An examination of the banking efficiency of the BRICS countries: A perspective derived from the oil price volatility

References

• Aghimien, P. A., Kamarudin, F., Hamid, M., & Noordin, B. (2016). Efficiency of gulf cooperation council banks: Empirical evidence using data envelopment analysis. Review of International Business and Strategy, 26(1), 118–20. https://doi.org/10.1108/RIBS-11-2013-0111
   Web of Science ®Google Scholar
• Aigner, D., Lovell, C. K., & Schmidt, P. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 6(1), 21–37. https://doi.org/10.1016/0304-4076(77)90052-5
   Google Scholar
• Akhigbe, A., & McNulty, J. E. (2003). The profit efficiency of small US commercial banks. Journal of Banking & Finance, 27(2), 307–325. https://doi.org/10.1016/S0378-4266(01)00250-3
   Web of Science ®Google Scholar
• Alam, M., Rabbani, M. R., Tausif, M. R., & Abey, J. (2021). Banks’ performance and economic growth in India: A panel cointegration analysis. Economies, 9(1), 38. https://doi.org/10.3390/economies9010038
   Web of Science ®Google Scholar
• Alqahtani, F., Samargandi, N., & Kutan, A. M. (2020). The influence of oil prices on the banking sector in oil-exporting economies: Is there a psychological barrier? International Review of Financial Analysis, 69, 101470. https://doi.org/10.1016/j.irfa.2020.101470
   Web of Science ®Google Scholar
• Awerbuch, S., & Raphael, S. 2006. Exploiting the oil- GDP effect to support renewables deployment. Energy Policy, 34(17), 2805–2819. crossref. https://doi.org/10.1016/j.enpol.2005.04.020.
   Web of Science ®Google Scholar
• Banker, R. D., Chang, H., & Lee, S.-Y. (2010). Differential impact of Korean banking system reforms on bank productivity. Journal of Banking & Finance, 34(7), 1450–1460. https://doi.org/10.1016/j.jbankfin.2010.02.023
   Web of Science ®Google Scholar
• Banker, R. D., Charnes, A., & Cooper, W. W. 1984. Some models for estimating technical and scale inefficiencies in data envelopment analysis. Manag. Sci, 30(9), 1078–1092. CrossRef. https://doi.org/10.1287/mnsc.30.9.1078.
   Web of Science ®Google Scholar
• Baumeister, C., & Kilian, L. (2016). Forty years of oil price fluctuations: Why the price of oil may still Surprise us. Journal of Economic Perspectives, 30(1), 139–160. https://doi.org/10.1257/jep.30.1.139
   Web of Science ®Google Scholar
• Beccalli, E. (2007). Does IT investment improve bank performance? Evidence from Europe. Journal of Banking & Finance, 31(7), 2205–2230. https://doi.org/10.1016/j.jbankfin.2006.10.022
   Web of Science ®Google Scholar
• Berument, M. H., Ceylan, N. B., & Dogan, N. (2010). The impact of oil price shocks on the economic growth of selected MENA countries. The Energy Journal, 31(1), 149–176.
   Web of Science ®Google Scholar
• Bonin, J. P., Hasan, I., & Wachtel, P. (2005a). Bank performance, efficiency and ownership in transition countries. Journal of Banking & Finance, 29(1), 31–53. https://doi.org/10.1016/j.jbankfin.2004.06.015
   Web of Science ®Google Scholar
• Bonin, J. P., Hasan, I., & Wachtel, P. (2005b). Privatization matters: Bank efficiency in transition countries. Journal of Banking & Finance, 29(8–9), 2155–2178. https://doi.org/10.1016/j.jbankfin.2005.03.012
   Web of Science ®Google Scholar
• Casu, B., & Girardone, C. (2009). Testing the relationship between competition and efficiency in banking: A panel data analysis. Economics Letters, 105(1), 134–137. https://doi.org/10.1016/j.econlet.2009.06.018
   Web of Science ®Google Scholar
• Casu, B., & Molyneux, P. (2003). A comparative study of efficiency in European banking. Applied Economics, 35(17), 1865–1876. https://doi.org/10.1080/0003684032000158109
   Web of Science ®Google Scholar
• Charnes, A., Cooper, W. W., Golany, B., Seiford, L., & Stutz, J. (1985). Foundations of data envelopment analysis for Pareto-Koopmans efficient empirical production functions. Journal of Econometrics, 30(1–2), 91–107. https://doi.org/10.1016/0304-4076(85)90133-2
   Web of Science ®Google Scholar
• Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429–444. https://doi.org/10.1016/0377-2217(78)90138-8
   Web of Science ®Google Scholar
• Chen, -S.-S., & Chen, H.-C. (2007). Oil prices and real exchange rates. Energy Economics, 29(3), 390–404. https://doi.org/10.1016/j.eneco.2006.08.003
   Web of Science ®Google Scholar
• Chen, W., Huang, Z., & Yi, Y. (2015). Is there a structural change in the persistence of WTI-Brent oil price spreads in the post-2010 period? Economic Modelling, 50, 64–71. https://doi.org/10.1016/j.econmod.2015.06.007
   Web of Science ®Google Scholar
• Chortareas, G. E., Garza-García, J. G., & Girardone, C. (2011). Financial deepening and bank productivity in Latin America. The European Journal of Finance, 17(9–10), 811–827. https://doi.org/10.1080/1351847X.2010.538512
   Web of Science ®Google Scholar
• Chortareas, G. E., Girardone, C., & Ventouri, A. (2012). Bank supervision, regulation, and efficiency: Evidence from the European Union. Journal of Financial Stability, 8(4), 292–302. https://doi.org/10.1016/j.jfs.2011.12.001
   Web of Science ®Google Scholar
• Chortareas, G. E., Girardone, C., & Ventouri, A. (2013). Financial freedom and bank efficiency: Evidence from the European Union. Journal of Banking & Finance, 37(4), 1223–1231. https://doi.org/10.1016/j.jbankfin.2012.11.015
   Web of Science ®Google Scholar
• Cologni, A., & Manera, M. (2008). Oil prices, inflation and interest rates in a structural cointegrated VAR model for the G-7 countries. Energy Economics, 30(3), 856–888. https://doi.org/10.1016/j.eneco.2006.11.001
   Web of Science ®Google Scholar
• Cunado, J., & De Gracia, F. P. (2005). Oil prices, economic activity and inflation: Evidence for some Asian countries. The Quarterly Review of Economics and Finance, 45(1), 65–83. https://doi.org/10.1016/j.qref.2004.02.003
   Google Scholar
• Drake, L., Hall, M. J. B., & Simper, R. (2006). The impact of macroeconomic and regulatory factors on bank efficiency: A non-parametric analysis of Hong Kong’s banking system. Journal of Banking & Finance, 30(5), 1443–1466. https://doi.org/10.1016/j.jbankfin.2005.03.022
   Web of Science ®Google Scholar
• Ehouman, Y. A. (2020). Volatility transmission between oil prices and banks’ stock prices as a new source of instability: Lessons from the United States experience. Economic Modelling, 91, 198–217. https://doi.org/10.1016/j.econmod.2020.06.009
   PubMed Web of Science ®Google Scholar
• Emrouznejad, A., & Yang, G. (2018). A survey and analysis of the first 40 years of scholarly literature in DEA: 1978–2016. Socio-Economic Planning Sciences, 61, 4–8. https://doi.org/10.1016/j.seps.2017.01.008
   Web of Science ®Google Scholar
• Farrell, M. J. (1957). The measurement of productive efficiency. Journal of Royal Statistical Society Association, 120(3), 253–281. https://doi.org/10.2307/2343100
   Web of Science ®Google Scholar
• Ferderer, J. P. (1996). Oil price volatility and the macroeconomy. Journal of Macroeconomics, 18(1), 1–26. https://doi.org/10.1016/S0164-0704(96)80001–2
   Web of Science ®Google Scholar
• Fried, H. O., Lovell, C. A. K., & Eeckaut, P. V. (1993). Evaluating the performance of US credit unions. Journal of Banking & Finance, 17(2–3), 251–265. https://doi.org/10.1016/0378-4266(93)90031-8
   Web of Science ®Google Scholar
• Gisser, M., & Goodwin, T. H. (1986). Crude oil and the macroeconomy: Tests of some popular notions: Note. Journal of Money, Credit and Banking, 18(1), 95–103. https://doi.org/10.2307/1992323
   Web of Science ®Google Scholar
• Guo, H., & Kliesen, K. L. (2005). Oil price volatility and US macroeconomic activity. Federal Reserve Bank of St. Louis Review, 87(6), 669–684.
   Web of Science ®Google Scholar
• Hamilton, J. D. (1983). Oil and the macroeconomy since World War II. Journal of Political Economy, 91(2), 228–248. https://doi.org/10.1086/261140
   Web of Science ®Google Scholar
• Hamilton, J. D. (1988). Are the macroeconomic effects of oil-price changes symmetric? A comment. Carnegie-Rochester Conference Series on Public Policy, 28(1), 369–378. https://doi.org/10.1016/0167-2231(88)90031-0
   Google Scholar
• Hamilton, J. D. (1996). This is what happened to the oil price-macroeconomy relationship. Journal of Monetary Economics, 38(2), 215–220. https://doi.org/10.1016/S0304-3932(96)01282-2
   Web of Science ®Google Scholar
• Hamilton, J. D. (2003). What is an oil shock? Journal of Econometrics, 113(2), 363–398. https://doi.org/10.1016/S0304-4076(02)00207-5
   Web of Science ®Google Scholar
• Hasan, I., & Marton, K. (2003). Development and efficiency of the banking sector in a transitional economy: Hungarian experience. Journal of Banking & Finance, 27(12), 2249–2271. https://doi.org/10.1016/S0378-4266(02)00328-X
   Web of Science ®Google Scholar
• Hauner, D. (2005). Explaining efficiency differences among large German and Austrian banks. Applied Economics, 37(9), 969–980. https://doi.org/10.1080/00036840500081820
   Web of Science ®Google Scholar
• Havrylchyk, O. (2006). Efficiency of the Polish banking industry: Foreign vs. domestic banks. Journal of Banking & Finance, 30(7), 1975–1996. https://doi.org/10.1016/j.jbankfin.2005.07.009
   Web of Science ®Google Scholar
• Hawaldar, I. T., Rohith, B., Pinto, P., & TM, R. (2017). The impact of oil price crisis on financial performance of commercial banks in Bahrain. Banks and Bank Systems, 12(4), 4–16. https://doi.org/10.21511/bbs.12(4).2017.01
   Google Scholar
• Hooker, M. A. (1996). What happened to the oil price-macroeconomy relationship? Journal of Monetary Economics, 38(2), 195–213. https://doi.org/10.1016/S0304-3932(96)01281-0
   Web of Science ®Google Scholar
• Hooker, M. A. (1999). Oil and the macroeconomy revisited. Macroeconomics eJournal.
   Google Scholar
• Huntington, H. G. (1998). Crude oil prices and US economic performance: Where does the asymmetry reside? The Energy Journal, 19(4), 107–132. https://doi.org/10.5547/0195-6574-EJ-Vol19-No4-5
   Web of Science ®Google Scholar
• Hussain, H. I., Kamarudin, F., Mohamad Anwar, N. A., Nassir, A. M., Sufian, F., & Tan, K. M. (2020). Impact of country’s governance dimensions on bank revenue efficiency: overview on middle east, southeast asia, and south Asia countRIES. Transformations in Business & Economics, 19(1), 191–228. https://www.transformations.knf.vu.lt/49/article/impa
   Web of Science ®Google Scholar
• Isik, I., & Hassan, M. K. (2003a). Financial disruption and bank productivity: The 1994 experience of Turkish banks. The Quarterly Review of Economics and Finance, 43(2), 291–320. https://doi.org/10.1016/S1062-9769(02)00194-1
   Google Scholar
• Isik, I., & Hassan, M. K. (2003b). Financial deregulation and total factor productivity change: An empirical study of Turkish commercial banks. Journal of Banking & Finance, 27(8), 1455–1485. https://doi.org/10.1016/S0378-4266(02)00288-1
   Web of Science ®Google Scholar
• Johnes, J., Izzeldin, M., & Pappas, V. (2014). A comparison of performance of Islamic and conventional banks 2004–2009. Journal of Economic Behavior & Organization, 103(Suppl.), S93–S107. https://doi.org/10.1016/j.jebo.2013.07.016
   Google Scholar
• Jones, C. M., & Kaul, G. (1996). Oil and the stock markets. The Journal of Finance, 51(2), 463–491. https://doi.org/10.1111/j.1540-6261.1996.tb02691.x
   Web of Science ®Google Scholar
• Jreisat, A. (2020). Credit risk, economic growth and profitability of banks. International Journal of Economics and Business Research, 20(2), 152–167. https://doi.org/10.1504/IJEBR.2020.109150
   Google Scholar
• Jreisat, A., & Bawazir, H. (2021). Determinants of banks profitability in the middle east and North Africa region. The Journal of Asian Finance, Economics and Business. Korea Distribution Science Association, 8(6), 701–711. https://doi.org/10.13106/JAFEB.2021.VOL8.NO6.0701
   Google Scholar
• Jreisat, A., & Paul, S. (2010). Banking efficiency in the Middle East: A survey and new results for the Jordanian banks. International Journal of Applied Business and Economic Research, 8(2)191–209, 2010, https://ssrn.com/abstract=1951860
   Google Scholar
• Jreisat, A., Rabbani, M. R., Hatamleh, Z. M., & Grewal, H. (2021, December). COVID-19: A closer look at the menabanking sector. In 2021 International Conference on Decision Aid Sciences and Application (DASA) (pp. 344–349). IEEE.
   Google Scholar
• Kaffash, S. (2014), Oil price and bank performance in the Middle Eastern oil exporting countries. [ Doctoral thesis, Brunel University].
   Google Scholar
• Kaffash, S., Aktas, E., & Tajik, M. (2020). The impact of oil price changes on efficiency of banks: An application in the Middle East oil exporting countries using SORM-DEA. RairoOperations Research, 54(3), 719–748. https://doi.org/10.1051/ro/2019009
   Web of Science ®Google Scholar
• Kaffash, S., & Marra, M. (2016). Data envelopment analysis in financial services: A citations network analysis of banks, insurance companies and money market funds. Annals of Operations Research, 253(1), 307–344. https://doi.org/10.1007/s10479-016-2294-1
   Web of Science ®Google Scholar
• Kahn, G. A., & Hampton, J. R. (1990). Possible monetary policy responses to the Iraqi oil shock. Economic Review - Federal Reserve Bank Kansas City, 75(6), 19–32.
   Google Scholar
• Kamarudin, F., Amin NORDIN, B. A., & Nasir, A. M. (2013). PRICE EFFICIENCY AND RETURNS TO SCALE OF BANKING SECTOR IN GULF COOPERATIVE COUNCIL COUNTRIES: EMPIRICAL EVIDENCE FROM ISLAMIC AND CONVENTIONAL BANKS. Economic Computation & Economic Cybernetics Studies & Research, 47(3).
   Web of Science ®Google Scholar
• Kamarudin, F., Sufian, F., & Nassir, A. M. (2016). Global financial crisis, ownership and bank profit efficiency in the Bangladesh’s state owned and private commercial banks. Contaduría y administración, 61(4), 705–745. https://doi.org/10.1016/j.cya.2016.07.006
   Google Scholar
• Kao, C., & Liu, S.-T. (2014). Multi-period efficiency measurement in data envelopment analysis: The case of Taiwanese commercial banks. Omega, 47, 90–98. https://doi.org/10.1016/j.omega.2013.09.001
   Web of Science ®Google Scholar
• Karim, S., Akhtar, M. U., Tashfeen, R., Raza Rabbani, M., Rahman, A. A. A., & AlAbbas, A. (2021). Sustainable banking regulations pre and during coronavirus outbreak: The moderating role of financial stability. Economic Research-Ekonomska Istraživanja, 1–18. https://doi.org/10.1080/1331677X.2021.1993951
   Web of Science ®Google Scholar
• Kashyap, A. K., & Stein, J. C. (1995), The impact of monetary policy on bank balance sheets, in: Carnegie-Rochester Conference Series on Public Policy, Elsevier.
   Google Scholar
• Killins, R. N., & Mollick, A. V.,Performance of Canadian banks and oil price movements, Research in International Business and Finance, 54(2020), (101258), ISSN, . https://doi.org/10.1016/j.ribaf.2020.101258
   Google Scholar
• Kirkwood, J., & Nahm, D. (2006). Australian banking efficiency and its relation to stock returns. Economic Record, 82(258), 253–267. https://doi.org/10.1111/j.1475-4932.2006.00338.x
   Web of Science ®Google Scholar
• Kishan, R. P., & Opiela, T. P. (2000). Bank size, bank capital, and the bank lending channel. Journal of Money, Credit and Banking, 32(1), 121–141. https://doi.org/10.2307/2601095
   Web of Science ®Google Scholar
• Korhonen, I., & Ledyaeva, S. (2010). Trade linkages and macroeconomic effects of the price of oil. Energy Economics, 32(4), 848–856. https://doi.org/10.1016/j.eneco.2009.11.005
   Web of Science ®Google Scholar
• Kosmidou, K., & Zopounidis, C. (2008). Measurement of bank performance in Greece. South-Eastern Europe Journal of Economics, 6(1), 79–95.
   Google Scholar
• Lampe, H. W., & Hilgers, D. (2015). Trajectories of efficiency measurement: A bibliometric analysis of DEA and SFA. European Journal of Operational Research, 240(1), 1–21. https://doi.org/10.1016/j.ejor.2014.04.041
   Web of Science ®Google Scholar
• Lee, C. C., & Lee, C. C. (2019). Oil price shocks and Chinese banking performance. Do Country Risks matter?.Energy Economics, 77, 46–53. https://doi.org/10.1016/j.eneco.2018.01.010
   Google Scholar
• Lee, K., Ni, S., & Ratti, R. A. (1995). Oil shocks and the macroeconomy: The role of price variability. The Energy Journal, 16(4), 39–56. https://doi.org/10.5547/0195-6574-EJ-Vol16-No4-2
   Web of Science ®Google Scholar
• Lozano-Vivas, A., & Pasiouras, F. (2010). The impact of non-traditional activities on the estimation of bank efficiency: International evidence. Journal of Banking & Finance, 34(7), 1436–1449. https://doi.org/10.1016/j.jbankfin.2010.01.006
   Web of Science ®Google Scholar
• Ma, Y., Zhang, Y., & Ji, Q. (2021). Do oil shocks affect Chinese bank risk? Energy Economics, 105166. https://doi.org/10.1016/j.eneco.2021.105166
   Google Scholar
• Measey, J., Visser, V., Dgebuadze, Y., Inderjit, L. B., Li, B., Dechoum, M., Ziller, S. R., & Richardson, D. M. (2019). The world needs BRICS countries to build capacity in invasion science. PLOS Biology, 17(9), e3000404. https://doi.org/10.1371/journal.pbio.3000404,https://journals.plos.org/plosbiology/article?id=10.1371/journal.pbio.3000404
   PubMed Web of Science ®Google Scholar
• Meeusen, W., & Den Broeck, J. V. (1977). Efficiency estimation from Cobb-Douglas production functions with composed error. International Economic Review, 18(2), 435–444. https://doi.org/10.2307/2525757
   Web of Science ®Google Scholar
• Miller, S. M., & Noulas, A. G. (1996). The technical efficiency of large bank production. Journal of Banking & Finance, 20(3), 495–509. https://doi.org/10.1016/0378-4266(95)00017-8
   Web of Science ®Google Scholar
• Mork, K. A. (1989). Oil and the macroeconomy when prices go up and down: An extension of Hamilton’s results. Journal of Political Economy, 97(3), 740–744. https://doi.org/10.1086/261625
   Web of Science ®Google Scholar
• Mork, K. A., Olsen, Ø., & Mysen, H. T. (1994). Macroeconomic responses to oil price increases and decreases in seven OECD countries. The Energy Journal, 15(4), 19–35.
   Web of Science ®Google Scholar
• Narayan, P. K., & Narayan, S. (2014). Psychological oil price barrier and firm returns. Journal of Behavioral Finance, 15(4), 318–333. https://doi.org/10.1080/15427560.2014.968719
   Web of Science ®Google Scholar
• Neal, P. (2004). X-efficiency and productivity change in Australian banking. Australian Economic Papers, 43(2), 174–191. https://doi.org/10.1111/j.1467-8454.2004.00223.x
   Google Scholar
• Ojebiyi, A., & Wilson, D. O. (2011). Exchange rate volatility: An analysis of the relationship between the Nigerian Naira, oil prices and US dollar. Master of International Management.
   Google Scholar
• Olson, D., & Zoubi, T. A. (2008). Using accounting ratios to distinguish between Islamic and conventional banks in the GCC region. The International Journal of Accounting, 43(1), 45–65. https://doi.org/10.1016/j.intacc.2008.01.003
   Google Scholar
• Papapetrou, E. (2001). Oil price shocks, stock market, economic activity and employment in Greece. Energy Economics, 23(5), 511–532. https://doi.org/10.1016/S0140-9883(01)00078-0
   Web of Science ®Google Scholar
• Papke, L. E., & Wooldridge, J. M. (1996). Econometric methods for fractional response variables with an application to 401(k) plan participation rates. Journal of Applied Econometrics, 11(6), 619–632. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<619::AID-JAE418>3.0.CO;2-1
   Web of Science ®Google Scholar
• Paradi, J. C., Rouatt, S., & Zhu, H. (2011). Two-stage evaluation of bank branch efficiency using data envelopment analysis. Omega, 39(1), 99–109. https://doi.org/10.1016/j.omega.2010.04.002
   Web of Science ®Google Scholar
• Pastor, J. M. (2002). Credit risk and efficiency in the European banking system: A three-stage analysis. Applied Financial Economics, 12(12), 895–911. https://doi.org/10.1080/09603100110065873
   Google Scholar
• Paul, S., & Kourouche, K. (2008). Regulatory policy and the efficiency of the banking sector in Australia. Australian Economic Review, 41(3), 260–271. https://doi.org/10.1111/j.1467-8462.2008.00504.x
   Web of Science ®Google Scholar
• Perry, P. (1992). Do banks gain or lose from inflation. Journal of Retail Banking, 14(2), 25–40.
   Google Scholar
• Poghosyan, T., & Hesse, H. (2009), Oil prices and bank profitability: Evidence from major oil-exporting countries in the Middle East and North Africa. https://www.imf.org/external/pubs/ft/wp/2009/wp09220.pdf/ (accessed 6 February 2017)
   Google Scholar
• Rabbani, M. R., Kayani, U., Bawazir, H. S., & Hawaldar, I. T. (2022). A commentary on emerging markets banking sector spillovers: Covid-19 vs GFC pattern analysis. Heliyon, 8(3), e09074. https://doi.org/10.1016/j.heliyon.2022.e09074
   PubMedGoogle Scholar
• Saif-Alyousfi, A. Y., Saha, A., Md-Rus, R., & Taufil-Mohd, K. N. (2020). Do oil and gas price shocks have an impact on bank performance? Journal of Commodity Markets, 100147, 100147. https://doi.org/10.1016/j.jcomm.2020.100147
   Google Scholar
• Saif-Alyousfi, A. Y. H., Saha, A., Md-Rus, R., & Taufil-Mohd, K. N. (2021). Do oil and gas price shocks have an impact on bank performance?. Journal of Commodity Markets, Elsevier, 22(C).
   Google Scholar
• Sathye, M. (2001). X-efficiency in Australian banking: An empirical investigation. Journal of Banking & Finance, 25(3), 613–630. https://doi.org/10.1016/S0378-4266(00)00156-4
   Web of Science ®Google Scholar
• Shi, X. L. B.-Z., & Zou, X. (2016). A study on risk factors impact on the efficiency of commercial banks in China—Based on fuzzy DEA model. In B.-Y. Cao, P.-Z. Wang, Z.-L. Liu, & Y.-B. Zhong (Eds.), International conference on Oriental thinking and fuzzy logic: Celebration of the 50th anniversary in the era of complex systems and big data (pp. 329–347). Cham: Springer.
   Google Scholar
• Spathis, C., Kosmidou, K., & Doumpos, M. (2002). Assessing profitability factors in the Greek banking system: A multicriteria methodology. International Transactions in Operational Research, 9(5), 517–530. https://doi.org/10.1111/1475-3995.00371
   Google Scholar
• Staikouras, C., & Wood, G. . The determinants of bank profitability in Europe. Paper presented at the European Applied Business Research Conference. June9–13, Venice, Italy.
   Google Scholar
• Sufian, F. (2009). Determinants of bank efficiency during unstable macroeconomic environment: Empirical evidence from Malaysia. Research in International Business and Finance, 23(1), 54–77. https://doi.org/10.1016/j.ribaf.2008.07.002
   Google Scholar
• Sun, H., Rabbani, M. R., Ahmad, N., Sial, M. S., Cheng, G., Zia-Ud-Din, M., & Fu, Q. (2020). CSR, co-creation and green consumer loyalty: Are green banking initiatives important? A moderated mediation approach from an emerging economy. Sustainability, 12(24), 10688. https://doi.org/10.3390/su122410688
   Web of Science ®Google Scholar
• Tanna, S., & Pasiouras, F. (2009). The impact of foreign direct investment on total factor productivity growth: International evidence from the banking industry. Managerial Finance, 35(3), 297–311. https://doi.org/10.1108/03074350910931799
   Web of Science ®Google Scholar
• Tatom, J. A. (1988), Are the macroeconomic effects of oil-price changes symmetric? North-Holland: Carnegie-Rochester Conference Series on Public Policy.
   Google Scholar
• Uri, N. D. (1996). The impact of crude oil price volatility on agricultural employment in the United States. Energy & Environment, 7(1), 57–74. https://doi.org/10.1177/0958305X9600700105
   Google Scholar
• Van den Heuvel, S. J. (2002). Does bank capital matter for monetary transmission? Economic Policy Review, 8(1), 259–265.
   Google Scholar
• Wanke, P., Barros, C. P., & Emrouznejad, A. (2018). A comparison between stochastic DEA and fuzzy DEA approaches: Revisiting efficiency in Angolan banks. RAIRO - Operations Research, 52(1), 285–303. https://doi.org/10.1051/ro/2016065
   Web of Science ®Google Scholar
• Weill, L. (2004). Measuring cost efficiency in European banking: A comparison of frontier techniques. Journal of Productivity Analysis, 21(2), 133–152. https://doi.org/10.1023/B:PROD.0000016869.09423.0c
   Web of Science ®Google Scholar
• Zhao, L., Hu, Z., Wang, J., & Zhuang, Y. (2017). Estimating the impact of contextual variables on the productivity: An enhanced slack-based DEA model. RAIRO - Operations Research, 51(4), 903–909. https://doi.org/10.1051/ro/2016063
   Web of Science ®Google Scholar