Does ESG performance impact value and risk‐taking by commercial banks? Evidence from emerging market economies
研究了2015-2021年178家新兴市场上市银行的数据，发现ESG披露得分高的银行，其破产、杠杆和流动性风险更低，且会计和市场绩效更好。
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.