Abstract This study investigates the relationship between profitability and market power in the banking sector using data from the financial reports of the banks that operated in Serbia and Montenegro, covering the period from the first quarter of 2010 to the last quarter of 2019. In order to investigate this relationship, determinants of bank profitability are split between internal and external. As the external determinants, selected ratios of concentration were calculated and used in order to measure market power. The total of sixteen panel regression models were applied, eight for each country. The results indicate that variations of return on assets and return on equity in Serbia can be explained by the variations of the ratios of concentration. On the other hand, results of the panel regression model applied for the banking sector of Montenegro does not give enough argument to support such explanation, and bank profitability can be explained by bank efficiency to some extent.

中文翻译：

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市场力量和银行盈利能力：来自黑山和塞尔维亚的证据

摘要 本研究使用塞尔维亚和黑山银行的财务报告数据，研究银行业盈利能力与市场力量之间的关系，数据涵盖 2010 年第一季度至 2019 年最后一个季度。调查这种关系，银行盈利能力的决定因素分为内部和外部。作为外部决定因素，计算并使用选定的集中比率来衡量市场力量。总共应用了 16 个面板回归模型，每个国家 8 个。结果表明，塞尔维亚资产回报率和股本回报率的变化可以用集中度比率的变化来解释。另一方面，