The predictive effects of Fintech-ESG dynamic interdependence: A global perspective on Cleantech energy transition risk
研究了金融科技与ESG之间的动态关联如何影响清洁技术能源转型风险，发现金融科技部门主要作为冲击传递者，而ESG指数多为接收者，且2022年俄乌冲突减弱了二者关联。
Fintech plays an instrumental role in advancing global ESG objectives, leveraging a more inclusive, transparent, and accountable financial system. Our paper explores the occurrence of dynamic linkages between Fintech and ESG across various dimensions, examining how the strength of their interconnectedness drives the energy transition towards clean technology. Using daily data from 31st May 2018 to 1st August 2024, we apply a time-varying parameter robust Granger causality method coupled with quantile technique to provide the first attempt in the literature on the dynamic causal patterns between the strength of Fintech-ESG connection and Cleantech energy transition risk (CETR). We find asymmetry in the connectedness across different quantiles, with Fintech sectors acting primarily as shock transmitters, while most ESG indexes are receivers. The 2022 Russia-Ukraine conflict reduces the connectedness between Fintech and ESG, with minimal effects on spillover direction. Our results show a heterogeneous response to shocks in developed markets, while developing ones tend to react more homogeneously. Additionally, we find strong evidence of a time-varying causal relationship between Fintech-ESG connectedness and CETR, with the conflict exacerbating asymmetry, especially at the lower quantile. Recent trends suggest a modest resurgence in this connection, signalling a re-emergence of the Fintech-ESG connection influence on CETR. The impact of extreme events tends to taper-off over time, suggesting that the prolonged conflict-driven market environment may have stabilized sufficiently to restore Fintech's role in promoting ESG initiatives, thereby supporting the ongoing transition to clean technology. • Fintech sectors except Distributed Ledger transmit shocks, while most ESG stocks are receivers. • Developed ESG markets heterogeneously respond to shocks, unlike developing ones. • The 2022 Russia-Ukraine military conflict reduces connectedness between Fintech and ESG. • Strength of Fintech-ESG connection impacts CETR heterogeneously across the distribution. • Time-varying causality between Fintech-ESG connectedness and CETR under different market conditions.