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題名 ESG評分於美國銀行業經營績效之影響
Impact of ESG Scores on U.S. Banks’ Performance作者 葉兆揚
Yeh, Jhao-Yang貢獻者 林士貴
Lin, Shih-Kuei
葉兆揚
Yeh, Jhao-Yang關鍵詞 美國銀行業
ESG評分
經營績效
CAMEL
American banking industry
ESG rating
Bank performance
CAMEL日期 2023 上傳時間 6-Jul-2023 16:48:35 (UTC+8) 摘要 本研究選取 2001 年至 2021 年間美國銀行業為研究對象，深入探討環境、社會和公司治理（ESG）表現對銀行業經營績效的影響。研究設計妥善納入多元固定效應，如年度和州，以確保有效控制不同經濟背景等可能的干擾因素。分析結果揭示，無論在哪種固定效果下，ESG 評分中的環境評分均對銀行業的經營績效產生顯著影響。而在公司治理方面，僅在納入州層級固定效果時，才對銀行業績效產生顯著正向影響。雖然環境議題的投資可能會帶來較高的財務成本，但考慮到社會對環境議題的日益重視，對此方面投資的公司能夠進一步提升其競爭力，使得投資與績效呈現正向關聯。此外，本研究還依據銀行規模大小，分析大型與中小型銀行，大型銀行在環境議題的投資對即時績效可能產生負面影響。然而，眾多企業仍然積極投向永續發展，目光放長，專注於未來的長期利益。他們也致力於維護公司的聲譽和社會地位，以滿足企業社會責任。中小型銀行處於發展的初期，他們在這些領域的投資與績效之間也顯示出正向關聯。綜合上述，本研究提供了各階段銀行業在 ESG 相關投資與績效關係的寶貴見解，對於制定營運策略具有實質參考價值。
This study, taking as its subjects the American banking industry from 2001 to 2021, delves deeply into the effects of Environmental, Social, and Governance (ESG) performance on banking operational performance. The research design duly includes various fixed effects, such as year and state, to ensure effective control of potential confounding factors arising from different economic backgrounds. The analytical outcomes reveal that, regardless of the fixed effect in play, the environmental score within the ESG rating invariably exerts a significant impact on the performance of the banking industry. Concerning corporate governance, a significant positive influence on the performance of the banking industry manifests only when incorporating state-level fixed effects. While investment in environmental issues may entail higher financial costs, given the escalating societal emphasis on environmental issues, companies investing in this area can further bolster their competitiveness, leading to a positive correlation between investment and performance. Furthermore, this study distinguishes between large and small-to-medium-sized banks based on bank size. For large banks, investment in environmental issues may have a negative impact on immediate performance. However, many businesses continue investing actively in sustainable development, with a long-term focus on future benefits. They also strive to maintain the company`s reputation and societal standing, fulfilling their corporate social responsibility. Small-to-medium-sized banks in the early stages of development also demonstrate a positive correlation between their investment in these areas and their performance. In summation, this study provides valuable insights into the relationship between ESG-related investments and performance at different stages of the banking industry, offering substantive reference value for the formulation of operational strategies.參考文獻 Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), 3213-3226.Arshadi, N., & Lawrence, E. C. (1987). An empirical investigation of new bank performance. Journal of Banking & Finance, 11(1), 33-48.AYDOĞMUŞ, M., GÜLAY, G., & ERGUN, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review.Bassett, W. F., Lee, S. J., & Spiller, T. P. (2015). Estimating changes in supervisory standards and their economic effects. Journal of Banking & Finance, 60, 21-43.Beccalli, E. (2007). Does IT investment improve bank performance? Evidence from Europe. Journal of Banking & Finance, 31(7), 2205-2230.Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37(2), 433-447.Berger, A. N., & Bouwman, C. H. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146-176.Berger, A. N., Davies, S. M., & Flannery, M. J. (2000). Comparing market and supervisory assessments of bank performance: who knows what when? Journal of Money, Credit and Banking, 641-667.Betz, F., Oprică, S., Peltonen, T. A., & Sarlin, P. (2014). Predicting distress in European banks. Journal of Banking & Finance, 45, 225-241.Billett, M. T., Garfinkel, J. A., & O`Neal, E. S. (1998). The cost of market versus regulatory discipline in banking. Journal of Financial Economics, 48(3), 333-358.Billio, M., Costola, M., Hristova, I., Latino, C., & Pelizzon, L. (2021). Inside the ESG ratings:(Dis) agreement and performance. Corporate Social Responsibility and Environmental Management, 28(5), 1426-1445.Bitar, M., Hassan, M. K., & Walker, T. (2017). Political systems and the financial soundness of Islamic banks. Journal of Financial Stability, 31, 18-44.Bonin, J. P., Hasan, I., & Wachtel, P. (2005). Bank performance, efficiency and ownership in transition countries. Journal of Banking & Finance, 29(1), 31-53.Buch, C. M., Hilberg, B., & Tonzer, L. (2016). Taxing banks: An evaluation of the German bank levy. Journal of Banking & Finance, 72, 52-66.Chernykh, L., & Kotomin, V. (2022). Risk-based deposit insurance, deposit rates and bank failures: Evidence from Russia. Journal of Banking & Finance, 138, 106483.Cole, R. A., & Gunther, J. W. (1995). Separating the likelihood and timing of bank failure. Journal of Banking & Finance, 19(6), 1073-1089.Cornett, M. M., Erhemjamts, O., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of US commercial banks around the financial crisis. Journal of Banking & Finance, 70, 137-159.Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.Duchin, R., & Sosyura, D. (2014). Safer ratios, riskier portfolios: Banks׳ response to government aid. Journal of Financial Economics, 113(1), 1-28.Dursun-de Neef, H. Ö., & Schandlbauer, A. (2021). COVID-19 and lending responses of European banks. Journal of Banking & Finance, 133, 106236.Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857.Epure, M., & Lafuente, E. (2015). Monitoring bank performance in the presence of risk. Journal of Productivity Analysis, 44, 265-281.Erhemjamts, O., Huang, K., & Tehranian, H. (2022). Climate Risk, ESG Performance, and ESG Sentiment for US Commercial Banks. ESG Performance, and ESG Sentiment for US Commercial Banks (November 12, 2022).Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.Granja, J., Matvos, G., & Seru, A. (2017). Selling failed banks. The Journal of Finance, 72(4), 1723-1784.Hirtle, B., Kovner, A., & Plosser, M. (2020). The impact of supervision on bank performance. The Journal of Finance, 75(5), 2765-2808.Igan, D., Mirzaei, A., & Moore, T. (2023). Does macroprudential policy alleviate the adverse impact of COVID-19 on the resilience of banks? Journal of Banking & Finance, 147, 106419.Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724.Kim, S., & Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746.Klomp, J., & De Haan, J. (2012). Banking risk and regulation: Does one size fit all? Journal of Banking & Finance, 36(12), 3197-3212.Kotsantonis, S., & Bufalari, V. (2019). Do sustainable banks outperform. Driving value creation through ESG practices, Report of the Global Alliance for Banking on Values.Krishnan, C., Ritchken, P. H., & Thomson, J. B. (2005). Monitoring and controlling bank risk: Does risky debt help? The Journal of Finance, 60(1), 343-378.Lee, J. Y., & Kim, D. (2013). Bank performance and its determinants in Korea. Japan and the World Economy, 27, 83-94.Liang, Q., Xu, P., & Jiraporn, P. (2013). Board characteristics and Chinese bank performance. Journal of Banking & Finance, 37(8), 2953-2968.Liao, H.-H., Chen, T.-K., & Lu, C.-W. (2009). Bank credit risk and structural credit models: Agency and information asymmetry perspectives. Journal of Banking & Finance, 33(8), 1520-1530.Lin, X., & Zhang, Y. (2009). Bank ownership reform and bank performance in China. Journal of Banking & Finance, 33(1), 20-29.Martinez Peria, M. S., & Schmukler, S. L. (2001). Do depositors punish banks for bad behavior? Market discipline, deposit insurance, and banking crises. The Journal of Finance, 56(3), 1029-1051.Otchere, I. (2009). Competitive and value effects of bank privatization in developed countries. Journal of Banking & Finance, 33(12), 2373-2385.United Nations. (2005). Who Cares Wins.Wanke, P., Azad, M. A. K., & Barros, C. P. (2016). Financial distress and the Malaysian dual baking system: A dynamic slacks approach. Journal of Banking & Finance, 66, 1-18. 描述 碩士
國立政治大學
金融學系
110352032資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110352032 資料類型 thesis dc.contributor.advisor 林士貴 zh_TW dc.contributor.advisor Lin, Shih-Kuei en_US dc.contributor.author (Authors) 葉兆揚 zh_TW dc.contributor.author (Authors) Yeh, Jhao-Yang en_US dc.creator (作者) 葉兆揚 zh_TW dc.creator (作者) Yeh, Jhao-Yang en_US dc.date (日期) 2023 en_US dc.date.accessioned 6-Jul-2023 16:48:35 (UTC+8) - dc.date.available 6-Jul-2023 16:48:35 (UTC+8) - dc.date.issued (上傳時間) 6-Jul-2023 16:48:35 (UTC+8) - dc.identifier (Other Identifiers) G0110352032 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145868 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 金融學系 zh_TW dc.description (描述) 110352032 zh_TW dc.description.abstract (摘要) 本研究選取 2001 年至 2021 年間美國銀行業為研究對象，深入探討環境、社會和公司治理（ESG）表現對銀行業經營績效的影響。研究設計妥善納入多元固定效應，如年度和州，以確保有效控制不同經濟背景等可能的干擾因素。分析結果揭示，無論在哪種固定效果下，ESG 評分中的環境評分均對銀行業的經營績效產生顯著影響。而在公司治理方面，僅在納入州層級固定效果時，才對銀行業績效產生顯著正向影響。雖然環境議題的投資可能會帶來較高的財務成本，但考慮到社會對環境議題的日益重視，對此方面投資的公司能夠進一步提升其競爭力，使得投資與績效呈現正向關聯。此外，本研究還依據銀行規模大小，分析大型與中小型銀行，大型銀行在環境議題的投資對即時績效可能產生負面影響。然而，眾多企業仍然積極投向永續發展，目光放長，專注於未來的長期利益。他們也致力於維護公司的聲譽和社會地位，以滿足企業社會責任。中小型銀行處於發展的初期，他們在這些領域的投資與績效之間也顯示出正向關聯。綜合上述，本研究提供了各階段銀行業在 ESG 相關投資與績效關係的寶貴見解，對於制定營運策略具有實質參考價值。 zh_TW dc.description.abstract (摘要) This study, taking as its subjects the American banking industry from 2001 to 2021, delves deeply into the effects of Environmental, Social, and Governance (ESG) performance on banking operational performance. The research design duly includes various fixed effects, such as year and state, to ensure effective control of potential confounding factors arising from different economic backgrounds. The analytical outcomes reveal that, regardless of the fixed effect in play, the environmental score within the ESG rating invariably exerts a significant impact on the performance of the banking industry. Concerning corporate governance, a significant positive influence on the performance of the banking industry manifests only when incorporating state-level fixed effects. While investment in environmental issues may entail higher financial costs, given the escalating societal emphasis on environmental issues, companies investing in this area can further bolster their competitiveness, leading to a positive correlation between investment and performance. Furthermore, this study distinguishes between large and small-to-medium-sized banks based on bank size. For large banks, investment in environmental issues may have a negative impact on immediate performance. However, many businesses continue investing actively in sustainable development, with a long-term focus on future benefits. They also strive to maintain the company`s reputation and societal standing, fulfilling their corporate social responsibility. Small-to-medium-sized banks in the early stages of development also demonstrate a positive correlation between their investment in these areas and their performance. In summation, this study provides valuable insights into the relationship between ESG-related investments and performance at different stages of the banking industry, offering substantive reference value for the formulation of operational strategies. en_US dc.description.tableofcontents 第一章 緒論 4第一節 研究背景 4第二節 研究動機與目的 5第二章 文獻回顧 7第一節 銀行經營績效 7第二節 控制變數（CAMEL指標） 8第三節 ESG 評分與銀行業績效 13第三章 研究方法 15第一節 固定效果 15第二節 迴歸模型 16第三節 ESG評分計算方法 18第四節 因變數與控制變數之計算方法 19第四章 實證結果 25第一節 敘述統計 25第二節 迴歸分析 35第五章 結論與展望 59參考文獻 61 zh_TW dc.format.extent 4158560 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110352032 en_US dc.subject (關鍵詞) 美國銀行業 zh_TW dc.subject (關鍵詞) ESG評分 zh_TW dc.subject (關鍵詞) 經營績效 zh_TW dc.subject (關鍵詞) CAMEL zh_TW dc.subject (關鍵詞) American banking industry en_US dc.subject (關鍵詞) ESG rating en_US dc.subject (關鍵詞) Bank performance en_US dc.subject (關鍵詞) CAMEL en_US dc.title (題名) ESG評分於美國銀行業經營績效之影響 zh_TW dc.title (題名) Impact of ESG Scores on U.S. Banks’ Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), 3213-3226.Arshadi, N., & Lawrence, E. C. (1987). An empirical investigation of new bank performance. Journal of Banking & Finance, 11(1), 33-48.AYDOĞMUŞ, M., GÜLAY, G., & ERGUN, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review.Bassett, W. F., Lee, S. J., & Spiller, T. P. (2015). Estimating changes in supervisory standards and their economic effects. Journal of Banking & Finance, 60, 21-43.Beccalli, E. (2007). Does IT investment improve bank performance? Evidence from Europe. Journal of Banking & Finance, 31(7), 2205-2230.Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37(2), 433-447.Berger, A. N., & Bouwman, C. H. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146-176.Berger, A. N., Davies, S. M., & Flannery, M. J. (2000). Comparing market and supervisory assessments of bank performance: who knows what when? Journal of Money, Credit and Banking, 641-667.Betz, F., Oprică, S., Peltonen, T. A., & Sarlin, P. (2014). Predicting distress in European banks. Journal of Banking & Finance, 45, 225-241.Billett, M. T., Garfinkel, J. A., & O`Neal, E. S. (1998). The cost of market versus regulatory discipline in banking. Journal of Financial Economics, 48(3), 333-358.Billio, M., Costola, M., Hristova, I., Latino, C., & Pelizzon, L. (2021). Inside the ESG ratings:(Dis) agreement and performance. Corporate Social Responsibility and Environmental Management, 28(5), 1426-1445.Bitar, M., Hassan, M. K., & Walker, T. (2017). Political systems and the financial soundness of Islamic banks. Journal of Financial Stability, 31, 18-44.Bonin, J. P., Hasan, I., & Wachtel, P. (2005). Bank performance, efficiency and ownership in transition countries. Journal of Banking & Finance, 29(1), 31-53.Buch, C. M., Hilberg, B., & Tonzer, L. (2016). Taxing banks: An evaluation of the German bank levy. Journal of Banking & Finance, 72, 52-66.Chernykh, L., & Kotomin, V. (2022). Risk-based deposit insurance, deposit rates and bank failures: Evidence from Russia. Journal of Banking & Finance, 138, 106483.Cole, R. A., & Gunther, J. W. (1995). Separating the likelihood and timing of bank failure. Journal of Banking & Finance, 19(6), 1073-1089.Cornett, M. M., Erhemjamts, O., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of US commercial banks around the financial crisis. Journal of Banking & Finance, 70, 137-159.Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.Duchin, R., & Sosyura, D. (2014). Safer ratios, riskier portfolios: Banks׳ response to government aid. Journal of Financial Economics, 113(1), 1-28.Dursun-de Neef, H. Ö., & Schandlbauer, A. (2021). COVID-19 and lending responses of European banks. Journal of Banking & Finance, 133, 106236.Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857.Epure, M., & Lafuente, E. (2015). Monitoring bank performance in the presence of risk. Journal of Productivity Analysis, 44, 265-281.Erhemjamts, O., Huang, K., & Tehranian, H. (2022). Climate Risk, ESG Performance, and ESG Sentiment for US Commercial Banks. ESG Performance, and ESG Sentiment for US Commercial Banks (November 12, 2022).Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.Granja, J., Matvos, G., & Seru, A. (2017). Selling failed banks. The Journal of Finance, 72(4), 1723-1784.Hirtle, B., Kovner, A., & Plosser, M. (2020). The impact of supervision on bank performance. The Journal of Finance, 75(5), 2765-2808.Igan, D., Mirzaei, A., & Moore, T. (2023). Does macroprudential policy alleviate the adverse impact of COVID-19 on the resilience of banks? Journal of Banking & Finance, 147, 106419.Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724.Kim, S., & Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746.Klomp, J., & De Haan, J. (2012). Banking risk and regulation: Does one size fit all? Journal of Banking & Finance, 36(12), 3197-3212.Kotsantonis, S., & Bufalari, V. (2019). Do sustainable banks outperform. Driving value creation through ESG practices, Report of the Global Alliance for Banking on Values.Krishnan, C., Ritchken, P. H., & Thomson, J. B. (2005). Monitoring and controlling bank risk: Does risky debt help? The Journal of Finance, 60(1), 343-378.Lee, J. Y., & Kim, D. (2013). Bank performance and its determinants in Korea. Japan and the World Economy, 27, 83-94.Liang, Q., Xu, P., & Jiraporn, P. (2013). Board characteristics and Chinese bank performance. Journal of Banking & Finance, 37(8), 2953-2968.Liao, H.-H., Chen, T.-K., & Lu, C.-W. (2009). Bank credit risk and structural credit models: Agency and information asymmetry perspectives. Journal of Banking & Finance, 33(8), 1520-1530.Lin, X., & Zhang, Y. (2009). Bank ownership reform and bank performance in China. Journal of Banking & Finance, 33(1), 20-29.Martinez Peria, M. S., & Schmukler, S. L. (2001). Do depositors punish banks for bad behavior? Market discipline, deposit insurance, and banking crises. The Journal of Finance, 56(3), 1029-1051.Otchere, I. (2009). Competitive and value effects of bank privatization in developed countries. Journal of Banking & Finance, 33(12), 2373-2385.United Nations. (2005). Who Cares Wins.Wanke, P., Azad, M. A. K., & Barros, C. P. (2016). Financial distress and the Malaysian dual baking system: A dynamic slacks approach. Journal of Banking & Finance, 66, 1-18. zh_TW
