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Final Thesis Lincoln University Digital Thesis Copyright Statement The digital copy of this thesis is protected by the Copyright Act 1994 (New Zealand). This thesis may be consulted by you, provided you comply with the provisions of the Act and the following conditions of use: you will use the copy only for the purposes of research or private study you will recognise the author's right to be identified as the author of the thesis and due acknowledgement will be made to the author where appropriate you will obtain the author's permission before publishing any material from the thesis. Role of bank regulation on bank performance: Evidence from Asia-Pacific commercial banks A thesis submitted in partial fulfilment of the requirements for the Degree of Doctor of Philosophy in Finance at Lincoln University by Zhenni Yang Lincoln University 2018 Abstract of a thesis submitted in partial fulfilment of the requirements for the Degree of Doctor of Philosophy in Finance. Abstract Role of bank regulation on bank performance: Evidence from Asia-Pacific commercial banks by Zhenni Yang As the banking industry is an essential financial intermediary, the efficient operation of banks is vital for economic development and social welfare. However, the 2008 global financial crisis (GFC) triggered a reconsideration of banking systems as well as the role of government intervention. Academic literature has paid little attention to the banking industry in the Asia-Pacific region in the context of bank efficiency. This study employs double bootstrap data envelopment (DEA) analysis to measure bank efficiency and examine the relationship between regulation, supervision, and state ownership in commercial banks in the Asia-Pacific region over the period of 2005 to 2014. Our results indicate that excluding off-balance sheet activities in efficiency estimations lead to underestimating pure technical efficiency and overestimating the scale efficiency of banks in the Asia-Pacific region. Cross-country comparisons reveal that Australian banks exhibit the highest levels of technical efficiency while Indonesian banks have the lowest average. Our bootstrap regression results suggest that bank regulation and supervision are positively related to bank technical efficiency, while state ownership is not significantly related to bank efficiency. Furthermore, our findings show that tighter regulation and supervision are significantly related to higher efficiency for small- and large-sized banks. Before and during the 2008 GFC, tighter regulation and supervision were found to be associated with lower bank efficiency. However, the relationships between regulation and supervision become positive after the 2008 GFC, suggesting the positive impact of government intervention in the recovery of banking industries in the Asia-Pacific region. ii Keywords: banks, efficiency, data envelopment analysis, Asia-Pacific, regulations iii Acknowledgements “Be yourself. Everyone else is already taken.” Oscar Wilde I have been at Lincoln University for four years. It has been a long journey to pursue my dream. During these four years, I have enjoyed the New Zealand lifestyle, have been lost, and have questioned myself multiple times about whether I have made the right decision. Despite all of the ups and downs and the doubts, I marched towards my objective and finally completed this thesis. The most important thing to me is that I have not journeyed alone. First of all, I would like to thank my supervisor Professor Christopher Gan, who has mentored me with his support, patience, and encouragement throughout the duration of my study. When I encountered difficulties in my research, my associate supervisor Dr. Zhaohua Li provided me with valuable suggestions. I am really grateful that Dr. Li helped me to think critically as a researcher. When I first arrived in Lincoln, Dr. Baiding Hu was my Econometrics lecturer. Being my associate supervisor, Dr. Hu has provided invaluable advice, especially in relation to my methodology and data analysis. Thank you very much, Dr. Hu. Even though they are 11,160 km away, my family back in China have always been supportive since I left my job and became a poor student again. My dear mother and father have always encouraged me to pursue the life I want, despite the doubts they have had. My big brother, big sister, and lovely nephews, thanks for making my life more colourful with laughter and also providing me with unlimited joy.. My good friends and beloved ones in New Zealand who have been by my side during the journey, thank you for all of your suggestions, guidance, and happy memories we have shared together. The staff in the Faculty of Agribusiness and Commerce have been amazing and have made my research life easier and more productive. I would also like to express my gratitude to Dr Rebecca Kambuta for editing my thesis. Finally, a big thank you to everyone for being part of my life. iv Table of Contents Abstract ........................................................................................................................................... ii Acknowledgements ........................................................................................................................ iv Table of Contents ............................................................................................................................ v List of Tables ................................................................................................................................ viii List of Figures ................................................................................................................................. ix Chapter 1 Introduction ............................................................................................................... 1 1.1 Background .............................................................................................................................. 1 1.2 Motivations of the Research .................................................................................................... 5 1.3 Research Problem Statement .................................................................................................. 8 1.4 Research Objectives ................................................................... Error! Bookmark not defined. 1.5 Research Contribution ............................................................................................................. 8 1.6 Organisations of the Thesis .................................................................................................... 10 Chapter 2 Overview of Banking Industries in the Asia-Pacific Region ........................................ 11 2.1 Introduction ........................................................................................................................... 11 2.2 The Banking Industry in the Asia-Pacific Region .................................................................... 11 2.3 Overview of the Banking Industry in Australia ...................................................................... 12 2.4 Overview of the Chinese Banking Industry ............................................................................ 13 2.5 Overview of the Hong Kong Banking Industry ....................................................................... 15 2.6 Overview of the Indonesian Banking Industry ....................................................................... 16 2.7 Overview of the Japanese Banking Industry .......................................................................... 18 2.8 Overview of the New Zealand Banking Industry .................................................................... 20 2.9 Overview of the Singapore Banking Industry ........................................................................ 21 2.10 Overview of the Thai Banking Industry .................................................................................. 23 2.11 Conclusion ............................................................................................................................. 24 Chapter 3 Literature Review ..................................................................................................... 26 3.1 Introduction ........................................................................................................................... 26 3.2 Introduction of Efficiency Measurement ............................................................................... 26 3.2.1 Background ............................................................................................................... 26 3.2.2 Types of Efficiency Measurements ........................................................................... 27 3.2.3 The Inclusion of Off-balance Sheet Activities in Efficiency Estimation ..................... 28 3.3 Literature Review on Bank Performance in the Asia-Pacific Region ...................................... 29 3.3.1 Bank Performance Measurement of Individual Countries ........................................ 29 3.3.2 Cross-country Bank Performance Measurement in the Asia-Pacific Region ............ 34 3.4 Literature on Bank Regulation and Supervision ..................................................................... 36 3.4.1 Capital Regulation in the Banking Industry ............................................................... 36 3.4.2 Official Supervision Power and Market Discipline in the Banking Industry .............. 37 3.4.3 Activity Restrictions in the Banking Industry
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