Competition from Large, Multimarket Firms and the Performance of Small, Single‐Market Firms: Evidence from the Banking Industry
利用1982-2000年美国银行业数据，检验了效率假说和傲慢假说，发现技术进步使大型多市场银行在1990年代比1980年代更有效地竞争，并分析了规模与地理效应如何通过收入与成本影响小型单一市场银行的绩效。
We offer and test two competing hypotheses for the consolidation trend in banking using U.S. banking industry data over the period 1982–2000. Under the efficiency hypothesis , technological progress improved the performance of large, multimarket firms relative to small, single‐market firms, whereas under the hubris hypothesis , consolidation was largely driven by corporate hubris. Our results are consistent with an empirical dominance of the efficiency hypothesis over the hubris hypothesis—on net, technological progress allowed large, multimarket banks to compete more effectively against small, single‐market banks in the 1990s than in the 1980s. We also isolate the extent to which technological progress occurred through scale versus geographic effects and how they affected the performance of small, single‐market banks through revenues versus costs. The results may shed light as well on some of the research and policy issues related to community banking.