 11(303), 2224-2899.
Banker, R.D., Charnes, A., & Cooper, W.W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 30(9), 1078–1092.
Bauer, P. W., Berger, A. N., Ferrier, G. D., & Humphrey, D. B. (1998). Consistency conditions for regulatory analysis of financial institutions: A comparison of frontier efficiency methods. Journal of Economics and Business, 50(2), 85–114.
Becsky-Nagy, P., Fazekas, B. (2014). Returns of private equity: comparative analyses of the returns of venture capital and buyout funds in Europe and in the US Annals of the University of Oradea. Economic Science, 2(2), 820-827.
Berg, S. A., Forsund, F. R., & Jansen, E. S. (1991). Technical efficiency of Norwegian banks: The non-parametric approach to efficiency measurement. Journal of Productivity Analysis, 2(2), 127–142.
Canhoto, A. and Dermine J. (2003). A note on banking efficiency in Portugal, New vs. Old banks. Journal of Banking and Finance, 27, 2087-2098.
Casu, B., Ferrari, A., Girardone, C., & Wilson, J. O. (2016). Integration, productivity and technologi-cal spillovers: Evidence for Eurozone banking industries. European Journal of Operational Re-search, 255(3), 971–983.
Casu, B., Girardone, C., & Molyneux, P. (2004). Productivity change in European banking: A com-parison of parametric and non-parametric approaches. Journal of Banking & Finance, 28(10), 2521–2540.
Caves, D. W., Christensen, L. R., & Diewert, W. E. (1982). The economic theory of index numbers and the measurement of input, output, and productivity. Econometrical: Journal of the Economet-ric Society, 50(6), 1393–1414.
Charnes, A., Cooper, W. W., Rousseau, J., & Semple, J. (1987). Data Envelopment Analysis and Ax-iomatic Notions of Efficiency and Reference Sets. Research Report CCS 558. Centre for Cyber-netic Studies. The University of Texas. Austin.
Coelli, T.J. (1996). A Guide to DEAP Version 2.1 A Data Envelopment Analysis (Computer) Pro-gram. CEPA Working Paper 96/08. University of New England. Armidale.
Coelli, T. J. , Prasada Rao, D. S. , O’Donnell, C. J. , & Battese, G. E. (2005). An introduction to effi-ciency and productivity analysis (2nd Ed.). Springer.
Cook, W. D., Tone, K., & Zhu, J. (2014). Data envelopment analysis: Prior to choosing a model. Omega, 44, 1–4.
Cooper, W. W., Seiford, L. M., & Tone, K. (2002). Data envelopment analysis, a comprehensive text with models, applications, references and DEA-solver software. Boston: Kluwer Academic Pub-lishers.
Doaei, M., & Shavazipour, B. (2013). Corporate diversification and efficiency of manufacturing firms listed in Bursa Malaysia. International Journal of Business and Development Studies, 8(1), 77–96.
Duygun, M., Sena, V., & Shaban, M. (2016). Trademarking activities and total factor productivity: Some evidence for British commercial banks using a metafrontier approach. Journal of Banking & Finance, 72, S70–S80.
Färe, R., Grosskopf, S., Norris, M., & Zhang, Z. (1994). Productivity growth, technical progress, and efficiency change in industrialized countries. The American Economic Review, 84(1), 66–83.
Fenyves, V., Tarnóczi, T., & Zsidó, K. (2015). Financial performance evaluation of agricultural enter-prises with DEA method. Procedia Economics and Finance, 32(15), 423–431.
Fernandes, F. D. S., Stasinakis, C., & Bardarova, V. (2018). Two-stage DEA-Truncated Regression: Application in banking efficiency and financial development. Expert Systems with Applications, 96, 284–301.
Fethi, M. D., & Pasiouras, F. (2010). Assessing bank efficiency and performance with operational re-search and artificial intelligence techniques: A survey. European Journal of Operational Research, 204(2), 189–198.
Herczeg, A. (2014). Financing Aspects of the Hungarian general manufacturers in 2010-2012: The Annals of the University of Oradea (pp.905-91). Economic Sciences, Tom XXIII -2014 .
Ismail, M. K. A., Rahman, N. M. N. A., Salamudin, N., & Kamaruddin, B. H. (2012, May). DEA portfolio selection in Malaysian stock market. In Innovation Management and Technology Re-search (ICIMTR), 2012 International Conference on (pp. 739-743). IEEE.
Ismail, M., (2005). A study of efficiency and competitive Behaviour of commercial Banks in Malaysia (Doctoral thesis). Retrieved from UMI Dissertation Publishing, UMI Number U584012.
John, E. I. (2018). Macroeconomic determinants of stock market performance in Nigeria: An econo-metric approach. Indonesian Journal of Applied Business and Economic Research, 1(1), 47–58.
Khodabakhshi, M., Asgharian, M., & Gregoriou, G. N. (2010). An input-oriented super-efficiency measure in stochastic data envelopment analysis: Evaluating chief executive officers of US public banks and thrifts. Expert Systems with Applications, 37(3), 2092–2097.
Levine, R. (1998). The legal environment, banks, and long run economic growth. Journal of Money, Credit and Banking, 30(3), 596–613.
Malmquist, S. (1953). Index numbers and indifferent surfaces. Trabajos de Estadica, 4, 209-242.
Noulas, A. G. (1997). Productivity growth in the Hellenic banking industry: State versus private banks. Applied Financial Economics, 7(3), 223–228.
Ong, T. S., & Ng, P. S. (2018). The effects of share repurchase announcements on returns in the Ma-laysia stock market. Indonesian Journal of Business Finance and Accounting, 1(1), 1–19.
Orbán, Mrs., & Tamás Dékán, I. (2013): Reporting companies’ performance. International Financial Reporting Standards (IFRS), 7(5), 107-112.
Portela, M. C., & Thanassoulis, E. (2010). Malmquist-type indices in the presence of negative data: An application to bank branches. Journal of Banking & Finance, 34(7), 1472–1483.
Rashid, A., & Mehmood, A. (2018). Downside risk analysis of returns of financial institutions in Pa-kistan. Indonesian Journal of Management and Business Economics, 1(1), 1–18.
Rossi, M., & Gunardi, A. (2018). Efficient market hypothesis and stock market anomalies: Empirical evidence in four European countries. Journal of Applied Business Research, 34(1), 183–192.
Sealey, C.W.J., & Lindley, J.T. (1977). Inputs, outputs, and a theory of production and cost at semi-parametric methodology. Managerial Finance, 35(3), 260–275.
Siew, L. W., Fai, L. K., & Hoe, L. W. (2017). An empirical investigation on the efficiency of financial companies in Malaysia with data envelopment analysis model. American Journal of Information Science and Computer Engineering, 3(3), 32-38.
Soteriou, A. C., & Zenios, S. A. (1999). Using data envelopment analysis for costing bank products. European Journal of Operational Research, 114(2), 234–248.
Stavárek, D., & Řepková, I. (2013). Efficiency in the Czech banking industry: A non-parametric ap-proach. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 60(2), 357-366.
Sufian, F., Kamarudin, F., & Nassir, A. M. (2016). Determinants of efficiency in the Malaysian bank-ing sector: Does bank origins matter? Intellectual Economics, 10(1), 38–54.
Tsolas, I. E., & Charles, V. (2015). Incorporating risk into bank efficiency: A satisficing DEA ap-proach to assess the Greek banking crisis. Expert Systems with Applications, 42(7), 3491–3500.
Vardar, G. (2013). Efficiency and Stock Performance of Banks in Transition Countries: Is There A Relationship? International Journal of Economics and Financial Issues, 3(2), 355–369.
Wozniewska, G. (2008). Methods of measuring the efficiency of commercial banks: an example of Polish banks, Ekonomika, 84, 81–91.
Zhu, J. (2003). Quantitative models for performance evaluation and benchmarking: Data envelopment analysis with spreadsheets. Kluwer Academic Publishers, Boston.