Table 3

Inputs and outputs used in efficiency analysis in the literature

YearAuthor/sRegionInputOutput
1999Fukuyama and WeberJapan

  1. Labor (number)

  2. Total assets

  3. Capital

  1. Trading commissions

  2. Underwriting revenue

2001Gunduz et al.Turkey

  1. Capital

  2. Administrative expenses

  3. Total assets

  1. Trading commissions

2003Wang et al.Taiwan

  1. Labor (number)

  2. Capital

  1. Trading commissions

  2. Equity trading revenue

  3. Underwriting revenue

2004BeccalliUK and Italy

  1. Price of labor

  2. Price of physical capital

  1. Earning assets

2005AslantasTurkey

  1. Capital

  2. Administrative expenses

  3. Labor (number)

  1. Trading volume

  2. Trading commissions

2006Zhang et al.US

  1. Labor (compensation)

  2. Capital

  1. Total revenue

2007Aktaş and KargınTurkey

  1. Capital

  2. Operating expenses

  1. Equity trading volume

  2. Trading commissions

2010Hu and FungTaiwan

  1. Fixed assets

  2. Capital

  3. General expenses

  1. Market share

2011Aygoren and YesilyurtTurkey

  1. Capital

  2. Service expenses

  3. Operating expenses

  1. Total revenue

2012Bagdadioglu et al.Turkey

  1. Labor (number)

  2. Branch number

  3. Operating expenses

  4. Capital

  1. Equity trading volume

  2. Fixed-income trading volume

  3. Operating income

2014Bayyurt and AkınTurkey

  1. Labor (number)

  2. Operating expenses

  1. Trading revenue

  2. Other revenue

2016BayramTurkey

  1. Capital

  2. Total assets

  3. Labor (number)

  1. Account number

  2. Trading volume

  3. Trading commissions

  4. Net profit/loss

2017Aktas and CevikcanTurkey

  1. Capital

  2. Labor (number)

  1. Total revenue per employee

  2. Net income per employee

  3. Return on equity

2019Kadioglu and GunalpTurkey

  1. Price of labor

  2. Price of capital

  3. Price of financial payables

  1. Total trading volume

2019CelikTurkey

  1. Administrative expenses

  2. Marketing and sales expenses

  3. Trade payables

  1. Sales revenue

  2. Interest revenue

  3. Other revenue

2019Aras et al.Turkey

  1. Capital

  2. Labor (number)

  3. Branch number

  4. Operating expenses

  1. Total transaction volume

  2. Operating income

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