ESG在不同衝突、政權、自由的環境下對於流動性創造的影響：基於亞洲銀行的研究

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鄭佳育(Chia-Yu Cheng) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

ESG在不同衝突、政權、自由的環境下對於流動性創造的影響：基於亞洲銀行的研究
(The Impact of ESG with Different Conflict, Regime, and Freedom Situations on Liquidity Creation: Evidence from Banks in Asia)

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至系統瀏覽論文 (2028-9-1以後開放)

摘要(中)

本研究的主要目的是檢驗銀行的ESG表現是否會影響其流動性創造。我們的樣本期間涵蓋了2000年至2020年的銀行年觀察值。首先，我們發現非財務表現（ESG）將會對銀行的流動性創造產生正向的影響；其次ESG在較差的國家情況和流動性創造之間存在顯著的經濟正相關；第三，不同衝突、政權、自由環境下的ESG參與會有不同的結果；最後，我們使用含工具變數的兩階段最小平方法（2SLS）解決內生性問題，而且結果在解決內生性後仍然穩健。因此，基於我們的研究結果，本論文提供銀行高階主管和政府官員些微政策意涵。

摘要(英)

The main purpose of this study is to examine whether a bank’s ESG performance will have an influence on its liquidity creation. Our data covers 2,103 bank-year observations from 2000 to 2020 in Asia. Firstly, we realize that non-financial performance (ESG) will have a positive effect on banks’ liquidity creation. Secondly, there is a significantly and economically positive connection between ESG with worse country situations and liquidity creation. Thirdly, ESG participation with distinct conflict, regime, and freedom circumstances will have various results. Lastly, we carry out the two-stage least square regression (2SLS) to eliminate the endogenous concerns with two instruments, and the outcomes are still robust after treating the endogeneity. Consequently, this research provides some implications on banks’ executives and government officials on the basis of our results.

關鍵字(中)

★ 銀行流動性創造
★ ESG
★ 衝突
★ 政權
★ 自由

關鍵字(英)

★ Banks′ liquidity creation
★ ESG
★ Conflict
★ Regime
★ Freedom

論文目次

摘要 i
Abstract ii
Table of Contents iii
List of Tables v
1. Introduction 1
2. Literature Review and Hypotheses 6
2.1. The linkage between ESG and banks’ financial performance 6
2.2. The effect of ESG with different conflict, regime, and freedom situations on liquidity creation 8
2.2.1. The impact of different conflict situations with ESG on liquidity creation 8
2.2.2. The impact of different regime situations with ESG on liquidity creation 9
2.2.3. The impact of different freedom situations with ESG on liquidity creation 10
3. Data and other variables 12
3.1. Data sources and merge of two databases 12
3.2. Environmental, social, and governance (ESG) scores 12
3.3. Measure of bank’s liquidity creation 13
3.4. Conflict, Regime, and Freedom 14
3.5. Control variables 14
3.6. Descriptive statistics and correlations 16
4. Methodology 17
4.1. Multiple regression models 17
4.2. The discussion of endogenous issue 18
5. Empirical results 18
5.1. Baseline regression results 19
5.2. The discussion of countries with low, medium, and high risk in different situations 21
5.3. The relevance of ESG to banks’ liquidity creation with different conflict, regime, and freedom situations 21
5.4. The effect of ESG on banks’ liquidity creation with different operating situations and other subsample analysis 24
6. Robustness checks 25
7. Conclusions 26
Appendix 28
Reference 36

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指導教授

王志瑋(Chih-Wei Wang)

審核日期

2023-6-27

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