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AKTİF ÇEŞİTLENDİRMESİNİN BANKA RİSKİNE ETKİSİ -TÜRKİYE ÖRNEĞİ

Year 2022, Volume: 11 Issue: 21, 94 - 108, 29.06.2022

Abstract

Çalışmanın amacı aktif çeşitlendirmesinin banka riski üzerine etkisinin incelenmesidir. Çeşitlendirme stratejileri ile banka performansı arasındaki ilişki uzun süredir değerlendirilmektedir. Ancak, aktif çeşitlendirmesi ile banka riski arasındaki ilişki ile ilgili fikir birliğine varılamamıştır. Aktif çeşitlendirmesinin banka riski üzerinde olumlu veya olumsuz bir etkisi olduğu konusu belirsizliğini korumaktadır. Çeşitlendirme ile ilgili karşıt görüşler, Markowitz (1952) modern portföy teorisi ve Jensen (1986) vekâlet teorisine dayanmaktadır. Modern portföy teorisine paralel olarak, geleneksel bankacılık teorisi varlıklar arasında negatif korelasyon olması durumunda çeşitlendirmenin risk açısından bankalara faydalı olduğunu ifade etmektedir. Buna karşın, vekalet teorisi vekalet maliyetleri nedeniyle çeşitlendirme stratejilerinin yararlı olmadığını savunmaktadır. Banka çeşitlendirmesi ölçümü olarak Laeven and Levine (2007) aktif çeşitlendirmesi formülü kullanılmıştır. Banka riski ise kredi riski bağlamında ele alınmıştır. Türk Bankacılık Sektörü’nde faaliyet gösteren ilk 10 bankanın 2010-2020 arası çeyreklik verileri kullanılarak yapılan havuzlanmış EKK sonuçlarına göre aktif çeşitlendirmesi ile risk arasında vekâlet teorisini destekleyen ve geleneksel bankacılık teorisi ile çelişen pozitif yönlü bir ilişki tespit edilmiştir. Çeşitlendirmenin banka riski açısından avantajlı olmadığı sonucuna ulaşılabilir. Analiz sonucu Türkiye’deki ve diğer gelişmekte olan ülkelerdeki düzenleyici kurumlara ve banka yöneticilerine yol gösterici olabilir.

References

  • Acharya, V. V., Hasan, I., & Saunders, A. (2006). Should banks be diversified? Evidence from individual bank loan portfolios. The Journal of Business, 79(3), 1355–1412. https://doi.org/10.1086/500679
  • Amidu, M., & Wolfe, S. (2013). Does bank competition and diversification lead to greater stability? Evidence from emerging markets. Review of Development Finance, 3(3), 152-166. https://doi.org/10.1016/j.rdf.2013.08.002
  • Atik, M. (2019). Türk bankacılık sektöründeki faiz dışı gelirlerin banka geliri ve riski üzerindeki etkisinin ölçülmesi [Measurement of the effects of non interest income on bank revenues and the risk in the Turkish banking sector]. Muhasebe ve Finansman Dergisi, (81), 271-292. https://doi.org/10.25095/mufad.510681
  • Baele, L., De Jonghe, O., & Vander Vennet, R. (2007). Does the stock market value bank diversification? Journal of Banking and Finance, 31(7), 1999-2023. https://doi.org/10.1016/j.jbankfin.2006.08.003
  • Berger, A. N., Hasan, I., & Zhou, M. (2010). The effects of focus versus diversification on bank performance: Evidence from Chinese banks. Journal of Banking and Finance, 34(7), 1417-1435. https://doi.org/10.2753/REE1540-496X5003S312
  • Berger, A. N., Hasan, I., Korhonen, I., & Zhou, M. (2010). Does diversification increase or decrease bank risk and performance? Evidence on diversification and the risk-return tradeoff in banking, BOFIT Discussion Papers, No. 9. https://doi.org/10.2139/ssrn.1651131
  • Boyd, J. H., & Graham, S. L. (1986). Risk, regulation, and bank holding company expansion into nonbanking. Quarterly Review, 10(Spr), 2-17. https://doi.org/10.21034/qr.1021
  • Boyd, J.H., & Prescott, E.C. (1986). Financial intermediary-coalitions. Journal of Economic Theory, 38(2), 211-232, https://doi.org/10.1016/0022-0531(86)90115-8
  • Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
  • Busch, R., & Kick, T. (2009). Income diversification in the German Banking Industry. Deutsche Bundesbank Eurosystem. Discussion Paper. Series 2: Banking and Financial Studies. No: 09. https://doi.org/10.2139/ssrn.2794032
  • Buyuran, B., & Ekşi, İ. H. (2021). Revenue diversification and bank performance: Evidence from Turkey. South-Eastern Europe Journal of Economics, 18(1), 7-18. Retrieved from: https://ojs.lib.uom.gr/index.php/seeje/article/view/9694
  • Çınar, Y., Gürsel, G., & Tuzcu, S. E. (2018). The impacts of diversification strategies of Turkish banks on their profitability and risk: A panel data analysis. Ankara Üniversitesi SBF Dergisi, 73(4), 1141-1168. https://doi.org/10.1501/SBFder_0000002529
  • Demirgüç-Kunt, A., Laeven, L. & Levine, R. (2003). The impact of bank regulations, concentration, and institutions on bank margins, World Bank Policy Research Working Paper 3030. https://doi.org/10.1596/1813-9450-3030
  • Demsetz, R. S., & Strahan, P. E. (1997). Diversification, size, and risk at bank holding companies. Journal of Money, Credit, and Banking, 29(3), 300-313. https://doi.org/10.2307/2953695
  • Diamond, D. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies 59, 393–414. https://doi.org/10.2307/2297430
  • Fiordelisi, F., Marques-Ibanez, D., & Molyneux, P. (2011). Efficiency and risk in European banking. Journal of Banking & Finance, 35(5), 1315-1326. https://doi.org/10.1016/j.jbankfin.2010.10.005
  • Gürbüz, A. O., Yanik, S., & Aytürk, Y. (2013). Income diversification and bank performance: Evidence from Turkish banking sector. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 7(1), 9-29. Retrieved from: https://dergipark.org.tr/en/download/article-file/1352239
  • Hayden, E., Porath, D., & Westernhagen, N. V. (2007). Does diversification improve the performance of German banks? Evidence from individual bank loan portfolios. Journal of Financial Services Research, 32(3), 123-140. https://doi.org/10.1007/s10693-007-0017-0
  • Hou, X., Li, S., Li, W., & Wang, Q. (2018). Bank diversification and liquidity creation: Panel Granger-causality evidence from China. Economic Modelling, 71, 87-98. https://doi.org/10.1016/j.econmod.2017.12.004
  • Jensen, M.C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329. Retrieved from: https://www.jstor.org/stable/pdf/1818789.pdf
  • Kusi, B. A., Adzobu, L., Abasi, A. K., & Ansah-Adu, K. (2020). Sectoral loan portfolio concentration and bank stability: Evidence from an emerging economy. Journal of Emerging Market Finance, 19(1), 66-99. https://doi.org/10.1177/0972652719878597
  • Laeven, L., & Levine, R. (2007). Is there a diversification discount in financial conglomerates? Journal of Financial Economics, 85(2), 331-367. https://doi.org/10.1016/j.jfineco.2005.06.001
  • Lee, C. C., Chen, P. F., & Zeng, J. H. (2020). Bank income diversification, asset correlation and systemic risk. South African Journal of Economics, 88(1), 71-89. https://doi.org/10.1111/saje.12235
  • Leković, M. (2018). Investment diversification as a strategy for reducing investment risk. Ekonomski Horizonti, 20(2), 173-187. https://doi.org/10.5937/ekonhor1802173L
  • Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of Banking and Finance, 32(8), 1452-1467. https://doi.org/10.1016/j.jbankfin.2007.12.002
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7
  • Li, X., Feng, H., Zhao, S., & Carter, D. A. (2021). The effect of revenue diversification on bank profitability and risk during the COVID-19 pandemic. Finance Research Letters, 43, 101957. https://doi.org/10.1016/j.frl.2021.101957
  • Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77-91 https://doi.org/10.2307/2975974
  • Meslier, C., Tacneng, R., & Tarazi, A. (2014). Is bank income diversification beneficial? Evidence from an emerging economy. Journal of International Financial Markets, Institutions and Money, 31, 97-126. https://doi.org/10.1016/j.intfin.2014.03.007
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • Pham, K. D., Ngo, M. V., Nguyen, H. H., & Le, V. L. T. (2021). Financial crisis and diversification strategies: The impact on bank risk, and performance. Economics and Business Letters, 10(3), 249-261. https://doi.org/10.17811/ebl.10.3.2021.249-261
  • Sanya, S., & Wolfe, S. (2011). Can banks in emerging economies benefit from revenue diversification?. Journal of Financial Services Research, 40(1), 79-101. https://doi.org/10.1007/s10693-010-0098-z
  • Sawada, M. (2013). How does the stock market value bank diversification? Empirical evidence from Japanese banks. Pacific-Basin Finance Journal, 25, 40-61. https://doi.org/10.1016/j.pacfin.2013.08.001
  • Stiroh, K. J. (2004). Diversification in banking: Is noninterest income the answer? Journal of Money, Credit and Banking, 36(5), 853-882. https://doi.org/10.1353/mcb.2004.0076
  • Şak, N. (2018). Panel birim kök testleri [Panel unit root tests]. In S. Güriş (Ed.), Uygulamalı Panel veri ekonometrisi [Applied panel data econometrics] (pp. 261-314). İstanbul, Turkey: Der Yayınları.
  • Tabak, B. M., Fazio, D. M., & Cajueiro, D. O. (2011). The effects of loan portfolio concentration on Brazilian banks’ return and risk. Journal of Banking and Finance, 35(11), 3065-3076. https://doi.org/10.1016/j.jbankfin.2011.04.006 The Banks Association of Turkey. (2021). List of banks. Retrieved from: https://www.tbb.org.tr/en/modules/banka-bilgileri/banka_Listesi.asp?tarih=31/12/2020
  • Tunay, K. B. (2015). Kredi portföylerinde sektörel yoğunlaşma ve risk ilişkisi: Türk ticari bankacılık sektörü üzerine bir analiz [Sectoral concentration in loan portfolio and risk relationship: An analysis on The Turkish commercial banking sector]. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 9(1), 127-147. Retrieved from: https://dergipark.org.tr/en/download/article-file/1351994
  • Ün, T. (2018). Panel veri modellerinin varsayımlarının testi [Testing the assumptions of panel data models]. In S. Güriş (Ed.) Uygulamalı Panel Veri Ekonometrisi [Applied panel data econometrics] (pp. 75-101). İstanbul, Turkey: Der Yayınları.
  • Williams, B. (2016). The impact of non-interest income on bank risk in Australia. Journal of Banking and Finance, 73, 16-37. https://doi.org/10.1016/j.jbankfin.2016.07.019
  • Yalçın, D., & Tunay, B. K. (2020). Kredi portföylerinde sektörel yoğunlaşma ve risk ilişkisi: Türkiye örneği [Sectoral concentration in loan portfolio and risk relationship: The case of Turkey]. Finansal Araştırmalar ve Çalışmalar Dergisi, 12(22), 344-358. https://doi.org/10.14784/marufacd.688328
  • Yılmaz Türkmen, S., & Yiğit, İ. (2012). Diversification in banking and its effect on banks’ performance: Evidence from Turkey. American International Journal of Contemporary Research, 2(12), 111-119. Retrieved from: http://193.140.143.67/bitstream/handle/11424/120700/1583929600.pdf?sequence=1&isAllowed=y
  • Zhou, K. (2014) The effect of income diversification on bank risk: Evidence from China. Emerging Markets Finance and Trade, 50(3), 201-213. https://doi.org/10.2753/REE1540-496X5003S312

THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY

Year 2022, Volume: 11 Issue: 21, 94 - 108, 29.06.2022

Abstract

The main purpose of the paper is to investigate the effect of asset diversification on bank risk. The relationship between diversification strategies and bank risk has been evaluated for a long time. However, there is no consensus about the relationship between asset diversification and bank risk so far. It remains inconclusive whether asset diversification has a positive or negative effect on bank risk. The opposing arguments about diversification are based on Markowitz (1952) modern portfolio theory and Jensen (1986) agency theory. In line with the modern portfolio theory, traditional banking theory suggests that if there is negative correlation between assets diversification is beneficial for banks in terms of risk. In contrast, agency theory argue that diversification strategy is not beneficial because of agency costs. As a measure for bank diversification Laeven and Levine (2007) asset diversification formula is used. Bank risk is discussed in the context of credit risk. Using quarterly data of top 10 Turkish deposit banks from 2010 to 2020, pooled OLS regression results suggest that relationship between asset diversification and risk is positive which supports agency theory and contradicts with traditional banking theory. It can be concluded that diversification is not advantageous in terms of bank risk. This analysis may provide guiding for regulators and bank managers in Turkey as well as in other developing economies.

References

  • Acharya, V. V., Hasan, I., & Saunders, A. (2006). Should banks be diversified? Evidence from individual bank loan portfolios. The Journal of Business, 79(3), 1355–1412. https://doi.org/10.1086/500679
  • Amidu, M., & Wolfe, S. (2013). Does bank competition and diversification lead to greater stability? Evidence from emerging markets. Review of Development Finance, 3(3), 152-166. https://doi.org/10.1016/j.rdf.2013.08.002
  • Atik, M. (2019). Türk bankacılık sektöründeki faiz dışı gelirlerin banka geliri ve riski üzerindeki etkisinin ölçülmesi [Measurement of the effects of non interest income on bank revenues and the risk in the Turkish banking sector]. Muhasebe ve Finansman Dergisi, (81), 271-292. https://doi.org/10.25095/mufad.510681
  • Baele, L., De Jonghe, O., & Vander Vennet, R. (2007). Does the stock market value bank diversification? Journal of Banking and Finance, 31(7), 1999-2023. https://doi.org/10.1016/j.jbankfin.2006.08.003
  • Berger, A. N., Hasan, I., & Zhou, M. (2010). The effects of focus versus diversification on bank performance: Evidence from Chinese banks. Journal of Banking and Finance, 34(7), 1417-1435. https://doi.org/10.2753/REE1540-496X5003S312
  • Berger, A. N., Hasan, I., Korhonen, I., & Zhou, M. (2010). Does diversification increase or decrease bank risk and performance? Evidence on diversification and the risk-return tradeoff in banking, BOFIT Discussion Papers, No. 9. https://doi.org/10.2139/ssrn.1651131
  • Boyd, J. H., & Graham, S. L. (1986). Risk, regulation, and bank holding company expansion into nonbanking. Quarterly Review, 10(Spr), 2-17. https://doi.org/10.21034/qr.1021
  • Boyd, J.H., & Prescott, E.C. (1986). Financial intermediary-coalitions. Journal of Economic Theory, 38(2), 211-232, https://doi.org/10.1016/0022-0531(86)90115-8
  • Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
  • Busch, R., & Kick, T. (2009). Income diversification in the German Banking Industry. Deutsche Bundesbank Eurosystem. Discussion Paper. Series 2: Banking and Financial Studies. No: 09. https://doi.org/10.2139/ssrn.2794032
  • Buyuran, B., & Ekşi, İ. H. (2021). Revenue diversification and bank performance: Evidence from Turkey. South-Eastern Europe Journal of Economics, 18(1), 7-18. Retrieved from: https://ojs.lib.uom.gr/index.php/seeje/article/view/9694
  • Çınar, Y., Gürsel, G., & Tuzcu, S. E. (2018). The impacts of diversification strategies of Turkish banks on their profitability and risk: A panel data analysis. Ankara Üniversitesi SBF Dergisi, 73(4), 1141-1168. https://doi.org/10.1501/SBFder_0000002529
  • Demirgüç-Kunt, A., Laeven, L. & Levine, R. (2003). The impact of bank regulations, concentration, and institutions on bank margins, World Bank Policy Research Working Paper 3030. https://doi.org/10.1596/1813-9450-3030
  • Demsetz, R. S., & Strahan, P. E. (1997). Diversification, size, and risk at bank holding companies. Journal of Money, Credit, and Banking, 29(3), 300-313. https://doi.org/10.2307/2953695
  • Diamond, D. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies 59, 393–414. https://doi.org/10.2307/2297430
  • Fiordelisi, F., Marques-Ibanez, D., & Molyneux, P. (2011). Efficiency and risk in European banking. Journal of Banking & Finance, 35(5), 1315-1326. https://doi.org/10.1016/j.jbankfin.2010.10.005
  • Gürbüz, A. O., Yanik, S., & Aytürk, Y. (2013). Income diversification and bank performance: Evidence from Turkish banking sector. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 7(1), 9-29. Retrieved from: https://dergipark.org.tr/en/download/article-file/1352239
  • Hayden, E., Porath, D., & Westernhagen, N. V. (2007). Does diversification improve the performance of German banks? Evidence from individual bank loan portfolios. Journal of Financial Services Research, 32(3), 123-140. https://doi.org/10.1007/s10693-007-0017-0
  • Hou, X., Li, S., Li, W., & Wang, Q. (2018). Bank diversification and liquidity creation: Panel Granger-causality evidence from China. Economic Modelling, 71, 87-98. https://doi.org/10.1016/j.econmod.2017.12.004
  • Jensen, M.C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329. Retrieved from: https://www.jstor.org/stable/pdf/1818789.pdf
  • Kusi, B. A., Adzobu, L., Abasi, A. K., & Ansah-Adu, K. (2020). Sectoral loan portfolio concentration and bank stability: Evidence from an emerging economy. Journal of Emerging Market Finance, 19(1), 66-99. https://doi.org/10.1177/0972652719878597
  • Laeven, L., & Levine, R. (2007). Is there a diversification discount in financial conglomerates? Journal of Financial Economics, 85(2), 331-367. https://doi.org/10.1016/j.jfineco.2005.06.001
  • Lee, C. C., Chen, P. F., & Zeng, J. H. (2020). Bank income diversification, asset correlation and systemic risk. South African Journal of Economics, 88(1), 71-89. https://doi.org/10.1111/saje.12235
  • Leković, M. (2018). Investment diversification as a strategy for reducing investment risk. Ekonomski Horizonti, 20(2), 173-187. https://doi.org/10.5937/ekonhor1802173L
  • Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). Bank income structure and risk: An empirical analysis of European banks. Journal of Banking and Finance, 32(8), 1452-1467. https://doi.org/10.1016/j.jbankfin.2007.12.002
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7
  • Li, X., Feng, H., Zhao, S., & Carter, D. A. (2021). The effect of revenue diversification on bank profitability and risk during the COVID-19 pandemic. Finance Research Letters, 43, 101957. https://doi.org/10.1016/j.frl.2021.101957
  • Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77-91 https://doi.org/10.2307/2975974
  • Meslier, C., Tacneng, R., & Tarazi, A. (2014). Is bank income diversification beneficial? Evidence from an emerging economy. Journal of International Financial Markets, Institutions and Money, 31, 97-126. https://doi.org/10.1016/j.intfin.2014.03.007
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • Pham, K. D., Ngo, M. V., Nguyen, H. H., & Le, V. L. T. (2021). Financial crisis and diversification strategies: The impact on bank risk, and performance. Economics and Business Letters, 10(3), 249-261. https://doi.org/10.17811/ebl.10.3.2021.249-261
  • Sanya, S., & Wolfe, S. (2011). Can banks in emerging economies benefit from revenue diversification?. Journal of Financial Services Research, 40(1), 79-101. https://doi.org/10.1007/s10693-010-0098-z
  • Sawada, M. (2013). How does the stock market value bank diversification? Empirical evidence from Japanese banks. Pacific-Basin Finance Journal, 25, 40-61. https://doi.org/10.1016/j.pacfin.2013.08.001
  • Stiroh, K. J. (2004). Diversification in banking: Is noninterest income the answer? Journal of Money, Credit and Banking, 36(5), 853-882. https://doi.org/10.1353/mcb.2004.0076
  • Şak, N. (2018). Panel birim kök testleri [Panel unit root tests]. In S. Güriş (Ed.), Uygulamalı Panel veri ekonometrisi [Applied panel data econometrics] (pp. 261-314). İstanbul, Turkey: Der Yayınları.
  • Tabak, B. M., Fazio, D. M., & Cajueiro, D. O. (2011). The effects of loan portfolio concentration on Brazilian banks’ return and risk. Journal of Banking and Finance, 35(11), 3065-3076. https://doi.org/10.1016/j.jbankfin.2011.04.006 The Banks Association of Turkey. (2021). List of banks. Retrieved from: https://www.tbb.org.tr/en/modules/banka-bilgileri/banka_Listesi.asp?tarih=31/12/2020
  • Tunay, K. B. (2015). Kredi portföylerinde sektörel yoğunlaşma ve risk ilişkisi: Türk ticari bankacılık sektörü üzerine bir analiz [Sectoral concentration in loan portfolio and risk relationship: An analysis on The Turkish commercial banking sector]. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 9(1), 127-147. Retrieved from: https://dergipark.org.tr/en/download/article-file/1351994
  • Ün, T. (2018). Panel veri modellerinin varsayımlarının testi [Testing the assumptions of panel data models]. In S. Güriş (Ed.) Uygulamalı Panel Veri Ekonometrisi [Applied panel data econometrics] (pp. 75-101). İstanbul, Turkey: Der Yayınları.
  • Williams, B. (2016). The impact of non-interest income on bank risk in Australia. Journal of Banking and Finance, 73, 16-37. https://doi.org/10.1016/j.jbankfin.2016.07.019
  • Yalçın, D., & Tunay, B. K. (2020). Kredi portföylerinde sektörel yoğunlaşma ve risk ilişkisi: Türkiye örneği [Sectoral concentration in loan portfolio and risk relationship: The case of Turkey]. Finansal Araştırmalar ve Çalışmalar Dergisi, 12(22), 344-358. https://doi.org/10.14784/marufacd.688328
  • Yılmaz Türkmen, S., & Yiğit, İ. (2012). Diversification in banking and its effect on banks’ performance: Evidence from Turkey. American International Journal of Contemporary Research, 2(12), 111-119. Retrieved from: http://193.140.143.67/bitstream/handle/11424/120700/1583929600.pdf?sequence=1&isAllowed=y
  • Zhou, K. (2014) The effect of income diversification on bank risk: Evidence from China. Emerging Markets Finance and Trade, 50(3), 201-213. https://doi.org/10.2753/REE1540-496X5003S312
There are 42 citations in total.

Details

Primary Language English
Journal Section Research Articles
Authors

Bade Ekim Kocaman 0000-0002-8967-3935

Publication Date June 29, 2022
Submission Date April 6, 2022
Published in Issue Year 2022 Volume: 11 Issue: 21

Cite

APA Ekim Kocaman, B. (2022). THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 11(21), 94-108.
AMA Ekim Kocaman B. THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. June 2022;11(21):94-108.
Chicago Ekim Kocaman, Bade. “THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY”. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 11, no. 21 (June 2022): 94-108.
EndNote Ekim Kocaman B (June 1, 2022) THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 11 21 94–108.
IEEE B. Ekim Kocaman, “THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY”, Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, vol. 11, no. 21, pp. 94–108, 2022.
ISNAD Ekim Kocaman, Bade. “THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY”. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 11/21 (June 2022), 94-108.
JAMA Ekim Kocaman B. THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2022;11:94–108.
MLA Ekim Kocaman, Bade. “THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY”. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, vol. 11, no. 21, 2022, pp. 94-108.
Vancouver Ekim Kocaman B. THE EFFECT OF ASSET DIVERSIFICATION ON BANK RISK – EVIDENCE FROM TURKEY. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2022;11(21):94-108.