利益相关者利益冲突时的绿色金融:孟加拉国的案例

IF 1.8 Q2 BUSINESS, FINANCE
Mahmoud Agha, Md Mosharraf Hossain, Md. Shajul Islam
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引用次数: 0

摘要

本研究探讨了首席执行官(CEO)权力、机构投资者及其相互作用对孟加拉国金融机构提供绿色融资的影响,以及政府政策和首席执行官政治关系对这些关系的调节作用。研究结果绿色融资随着首席执行官权力的增加而减少,这意味着该国金融机构的首席执行官厌恶绿色贷款,而机构投资者增加了这些机构提供的绿色融资。政府政策包括对遵守政策的金融机构给予财政奖励,这加强了机构投资者对绿色融资的积极影响,但并没有改变首席执行官对绿色贷款的厌恶。机构投资者对绿色融资(GF)与首席执行官权力之间的关系有积极的调节作用,但在政府拥有股份的银行中,这种积极的调节作用被抵消了,这可能是因为国有金融机构的首席执行官与政治有关联,从而降低了机构投资者对他们的影响力。 原创性/价值 本研究的独特之处在于,它首次在独特的背景下研究了不同利益相关者之间的互动如何影响绿色融资。由于相关文献几乎没有涉及这一主题,本文的研究结果有望提高政策制定者对阻碍发展中国家绿色发展的障碍的认识。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Green finance when stakeholders’ interests collide with each other: the case of Bangladesh
PurposeThis study examines the impact of chief executive officer (CEO) power, institutional investors and their interaction on green financing provided by Bangladeshi financial institutions and the moderating effect of government policy and CEO political connections on these relations.Design/methodology/approachWe employ ordinary least squares (OLS) regressions and interaction terms among variables of interest for the empirical analysis.FindingsGreen financing decreases with CEO power, implying that CEOs of this country’s financial institutions are averse to green loans, whereas institutional investors increase green financing extended by these institutions. The government policy, which includes financial incentives for complying financial institutions, strengthens institutional investors' positive impact on green financing, but it does not change CEOs' aversion to green loans. Institutional investors have a positive moderating effect on the relationship between green finance (GF) and CEO power, but this positive moderating effect is negated in banks where the government owns a stake, possibly because CEOs of state-owned financial institutions are politically connected, which reduces institutional investors’ influence over them.Originality/valueThis study is unique in that it is the first to examine how the interaction among different stakeholders affects green financing in a unique setting. As the literature is almost silent on this topic, the findings of this paper are expected to raise policymakers’ awareness of the obstacles that hamper the efforts of developing countries to go green.
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来源期刊
CiteScore
4.10
自引率
0.00%
发文量
47
期刊介绍: Treasury and Financial Risk Management ■Redefining, measuring and identifying new methods to manage risk for financing decisions ■The role, costs and benefits of insurance and hedging financing decisions ■The role of rating agencies in managerial decisions Investment and Financing Decision Making ■The uses and applications of forecasting to examine financing decisions measurement and comparisons of various financing options ■The public versus private financing decision ■The decision of where to be publicly traded - including comparisons of market structures and exchanges ■Short term versus long term portfolio management - choice of securities (debt vs equity, convertible vs non-convertible)
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