The professional service firm (PSF) in a globalised economy: A study of the efficiency of securities firms in an emerging market |
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| Institution: | 1. University of Essex, Essex Business School, Elmer Approach, Southend-on-Sea SS1 1LW, United Kingdom;2. University of Sheffield Management School, Sheffield S1 4DT, United Kingdom;3. Fatih University, Department of Banking and Finance, 34500 Buyukcekmece, Istanbul, Turkey;4. Fatih University, Department of Management, 34500 Buyukcekmece, Istanbul, Turkey;1. Korea University Business School, Anam-Dong, Seongbuk-Gu, Seoul 136-701, Republic of Korea;2. Oregon State University, College of Business, Corvallis, OR 97331, United States;3. Management and Organization, Great Valley School of Graduate Professional Studies, The Pennsylvania State University, Malvern, PA 19355-1443, United States;4. Department of Management, Information Systems, and Entrepreneurship, College of Business, Washington State University, Pullman, WA 99164-4736, United States |
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| Abstract: | This study explores the efficiency of securities firms in Turkey and offers conceptual and managerial insights utilizing data envelopment analysis. Through a sample of local and foreign owned securities firms in Turkey, we examine the impact of liabilities of foreignness (LOF) and localness (LOL) upon knowledge intensive firm efficiency in an emerging market economy. We have extended this approach through our consideration of liability associated with market globalness (LOMG). Our findings indicate the importance of size for firm efficiency with bank affiliation and foreign ownership also having positive effects on efficiency. Our study makes a contribution conceptually, methodologically and empirically to a growing literature on emerging economies. We also make a valuable addition to the limited empirical work conducted on the securities industry to date. Finally, through our contextualization of Turkish securities firms as professional services firms (PSFs), our research extends the narrow focus on law and accounting which currently dominates the burgeoning research strand on PSFs. |
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| Keywords: | Performance Securities firms Firm ownership Affiliation Size Liability of foreignness Ownership Data envelopment analysis (DEA) Professional services firm (PSF) |
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