Herding behavior and the dynamics of ESG performance in the European banking industry

被引：8

作者：

Wang, Qishu ^{[1
]}

机构：

[1] Seoul Natl Univ, Business Sch, Finance Dept, 1 Gwanak Ro, Seoul 08826, South Korea

来源：

FINANCE RESEARCH LETTERS | 2023年 / 58卷

关键词：

ESG; European banking; Panel convergence; Phillip and Sul convergence method; CONVERGENCE; INTEGRATION; EFFICIENCY;

D O I：

10.1016/j.frl.2023.104640

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the dynamics of ESG performance and explore the potential driving force, including the role of herd behavior among banks. Utilizing Phillips and Sul (2007)'s panel data convergence model and data from the EURO STOXX Banks index, we identify a significant divergence in ESG performance followed by convergence towards separate clusters or clubs after 2018. Notably, banks with lower Return on Equity (ROE) and leverage demonstrate herding tendencies towards improved ESG performance, emphasizing sustainability objectives and community ties. The study contributes to understanding the potential driving forces behind ESG convergence among EU banks.

引用

页数：8

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