Abstract
Please enter abstraThis paper investigates the determinants of shareholder value creation focussing on both listed and non-listed European banks over 1997-2002. We find that cost and profit efficiency have a positive influence on shareholder value creation. Leverage is also found to be inversely related to shareholder value creation. Other factors that are found to impact positively on value creation include deposit and loan growth rates, market concentration and employee costs. Finally, substantial variations exist in shareholder value creation across European countries, bank ownership types and also over time.
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