Sina BELKHIRIA - Academia.edu (original) (raw)

Papers by Sina BELKHIRIA

arXiv (Cornell University), Apr 6, 2024

Technical efficiency indices (TEIs) can be estimated using the traditional stochastic frontier an... more Technical efficiency indices (TEIs) can be estimated using the traditional stochastic frontier analysis approach, which yields relative indices that do not allow self-interpretations. In this paper, we introduce a single-step estimation procedure for TEIs that eliminates the need to identify best practices and avoids imposing restrictive hypotheses on the error term. The resulting indices are absolute and allow for individual interpretation. In our model, we estimate a distance function using the inverse coefficient of resource utilization, rather than treating it as unobservable. We employ a Tobit model with a translog distance function as our econometric framework. Applying this model to a sample of 19 airline companies from 2012 to 2021, we find that: (1) Absolute technical efficiency varies considerably between companies with medium-haul European airlines being technically the most efficient, while Asian airlines are the least efficient; (2) Our estimated TEIs are consistent with the observed data with a decline in efficiency especially during the Covid-19 crisis and Brexit period; (3) All airlines contained in our sample would be able to increase their average technical efficiency by 0.209% if they reduced their average kerosene consumption by 1%; (4) Total factor productivity (TFP) growth slowed between 2013 and 2019 due to a decrease in Disembodied Technical Change (DTC) and a small effect from Scale Economies (SE). Toward the end of our study period, TFP growth seemed increasingly driven by the SE effect, with a sharp decline in 2020 followed by an equally sharp recovery in 2021 for most airlines.

Global Business and Economics Research Journal, Apr 11, 2014

The economic performance of emerging countries are increasingly conditioned by the efficiency of ... more The economic performance of emerging countries are increasingly conditioned by the efficiency of their banking systems to the extent that this is the way almost unique in the mobilization of capital to the productive system. Financial liberalization that began in Tunisia in 1986 led to the lifting of some regulatory constraints on the banking activities and led to change in the productive combination of banks. Financial reforms have increased the traditional activity of banks by collecting deposits and granting loans. However, following the intensification of competition, the income from such activity (interest margin) is following for several years a trend toward decline. Accordingly, banks are directed towards non-traditional activities. This paper will examine the impact of new combination of banking activities on the cost efficiency of Tunisian commercial banks. Using the Stochastic Frontier Approach (SFA) over the post-liberalization period (1990-2010), the results show that: The lending activity is not a determinant of the efficiency of Tunisian banks due to the accumulation of bad loans and to the size of banks that implies a stagnation of economies of scale. Non-traditional activities are not significant at the beginning of liberalization process but show a positive and significant effect on bank efficiency later. This impact is different depending on capital structure; improved efficiency is most evident in private banks, these activities seem however to be a factor of fragility for public ones.

Archives of Business Research

Among growth factors of a company, its human capital, because of its hardly imitable trait. Howev... more Among growth factors of a company, its human capital, because of its hardly imitable trait. However, investing in human capital is intangible and risky, which makes its funding arduous. This article considered the impact of the company’s capital structure on the human capital investment decision through training using probit regressions. Among a sample of SMEs from 24 Eastern European countries, the results confirmed that bank loans foster trainings. However, an increase in self-financing slows down such investments.

arXiv (Cornell University), Apr 6, 2024

Technical efficiency indices (TEIs) can be estimated using the traditional stochastic frontier an... more Technical efficiency indices (TEIs) can be estimated using the traditional stochastic frontier analysis approach, which yields relative indices that do not allow self-interpretations. In this paper, we introduce a single-step estimation procedure for TEIs that eliminates the need to identify best practices and avoids imposing restrictive hypotheses on the error term. The resulting indices are absolute and allow for individual interpretation. In our model, we estimate a distance function using the inverse coefficient of resource utilization, rather than treating it as unobservable. We employ a Tobit model with a translog distance function as our econometric framework. Applying this model to a sample of 19 airline companies from 2012 to 2021, we find that: (1) Absolute technical efficiency varies considerably between companies with medium-haul European airlines being technically the most efficient, while Asian airlines are the least efficient; (2) Our estimated TEIs are consistent with the observed data with a decline in efficiency especially during the Covid-19 crisis and Brexit period; (3) All airlines contained in our sample would be able to increase their average technical efficiency by 0.209% if they reduced their average kerosene consumption by 1%; (4) Total factor productivity (TFP) growth slowed between 2013 and 2019 due to a decrease in Disembodied Technical Change (DTC) and a small effect from Scale Economies (SE). Toward the end of our study period, TFP growth seemed increasingly driven by the SE effect, with a sharp decline in 2020 followed by an equally sharp recovery in 2021 for most airlines.

Global Business and Economics Research Journal, Apr 11, 2014

The economic performance of emerging countries are increasingly conditioned by the efficiency of ... more The economic performance of emerging countries are increasingly conditioned by the efficiency of their banking systems to the extent that this is the way almost unique in the mobilization of capital to the productive system. Financial liberalization that began in Tunisia in 1986 led to the lifting of some regulatory constraints on the banking activities and led to change in the productive combination of banks. Financial reforms have increased the traditional activity of banks by collecting deposits and granting loans. However, following the intensification of competition, the income from such activity (interest margin) is following for several years a trend toward decline. Accordingly, banks are directed towards non-traditional activities. This paper will examine the impact of new combination of banking activities on the cost efficiency of Tunisian commercial banks. Using the Stochastic Frontier Approach (SFA) over the post-liberalization period (1990-2010), the results show that: The lending activity is not a determinant of the efficiency of Tunisian banks due to the accumulation of bad loans and to the size of banks that implies a stagnation of economies of scale. Non-traditional activities are not significant at the beginning of liberalization process but show a positive and significant effect on bank efficiency later. This impact is different depending on capital structure; improved efficiency is most evident in private banks, these activities seem however to be a factor of fragility for public ones.

Archives of Business Research

Among growth factors of a company, its human capital, because of its hardly imitable trait. Howev... more Among growth factors of a company, its human capital, because of its hardly imitable trait. However, investing in human capital is intangible and risky, which makes its funding arduous. This article considered the impact of the company’s capital structure on the human capital investment decision through training using probit regressions. Among a sample of SMEs from 24 Eastern European countries, the results confirmed that bank loans foster trainings. However, an increase in self-financing slows down such investments.