Loan Loss Provisioning and Efficiency: A Study of Frontier Market Banks
Main Article Content
Abstract
This paper investigates frontier market bank managers’ use of the discretionary component of loan loss provisions to manage earnings and its association with efficiency. Studies have documented that bank managers use loan loss provisions to smooth earnings, yet the association of provisioning with efficiency in frontier markets has not been empirically examined. Employing stochastic frontier analysis as a method of efficiency assessments in 22 frontier market countries, results show bank efficiency declined steadily from 2001 to 2018. This finding is contrary to economic efficiency theory and suggests that loan quality difficulties have persisted despite nations enjoying increasing economic development. Regression analysis results further reveal that earnings management (EM) via loan loss provisioning is inversely related to efficiency. Study findings support prospect theory, indicating that managers engage in risk-seeking behavior while making risk-averse judgments. Overall, the study results imply that banks should expand loan provisioning strategies to optimize resource allocation and business performance.
Keywords:
Stochastic frontier analysis, earnings management, performance evaluation, banks.
References
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Abidi, N., Hacibedel, M.B., Nkusu, M.M. (2016). Changing times for frontier markets: A perspective from portfolio investment flows and financial integration. International Monetary Fund.
Adams, B. et al. (2009). Earnings management and initial public offerings: The case of the depository industry. Journal of Banking & Finance, 33, 2363-2372.
Adelopo, I. et al.(2018). Determinants of bank profitability before, during, and after the financial crisis. International Journal of Managerial Finance, 14, 378-398.
Ajao, A., Ogunniyi, L. (2010). Technical and scale efficiency of commercial banks in Nigeria. IUP Journal of Applied Economics, 9, 59.
Anandarajan, A. et al. (2006). The Use of Loan loss provisions for Capital Management, Earnings Management, and Signaling by Australian Banks. Discussion Papers. Bank of Finland Research.
Anandarajan, A. et al. (2007). Use of loan loss provisions for capital, earnings management and signalling by Australian banks. Accounting & Finance, 47, 357-379.
Anwar, M. et al. (2019). Rural bank efficiency and loans for micro and small businesses: Evidence from west java Indonesia. International Journal of Emerging Markets.
Ariff, M., Luc, C. (2008). Cost and profit efficiency of Chinese banks: A non-parametric analysis. China Economic Review, 19, 260-273.
Azad, M.A.K. et al. (2017). Bank efficiency in Malaysia: A use of malmquist meta-frontier analysis. Eurasian Business Review, 7, 287-311.
Balagobei, S. (2019). Corporate governance and non–performing loans: Evidence from listed banks in Sri Lanka. International Journal of Accounting & Business Finance, 5, 72-85.
Bank, W. (2020). Market capitalization of listed domestic companies (% of GDP) - data. Accessed 21.07.2020.
Bao, S.R., Lewellyn, K.B. (2017). Ownership structure and earnings management in emerging markets—An institutionalized agency perspective. International Business Review, 26, 828-838.
Battese, G.E., Coelli, T.J. (1995). A model for technical inefficiency effects in a stochastic frontier production function for panel data. Empirical Economics, 20, 325-332.
Bdour, J.I., Al-khoury, A.F. (2008). Predicting change in bank efficiency in Jordan: a data envelopment analysis. Journal of Accounting & Organizational Change, 4, 162–181.
Berger, A.N., Mester, L.J. (1997). Inside the black box: What explains differences in the efficiencies of financial institutions? Journal of Banking & Finance, 21, 895–947.
Bonin, J.P. et al. (2005). Privatization matters: Bank efficiency in transition countries. Journal of Banking & Finance 29, 2155–2178.
Bouvatier, V., Lepetit, L. (2008). Banks’ procyclical behavior: Does provisioning matter? Journal of International Financial Markets, Institutions and Money 18, 513–526.
Bouvatier, V., Lepetit, L. (2012). Effects of loan loss provisions on growth in bank lending: Some international comparisons. Economie Internationale, 91–116.
Boyd, J.H., De Nicolo, G. (2005). The theory of bank risk taking and competition revisited. The Journal of Finance 60, 1329–1343.
Burki, A.A., Dashti, I.M. (2003). Cost efficiency of commercial banks in Kuwait and the need for regulatory reforms. Challenges and Reforms of Economic Regulation in MENA Countries 19218, 159.
Chao, C.M. et al. (2018). Profitability efficiency, marketability efficiency and technology gaps in Taiwan’s banking industry: Meta-frontier network data envelopment analysis. Applied Economics 50, 233–250.
Christensen, L.R. et al. (1973). Transcendental logarithmic production frontiers. The Review of Economics and Statistics, 28–45.
Clark, G.L., Thrift, N. (2005). The return of bureaucracy: managing dispersed knowledge in global finance. The Sociology of Financial Markets, 229–249.
Cobb, C.W., Douglas, P.H. (1928). A theory of production. The American Economic Review 18, 139–165.
Dietrich, A., Wanzenried, G. (2014). The determinants of commercial banking profitability in low-, middle-, and high-income countries. The Quarterly Review of Economics and Finance 54, 337–354.
Ding, D., Sickles, R.C. (2018). Frontier efficiency, capital structure, and portfolio risk: An empirical analysis of us banks. BRQ Business Research Quarterly 21, 262–277.
Djalilov, K., Piesse, J. (2016). Determinants of bank profitability in transition countries: What matters most? Research in International Business and Finance 38, 69–82.
Duffie, D. (2018). Financial regulatory reform after the crisis: An assessment. Management Science 64, 4835–4857.
Farandy, A.R. et al. (2017). Efficiency of Islamic Banks in Indonesia: Data Envelopment Analysis. International Journal of Economics, Management and Accounting 25, 337–354.
Girardone, C. et al. (2004). Analysing the determinants of bank efficiency: the case of Italian banks. Applied Economics 36, 215–227.
Gishkori, M.A., Ullah, N. (2013). Technical efficiency of Islamic and commercial banks: Evidence from Pakistan using DEA model (2007-2011). Journal of Business and Management 7, 68–76.
Gulzar, M.A. et al. (2011). Corporate governance characteristics and earnings management: Empirical evidence from Chinese listed firms. International Journal of Accounting and Financial Reporting 1, 133.
Hjalmarsson, L. et al. (1996). DEA, DFA and SFA: a comparison. Journal of Productivity Analysis 7, 303–327.
Huang, X.S., Sun, L. (2017). Managerial ability and real earnings management. Advances in Accounting 39, 91–104.
Jackson, S.B., Liu, X. (2010). The allowance for uncollectible accounts, conservatism, and earnings management. Journal of Accounting Research 48, 565–601.
Jemric, I., Vujcic, B. (2002). Efficiency of banks in Croatia: A DEA approach. Comparative Economic Studies 44, 169–193.
Jin, J. et al. (2018). Discretion in bank loan loss allowance, risk taking and earnings management. Accounting & Finance 58, 171–193.
Kahneman, D., Tversky, A. (1979a). An analysis of decision under risk [j]. Econometrica: Journal of the Econometric Society 47.
Kahneman, D., Tversky, A. (1979b). Prospect theory: An analysis of decision under risk. Econometrica: Journal of the Econometric Society, 263–291.
Kanagaretnam, K. et al. (2015). Religiosity and earnings management: International evidence from the banking industry. Journal of
Business Ethics 132, 277–296.
Kanfer, R., Ackerman, P.L. (1994). Motivation and cognitive abilities: An integrative/aptitude-treatment interaction approach to skill acquisition. Journal
of Applied Psychology 74.
Kumbhakar, S.C. et al. (2001). The effects of deregulation on the performance of financial institutions: The case of Spanish savings banks. Journal of Money, Credit and Banking, 101–120.
Laeven, L., Majnoni, G. (2003). Loan loss provisioning and economic slowdowns: too much, too late? Journal of Financial Intermediation 12, 178–197.
Lam, M.C. (2022). Unsettled frontiers: Market formation in the Cambodia-Vietnam borderlands: By Sango Mahanty. Ithaca: Southeast Asia program publications.
Leuz, C. et al. (2003). Earnings management and investor protection: an international comparison. Journal of Financial Economics 69, 505–527.
Licht, A.N. et al. (2007). Culture rules: The foundations of the rule of law and other norms of governance. Journal of Comparative Economics 35, 659–688.
Limam, I., et al. (2001). A comparative study of GCC banks technical efficiency. ERF.
Liu, C.C., Ryan, S. (2003). Income smoothing over the business cycle: Changes in banks coordinated management of provisions for loan losses and loan charge-offs from the pre-1990 bust to the 1990s boom. The Accounting Review 81.
Ma, C.K. (1988). Loan loss reserves and income smoothing: the experience in the US banking industry. Journal of Business Finance & Accounting 15, 487–497.
Martens, W. et al. (2021). Earnings management in frontier market: Do institutional settings matter? Economies 9, 17.
Martens, W. et al. (2020). The impact of financial statement comparability on earnings management: Evidence from frontier markets. International Journal of Financial Studies 8, 73.
Menard, S. (2002). Applied logistic regression analysis. 106, Sage.
Mester, L.J. (1996). A study of bank efficiency taking into account risk-preferences. Journal of Banking & Finance 20, 1025–1045.
Miencha, I.O. et al. (2015). Efficiency measurement of Kenyan commercial banks. Mediterranean Journal of Social Sciences 6, 621.
MSC1 (2019). Market classification - MSCI. Accessed 25.06.2020.
Murillo-Zamorano, L.R., Vega-Cervera, J.A. (2001). The use of parametric and non-parametric frontier methods to measure the productive efficiency in the industrial sector: A comparative study. International Journal of Production Economics 69, 265–275.
Navaretti, G.B. et al. (2019). Few large with many small: Banks size distribution and cross-border financial linkages. Journal of Financial Services Research 56, 229–258.
Ngan, T.T., et al. (2014). Profit and cost efficiency analysis in banking sector: A case of stochastic frontier approach for Vietnam.
Nguyen, T.P.T. et al. (2016). Bank reforms and efficiency in Vietnamese banks: Evidence based on SFA and DEA. Applied Economics 48, 2822–2835.
Olson, D., Zoubi, T.A. (2011). Efficiency and bank profitability in mena countries. Emerging Markets Review 12, 94–110.
Partovi, E., Matousek, R. (2019). Bank efficiency and non-performing loans: Evidence from Turkey. Research in international Business and Finance 48, 287–309.
Perelman, S., Serebrisky, T. (2010). Measuring the technical efficiency of airports in Latin America. The World Bank.
Porter, M.E. (1997). Competitive strategy. Measuring Business Excellence 1, 12–17.
Rozzani, N., Rahman, R.A. (2013). Determinants of bank efficiency: Conventional versus Islamic. International Journal of Business and Management 8, 98–109.
Ruslan, A. et al. (2019). The role of efficiency mediation in the effect of banks size on bank profitability in Indonesia. Hasanuddin Economics and Business Review 3, 49–58.
Sakouvogui, K. (2020). A comparative approach of stochastic frontier analysis and data envelopment analysis estimators: evidence from banking system. Journal of Economic Studies.
Saurina, J. (2009). Loan loss provisions in Spain. a working macroprudential tool. Revista de Estabilidad Financiera 17, 11–26.
Sealey Jr, C.W., Lindley, J.T. (1977). Inputs, outputs, and a theory of production and cost at depository financial institutions. The Journal of Finance 32, 1251–1266.
Shu, P.G. et al. (2002). The behavior of Taiwan mutual fund investors—performance and fund flows. Pacific-basin Finance Journal 10, 583–600.
Siems, T.F., et al. (1992). Quantifying management’s role in bank survival. Economic Review 20, 29–41.
Silva, T.C. et al. (2017). A comparison of dea and sfa using micro-and macro-level perspectives: Efficiency of chinese local banks. Physica A: Statistical Mechanics and its Applications 469,
216–223.
Simar, L., Wilson, P.W. (2007). Estimation and inference in two-stage, semi-parametric models of production processes. Journal of Econometrics 136, 31–64.
Speidell, L. (2011). Frontier markets equity investing: Finding the winners of the future. CFA Institute Research Foundation M2011-2.
Speidell, L.S., Krohne, A. (2007). The case for frontier equity markets. The Journal of Investing 16, 12–22.
Tochkov, K., Nenovsky, N. (2011). Institutional reforms, eu accession, and bank efficiency in transition economies: Evidence from Bulgaria. Emerging Markets Finance and Trade 47, 113–129.
Turner, L.E., Godwin, J.H. (1999). Auditing, earnings management, and international accounting issues at the securities and exchange commission. Accounting Horizons 13, 281.
Vu, H.T., Turnell, S. (2010). Cost efficiency of the banking sector in Vietnam: A Bayesian stochastic frontier approach with regularity constraints. Asian Economic Journal 24, 115–139.
Webb, J.W. et al. (2013). Research on entrepreneurship in the informal economy: Framing a research agenda. Journal of Business Venturing 28, 598–614.
Wu, Y.C. et al. (2016). The impact of earnings management on the performance of ASEAN banks. Economic Modelling 53, 156–165.
Young, K. (2013). Financial industry groups’ adaptation to the post-crisis regulatory environment: Changing approaches to the policy cycle. Regulation & Governance 7, 460–480.
Abidi, N., Hacibedel, M.B., Nkusu, M.M. (2016). Changing times for frontier markets: A perspective from portfolio investment flows and financial integration. International Monetary Fund.
Adams, B. et al. (2009). Earnings management and initial public offerings: The case of the depository industry. Journal of Banking & Finance, 33, 2363-2372.
Adelopo, I. et al.(2018). Determinants of bank profitability before, during, and after the financial crisis. International Journal of Managerial Finance, 14, 378-398.
Ajao, A., Ogunniyi, L. (2010). Technical and scale efficiency of commercial banks in Nigeria. IUP Journal of Applied Economics, 9, 59.
Anandarajan, A. et al. (2006). The Use of Loan loss provisions for Capital Management, Earnings Management, and Signaling by Australian Banks. Discussion Papers. Bank of Finland Research.
Anandarajan, A. et al. (2007). Use of loan loss provisions for capital, earnings management and signalling by Australian banks. Accounting & Finance, 47, 357-379.
Anwar, M. et al. (2019). Rural bank efficiency and loans for micro and small businesses: Evidence from west java Indonesia. International Journal of Emerging Markets.
Ariff, M., Luc, C. (2008). Cost and profit efficiency of Chinese banks: A non-parametric analysis. China Economic Review, 19, 260-273.
Azad, M.A.K. et al. (2017). Bank efficiency in Malaysia: A use of malmquist meta-frontier analysis. Eurasian Business Review, 7, 287-311.
Balagobei, S. (2019). Corporate governance and non–performing loans: Evidence from listed banks in Sri Lanka. International Journal of Accounting & Business Finance, 5, 72-85.
Bank, W. (2020). Market capitalization of listed domestic companies (% of GDP) - data.
Bao, S.R., Lewellyn, K.B. (2017). Ownership structure and earnings management in emerging markets—An institutionalized agency perspective. International Business Review, 26, 828-838.
Battese, G.E., Coelli, T.J. (1995). A model for technical inefficiency effects in a stochastic frontier production function for panel data. Empirical Economics, 20, 325-332.
Bdour, J.I., Al-khoury, A.F. (2008). Predicting change in bank efficiency in Jordan: a data envelopment analysis. Journal of Accounting & Organizational Change, 4, 162–181.
Berger, A.N., Mester, L.J. (1997). Inside the black box: What explains differences in the efficiencies of financial institutions? Journal of Banking & Finance, 21, 895–947.
Bonin, J.P. et al. (2005). Privatization matters: Bank efficiency in transition countries. Journal of Banking & Finance 29, 2155–2178.
Bouvatier, V., Lepetit, L. (2008). Banks’ procyclical behavior: Does provisioning matter? Journal of International Financial Markets, Institutions and Money 18, 513–526.
Bouvatier, V., Lepetit, L. (2012). Effects of loan loss provisions on growth in bank lending: Some international comparisons. Economie Internationale, 91–116.
Boyd, J.H., De Nicolo, G. (2005). The theory of bank risk taking and competition revisited. The Journal of Finance 60, 1329–1343.
Burki, A.A., Dashti, I.M. (2003). Cost efficiency of commercial banks in Kuwait and the need for regulatory reforms. Challenges and Reforms of Economic Regulation in MENA Countries 19218, 159.
Chao, C.M. et al. (2018). Profitability efficiency, marketability efficiency and technology gaps in Taiwan’s banking industry: Meta-frontier network data envelopment analysis. Applied Economics 50, 233–250.
Christensen, L.R. et al. (1973). Transcendental logarithmic production frontiers. The Review of Economics and Statistics, 28–45.
Clark, G.L., Thrift, N. (2005). The return of bureaucracy: managing dispersed knowledge in global finance. The Sociology of Financial Markets, 229–249.
Cobb, C.W., Douglas, P.H. (1928). A theory of production. The American Economic Review 18, 139–165.
Dietrich, A., Wanzenried, G. (2014). The determinants of commercial banking profitability in low-, middle-, and high-income countries. The Quarterly Review of Economics and Finance 54, 337–354.
Ding, D., Sickles, R.C. (2018). Frontier efficiency, capital structure, and portfolio risk: An empirical analysis of us banks. BRQ Business Research Quarterly 21, 262–277.
Djalilov, K., Piesse, J. (2016). Determinants of bank profitability in transition countries: What matters most? Research in International Business and Finance 38, 69–82.
Duffie, D. (2018). Financial regulatory reform after the crisis: An assessment. Management Science 64, 4835–4857.
Farandy, A.R. et al. (2017). Efficiency of Islamic Banks in Indonesia: Data Envelopment Analysis. International Journal of Economics, Management and Accounting 25, 337–354.
Girardone, C. et al. (2004). Analysing the determinants of bank efficiency: the case of Italian banks. Applied Economics 36, 215–227.
Gishkori, M.A., Ullah, N. (2013). Technical efficiency of Islamic and commercial banks: Evidence from Pakistan using DEA model (2007-2011). Journal of Business and Management 7, 68–76.
Gulzar, M.A. et al. (2011). Corporate governance characteristics and earnings management: Empirical evidence from Chinese listed firms. International Journal of Accounting and Financial Reporting 1, 133.
Hjalmarsson, L. et al. (1996). DEA, DFA and SFA: a comparison. Journal of Productivity Analysis 7, 303–327.
Huang, X.S., Sun, L. (2017). Managerial ability and real earnings management. Advances in Accounting 39, 91–104.
Jackson, S.B., Liu, X. (2010). The allowance for uncollectible accounts, conservatism, and earnings management. Journal of Accounting Research 48, 565–601.
Jemric, I., Vujcic, B. (2002). Efficiency of banks in Croatia: A DEA approach. Comparative Economic Studies 44, 169–193.
Jin, J. et al. (2018). Discretion in bank loan loss allowance, risk taking and earnings management. Accounting & Finance 58, 171–193.
Kahneman, D., Tversky, A. (1979a). An analysis of decision under risk [j]. Econometrica: Journal of the Econometric Society 47.
Kahneman, D., Tversky, A. (1979b). Prospect theory: An analysis of decision under risk. Econometrica: Journal of the Econometric Society, 263–291.
Kanagaretnam, K. et al. (2015). Religiosity and earnings management: International evidence from the banking industry. Journal of
Business Ethics 132, 277–296.
Kanfer, R., Ackerman, P.L. (1994). Motivation and cognitive abilities: An integrative/aptitude-treatment interaction approach to skill acquisition. Journal
of Applied Psychology 74.
Kumbhakar, S.C. et al. (2001). The effects of deregulation on the performance of financial institutions: The case of Spanish savings banks. Journal of Money, Credit and Banking, 101–120.
Laeven, L., Majnoni, G. (2003). Loan loss provisioning and economic slowdowns: too much, too late? Journal of Financial Intermediation 12, 178–197.
Lam, M.C. (2022). Unsettled frontiers: Market formation in the Cambodia-Vietnam borderlands: By Sango Mahanty. Ithaca: Southeast Asia program publications.
Leuz, C. et al. (2003). Earnings management and investor protection: an international comparison. Journal of Financial Economics 69, 505–527.
Licht, A.N. et al. (2007). Culture rules: The foundations of the rule of law and other norms of governance. Journal of Comparative Economics 35, 659–688.
Limam, I., et al. (2001). A comparative study of GCC banks technical efficiency. ERF.
Liu, C.C., Ryan, S. (2003). Income smoothing over the business cycle: Changes in banks coordinated management of provisions for loan losses and loan charge-offs from the pre-1990 bust to the 1990s boom. The Accounting Review 81.
Ma, C.K. (1988). Loan loss reserves and income smoothing: the experience in the US banking industry. Journal of Business Finance & Accounting 15, 487–497.
Martens, W. et al. (2021). Earnings management in frontier market: Do institutional settings matter? Economies 9, 17.
Martens, W. et al. (2020). The impact of financial statement comparability on earnings management: Evidence from frontier markets. International Journal of Financial Studies 8, 73.
Menard, S. (2002). Applied logistic regression analysis. 106, Sage.
Mester, L.J. (1996). A study of bank efficiency taking into account risk-preferences. Journal of Banking & Finance 20, 1025–1045.
Miencha, I.O. et al. (2015). Efficiency measurement of Kenyan commercial banks. Mediterranean Journal of Social Sciences 6, 621.
MSC1 (2019). Market classification - MSCI.
Murillo-Zamorano, L.R., Vega-Cervera, J.A. (2001). The use of parametric and non-parametric frontier methods to measure the productive efficiency in the industrial sector: A comparative study. International Journal of Production Economics 69, 265–275.
Navaretti, G.B. et al. (2019). Few large with many small: Banks size distribution and cross-border financial linkages. Journal of Financial Services Research 56, 229–258.
Ngan, T.T., et al. (2014). Profit and cost efficiency analysis in banking sector: A case of stochastic frontier approach for Vietnam.
Nguyen, T.P.T. et al. (2016). Bank reforms and efficiency in Vietnamese banks: Evidence based on SFA and DEA. Applied Economics 48, 2822–2835.
Olson, D., Zoubi, T.A. (2011). Efficiency and bank profitability in mena countries. Emerging Markets Review 12, 94–110.
Partovi, E., Matousek, R. (2019). Bank efficiency and non-performing loans: Evidence from Turkey. Research in international Business and Finance 48, 287–309.
Perelman, S., Serebrisky, T. (2010). Measuring the technical efficiency of airports in Latin America. The World Bank.
Porter, M.E. (1997). Competitive strategy. Measuring Business Excellence 1, 12–17.
Rozzani, N., Rahman, R.A. (2013). Determinants of bank efficiency: Conventional versus Islamic. International Journal of Business and Management 8, 98–109.
Ruslan, A. et al. (2019). The role of efficiency mediation in the effect of banks size on bank profitability in Indonesia. Hasanuddin Economics and Business Review 3, 49–58.
Sakouvogui, K. (2020). A comparative approach of stochastic frontier analysis and data envelopment analysis estimators: evidence from banking system. Journal of Economic Studies.
Saurina, J. (2009). Loan loss provisions in Spain. a working macroprudential tool. Revista de Estabilidad Financiera 17, 11–26.
Sealey Jr, C.W., Lindley, J.T. (1977). Inputs, outputs, and a theory of production and cost at depository financial institutions. The Journal of Finance 32, 1251–1266.
Shu, P.G. et al. (2002). The behavior of Taiwan mutual fund investors—performance and fund flows. Pacific-basin Finance Journal 10, 583–600.
Siems, T.F., et al. (1992). Quantifying management’s role in bank survival. Economic Review 20, 29–41.
Silva, T.C. et al. (2017). A comparison of dea and sfa using micro-and macro-level perspectives: Efficiency of chinese local banks. Physica A: Statistical Mechanics and its Applications 469,
216–223.
Simar, L., Wilson, P.W. (2007). Estimation and inference in two-stage, semi-parametric models of production processes. Journal of Econometrics 136, 31–64.
Speidell, L. (2011). Frontier markets equity investing: Finding the winners of the future. CFA Institute Research Foundation M2011-2.
Speidell, L.S., Krohne, A. (2007). The case for frontier equity markets. The Journal of Investing 16, 12–22.
Tochkov, K., Nenovsky, N. (2011). Institutional reforms, eu accession, and bank efficiency in transition economies: Evidence from Bulgaria. Emerging Markets Finance and Trade 47, 113–129.
Turner, L.E., Godwin, J.H. (1999). Auditing, earnings management, and international accounting issues at the securities and exchange commission. Accounting Horizons 13, 281.
Vu, H.T., Turnell, S. (2010). Cost efficiency of the banking sector in Vietnam: A Bayesian stochastic frontier approach with regularity constraints. Asian Economic Journal 24, 115–139.
Webb, J.W. et al. (2013). Research on entrepreneurship in the informal economy: Framing a research agenda. Journal of Business Venturing 28, 598–614.
Wu, Y.C. et al. (2016). The impact of earnings management on the performance of ASEAN banks. Economic Modelling 53, 156–165.
Young, K. (2013). Financial industry groups’ adaptation to the post-crisis regulatory environment: Changing approaches to the policy cycle. Regulation & Governance 7, 460–480.