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Determinants of bank market valuation: a review of the literature

Kwiatkowska Katarzyna

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2023

z. 176

347--363

Purpose: Well-functioning banks are essential for the proper development of any economy. In addition, with the development of capital markets, capitalisation has been growing on local stock exchanges. However, the number of listed banks is still limited. These observations make it important to isolate the factors that shape market valuation of banks. This paper reviews the empirical literature on market valuation of banks and classifies the determinants of valuation. Design/methodology/approach: Review of the literature based on an analysis of 30 publications on the market valuation of banks. Findings: The factors that affect bank market valuation can be divided into a number of categories. The first category focuses on the connections between market value and financial aspects of banks. The relationship between the components of bank corporate governance and market valuation is discussed in the second group. We can distinguish between elements relating to boards, ownership structure, and other corporate governance elements in this group. The final section of the literature focuses on external variables that are unrelated to specific bank choices. Additionally, it is clear that Tobin's Q and MTB ratio serve as the two primary indicators of bank market valuation. Research limitations/implications: There are not many research looking at the factors that affect the market value of banks in emerging markets. A study of the market value of banks from these economies could be an important issue for future research. Practical implications: Knowing the elements that influence the market value of banks may be useful for investors considering investing in bank shares. Originality/value: This literature review focuses on isolating external and internal factors that the empirical literature has examined in the context of bank market valuation. This allows us to capture a potential research gap in this topic.