Özet:

Intermediary institutions have been at the heart of financial systems in efficient allocation of resources in emerging economies and a reliable assessment of that system is a prerequisite to managerial decision-making. After more than 30 years of development, the capital market system has been basically formulated in Turkey, and the intermediary institutions have experienced a rapid development as well. However, due to the late start of intermediary institutions development in Turkish capital markets, empirical evidence on the efficiency profiles of them is quite scarce and comprehensive efficiency evaluation process has been required. The main purpose of the research is to assess the efficiency profiles and productivity change of Turkish intermediary institutions during the years 2005 and 2016 using a comprehensive framework based on survey results, Data Envelopment Analysis (DEA) and Malmquist Total Factor Productivity Index. Based on DEA findings, that unique dataset allows to analyse that intermediary institutions in Turkey have highest efficiency scores in terms of scale efficiency. Furthermore, listed ones are significantly more technical, pure technical and scale efficient than their non-listed peers. According to Malmquist index, listed intermediary institutions have more stable in terms of total productivity change than the others during the observation period. Both for the groups, the volatility in technological change is higher than the other efficiency changes. Empirical findings evidence that, on average, the intermediary institutions operating in Turkey have not yet to enhance optimum levels of technical efficiency. That study may provide a starting point for further investigation and validation into the efficiency of the Turkish intermediary institutions. This strand of research could provide significant information for policy makers for enhancing the level of technological efficiency as well.

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