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Analyse de la relation entre productivité, profitabilité et création de la valeur : le cas des banques tunisiennes

Abstract : Creating sustainable shareholder value is at this time accepted as one of the most important strategic objectives for financial institutions. Generating stable shareholder value growth requires an intense focus on delivering benefits to customers in the most efficient way, hiring and retaining motivated personnel, maintaining excellent relationship with other firm stakeholders. This thesis provides an analytical assessment of shareholder value creation in banking. The first part of the text provides a framework for analysing shareholder value theory by discussing how shareholder value can be defined, if it can be considered a valid strategic objective for banks, how shareholder value can be measured and how it can be created. The second part of the text presents empirical investigations in order to measure shareholder value and some of it drivers. The final part analyses the importance of these drivers in creating shareholder value. In order to have a broad view of the sector, the sample analysed comprises commercial Tunisian banks listed on Tunisian stock exchange between 1995 and 2009. We use a panel model to examine the determinants of bank's shareholder value reaction (measured by EVA and its components) as a linear function of various bank-specific, industry-specific and macroeconomic. We find that various factors are found to be statistically significant determinants of economic profits and shareholder value created by banks. Consistently with the previous literature, we find that cost and revenue efficiency are positively related to bank performance: namely, economic profits are found to have a positive link with revenue efficiency improvements, while EVA is positively related to cost efficiency improvements. Secondly, we find a positive relationship between credit losses and shareholder value providing evidence that higher unexpected losses imply larger business volume and perhaps lower loan portfolio quality. Thirdly, we observe a positive link between bank's leverage and economic profits, but not with EVA. This is due to the positive relationship between financial leverage and the cost of capital, overall, greater financial leverage increase economic profits but this is compensate by higher costs of capital.
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Submitted on : Thursday, March 29, 2018 - 12:11:24 PM
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  • HAL Id : tel-01749271, version 1


Helmi Damak. Analyse de la relation entre productivité, profitabilité et création de la valeur : le cas des banques tunisiennes. Economies et finances. Université de Lorraine, 2012. Français. ⟨NNT : 2012LORR0246⟩. ⟨tel-01749271⟩



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