The Causality Relation Between Market Value and Economic Value Added of Banks: Panel Causality Analysis

Tugba Fýgankaplan

Journal of BRSA Banking and Financial Markets, 2020, vol. 14, issue 1, 39-67

Abstract: The purpose of this study is to investigate the causality relation between market value and economic value added of banks. For this purposes, the relationship between market value and economic value added of 7 publicly listed deposit banks in Turkey over the period of 2004-2018 has been examined by using panel cointegration and panel causality analysis. According to panel cointegration test it is obtained that there is long run cointegration among the variables. Dumitrescu and Hurlin (2012) panel Granger causality methods indicate uni-directional causality from economic value added to market value.

Keywords: Economic value added; Market value; Panel cointegration test; Dumitrescu and Hurlin (2012) panel granger causality analysis; Publicly listed bank. (search for similar items in EconPapers)
JEL-codes: G12 G32 M21 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:bdd:journl:v:14:y:2020:i:1:p:39-67

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