The Impact of ESG Scores on Bank Market Value? Evidence from the US Banking Industry

被引：39

作者：

Ersoy, Ersan ^{[1
]}

Swiecka, Beata ^{[2
]}

Grima, Simon ^{[3
,4
]}

Ozen, Ercan ^{[1
]}

Romanova, Inna ^{[4
]}

机构：

[1] Usak Univ, Fac Appl Sci, TR-64000 Usak, Turkey

[2] Univ Szczecin, Inst Econ & Finance, PL-70453 Szczecin, Poland

[3] Univ Malta, Fac Econ Management & Accountancy, Dept Insurance & Risk Management, MSD2080, Msida, Malta

[4] Univ Latvia, Fac Business Econ & Management, LV-1586 Riga, Latvia

来源：

SUSTAINABILITY | 2022年 / 14卷 / 15期

关键词：

ESG; bank performance; bank value; sustainability; COVID-19; CORPORATE SOCIAL-RESPONSIBILITY; FINANCIAL PERFORMANCE; FIRM VALUE; GOVERNANCE; DIVERSIFICATION; SUSTAINABILITY; VALUATION;

D O I：

10.3390/su14159527

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

Although there is a large volume of literature on the relationship between Environmental, Social and Governance (ESG) and firm performance, only a limited number of studies have focused on the banking sector. In addition, most of them used linear models. Therefore, in this study, we examined the impact of ESG and ESG pillar scores (environmental, social, and governance) on the market value of U.S. commercial banks by using linear and non-linear panel regression models over the period of 2016-2020. Moreover, we used the market value as a bank value indicator and included the effect of COVID-19. Results show an inverted U-shaped relationship between market value and ESG and The Social Pillar Score (SPS) and a U-shaped relationship between market value and The Environment Pillar Score (EPS). Findings from this study are important indicators for investment managers and policymakers who want to maximise bank market value while complying with ESG standards.

引用

页数：14

共 46 条

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