This paper examines shareholder value drivers in European banking focusing on the efficiency and productivity features of individual banks. In particular, we analyse the value relevance of bank cost efficiency and total factor productivity (TFP) (in all its components, including technological...

This paper analyses the relationship between efficiency and shareholder return (using an Economic Value-Added or EVA measure) in the French, German, Italian and UK banking systems over the period of 1999–2002. Various hypotheses regarding the relationship between bank efficiency and...

Purpose -The purpose of this paper is to analyse the creation of shareholder value (SHV) created by non-depository financial institutions and, especially, by leasing and factoring (L&F) companies. Design/methodology/approach -The cost of capital of both L&F companies is estimated using an...