Shareholder value creation in Japanese banking

摘要: This paper advances the study of Fiordelisi and Molyneux (2010) by examining shareholder value efficiency its determinants for a large sample Japanese banks between 1999 2011. A new, specifically tailored measure Economic Value Added approach, based on shadow price equity, is developed in order to account specific characteristics banking system. new “shareholder measure” then used dynamic panel data model as linear function various bank-risk, bank-specific, macroeconomic variables. finds that cost gains, credit risk bank size are most important factors explaining creation banking. Cost changes also found significantly influence equity capital.