Does ESG performance impact value and risk‐taking by commercial banks? Evidence from emerging market economies

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2024-07-19 DOI:10.1002/bse.3882

Mayank Gangwani, Smita Kashiramka

引用次数: 0

Abstract

The study examines the impact of environmental, social, and governance (ESG) performance on the value and risk‐taking behavior of listed commercial banks in emerging market economies (EMEs). The study analyzes a comprehensive sample of 178 commercial banks listed in the top 20 emerging markets from 2015 to 2021. The study employs the System generalized method of moments (GMM) with Arellano‐Bond estimation to address the endogeneity issue. The results indicate that banks with higher ESG disclosure scores are linked to reduced risks for commercial banks such as insolvency, leverage, and liquidity risks, in line with shareholder theory. Furthermore, the results demonstrate that sample banks with higher ESG disclosure scores show better accounting (ROE and ROA) and market (Tobin's Q) performance, supporting both agency theory and resource‐based theory. The robustness tests validate the consistency of the results.

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环境、社会和公司治理绩效是否影响商业银行的价值和风险承担？新兴市场经济体的证据

本研究探讨了环境、社会和治理（ESG）绩效对新兴市场经济体（EMEs）上市商业银行的价值和风险承担行为的影响。研究分析了 2015 年至 2021 年前 20 个新兴市场中 178 家上市商业银行的综合样本。研究采用系统广义矩法（GMM）与阿雷拉诺-邦德估计法来解决内生性问题。结果表明，ESG 信息披露得分较高的银行与商业银行的破产风险、杠杆风险和流动性风险等风险降低有关，这与股东理论相一致。此外，结果表明，ESG 披露得分越高的样本银行，其会计（ROE 和 ROA）和市场（托宾 Q）表现越好，这同时支持了代理理论和资源基础理论。稳健性检验验证了结果的一致性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.