Resumen

GUZMAN, Isidoro  y  ESCOBAR, Bernabé. Cambios en productividad y creación de valor social en las cajas de ahorros españolas. El trimestre econ [online]. 2011, vol.78, n.309, pp.235-253. ISSN 2448-718X.

The performance of the Spanish financial sector was the subject of numerous studies throughout the 1990s as a consequence of the important changes the sector underwent. Spanish savings banks have been included in such studies, although in their case these have been limited exclusively to examining their levels of efficiency and productivity, with the analysis of their fulfilment of their social aims being relegated to the background, appearing economically in the annual expenditure dedicated to social work.

In this context, the principal contribution of the present work is the establishment of a causality relationship between the creation of social value of Spanish savings banks, measured by means of the establishing of a ratio of social spending, and their changes in productivity. The measure of the latter was quantified by calculating the Malmquist productivity index based on the drawing up of efficiency frontiers from the non-parametric technique of Data Envelopment Analysis (DEA).

For a sample of Spanish savings banks for the period 2003 to 2007, our results reveal that those entities with greater levels of productivity reach greater quotas in their ratio of social spending, even after controlling for the impact of traditional measures such as the returns on assets ratio and the size.

Palabras llave : cajas de ahorros; valor social; productividad; índice de Malmquist; análisis envolvente de datos (AED).