strategies in stable and turbulent business environments. Special attention is given to the impact of efficiency versus …. Findings Efficiency and flexibility do not, in general, determine performance. However, certain strategies appear to be … superior, and in turbulent business environments, efficiency and flexibility appear well correlated with firm performance …

products and services to informationally opaque customers, their ability to diversify credit and liquidity risk, and how they … liabilities to reduce the probability of bank runs. These aspects of banking affect a bankś choice of risk vs. expected return …, which, in turn, affects bank performance. Banks have an incentive to reduce risk to protect the valuable charter from …

financial intermediation and the supremacy of banks' efficiency. This study examines the concurrent effects of bank risk … risk-taking negatively affects the return. Cost-efficient banks are taking more credit risk; however, more efficiency gains …-taking (efficiency) behaviour of banks. Market competition enhances the risk and efficiency and reduces banks' interest spread. Finally …