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Katılım Bankalarında Finansal İstikrarın Bankaya Özgü Belirleyicileri: Driscoll-Kraay Tahmincisinden Yeni Kanıtlar

Year 2023, Volume: 5 Issue: 3, 166 - 181, 30.09.2023

Selim Güngör

https://doi.org/10.54821/uiecd.1333150

Abstract

Finansal istikrar, büyük bir merkez bankası tarafından birincil politika hedefi olarak ilk kez ortaya atıldığından bu yana, fiyat istikrarından ve finansal sektörlerin etkin işleyişinden ayrı bir konu olarak büyük ilgi görmüştür. Bu doğrultuda, finansal sistemdeki farklı finansal analistler ve akademisyenler finansal istikrarın karmaşıklığını çözmeye çalışmış ve farklı düzeylerde teorik ve ampirik araştırmalar yürütmüşlerdir. Bu çalışma, Türkiye'deki katılım bankalarının finansal istikrarını etkileyen içsel faktörleri ortaya koymayı amaçlamaktadır. Bu nedenle 2019Q1-2023Q1 dönemi için 6 katılım bankasının verilerini dikkate alınmıştır. Ayrıca, katılım bankalarının istikrarı Z-skor ile değerlendirilmiştir. Driscoll & Kraay dirençli standart hatalar tahmincisi ile yapılan analizler sonucunda, ilk olarak, risk ağırlıklı ve risk ağırlıklı olmayan sermaye oranları ile banka istikrarı arasında negatif bir ilişki bulunmuştur. İkinci olarak, banka istikrarı ile banka büyüklüğü arasında negatif bir ilişki varken, maliyet-gelir oranı, kredi oranı ve toplanan fonlar oranı ile banka istikrarı arasında pozitif bir ilişki olduğu sonucuna varılmıştır. Son olarak, varlık ve fon çeşitlendirmeleri ile banka istikrarı arasında negatif bir ilişki varken, gelir çeşitlendirmesi ile banka istikrarı arasında pozitif bir ilişkinin olduğu gözlemlenmiştir. Araştırma sonuçları, banka istikrarını en çoktan en aza doğru etkileyen faktörlerin sırasıyla gelir çeşitlendirmesi, fon ve varlık çeşitlendirmeleri, toplanan fonlar oranı, risk ağırlıklı olmayan sermaye oranı, maliyet-gelir oranı, kredi oranı, risk ağırlıklı sermaye oranı ve banka büyüklüğü olduğunu belirtmektedir. Araştırma sonuçları ayrıca, katılım bankalarının sürdürülebilir finansal istikrar ve sağlamlığını desteklemek için yönetim etkinliğini, kredi, toplanan fon ve gelir çeşitlendirme düzeylerini geliştirmeleri gerektiğini göstermektedir.

Keywords

Finansal İstikrar Katılım Bankaları Bankaya Özgü Göstergeler Driscoll-Kraay Tahmincisi

References

  • Alqahtani, F., & Mayes, D. G. (2018). Financial stability of Islamic banking and the global financial crisis: Evidence from the Gulf Cooperation Council. Economic Systems, 42(2), 346-360.
  • Ali, S. S., & Izhar, H. (2015). Financial stability and risk management in Islamic finance: An introduction to the issues and papers. (pp.11-16). Financial Stability and Risk Management in Islamic Financial Institutions, Vol:5, Bloomsbury Qatar Foundation Journals.
  • Alihodzic, A., Eksi̇, I. H., & Dogan, B. (2020). The determinants of bank stability: Evidence from selected Balkan countries and Turkey. Romanian Statiscal Review, (1-2), 23-39.
  • Altaee, H. H. A., Talo, I. M. A., & Adam, M. H. M. (2013). Testing the financial stability of banks in GCC countries: Pre and post financial crisis. International Journal of Business and Social Research (IJBSR), 3(4), 93-105.
  • Amaroh, S. (2023). Measuring financial distress of Islamic banks under pandemic and its determinants: Random effect approach. IQTISHODUNA: Jurnal Ekonomi Islam, 12(1), 73-88.
  • Baltagi, B. H., & Wu, P.X. (1999). Unequally spaced panel data regressions with AR (1) disturbances. Econometric Theory, 15(6), 814-823.
  • Belouafi, A., Bourakba, C. A., & Saci, K. (2015). Islamic finance and financial stability: A review of the literature. Journal of King Abdulaziz University: Islamic Economics, 28(2), 3-42.
  • Bhargava, A., Franzini, L., & Narendranathan, W. (1982) Serial correlation and the fixed effects model. Review of Economic Studies, 49, 533-549.
  • Breusch, T. S., & Pagan, A.R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253.
  • Brown, M. B., & Forsythe, A. B. (1974). Robust tests for the equality of variances. Journal of the American Statistical Association, 69(346), 364-367.
  • Chakroun, M. A., & Gallali, M. I. (2015). Islamic banks and financial stability: An empirical analysis of the Gulf countries. International Journal of Business and Commerce, 5(3), 64-87.
  • Chishti, S. (1985). Relative stability of interest-free economy. Journal of King Abdulaziz University: Islamic Economics, 3(1), 3-12.
  • Čihák, M., & Hesse, H. (2010). Islamic banks and financial stability: An empirical analysis. Journal of Financial Services Research, 38, 95-113.
  • Collu, D. A. (2021). Bankaya özgü faktörlerin banka istikrarı üzerindeki etkileri: Türk bankacılık sektörü örneği. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 10(2), 1096-1117.
  • Danisman, G. (2018). Determinants of bank stability: A financial statement analysis of Turkish banks. Sosyoekonomi, 26(38), 87-103.
  • Daoud, Y., & Kammoun, A. (2020). Financial stability and bank capital: The case of Islamic banks. International Journal of Economics and Financial Issues, 10(5), 361.
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560.
  • Ece, O., & Cadirci, B. D. (2022). Kredi portföy yoğunlaşma düzeyinin finansal istikrar ve performans üzerine etkisi: İkili bankacılık sisteminde karşılaştırmalı bir analiz. Journal of Economic Policy Researches, 9(2), 523-556.
  • Ekinci, R., & Kok, R. (2020). Avrupa Birliği bankacılık endüstrisinde rekabet ve istikrar ilişkisi: Ticari bankalar üzerine bir deneme. İzmir İktisat Dergisi, 35(4), 879-894.
  • Elbadri, M., & Bektas, E. (2017). Measuring the financial stability of Islamic and conventional banks in Turkey. In New Challenges in Banking and Finance: 2nd International Conference on Banking and Finance Perspectives (pp. 115-137). Springer International Publishing.
  • Farook, S., Hassan, M. K., & Clinch, G. (2009). Islamic banks and financial stability: Further evidence. Available at SSRN 1828663.
  • Ghassan, Hassan B., & Krichene, N. (2017). Financial stability of conventional and Islamic banks: A survey. MPRA Paper No. 82372. Munich: University Library of Munich. Available online: https://ideas.repec.org/p/pra/mprapa/82372.html, (accessed: 20.07.2023).
  • Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 1251-1271.
  • Hadri, K., & Kurozumi, E. (2012). A simple panel stationarity test in the presence of serial correlation and a common factor. Economics Letters, 115(1), 31-34.
  • Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The Stata Journal, 7(3), 281-312.
  • Ibrahim, M. H., & Rizvi, S. A. R. (2017). Do we need bigger Islamic banks? An assessment of bank stability. Journal of Multinational Financial Management, 40, 77-91.
  • Iqbal, Z., Mirakhor, A., Krichenne, N., & Askari, H. (2010). The stability of Islamic finance: Creating a resilient financial environment for a secure future. (Vol. 644), John Wiley & Sons.
  • Iqbal, M., & Molyneux, P. (2016). Thirty years of Islamic banking: History, performance and prospects. Springer.
  • Iskenderoglu, O., & Tomak, S. (2013). Competition and stability: An analysis of the Turkish banking system. International Journal of Economics and Financial Issues, 3(3), 752-762.
  • Joudar, F., Msatfa, Z., Metwalli, O., Mouabid, M., & Dinar, B. (2023). Islamic financial stability factors: An econometric evidence. Economies, 11(3), 79.
  • Khoutem, B. J., & Nedra, B. A. (2012). Islamic participative financial intermediation and economic growth. Journal of Islamic Economics, Banking and Finance, 3(8), 44-59.
  • Kasri, R. A., & Azzahra, C. (2020). Determinants of bank stability in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 9(2), 153-166.
  • Lasty A. D., Nusantara, S. T. D., Laba, A. R., Ali, M., & Soebarsah, M. (2019). Determinants of Islamic banking stability in Indonesia. International Journal of Academic Research in Business and Social Sciences, 9(7), 654-669.
  • Levene, H. (1960). Robust tests for equality of variances. Contributions to Probability and Statistics, 278-292. Njima, N. E. B., & Zouari, S. M. (2012). Enjeux et opportunités du développement de la finance Islamique en Tunisie. Journal of Academic Finance, 3(1), 1-27.
  • Ouerghi, F. (2014). Are Islamic banks more resilient to global financial crisis than conventional banks?. Asian Economic and Financial Review, 4(7), 941-955.
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • Prima Sakti, M. R., & Mohamad, A. (2018). Efficiency, stability and asset quality of Islamic vis-à-vis conventional banks: Evidence from Indonesia. Journal of Islamic Accounting and Business Research, 9(3), 378-400.
  • Rajhi, W., & Hassairi, S. A. (2013). Islamic banks and financial stability: A comparative empirical analysis between MENA and Southeast Asian countries. Région et Développement, 37(3), 149-179.
  • Rashid, A., Yousaf, S., & Khaleequzzaman, M. (2017). Does Islamic banking really strengthen financial stability? Empirical evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(2), 130-148.
  • Safiullah, M. (2021). Financial stability efficiency of Islamic and conventional banks. Pacific-Basin Finance Journal, 68, 101587.
  • Sakarya, B. (2016). Financial stability of Islamic (participation) banks in Turkey. 1-27, https://mpra.ub.uni-muenchen.de/69451/. (27.05.2023).
  • Sakarya, S., & Akkus, H.T. (2017). Türk bankacılık sektöründeki katılım bankalarının finansal istikrarının stres testi yöntemi ile analizi. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 20(38), 215-234.
  • Sari, N. N. & Sudarmawan, B. N. (2023). The determinants of bank stability: An empirical investigation in Southeast Asia. Jurnal Ekonomi Syariah Teori dan Terapan, 10(2), 109-122.
  • Shahid, M. A., & Abbas, Z. (2012). Financial stability of Islamic banking in Pakistan: An empirical study. African Journal of Business Management, 6(10), 3706-3714.
  • Shahriar, A., Mehzabin, S., & Azad, M. A. K. (2023). Diversification and bank stability in the MENA region. Social Sciences & Humanities Open, 8(1), 100520.
  • Stiroh, K. J., & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking & Finance, 30(8), 2131-2161.
  • TKBB (2023). Katılım bankaları 2022, online: https://tkbb.org.tr/uploads/pages/1689162220_89b0afa1734729cb28c9.pdf (accessed: 20.07.2023).
  • Tunay, K. B., & Tunay, N. (2021). Macro-financial determinants of commercial banking stability in dual banking systems. Eurasian Academy of Sciences Eurasian Business & Economics Journal, 26, 36-48.
  • Wahid, M. A., & Dar, H. (2016). Stability of Islamic versus conventional banks: A Malaysian case. Jurnal Ekonomi Malaysia, 50(1), 111 – 132.
  • Widarjono, A. (2020). Stability of Islamic banks in Indonesia: Autoregressive distributed lag approach. Jurnal Keuangan Dan Perbankan, 24(1), 40-52.
  • Yerdelen Tatoglu, F. (2016). Panel veri ekonometrisi, Genişletilmiş 3.Baskı, İstanbul: Beta Yayınları.

Bank-Specific Determinants of Financial Stability in Participation Banks: Fresh Evidence from the Driscoll-Kraay Estimator

Year 2023, Volume: 5 Issue: 3, 166 - 181, 30.09.2023

Selim Güngör

https://doi.org/10.54821/uiecd.1333150

Abstract

Since its first introduction as a primary policy goal by a big central bank, financial stability has received much interest as a distinct matter, separate from price stability and the efficient functioning of the financial sectors. Accordingly, different financial analysts and scholars in the financial system have tried to unravel the complexity of financial stability and have conducted theoretical and empirical research at different levels. This study aims to reveal the internal factors affecting the financial stability of participation banks in Turkey. Therefore, we consider the data of 6 participation banks for the 2019Q1-2023Q1 period. Moreover, we assess the stability of participation banks with the Z-score. As a result of the analyses with the Driscoll &Kraay robust standard errors estimator, firstly, we found a negative relationship between risk-weighted and non-risk-weighted capital ratios and bank stability. Secondly, we concluded that while there is a negative relationship between bank stability and bank size, there is a positive relationship between cost-to-income ratio, loan ratio and collected funds ratio and bank stability. Finally, we observed a negative relationship between asset and fund diversifications and bank stability; in contrast, there is a positive relationship between income diversification and bank stability. The results of the research state that the factors affecting bank stability from most to least are income diversification, fund and asset diversifications, collected funds ratio, non-risk weighted capital ratio, cost-to-income ratio, loan ratio, risk-weighted capital ratio and bank size, respectively. The research results also indicate that participation banks must improve their management efficiency, credit, collected fund and income diversification levels to support their sustainable financial stability and soundness.

Keywords

Financial Stability Participation Banks Bank-Specific Indicators Driscoll-Kraay Estimator

References

  • Alqahtani, F., & Mayes, D. G. (2018). Financial stability of Islamic banking and the global financial crisis: Evidence from the Gulf Cooperation Council. Economic Systems, 42(2), 346-360.
  • Ali, S. S., & Izhar, H. (2015). Financial stability and risk management in Islamic finance: An introduction to the issues and papers. (pp.11-16). Financial Stability and Risk Management in Islamic Financial Institutions, Vol:5, Bloomsbury Qatar Foundation Journals.
  • Alihodzic, A., Eksi̇, I. H., & Dogan, B. (2020). The determinants of bank stability: Evidence from selected Balkan countries and Turkey. Romanian Statiscal Review, (1-2), 23-39.
  • Altaee, H. H. A., Talo, I. M. A., & Adam, M. H. M. (2013). Testing the financial stability of banks in GCC countries: Pre and post financial crisis. International Journal of Business and Social Research (IJBSR), 3(4), 93-105.
  • Amaroh, S. (2023). Measuring financial distress of Islamic banks under pandemic and its determinants: Random effect approach. IQTISHODUNA: Jurnal Ekonomi Islam, 12(1), 73-88.
  • Baltagi, B. H., & Wu, P.X. (1999). Unequally spaced panel data regressions with AR (1) disturbances. Econometric Theory, 15(6), 814-823.
  • Belouafi, A., Bourakba, C. A., & Saci, K. (2015). Islamic finance and financial stability: A review of the literature. Journal of King Abdulaziz University: Islamic Economics, 28(2), 3-42.
  • Bhargava, A., Franzini, L., & Narendranathan, W. (1982) Serial correlation and the fixed effects model. Review of Economic Studies, 49, 533-549.
  • Breusch, T. S., & Pagan, A.R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253.
  • Brown, M. B., & Forsythe, A. B. (1974). Robust tests for the equality of variances. Journal of the American Statistical Association, 69(346), 364-367.
  • Chakroun, M. A., & Gallali, M. I. (2015). Islamic banks and financial stability: An empirical analysis of the Gulf countries. International Journal of Business and Commerce, 5(3), 64-87.
  • Chishti, S. (1985). Relative stability of interest-free economy. Journal of King Abdulaziz University: Islamic Economics, 3(1), 3-12.
  • Čihák, M., & Hesse, H. (2010). Islamic banks and financial stability: An empirical analysis. Journal of Financial Services Research, 38, 95-113.
  • Collu, D. A. (2021). Bankaya özgü faktörlerin banka istikrarı üzerindeki etkileri: Türk bankacılık sektörü örneği. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 10(2), 1096-1117.
  • Danisman, G. (2018). Determinants of bank stability: A financial statement analysis of Turkish banks. Sosyoekonomi, 26(38), 87-103.
  • Daoud, Y., & Kammoun, A. (2020). Financial stability and bank capital: The case of Islamic banks. International Journal of Economics and Financial Issues, 10(5), 361.
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560.
  • Ece, O., & Cadirci, B. D. (2022). Kredi portföy yoğunlaşma düzeyinin finansal istikrar ve performans üzerine etkisi: İkili bankacılık sisteminde karşılaştırmalı bir analiz. Journal of Economic Policy Researches, 9(2), 523-556.
  • Ekinci, R., & Kok, R. (2020). Avrupa Birliği bankacılık endüstrisinde rekabet ve istikrar ilişkisi: Ticari bankalar üzerine bir deneme. İzmir İktisat Dergisi, 35(4), 879-894.
  • Elbadri, M., & Bektas, E. (2017). Measuring the financial stability of Islamic and conventional banks in Turkey. In New Challenges in Banking and Finance: 2nd International Conference on Banking and Finance Perspectives (pp. 115-137). Springer International Publishing.
  • Farook, S., Hassan, M. K., & Clinch, G. (2009). Islamic banks and financial stability: Further evidence. Available at SSRN 1828663.
  • Ghassan, Hassan B., & Krichene, N. (2017). Financial stability of conventional and Islamic banks: A survey. MPRA Paper No. 82372. Munich: University Library of Munich. Available online: https://ideas.repec.org/p/pra/mprapa/82372.html, (accessed: 20.07.2023).
  • Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 1251-1271.
  • Hadri, K., & Kurozumi, E. (2012). A simple panel stationarity test in the presence of serial correlation and a common factor. Economics Letters, 115(1), 31-34.
  • Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The Stata Journal, 7(3), 281-312.
  • Ibrahim, M. H., & Rizvi, S. A. R. (2017). Do we need bigger Islamic banks? An assessment of bank stability. Journal of Multinational Financial Management, 40, 77-91.
  • Iqbal, Z., Mirakhor, A., Krichenne, N., & Askari, H. (2010). The stability of Islamic finance: Creating a resilient financial environment for a secure future. (Vol. 644), John Wiley & Sons.
  • Iqbal, M., & Molyneux, P. (2016). Thirty years of Islamic banking: History, performance and prospects. Springer.
  • Iskenderoglu, O., & Tomak, S. (2013). Competition and stability: An analysis of the Turkish banking system. International Journal of Economics and Financial Issues, 3(3), 752-762.
  • Joudar, F., Msatfa, Z., Metwalli, O., Mouabid, M., & Dinar, B. (2023). Islamic financial stability factors: An econometric evidence. Economies, 11(3), 79.
  • Khoutem, B. J., & Nedra, B. A. (2012). Islamic participative financial intermediation and economic growth. Journal of Islamic Economics, Banking and Finance, 3(8), 44-59.
  • Kasri, R. A., & Azzahra, C. (2020). Determinants of bank stability in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 9(2), 153-166.
  • Lasty A. D., Nusantara, S. T. D., Laba, A. R., Ali, M., & Soebarsah, M. (2019). Determinants of Islamic banking stability in Indonesia. International Journal of Academic Research in Business and Social Sciences, 9(7), 654-669.
  • Levene, H. (1960). Robust tests for equality of variances. Contributions to Probability and Statistics, 278-292. Njima, N. E. B., & Zouari, S. M. (2012). Enjeux et opportunités du développement de la finance Islamique en Tunisie. Journal of Academic Finance, 3(1), 1-27.
  • Ouerghi, F. (2014). Are Islamic banks more resilient to global financial crisis than conventional banks?. Asian Economic and Financial Review, 4(7), 941-955.
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • Prima Sakti, M. R., & Mohamad, A. (2018). Efficiency, stability and asset quality of Islamic vis-à-vis conventional banks: Evidence from Indonesia. Journal of Islamic Accounting and Business Research, 9(3), 378-400.
  • Rajhi, W., & Hassairi, S. A. (2013). Islamic banks and financial stability: A comparative empirical analysis between MENA and Southeast Asian countries. Région et Développement, 37(3), 149-179.
  • Rashid, A., Yousaf, S., & Khaleequzzaman, M. (2017). Does Islamic banking really strengthen financial stability? Empirical evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(2), 130-148.
  • Safiullah, M. (2021). Financial stability efficiency of Islamic and conventional banks. Pacific-Basin Finance Journal, 68, 101587.
  • Sakarya, B. (2016). Financial stability of Islamic (participation) banks in Turkey. 1-27, https://mpra.ub.uni-muenchen.de/69451/. (27.05.2023).
  • Sakarya, S., & Akkus, H.T. (2017). Türk bankacılık sektöründeki katılım bankalarının finansal istikrarının stres testi yöntemi ile analizi. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 20(38), 215-234.
  • Sari, N. N. & Sudarmawan, B. N. (2023). The determinants of bank stability: An empirical investigation in Southeast Asia. Jurnal Ekonomi Syariah Teori dan Terapan, 10(2), 109-122.
  • Shahid, M. A., & Abbas, Z. (2012). Financial stability of Islamic banking in Pakistan: An empirical study. African Journal of Business Management, 6(10), 3706-3714.
  • Shahriar, A., Mehzabin, S., & Azad, M. A. K. (2023). Diversification and bank stability in the MENA region. Social Sciences & Humanities Open, 8(1), 100520.
  • Stiroh, K. J., & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking & Finance, 30(8), 2131-2161.
  • TKBB (2023). Katılım bankaları 2022, online: https://tkbb.org.tr/uploads/pages/1689162220_89b0afa1734729cb28c9.pdf (accessed: 20.07.2023).
  • Tunay, K. B., & Tunay, N. (2021). Macro-financial determinants of commercial banking stability in dual banking systems. Eurasian Academy of Sciences Eurasian Business & Economics Journal, 26, 36-48.
  • Wahid, M. A., & Dar, H. (2016). Stability of Islamic versus conventional banks: A Malaysian case. Jurnal Ekonomi Malaysia, 50(1), 111 – 132.
  • Widarjono, A. (2020). Stability of Islamic banks in Indonesia: Autoregressive distributed lag approach. Jurnal Keuangan Dan Perbankan, 24(1), 40-52.
  • Yerdelen Tatoglu, F. (2016). Panel veri ekonometrisi, Genişletilmiş 3.Baskı, İstanbul: Beta Yayınları.
There are 51 citations in total.

Details

Primary Language English
Subjects Panel Data Analysis, Islamic Economy, Finance, Financial Markets and Institutions, Islamic Finance
Journal Section Research Articles
Authors

Selim Güngör 0000-0002-2997-1113

Publication Date September 30, 2023
Published in Issue Year 2023 Volume: 5 Issue: 3

Cite

APA Güngör, S. (2023). Bank-Specific Determinants of Financial Stability in Participation Banks: Fresh Evidence from the Driscoll-Kraay Estimator. International Journal of Business and Economic Studies, 5(3), 166-181. https://doi.org/10.54821/uiecd.1333150
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