臺灣博碩士論文加值系統

銀行、保險與證券業為一國金融系統之主要的三大支柱，在2001年，政府允許金融機構申請設立金融控股公司，設立金融控股公司目的在於獲取交叉銷售平台的利潤，未來高階經理人對於金融機構的經營策略與管理實務，不應僅局限於單一金融產業。因此本文主要研究著重於有關於金融機構效率的議題，包括銀行業、產險業與證券業，本文共分為以下三個部份，第一部份為「台灣銀行業公司治理與效率關聯性的研究」；第二部分為「台灣產險業效率與生產力變動的研究」；第三部分為「台灣證券商競爭、可競爭性與市場結構的研究」。最後一節為「台灣金融機構的效率：總結與建議」。
將此三部份的內容敘述如下：第一部分研究目的在於探討公司治理與銀行經營效率的關聯性，本文主要解釋股權結構、機構投資人結構與高階經理人離職對於銀行效率的關聯性。實證結果顯示僅有較弱的證據力支持設置獨立董事可以改善銀行效率。本文分解機構投資人結構，研究發現當本國公司法人持股比例較高時，支持效率增加假說；當本國信託基金持股比率較高時，則支持效率減少假設。除此之外，本文發現台灣銀行業的高階經理人，即使經營績效不佳也不容易失去工作，有時董事會任命經理人並不是根據其能力，往往是由家族董事會的個人偏好來決定人事任命。
第二部分的研究目的在於探討台灣產險業效率與生產力的變動，本文採用資料包絡分析法衡量產險業的經營效率，並採用麥氏指數衡量生產力的變動，研究期間為1996-2007年。平均成本效率為0.8228，顯示產險業受益於快速成長的保險滲透度。而平均的總要素生產力變動相當接近於1，顯示產險業生產力幾乎沒有改善，而影響生產力變動的主要來源為技術因子甚於效率因子。最後，本文探討影響產險業經營效率之因素，並解釋兩個有關於經營策略與政府政策的問題，首先，最求市占率是否為一個適當的策略? 市占率係數的估計結果為顯著的負向，顯示高市占的產險業者並不能改善其效率。其次，最低資本限額政策對於產險業的影響為何? 本文發現權益資本與效率間並不存在關聯性，因此本文建議政府並不應該干預公司的資本決策，只需要扮演好盡責的監督者角色。
第三部分的研究目的在於探討台灣證券商的市場結構與可競爭性，研究期間為1998-2006年。本文整合結構與非結構法針對證券商的競爭狀況進行衡量。實證結果支持相對獨占力假設與規模效率版的效率結構假設成立。本文提供對於管理者實務應用的建議，研究發現市占率與獲利能力為正向關，但與經營效率為負相關，顯示對於證券商而言追求市占率的經營策略並不適當。H統計量的衡量結果顯示證券商並非處於完全競爭市場，其市場特性為獨占性競爭市場。考量市場競爭程序變化的結果，實證顯示證券商的競爭程度並沒有改善，雖然政府推行了一連串的金融改革政策，但並沒有影響證券商的競爭狀態，仍然處於低競爭性的獨占市場環境。最後，本文提出結論與相關建議，希望能夠提供有價值的建議給予政策制定者與經營決策者。

The banking, insurance and securities industries constitute the main pillars of a country’s financial system. In 2001, the Taiwanese government allowed financial institutions to apply for financial holding company (FHC) status. The majority of financial institutions actively seek FHC status in order to reap the benefits of cross-selling platforms. Therefore, it is not sufficient for future top executives to understand the operating strategy and management practices of just one financial institution. Thus, this study focuses on financial institutions efficiency in Taiwan, including banking industry, non-life insurance industry and securities industry. The first part titled: “The corporate governance-efficiency relationship in the banking industry in Taiwan”, the second titled: “Efficiency and productivity changes in the non-life insurance industry in Taiwan” and the three titled is “Competition, contestability and market structure in the securities firms in Taiwan”. The last one titled is “The Efficiency of Taiwanese Financial Institutions: Summary and Suggestion for Policymakers”.
A brief introduction of these three parts is described as follow: in the first part, the purpose of this study is to investigate the relationship between bank efficiency and corporate governance in Taiwan. It aims to explain the effects of ownership structure, institutional investors’ structure, and manager turnover. The empirical results provide a weak evidence to support the proposition that independent directors can improve bank efficiency. We broke down the structure of institutional investors, and found that when a higher percentage of banks was owned by domestic corporations, the efficiency-augmentation hypothesis was supported, whereas when a higher percentage of banks was owned by domestic trust funds, the efficiency-abatement hypothesis was supported. We also found that, in general, in the Taiwanese banking industry, top executives of poorly performing banks are not more likely to lose their jobs and that, sometimes, boards did not appoint top executive based on ability, but rather, tended to appoint them based on the personal preferences of family board members.
In the second part, this study investigates efficiency and productivity changes in the non-life insurance industry in Taiwan. We use a data envelopment analysis (DEA) to measure the efficiency of non-life insurance firms. The Malmquist methodology is used to measure changes in efficiency over the period 1996 to 2007. The mean cost efficiency score is 0.8228, implying that the efficiency of non-life insurers benefited from rapid growth in the ratio of insurance penetration. The mean total factor productivity change is close to one, implying that the productivity of non-life insurers barely improved and that the productivity change is mainly due to the technological factor, rather than to the efficiency factor. Finally, this study identifies the determinants of insurers’ efficiency, and answers two questions regarding firms’ strategy and governmental policy. First, is the pursuit of market share an appropriate strategy in the non-life insurance industry? The coefficient of market share is significantly negative, implying that insurers with higher market shares cannot to improve efficiency. Second, how does the minimum capital requirement policy affect insurers’ efficiency? We find no relationship between equity capital and efficiency. Thus, we suggest that the government should not to intervene in corporate decisions with capital structure, but only play the role of conscientious supervisor.
The last part focus on competition of securities firm, the purpose of this study is to investigate securities firms’ market structure and contestability in Taiwan over the period from 1998 to 2006. This is the first study to integrate structural and non-structural approaches to the evaluation of competitive conditions in securities firms. We find that the relative market power hypothesis and scale version of the efficient structure hypothesis are supported in securities firms. The findings of this study have managerial implications, as the results show that market share is positively related to profitability but negatively related to efficiency, implying that the pursuit of market share may not be an appropriate strategy for securities firms. The results of the H-statistic show that securities firms are not in perfect competition and that the market is instead characterised by monopolist competition. The results regarding changes in the degree of competition show that securities firms’ competitive condition is not improving. The government is to advance a serial of financial reform policies, but they do not affect securities firms, so the market remains a monopolist competitive environment with a lower level of contestability. Finally, the conclusions are drawn, empirical results presented, and the suggestions provided. We expect that our results can provide valuable suggestions for both policy makers and managers.

TABLE OF CONTENTS
ACKNOWLEDGMENT I
ABSTRACT IN CHINESE II
ABSTRACT IN ENGLISH IV
LIST OF TABLES IX

PARTI……………………………….……….1
The Corporate Governance-Efficiency Relationship in the Banking Industry in Taiwan
ABSTRACT………………………………………………………………..2
CHAPTER
1.Introduction………………………………………………………..3
2.Methodology………………………………………………………… 6
2.1 Measurement the banks of X-Efficiency.……………………6
2.2 Definition of regression analysis……….…………………7
3. Empirical results……………………………………………… 13
3.1 Ownership structure and efficiency……………………….13
3.2 Institutional investor structures…………………………18
3.3 Turnover of top executive……………………………………21
3.4 Additional results…………………………………………….23
4.Conclusions…………………………………………………………26
References…………………………………………………………..28

PART II…………………………………33
Efficiency and Productivity Changes in the Non-Life Insurance Industry in Taiwan
ABSTRACT……………………………………………………………….34
CHAPTER
1.Introduction……………………………………………………….35
2.Methodology………………………………………………………..38
2.1 DEA model and Malmquist index………………………………38
2.2 Input-Output specifications…………………………………41
2.3 Regression on the determinants of non-life insurance firms’ efficiency……...................................43
3. Empirical results……………………………………………...45
3.1 Results of non-life insurance insurers efficiency……46
3.2 Results of productivity change…………………………...48
3.3 Results of determinants of non-life insurers’ efficiency...............................................50
4.Conclusions…………………………………………………………55
References…………………………………………………………….57
PATR III………………………..60
Competition, Contestability and Market Structure in the Securities Firms in Taiwan
ABSTRACT………………………………………………………………61
CHAPTER
1.Introduction………………………………………………………62
2.Background…………………………………………………………64
3. Specification of the models…………………………………65
3.1 Testing for market structure hypotheses…………………65
3.2 Measurement the securities firms’ efficiency…………67
3.3 Testing for contestability hypothesis……………………68
3.4 Variables definition and data sample…………………….70
4. Empirical results……………………………………………….73
4.1 Results of testing for market structure hypotheses….73
4.2 Additional testing for market structure hypotheses….75
4.3 Results of testing for contestability hypothesis…….78
4.4 Results of dynamic degree of competition: a dummy model…………………......................................86
5. Concluding remarks………………………………………………89
References…………………………………………………………….90

PART IV………………………….....91
The Efficiency of Taiwanese Financial Institutions: Summary and Suggestion for Policymakers………………………94
Summary and Suggestion for Policymakers………………………95
References…………………………………………………………….99

LIST OF TABLES
PARTI
Table 1 Descriptive statistics……………………………………………………..….12
Table 2 Results of ownership structure………………………………………………17
Table 3 Results of institutional ownership structure…………………………….…20
Table 4 Results of top executive turnover……………………………………………22
Table 5 Results of compensation and determinants of banks efficiency……………25
PART II
Table 1 Descriptive statistics…………………………………………………………43
Table 2 Results of DEA efficiency estimates……………………………………….47
Table 3 Total factor productivity changes……………………………………………50
Table 4 Regression results, dependent variable is cost efficiency……………………54
PATR III
Table 1 Summary Statistics…………………………………………………………72
Table 2 Results of the regression of market structure………………………………74
Table 3 Results of regression of additional test…………………………………..…78
Table 4 Results of testing for market equilibrium……………………………….….83
Table 5 Results of estimate the degree of competition………………………………84
Table 6 Results of estimate the three stage of degree of competition…………..……85
Table 7 Results of change of degrees of competition………………………………...88

PARTI
REFERENCES
Agrawal, A. and Knoeber, C.R.(1996), Firm performance and mechanism to control agency problems between managers and shareholders, Journal of Financial and Quantitative Analysis, 31,377-397.
Agrawal, A. and Mandelker, G.N.(1990),Large shareholders and the monitoring of managers: The case of antitakeover amendments, Journal of Financial and Quantitative Analysis,25,143-161.
Ainger D., Lovell, K. and Schmidt, P.(1977), Formulation and estimation of stochastic frontier production models, Journal of Econometrics, 6, 21-37.
Anderson, C.W. and Campbell, T.L.(2004), Corporate governance of Japanese banks, Journal of Corporate Finance, 10, 327-354.
Barro, J.R. and Barro, R.J.(1990), Pay, performance and turnover of bank CEOs, Journal of Labor Economics,8,448-481.
Berger, A. N.(1993),Distribution-free estimates of efficiency in the U.S. banking industry and tests of the standard distribution assumption,” Journal of Productivity Analysis, 4, 261-291.
Berger, A. N. (1995), The profit-structure relationship in banking-tests of market-power and efficient-structure hypothesis, Journal of Money, Credit and Banking, 27,404-431.
Berger, A.N. and Mester, L.J.(1997), Inside the black box: what explains differences in the efficiencies of financial institutions, Journal of Banking and Finance, 21,895-947.
Berger, A.N., Clarke, R.G., Cull R., Klapper, L. and Udell, G.F.(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 and Finance,29,2179-2221.
Brickley, J.A., Lease, R.C. and Smith, C.W.(1988), Ownership structure and voting on antitakeover amendment,” Journal of Financial Economics, 20,267-291.
Christensen, L.R., Jorgensen D.W. and Lau, L.J.(1973), Transcendental Logarithmic Production Frontiers, Review of Economics and Statistics, 55, 28-45.
Cho, M. H.(1998), Ownership structure, Investment, and the corporate value: and empirical analysis,” Journal of Financial Economics, 47, 103-121.
Chhibber, P.K. and Majumdar, S.K.(1999), Foreign ownership and profitability: property rights, control, and the performance of firms in Indian industry, Journal of Law and Economics, 42, 209-238.
Chiu, Y.H. and Liu, H.H.(2002), Taiwan bank’s efficiency and productivity growth in technology environment, Journal of Information and Optimization Sciences,23,513-521.
Claessens, S.(1997), Corporate governance and equity prices: evidence from the Czech and Slovak Republics, Journal of Finance, 52, 1641-1658.
Claessens S. and Djankov, S.(1999), Ownership concentration and corporate performance in the Czech Republic, Journal of Comparative Economics, 27, 498-513.
Claessens S. and Djankov, S. and Lang, L.H.P.(2000), The separation of ownership and control in East Asian corporations, Journal of Financial Economics, 58, 81-112.
Demsetz, H. and Lehn, K.(1985),The structure of corporate ownership: causes and consequences, Journal of Political Economy, 93,1155-1177.
Duggal R. and Millar, J.A. (1999), Institutional ownership and firm performance: The case of bidder returns, Journal of Corporate Finance, 5,103-117.
Earnhart D. and Lubomir, L.(2006), Effects of ownership and financial performance on corporate environmental performance, Journal of Comparative economics, 34,111-129.
Faccio, M. and Lang, L.H.P.(2002), The ultimate ownership of Western European corporations, Journal of Financial Economics, 65,365-395.
Gibson, M.S., (2003), Is corporate governance ineffective in emerging markets? Journal of Financial and Quantitative Analysis, 38, 231-250.
Hart, O.(1995), Corporate governance: some theory, and implications, Economic Journal, 105,678-689.
Havrylchyk, O.(2006), Efficiency of the Polish banking industry: Foreign versus domestic banks, Journal of Banking and Finance, 30, 1975-1996.
Houston, J. and James, C.(1992),Managerial ownership, turnover and risk-taking in banking, Working paper (University of Florida, Gainesille, FL)
Hubbard R.G. and Palia, D.(1995), Executive pay and performance evidence from the U.S. banking industry, Journal of Financial Economics,39,105-130.
Iannotta, G., Nocera, G. and Sironi, A.(2007), Ownership structure, risk and performance in the European banking industry, Journal of Banking and Finance, 31, 2127-2149.
Jensen, M. C. and Meckling, W.(1976), Theory of the firm, managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3,305-360.
Jensen, M. C. and Ruback, R.S.(1983), The market for corporate control: the scientific evidence, Journal of Financial Economics, 11,5-50.
Jensen, M.C. and Murphy, K.J.(1990), Performance, pay and top-management incentives, Journal of Polities Economy, 98,225-264.
Jensen, M.C.(1993),The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance,48,831-880.
John K. and Senbet, L.W.(1998), Corporate governance and board effectiveness, Journal of Banking and Finance, 22,371-403.
Kwan, S.H.(2006), The X-efficiency of commercial banks in Hong Kong, Journal of Banking and Finance, 30, 1127-1147.
Li Y., Hu J.L. and Chiu, Y.H. (2004), Ownership and production efficiency: evidence from Taiwanese banks, The Service Industries Journal, 24,129-148.
Lemmon M.L. and Lins, K. (2003), Ownership structure, corporate governance, and firm value: evidence from the East Asian financial crisis, Journal of Finance, 58, 1445-1468.
Mehran, H.(1995),Executive compensation structure, ownership and firm performance, Journal of Financial Economics,38,163-184.
Mukherjee, K., Ray, S.C. and Miller S.M.(2001), Productivity growth in large US commercial banks: The initial post-deregulation experience, Journal of Banking and Finance, 25, 913-939.
Mueller D.C. and Peev, E.(2007), Corporate governance and investment in Central and Eastern Europe, Journal of Comparative Economics, 35, 414-437.
Murphy K.J. and Zimmerman, J.(1993),Financial performance surrounding CEO turnover, Journal of Accounting and Economics, 16,273-316.
Morck R., Shleifer, A. and Vishny, R.W.(1988), Management ownership and market valuation: an empirical analysis, Journal of Financial Economics, 20,293-315.
Pound, J.(1988),Proxy contests and the efficiency of shareholder oversight, Journal of Financial Economics,29,241-285.
Rosen, S.(1990),Contracts and the market for executives, NBER Working Paper,no.3542.
Shen, C.H.(2005), Cost efficiency and banking performance in a partial universal banking system: An application of the panel smooth threshold model, Applied Economics, 37, 993-1009.
Tirole, J. (2001), Corporate governance, Econometrica, 69, 1-35.
Simpson W. G. and Gleason, A.E.(1999), Board structure, ownership, and financial distress in banking firms, International Review of Economics and Finance, 8,281-292.
Weisbach, M.(1988), Outside directors and CEO turnover, Journal of Financial Economics, 20,431-460.
Xu, Xiaonian and Wang, Yan (1997), Ownership structure, corporate governance, and Corporate performance: the case of Chinese stock companies, World Bank Paper 1794, World Bank, June.
Yermack, D.(1996), Higher market valuation of comparison with a small board of directors, Journal of Financial Economics, 40,185-211.
Yen, T.Y. and Andre, P.(2007), Ownership structure and operating performance of acquiring firms: The case of English-origin countries, Journal of Economics and Business, 59, 380-405.

PART II
REFERENCES
Berger A.N., Cummins, J.D. and Weiss, M.A.(1997),The coexistence of multiple distribution systems for financial services: the case of property-liability insurance, Journal of Business, 70, 515-546.
Charnes, A., Cooper, W.W. and Rhodes, E.(1978),Measuring the efficiency of decision-making units, European Journal of Operational Research, 12, 429-444.
Cummins, J.D. and Weiss, M.A.(1993), Measuring cost efficiency in the property-liability insurance industry, Journal of Banking and Finance,17, 463-481.
Cummins, J.D., Weiss, M.A. and Zi H.(1999),Organizational form and efficiency: the coexistence of stock and mutual property-liability insurers, Management Science,45,1254-1269.
Cummins, J.D. and Xie, X.(2008),Mergers and acquisitions in the US property-liability insurance industry: productivity and efficiency effect, Journal of Banking and Finance,32,30-55.
Choi, B.P. and Weiss, M.A.(2005), An empirical investigation of market structure, efficiency, and performance in property-liability insurance, Journal of Risk and Insurance, 72,635-673.
Demsetz, H.(1973),Industry structure, market rivalry, and public policy, Journal of Law and Economics, 16,1-19.
Drake, L.(2001), Efficiency and productivity change in UK banking, Applied Financial Economics, 11, 557-571.
Fare, R., Grosskopf, S., Norris, M., and Zhang, Z.(1994),Productivity growth, technical progress, and efficiency change in industrialized countries, American Economics Review, 84, 66-83.
Fenn, P., Vencappa, D., Diacon, S., Klumpes, P. and O’Brien C.(2008), Market structure and the efficiency of European insurance companies: A stochastic frontier analysis, Journal of Banking and Finance, 32, 86-100.
Fukuyama, H. and Weber, W.L.(2001),Efficiency and productivity change of non-life insurance companies in Japan, Pacific Economic Review,6, 129-146.
Hwang, S.N. and Kao, T.L.(2006), Measuring managerial efficiency in non-life insurance companies: an application of two-stage data envelopment analysis, International Journal of Management, 23, 699-720.
Havrylchyk, O.(2006),Efficiency of the Polish banking industry: Foreign versus domestic banks, Journal of Banking and Finance, 30, 1975-1996.
Isik, I. and Hassan, M.K.(2003),Financial deregulation and total factor productivity change: an empirical study of Turkish commercial banks, Journal of Banking and Finance, 27, 1455-1485.
Kasman, A. and Turgutlu, E.(2007),Cost efficiency and scale economies in the Turkish insurance industry, Applied Economics, 1-9, iFirst.
Lai, G.C. and Limpaphayom, P.(2003),Organizational structure and performance: evidence from the nonlife insurance industry in Japan, Journal of Risk and Insurance, 70, 735-757.
Noulas, A. G., John, T.H. and Katerina, L.(2001),Non-parametric production frontier approach to the study of efficiency of non-life companies in Greece, Journal of Financial Management and Analysis, 14,9-26.
Peltzman, S.(1977),The gain and losses from industrial concentration,Journal of Law and Economics, 20, 229-63.
Schwalbach, J.(1991),Profitability and market share: a reflection on the functional relationship, Strategic Management Journal, 12,299-306.
Smirlock, M.(1985), Evidence on the (non) relationship between concentration and profitability in banking, Journal of Money, Credit, and Banking, 17, 69-83.
Sinkey, J. F.(1975), A multivariate statistical analysis of the characteristic of problem banks, Journal of Finance, 30, 301-319.
Stigler, G.L.(1964),A Theory of Oligopoly, Journal of Political Economy, 72, 44-61.
Toivanen, O.(1997),Economies of scale and scope in the Finnish non-life insurance industry, Journal of Banking and Finance, 21,759-779.
Weiss, M.A.(1991),Efficiency in the property-liability insurance industry, Journal of Risk and Insurance, 58, 452-479.
Weiss, M.A. and Choi, B.P.(2008),State regulation and structure, conduct, efficiency and performance of US auto insurers, Journal of Banking and Finance, 32, 134-156.
Yao, S., Han, Z. and Feng, G.(2007),On technical efficiency of China’s insurance industry after WTO accession,” China Economic Review, 18, 66-86.
PATR III
REFERENCES
Al-Muharrami, K., Matthews, S. and Khabari, Y.(2006), Market structure and competitive conditions in the Arab GCC banking system, Journal of Banking and Finance, 30, 3487-3501.
Berger A.N. and Hannan, T.H.(1993),Using efficiency measures to distinguish among alternative explanations of the structure- performance relationship in banking, Federal Reserve Board Working Paper.
Berger, A.N.(1995), The profit structure relationship in banking-tests of market-power and efficient-structure hypotheses, Journal of Money, Credit and Banking, 27, 404-431.
Berger A.N. and Hannan, T.H.(1998), The efficiency cost of market power in the banking industry: A test of the “Quiet life ” and related hypotheses, The Review of Economics and Statistics, 80,454-465.
Bikker, J.A. and Haaf, K.(2002), Competition, concentration and their relationship: An empirical analysis of the banking industry, Journal of Banking and Finance, 26,2191-2214.
Christensen, L.R., Jorgensen, D.W. and Lau, L.J.(1973), Transcendental Logarithmic Production Frontiers,”The Review of Economics and Statistics, 55,28-45.
Choi, B.P. and Weiss, M.A.(2005), An empirical investigation of market structure, efficiency, and performance in property-liability insurance”, The Journal of Risk and Insurance, 72, 635-673.
Chu, W., Chen, C.N. and Wang, C.H. (2008), The market-share- profitability relationships in the securities industry,” The Service Industrial Journal, 1-14, iFirst Article.
Coccorese, P.(1998),Assessing the competitive conditions in the Italian banking system: some empirical evidence, BNL Quarterly Review,205,173-191.
Coccorese, P.(2009), Market power in local banking monopolies, Journal of Banking and Finance, 33,1196-1210.
De Bandt, O. and Davis, E.P.(2000),Competition, contestability and market structure in European banking sectors on the eve of EMU,Journal of Banking and Finance,24, 1045-1066.
Evanoff, D.D. and Fortier, D.L.(1988), Reevaluation of the structure-conduct-performance paradigm in banking, Journal of Financial Services Research, 1, 2449-206.
Frame, W.S. and Kamerschen, D.R.(1997),The profit-structure relationships in legally protected banking markets using efficiency measures, Review of Industrial Organization,12, 9-22.
Fukuyama, H. and Weber, W.L.(1999), The efficiency and productivity of Japanese securities firms, 1988-93, Japan and the World Economy, 11,115-133.
Goldberg, L.G. and Rai, A.(1996), The structure – performance relationship for European banking,”Journal of Banking and Finance,20, 745-771.
Gelos, G. and Roldos, J.(2002),Consolidation and market structure in Emerging banking systems, IMF working paper, WP/02/186.
Gelos, G. and Roldos, J.(2004), Consolidation and market structure in Emerging banking systems, Emerging Market Review,5, 39-59.
Hahn, F.R.(2008), Testing for profitability and contestability in banking :evidence from Austria, International Review of Applied Economics, 22,639-653.
Hicks, J.(1935), Annual survey of economics theory: the theory of monopoly, Econometrica.2,1-20.
Kurtz, R.D. and Phoades, S.A.(1992),A note on the market share- profitability relationship, Review of Industrial Organization,7,39-50.
Liao, C.S.(2008),The determinants of X-efficiency in securities industry: The case of Taiwan, 2008 Corporate Finance Conference, National Kaohsiung First University of Science and Technology. Kaohsiung.
Molyneux P., Lloyd-Williams, D.M. and Thornton, J.(1994),Competitive conditions in European banking, Journal of Banking and Finance,18,445-459.
Molyneux P., Thornton, J. and Lloyd-Williams, D.M.(1996), Competition and market contestability in Japanese commercial banking, Journal of Economics and Business,48, 33-45.
Matthews, K., Murinde, V. and Zhao, T.(2007), Competitive conditions among the major British banks, Journal of Banking and Finance, 31,2025-2042.
Panzar J.C. and Rosse, J.N.(1987), Testing for “Monopoly” equilibrium, The Journal of Industrial Economics, 35,443-456.
Park, K.H. and Weber, W.L.(2006),Profitability of Korean banks: test of market structure versus efficient structure, Journal of Economics and Business,58,222-239.
Samad, A.(2008),Market structure, conduct and performance: evidence from the Bangladesh banking industry, Journal of Asian Economics, 19, 181-193.
Shaffer, S.(1982),A-non-structural test for competition in financial market. In: Bank structure and competition conference proceedings, Federal Reserve Bank of Chicago, Chicago.
Tsutsui, Y., and Kamesaka, A.(2005), Degree of competition in the Japanese securities industry, Journal of Economics and Business, 57,360-374.
Wang, K.L., Tseng, Y.T. and Weng, C.C.(2003), A study of production efficiency of integrated securities firms in Taiwan, Applied Financial Economics, 13, 159-167.
Yu, P.(2003), Competitive issues in the Taiwanese banking industry: mergers and universal banks, The Developing Economies, 41,309-39.
Yuan, Y.(2006), The state of competition of the Chinese banking industry, Journal of Asian Economics, 17,519-534.
Zhang, W., Zhang, S. and Luo, X.(2006), Technological progress, inefficiency, and productivity growth in the US securities industry, 1980-2000, Journal of Business Research, 59,589-594.

Berger A.N., Hasan I. and Zhou, M.(2009),Bank ownership and efficiency in China:
what happen in the world’s largest nation? Journal of Banking and Finance, 33,
113-130.
Havrylchyk, O.(2006), Efficiency of the Polish banking industry: foreign versus
domestic banks, Journal of Banking and Finance, 30, 1975-1996.
Isik, I. and Hassan, M.K.(2003),Financial deregulation and total factor productivity
change: an empirical study of Turkish commercial banks, Journal of Banking and
Finance, 27, 1455-1485.
Sensarma, R.(2006),Are foreign banks always the best? Comparison of state-owned,
private and foreign banks in India, Economic Modeling,23, 717-735.
Tsutsui, Y. and Kamesaka, A.(2005),Degree of competition in the Japanese securities
industry, Journal of Economics and Business, 57,360-374.
Unite, A.A. and Sullivan, M.J.(2003),The effect of foreign entry and ownership
structure on the Philippine domestic banking market, Journal of Banking and
Finance, 27, 2323-2345.