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REVIEW DISERTASI
IMPACT ON FOREIGN ENTRY ON
BANKS IN EMERGING MARKET : THE
ROLE OF THE PRE-EXISTING
COMPETITIVE ENVIRONMENT
PENULIS : LILI ZHU
Oleh : Adil Tobing
NIM P066090013.6M
12 Februari 2011
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DATA PENULIS
Nama : Lili Zhu
Program Studi : Department of International Business, the School of Business
Universitas : The George Washington University
Tahun Lulus : 2007
Nama Pembimbing : Dr. Yoon Shik Park (Chair)
Dr. William C. Handorf
Dr. Jiawen Yang
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RUMUSAN MASALAH
Pertanyaan manajemen : Apakah implikasi-implikasi yang disebabkan olehmasuknya investor asing (foreign entry), yang perludiperhatikan oleh regulator perbankan?
Pertanyaan riset : Apakah dampak umum masuknya investor asing terhadap
performa operasi perbankan lokal? Apakah lingkungan yang kompetitif penting? Bagaimana lingkungan kompetitif mempengaruhi dampak
masuknya investor asing?
Pertanyaan investigasi :
Apakah dampak masuknya investor asingberkembang/berubah sejalan dengan proses liberalisasifinansial?
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TUJUAN
Termasuk jenis penelitian empiris, karena
dinyatakan dalam tujuannya (secara implisit)
sebagai berikut :
Menginvestigasi bagaimana tingkat kompetisi dalam
perbankan mempengaruhi efek jangka pendek akan
masuknya investor asing pada : safety, soundness, dan
efficiency (kerangka CAMEL) pada bank domestik di
pasar yang sedang berkembang melalui uji empiris
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LANDASAN TEORI
Teori yang baru dikembangkan dari teori yang
sudah ada, antara lain:
Overview partisipasi asing pada sektor perbankan
Teori multinational banking
Beberapa studi lain tentang dampak masuknya
investor asing terhadap bank lokal
Lingkungan kompetisi (pre-existing) dan
masuknya bank asing
Kerangka CAMEL (Bank safety, soundness, dan
efficiency) 4
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KERANGKA PEMIKIRAN
• Belum ada studi yang menganalisia secara empirikmengenai hubungan antara masuknya investor asing pada capital adequacy dan liquidity perbankan lokal
• Disertasi ini menawarkan model analitis terhadapkomponen managemen efficiency dan earnings yang sebelumnya hanya berupa argumen konseptual
• Disertasi ini juga mengorganisasikan danmerangkum berbagai faktor institusional sebagaiimplikasi masuknya investor asing di industriperbankan, dalam kerangka lingkungan kompetisi
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KERANGKA PEMIKIRAN (LANJ.)
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DISAIN PENELITIAN
Elemen sampling : setiap negara dan bank Population : negara berkembang dan bank (di
negara tersebut) Sampling Unit : negara berkembang, bank,
dan informasi keuangan per tahun per bank Sampling Frame : Bank Scope database 1996-
2003 Sampling Size : 1.324 bank domestik dan 496
bank asing di 30 negara berkembang (14.560 total tahun bank)
Sampling procedures : judgment sampling → dari Bank Scope database (kepemilikan dan informasi finansial) 7
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PROSEDUR SAMPLING
Menggunakan hasil Laeven & Claessens (2004) → 50
negara (H-statistic)
Mengurangi dengan negara industri sehingga sisa 32
negara berkembang (berdasarkan kriteria IMF)
Negara yang dipilih minimal memiliki 3 bank asing →
Bangladesh dan Pakistan dihilangkan dari daftar
sampling
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JUSTIFIKASI PENGGUNAAN BANKSCOPE
Comprehensive (11,000 bank, 120 negara)
Menyediakan: raw data dan standardized data
(spreadsheet, global summary & detailed format,
profile format)
Account Value dalam “market rates”
Database di-update mingguan
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VARIABLE
Dependent Variable (CAMEL Indicators)
Total Risk-based Capital Ratio (CAR) – Capital Adequacy (C)
Loan Loss Provisions/Total Assets (LLP/TA) – Asset Quality (A)
Overhead Cost/Total Assets – Management Efficiency (M)
Net Interest Margin (NIM) & Before Tax Profits/Total Assets –Earnings & Profits (E)
Liquidity Asset Ratio – Liquidity (L)
Independent Variable
Nama Deskripsi
Foreign bank proportion – Foreign share
in term of asset
Proporsi kepemilikan aset asing terhadap
keseluruhan sektor perbankan
Foreign bank proportion – Foreign share
in term of bank numbers
Jumlah bank asing terhadap keseluruhan
jumlah bank
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EMERGING MARKET ECONOMIES
H statistic → indikator perilaku aktual or
marginal bank conduct
Indikator eksternal kompetisi perbankan:
struktur pasar (CR atau HHI), contestability
(banking freedom index), dan inter-industry
competition (stock market development ie. total
value traded over GDP, STKTVT/GDP)
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HIPOTESIS 1
APPROACH 1
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HIPOTESIS 1
APPROACH 2
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HIPOTESIS 2
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HIPOTESIS 3
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HIPOTESIS 4A
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HIPOTESIS 4B
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HIPOTESIS 4C
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HIPOTESIS 5
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HIPOTESIS - RANGKUMAN
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METODE STATISTIK
• Weighted least-square regression analysis untuk data 3 sub grup → H-statistics banking competitiveness
• Cross-section heterokedasticity → membobotkan observasidengan invers dari jumlah bank domestik pada suatunegara pada tahun tertentu, untuk mengkoreksi berbagaiberbagai angka jumlah bank di seluruh negara
• Metode estimasi SAS PROC Mixed → fitting linear mixed effects model dengan random dan fixed effects; & Maximum Likelihood (ML)
• Null Model Likelihood Ratio Test → Appropriateness of FEM (bila p-value signifikan maka model random effect lebih baik secara signifikan dibandingkan dengan model pure fixed effect) 23
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METODE STATISTIK (LANJ.)
• The two-way interaction model → simple & compound slopes of foreign entry variable and p-value of interaction terms; level of importance of β coefficient (β x mean)
Multi-collinearity diagnosis: correlation coefficients
analysis & VIF (Variance Inflation Factor)
Comparison of goodness-of-fit: deviance statistic (-2LL),
AIC, and BIC
Autocorrelation
Robustness check (sensitivity analysis)
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HASIL PENELITIAN
Masuknya investor asing dapat mengganggu indikatorsafety dan soundness pada bank domestik di negaraberkembang
Tidak terbukti bahwa masuknya investor asing“segera” dapat meningkatkan efisiensi; masuknyainvestor asing malah menurunkan profit danmeningkatkan biaya operasi
Untuk komponen efisiensi, market contestability (regulasi perbankan) memberikan peran yang pentingdalam mempengaruhi dampak masuknya investor asing → regulasi proteksi dapat bertentangan denganefficiency gains akibat masuknya investor asing
Dampak struktur pasar dan inter-study competition tidaklah terlalu substansial
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HIPOTESIS 1
Kedua approach menunjukkan pembuktian akan:
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HIPOTESIS 2
Kedua approach juga menunjukkan pembuktian akan:
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HIPOTESIS 3
Hipotesis 3 perlu direvisi menjadi:
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HIPOTESIS 4A
Pembuktian tidak mendukung Hipotesis,
sehingga perlu direvisi menjadi:
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HIPOTEIS 4B, 4C, DAN 5
Tidak terbukti, sehingga direvisi menjadi:
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KESIMPULAN
Masuknya bank asing di negara berkembang tidak berhubungandengan peningkatan “segera” efisiensi, tapi dapat menggangguindikator safety dan soundness perbankan dalam jangka pendek
Dampak masuknya bank asing dipengaruhi oleh kondisi pre-existing competion pada suatu negara
Efficiency gains dimungkinkan ada, hanya pada lingkunganperbankan yang kompetitif
Pengurangan terhadap capital adequacy, asset quality, liquidity ratio akibat masuknya bank asing dapat diminimalkan denganpeningkatan intra-industry competition, contestability, dan inter-industry competition
Faktor yang paling relevan terhadap persaingan adalah indikatormarket contestability (banking freedom indicator) yang mengukurpembatasan terhadap masuknya investor asing dan aktivitas bank asing
Untuk pengukuran proporsi asing, ukuran asset lebih relevandibandingkan jumlah karena dampak signifikan biasanya akanmuncul jika kepemilikan asing dalam hal aset mencapai level tertentu
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REKOMENDASI MANAJERIAL
Regulator mempermudah pembukaan bank dan
lembaga keuangan domestik lainnya
Membatasi intervensi official pada operasi perbankan,
misalnya pengaruh pemerintah terhadap alokasi kredit
dan kontrol suku bunga
Mengurangi pembatasan/barriers sehingga bank asing
dapat mudah masuk, beroperasi, dan bersaing secara
bebas di pasar yang lebih luas
Lebih melibatkan partner asing dalam autoritas
manajemen sehingga efek efisiensi dan spillover dapat
lebih cepat 32
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REKOMENDASI MANAJERIAL (LANJT.)
Regulator juga perlu menyediakan panduan yang “explicit, verifiable, quantifiable” untuk mendorong diversifikasi aset dan geografis karena akan berhubungan dengan performa dan stabilitas bank
Persyaratan yang eksplisit terhadap likuiditas diperlukan untuk mengurangi efek negatif masuknya bank asing terhadap likuiditas bank lokal
Sektor perbankan juga perlu untuk membuka persaingan secara penuh terhadap bank asing sehingga memperoleh keuntungan efisiensi
Tapi, regulator perlu mempersiapkan pengawasan ketangguhan yang juga tindakan terhadap “moral hazard” 33
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LAMPIRAN
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APPROACH 2
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