6. RESULTS
6.3 Model Results
6.3.1 K-means clustering
The below section presents the results of k-means clustering conducted in SPSS. Resulting clusters for each time interval are presented in the Appendix A. A summary is presented in Table 7.
2008 - 2011 ROA ROC OM CTI 2012- 2014 ROA ROC OM CTI 2015- 2017 ROA ROC OM CTI
Maturing 0.26 0.81 5.33 0.43 Maturing 0.14 0.64 11.88 0.43 Maturing 0.27 0.89 17.76 0.47
Transforming 0.27 0.58 18.48 0.47 Transforming 0.34 0.76 25.67 0.30 Transforming 0.47 1.30 27.33 0.28 Beginning/Norming 0.23 0.61 11.70 0.39 Beginning/Norming 0.29 0.85 12.26 0.54 Beginning/Norming 0.42 1.05 25.03 0.31
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Table 7: Cluster results.
6.3.1.1 Year 2008 to 2011
The first cluster covers 6 banks, the second 11 and the third 10. LLOY, NDA, STAN, CBK, SEBA and VTB were assigned to cluster one. The second cluster includes INGA, UBS, BBVA, GLE, RBS, CSGN, KBC, SHBA, SWEDA, DNB and SAB. The third cluster covers HSBC, SAN, BNP, ISP, BARC, ACA, DBK, UCG, DANSKE and EBS.
Cluster 1: Digital flow based on ITS: The first cluster shows low ratios and values for mITS/OP.EX. (27%), mITS/OP.INC (50%) mITS/NR (17%) just as mITS/Empl. (EUR 33155) compared to the other clusters’ means. Digital flow based on IIA: When comparing the means of the IIA over the same accounts, with the other groups’ mean contrasting results can be seen. The mIIA/OP.EX. is extremely high (23%). This result is complemented by high mIIA/OP.INC.
(12%), mIIA/NR (3%) and mIIA/Empl. (EUR 8640) compared to the other clusters’ means.
Digital Stock based on IA: Lastly the stock means shows average values mIA/TA (0,21%) and mIA/NR (8.86%) compared to the other groups’ means.
Cluster Banks
1: 6 banks LLOY, NDA, STAN, CBK, SEBA, VTB
2: 11 banks INGA, UBS, BBVA, GLE, RBS, CSGN, KBC, SHBA, SWEDA, DNB, SAB 3: 10 banks HSBC, SAN, BNP, ISP, BARC, ACA, DBK, UCG, DANSKE, EBS
Cluster Banks
1: 8 banks STAN, CBK, SAB, HSBC, ISP, BARC, DBK, EBS
2: 11 banks LLOY, SEBA, VTB, CSGN, SHBA, SWEDA, DNB, SAN, BNP, ACA, UCG 3: 8 banks NDA, INGA, UBS, BBVA, GLE, RBS, KBC, DANSKE
Cluster Banks
1: 11 banks STAN, CBK, SAB, HSBC, ISP, BARC, DBK, EBS, ACA, NDA, BBVA 2: 6 banks LLOY, SEBA, VTB, SHBA, SAN, UCG
3: 10 banks CSGN, SWEDA, DNB, BNP, INGA, UBS, GLE, RBS, KBC, DANSKE 2008 to 2011
2012 to 2014
2015 to 2017
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Cluster 2: Flow ITS: In the second cluster mITS/OP.EX. is average (52%) compared to other clusters. mITS/OP.INC. (109%), mITS/NR (37%) and mITS/Empl. (EUR 74806) show high mean values compared to the other the cluster. Flow IIA: The flow of IIA is showing contrasting results.
mIIA/OP.EX. (0,5%), mIIA/OP.INC (0,6%), mIIA/NR (0,01%) and mIIA/Empl (EUR 666) display low values compared to the other clusters’ means. Stock IA: Lastly the stock means complement consistently the previous results as mIA/TA (0,13%) and mIA/NR are low (6%).
Cluster 3: Flow ITS: It shows high mITS/OP.EX. (61%) whereas not so high mITS/OP.INC (71%). Complementary, mITS/Empl. has an average result (EUR 65787) when compared to the other clusters. Flow IIA: The digital flow of IIA show average results when compared to the other clusters. mIIA/OP.EX. being (2,7%), mIIA/OP.INC. (4%), the mIIA/NR (3%) and mIIA/Empl.
(EUR 3965). Stock IA: In regard to this stock ratios they show high means with mIA/TA at 0.35%
and mIA/NR at 13.21% compared to the other clusters of the same time interval.
Table 8:: means for all variables per cluster for the interval 2008 to 201.
6.3.1.2 Year 2012 to 2014
The first cluster includes eight banks that are: HSBC, ISP, BARC, DBK, STAN, CBK, EBS and SAB. The second cluster includes 11 banks that are: SAN, BNP, LLOY, ACA, UCG, CSGN, SHBA, SWEDA, SEBA, DNB and VTB. INGA, UBS, BBVA, NDA, GLE, RBS, KBC and DANSKE are assigned to cluster three.
Cluster 1: Flow ITS: The flow of ITS for the first cluster shows in total average results compared to the other clusters. Namely, the mITS/OP.EX. is 23%, the mITS/OP.INC. is 30%, mITS/NR is 14% and the mITS/Empl. is EUR 30937. Flow IIA: There is a tendency of high results for the
YG 08 - 11
mITS / OP.EX.
mITS /OP.INC.
mITS /NR
mITS /EMPL
mIIA /EMPL
mIIA /OP.EX.
mIIA /OP.INC.
mIIA /NR
mIA /TA
mIA /NR Cluster
1
27% 50% 17% 33155 8640 22% 12% 2.9% 0.21% 8.9%
Cluster 2
51% 109% 37% 74806 666 0.6% 0.6% 0.01% 0.13% 5.8%
Cluster 3
61% 70% 29% 65787 3965 3% 4% 3.0% 0.35% 13.2%
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flow of IIA. The mIIA/OP.EX. is relatively high (2.2%) just as mIIA/OP.INC (3%), mIIA/NR (2,4%) and mIIA/Empl. (EUR 3399) compared to the other clusters’ means. Stock IA: Lastly, the means of the stock of the IA show consistent results. The mIA/TA (0,32%) and the mIA/NR (12,71%) are high values.
Cluster 2: Flow ITS: The second cluster shows low mITS/OP.EX. (12%), mITS/OP.INC (16%) mITS/NR (7%) and mITS/Empl. (EUR 19938) compared to the other clusters’ means. Flow IIA:
The IIA flow is consistent over all the ratios positioned at an average rate among the clusters of time interval 2012 to 2014. mIIA/OP.EX. being 1,66%, mIIA/OP.INC being 1,14%, mIIA/NR being 0,93% and mIIA/Empl. being an average of EUR 1355. Stock IA: Finally, the means of the stock of IA complements the flows, with an average mIA/TA (0,18%) and average mIA/NR (7%).
Cluster 3: Flow ITS: The third cluster shows high mITS/OP.EX. (38%), mITS/OP.INC (65%) and mITS/NR (25%). This is complemented by the high mITS/Empl. (EUR 64925). Flow IIA:
The means of the flow of IIA for the third cluster show consistently negative results. It is observed that mIIA/OP.EX. is very low (-0.5%) similar to mIIA/OP.INC. (-1,14%) and mIIA/NR (-0.5%).
Finally, the EUR amount resulting from mIIA/Empl is also negative (EUR -757). Stock IA:
Complementing the previous results, the means ratios of the stock of IA are the lowest among the clusters in the time interval 2012 to 2014, with mIA/TA at 0,13% and mIA/NR at 6%.
Table 9:means for all variables per cluster for interval 2012 to 2014.
YG 12 - 14
mITS / OP.EX.
mITS /OP.INC.
mITS /NR
mITS /EMPL
mIIA /EMPL
mIIA /OP.EX.
mIIA /OP.INC.
mIIA /NR
mIA /TA
mIA /NR Cluster
1
22% 29% 13% 30937 3399 2% 3% 2.4% 0.32% 12.7%
Cluster 2
12% 16% 7% 19938 1355 1.7% 1.1% 0.93% 0.18% 6.9%
Cluster 3
38% 65% 25% 64925 -757 -0.5% -1.1% -0.5% 0.13% 5.8%
76 6.3.1.2 Year 2015 to 2017
The first cluster comprises 11 banks, the second six and the third ten banks. The banks included in the first cluster are HSBC, BBVA, ISP, NDA, BARC, ACA, DBK, STAN, CBK, EBS and SAB.
The second cluster consists of SAN, LLOY, UCG, SHBA, SEBA and VTB. The third cluster includes BNP, INGA, UBS, GLE, RBS, CSGN, KBC, SWEDA, DANSKE and DNB.
Cluster 1: Flow ITS: The first cluster shows high mITS/OP.EX. (23%) but average mITS/OP.INC. (31%) and mITS/NR (14%). On the other hand, mITS/Empl. is average to high (EUR 32902). Flow IIA: mIIA/OP.EX. (5%) and mIIA/Empl (EUR 7784) are relatively high compared to the other clusters’ means. This result comes in alignment with mIIA/OP.INC. (7%) and mIIA/NR (5%) that are overly high compared to the other clusters’ means. Stock IA: Lastly, the means of the stock of the IA show consistent result when compared to the other clusters’ means and in line with the two previous flows of the first cluster. mIA/TA (0,33%) and mIA/NR (13,7%) are high.
Cluster 2: Flow ITS: The second cluster shows low mITS/OP.EX. (9%), mITS/OP.INC. (10%), mITS/NR (4%) and mITS/Empl. (EUR 10422) when compared to the other clusters’ means. Flow IIA: The IIA flow is consistent over all the ratios and positioned at an average rate among the clusters. The mIIA/OP.EX. is 4% the mIIA/OP.INC. is 3,5% and mIIA/NR is 1,75%. Additionally, the mIIA/Empl. is also average (EUR 2873). Stock IA: Finally, the mean ratios of the stock of IA complements consistently the previous results as mIA/TA (0,22%) and mIA/NR are average (9%).
Cluster 3: Flow ITS: The third cluster shows an average mITS/OP.EX. (22%), mITS/NR (14%) and close to average but lower mITS/OP.INC. (35%). Nevertheless, it has a high mITS/Empl.
(EUR 40911). Flow IIA: The mean ratios of the flow of IIA for the third cluster show very low mIIA/OP.EX. (0.8%) but high mIIA/OP.INC. (1%) and mIIA/NR (0.7%) when compared to the other clusters’ means. Additionally, it shows very low mIIA/Empl. (EUR 1507). Stock IA:
Complementing the previous results, the mean ratios of the stock of IA are the lowest among the clusters for time interval 2015 to 2017, with mIA/TA at 0,1% and mIA/NR at 4%.
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Table 10:means for all variables per cluster for the interval 2014 to 2015.