Abstract
Employing a Data Envelopment Analysis (DEA) approach, we investigate the technological progress, efficiency, and productivity of the Turkish securities firms between 2010 and 2015. After measuring the performance of these firms with DEA analysis, we combine the efficiency scores with contingency factors (ownership, size and bank affiliation) in a panel regression analysis in order to determine the effects. Our results indicate that the securities industry in general is less efficient than the existing technology allows. The relative productivity of the Turkish securities industry in general improved. Foreign acquisition has positive significant contribution to the efficiency of securities firms. Smaller firms, due to their inability to respond to technological innovation, experienced especially large decreases in both efficiency and productivity.
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