Does the Entry Mode of Foreign Banks Matter for Bank ... - EconomiX

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Table 5: Determinants of Cost Inefficiency – Greenfield versus M&A BanksDependentvariable: costinefficiencymerger(1) (2) (3) (4)Conditional Conditional HeteroskedasticityMean Model Mean Model Model (1) b(1)(2)HeteroskedasticityModel (2) b53.981 a(38.367).699(.169)***.026(.179)17.060(2.678)***lnassets -.383(.073)***.336(.241)shareinv .043(.010)***.142(.065)**sharedep -1.090(.340)***6.918(2.358)***sharemar 2.002(1.678)-4.675(4.469)lnage .105(.053)**6.440(1.058)***merglnage -.241(.089)**-6.650(.994)***Constant -266.209 3.038 -1.879-28.759 c(115.307)*** (.497)*** (.124)***Observations 441 438 441 438Log likelihood 58.874 138.595 16.779 178.253Greenfield 0.84 0.81 0.77 0.96M&As 0.79 0.78 0.72 0.80*Notes:a. This model doesn’t converge. We take the result after 108 iterations, that is after the log likelihoodstabilizes.b. We also control for heteroskedasticity in the random error by incorporating lnassets in the modeling of v.c. Missing standard errors are due to Stata not reporting them.-42-
Table 6: Determinants of Cost Inefficiency –M&A versus Domestic BanksDependentvariable: costinefficiencymerger(1) (2) (3) (4)Conditional Conditional Heteroskedasticity HeteroskedasticityMean Model (1) Mean Model Model (1) b Model (2) b(2)-3.334 a-.797 .0763.697(36.408) (.521) (.151)(2.209)*lnassets -.414-.400(.127)***(.157)***shareinv .004.087(.009)(.031)***sharedep .32510.429 c(.514)sharemar 3.2356.961(1.451)**(2.040)***age -.229.579(.096)***(.413)agesq .016-.008(.006)***(.019)mergage .587.593(.298)**(.488)mergagesq -.066-.119(.034)**(.035)***Constant -299.304 2.443 -2.309-16.331(201.359)*** (.763)*** (.102)***(2.464)***Observations 441 441 441 441Log likelihood 82.877 110.951 141.005 196.018Mean efficiency scoresDomestic 0.82 0.79 0.79 0.89M&As 0.81 0.82 0.77 0.86*Notes:a. This model doesn’t converge. We take the result after 242 iterations, that is after the log likelihoodstabilizes.b. We also control for heteroskedasticity in the random error by incorporating lnassets in the modeling of v.c. Missing standard errors are due to Stata not reporting them.-43-
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Page 3 and 4: two-stage approach commonly adopted
Page 5: Working over an extended period run
Page 11 and 12: separate legal entity incorporated
Page 13 and 14: multinationals and Hungarian monopo
Page 15 and 16: have steadily increased their marke
Page 17 and 18: - the government and the strategic
Page 19 and 20: Hypothesis 4: The nature of the inh
Page 21 and 22: are assumed to be independently and
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Page 35 and 36: Kalirajan, K. (1981). “An Econome
Page 37 and 38: Williams, J., & Liao, A. (2008). Th
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