[雙語翻譯]外文翻譯--銀行盈利能力的驅(qū)動因素拉脫維亞和立陶宛的案例（英文）

1、Available online at www.sciencedirect.com Intellectual Economics 9 (2015) 120–129 www.elsevier.com/locate/intele Drivers of bank profitability: Case of Latvia and Lithuania Jelena Titko a , Viktorija Skvarciany b ,

2、 ?, Daiva Jurevi ˇ cien ˙ e b a The University College of Economics and Culture, Latvia b Mykolas Romeris University, Lithuania Received 4 December 2015; received in revised form 10 February 2016; accepted 10 Febru

3、ary 2016 Available online 17 February 2016 Abstract The issues regarding measuring and managing bank performance are always on the agenda due to the critically important role of banks in the national economies of new m

4、ember states of the European Union. The goal of the given study is to explore drivers of bank profitability in Latvia and Lithuania. Research period covers 2008–2014. Performance of the banking sector is proxied by pro

5、fitability ratios. The set of explanatory factors involves financial and non-financial measures. The core research method is a multiple regression analysis. Data processing is performed in SPSS environment. The paper co

6、ntributes to the scope of knowledge regarding bank performance drivers and the research results provide the basis for the future studies in the related field. Copyright 2016, Mykolas Romeris University. Production and

7、hosting by Elsevier B.V. This is an open access article under the CC BY-NC-ND license ( http://creativecommons.org/licenses/by-nc-nd/4.0/ ). JEL classification: G21; G32; C2 Keywords: Bank profitability; Regression an

8、alysis; Latvia; Lithuania. 1. Introduction The issues regarding bank performance and its drivers have been a frequently chosen topic for discussion among academicians and business professionals. Besides, the importance

9、of these issues is always emphasized by governmental authorities due to the large contribution of banks into the national economic growth. Recent global financial crisis revealed the fact that Baltic banking sector is

10、exposed to earnings risk more than the banking sector of other European countries. In 2009, ROE in the banking sector of Latvia and Lithuania was –44% and –56%, respectively ( ECB, 2009a ). In turn, average ROE in EU

11、27 was only –2.83. Thus, issues regarding reasonable management of bank performance are still prioritized. Exploring the drivers of bank performance, some authors put the emphasis on the macroeconomic variables ( Ger

12、lach, Peng, Jurevi ˇ cien ˙ e Titko, Kozlovskis, Vazquez, Tabak, Ahmed, Rezaul, Akhisar, Tunay, Ngari Jegede, 2014; Ogbuji, Onuoha, Malhotra Flamini, Schumacher, Muda, Shaharuddin, Rachdi, 2013 ). A number

13、 of studies confirmed the hypothesis about the negative relationship between bank profitability and operational efficiency expressed by cost-to-income ratio ( Ali, Akhtar, Rachdi, 2013; Trujillo-Ponce, 2013 ). As f

14、or e-banking services, it was proved that a greater use of electronic payment instruments can improve bank performance. Based on the country-level retail payment service data from across 27 EU markets, evidence confirm

15、s that banks perform better in countries with more developed retail payment services. This relationship is stronger in countries with more retail payment transaction equipment, like automatic teller machines (ATMs) and

16、 point-of-sale (POS) terminals ( Sumra et al., 2011 ). 3. Methodology 3.1. Research environment The role of banks in the Latvian and Lithuanian banking sector is still more important than the role of other financial s

17、ector players, such as insurance companies, pension funds and others. According to the Latvian statistics provided by FCMC ( FCMC, 2015 ), as for the 3rd quarter of 2015 the volume of total bank assets was equal to 3

18、1.5 billion. In turn, the volumes of total assets of private pension funds, insurance companies and credit unions were only 304 million, 636 million and 24 million, respectively. As of 2014, seventeen local banks and t

19、en financial service providers from the European Economic Area operated in Latvia ( ACBL, 2015 ). In turn, Lithuanian banking sector is represented by seven local banks and nine foreign banks ( Bank of Lithuania, 20

20、15 ). Banking business in Latvia and Lithuania is concentrated in a few major banks. Statistics on concentration in the banking sector of Latvia and Lithuania, compared with other new member states of the European Uni

21、on, is summarized in Fig. 1 ( ECB, 2015a ). Concentration is represented by CR5 ratio (market share of five largest banks). The banking sector in the Baltic countries is a very concentrated one, especially in Lithua

22、nia and Estonia. To compare with EU15 countries, CR5 value in 2014 is equal to 32 per cent in Germany and 47 per cent in France ( ECB, 2015a ). The largest banks in both countries in terms of assets are Swedbank, SE

23、B bank and DNB bank ( ACBL, 2015; Economy and Banking Sector of Lithuania, 2015 ). Due to the fact that the Latvian banking sector is represented by the larger number of financial institutions, there are some local b

24、anks among the major players: ABLV bank, Rietumu banka and Citadele banka. Banking sector in Latvia and Lithuania is strongly dominated by foreign investors. Shareholders of the largest Latvian and Lithuanian banks –