The professional service fiem (PSF) in a globalised economy: A study of the efficiency of securuties firns in an emerging market
This study expores the efficiency of securities firms in Turkey and offers conceptual and managerial insights utilizing data envelopment analysis. The impact to liabilities of foreignness (LOF) and localness (LOL) upon knowledge intensive firm efficiency in an emerging market economy. We have extended this approach through our consideration of liability associated with market globalness (LOMG). Our finding indicate the importance of size for firm efficiency with bank affiliation and foreign ownership also having positive effects on efficiency. Our study makes a contribution conceptually, methodologically and empirically to a growing conducted literature on emerging economics. We also make a valuable addition to the limited emirical work conducted on the securities industry to data. Finally, though our contextualization of Turkish securities firms as professional services firm (PSFs), our research extends the narrow focus on law and accounting which currently dominates the burgeoning research strand on PSFs