環境政策嚴格度與銀行風險：綠色經濟是否重要？

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：82

、訪客IP：18.117.72.244

姓名

洪珮瑄(Pei-Hsuan Hong) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

環境政策嚴格度與銀行風險：綠色經濟是否重要？
(Environmental Policy Stringency and Bank Risks: Does Green Economy Matter?)

相關論文

★ 銀行流動性創造－基於文化視角	★ 不確定性對經濟表現的影響：與普惠金融和創新有關嗎？
★ 不確定性與國家治理對銀行流動性創造的影響：跨國銀行證據	★ The Impact of Trade Policy Uncertainty on Firms’ Cash Dividend Policy
★ 現金流量不確定性與極端風險關連：跨國證據	★ Essay on digitalization, robot deployment and corporate finance
★ 內部債務與下行風險：基於 CEO、公司特徵與外部環境的研究	★ 央行數位貨幣變動對公司隱含波動度的影響
★ 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	★ 關於氣候風險與環境政策嚴格性對企業決策影響的論文
★ 策略差異化與貸款利差	★ 宏觀審慎政策，戰爭與衝突以及銀行表現：來自全球銀行的證據

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

這項研究探討了環境政策嚴格度與銀行風險之間的關係，並進一步探討了環境政策嚴格度透過綠色經濟機制對銀行風險的影響。我們的研究主要結果顯示，環境政策嚴格度可能會直接地增加銀行風險。此外，我們發現環境政策嚴格度透過綠色經濟機制有助於減輕銀行風險，而我們也確定環境政策嚴格度在亞洲和歐洲以及非危機期間更加顯著地增加銀行風險，且對於資本較高、槓桿率較低且位於已開發國家的銀行來說，環境政策嚴格度對銀行風險的影響變得越來越重要。

摘要(英)

This study examines the relationship between environmental policy stringency (EPS) and bank risks, with an additional focus on exploring the influence of EPS on bank risks through the mechanism of green economy. The primary result of our study reveals that EPS can increase bank risks. Additionally, we find that EPS contributes to mitigating bank risks through the channel of green economy. Moreover, we identify that EPS can more prominently increase bank risks in both Asia and Europe and during non-crisis periods. Furthermore, for banks with greater capital, lower leverage, and in developed countries, the favorable influence of EPS on bank risks becomes increasingly noteworthy.

關鍵字(中)

★ 環境政策嚴格度
★ 銀行風險
★ 綠色經濟

關鍵字(英)

★ environmental policy stringency
★ bank risks
★ green economy

論文目次

Table of Contents
Abstract -------------------------------------------------------------------------------------------------- i
摘要 ------------------------------------------------------------------------------------------------------- ii
1. Introduction --------------------------------------------------------------------------------------- 1
2. Literature review and hypotheses ------------------------------------------------------------ 5
2.1. The relationship between EPS and bank risks --------------------------------------- 5
2.2. The channel of green economy --------------------------------------------------------- 6
3. Data and variable constructions -------------------------------------------------------------- 8
3.1. Data source ------------------------------------------------------------------------------ 8
3.2. Environmental policy stringency (EPS) ------------------------------------------ 8
3.3. Bank risks ------------------------------------------------------------------------------- 9
3.4. Control variables --------------------------------------------------------------------- 10
4. Methodology ----------------------------------------------------------------------------------- 11
4.1. Baseline regression ------------------------------------------------------------------ 11
4.2. Mechanism analysis ----------------------------------------------------------------- 12
4.3. Summary statistics -------------------------------------------------------------------- 13
5. Empirical results -------------------------------------------------------------------------------- 14
5.1. The baseline regression ----------------------------------------------------------------- 14
5.2. Endogeneity issue ------------------------------------------------------------------------ 16
5.3. Mechanism analysis --------------------------------------------------------------------- 17
5.4. Alternative measures -------------------------------------------------------------------- 18
5.5. Subsample analysis ---------------------------------------------------------------------- 19
5.5.1. Regional analysis---------------------------------------------------------------- 19
5.5.2. Crisis periods--------------------------------------------------------------------- 20
5.5.3. Bank characteristics ------------------------------------------------------------ 21
5.5.4. Macroeconomic characteristics ---------------------------------------------- 22
6. Conclusion and implications ------------------------------------------------------------------- 23
Appendix A.Variable definition and data sources -------------------------------------------- 26
Appendix B.OECD EPS country list ------------------------------------------------------------ 28
Appendix C.Countries in BankFocus ------------------------------------------------------------ 29
Appendix D.Country list of out sample --------------------------------------------------------- 31
Appendix E.Correlation coefficient -------------------------------------------------------------- 31
Appendix F.The effect of EPS on climate risk ------------------------------------------------ 32
Appendix G.The effect of climate risk on z-score -------------------------------------------- 32
References --------------------------------------------------------------------------------------------- 32
List of Figures
Figure 1. The effect of EPS on bank risks- full sample .......................................... 37
Figure 2. The effect of EPS on bank risks-Asia ...................................................... 38
Figure 3. The effect of EPS on bank risks-Europe .................................................. 38
List of Tables
Table 1. Summary statistics .................................................................................. 39
Table 2. The effect of EPS on bank risks – full sample ........................................ 40
Table 3. Two-stage least square approach with IVs of EPS on bank risks ........... 41
Table 4. Mechanism analysis ................................................................................ 42
Table 5. The effect of EPS on bank risks: alternative measures of bank risks ..... 43
Table 6. The effect of climate risks on bank risks ................................................ 44
Table 7. The effect of EPS on bank risks: region analysis.................................... 45
Table 8. The effect of EPS on bank risks: crisis periods ...................................... 46
Table 9. The effect of EPS on bank risks: bank capital ........................................ 47
Table 10. The effect of EPS on bank risks: bank leverage ................................... 48
Table 11. The effect of EPS on bank risks: education expenditure ...................... 49
Table 12. The effect of EPS on bank risks: labor force ........................................ 50

參考文獻

Acosta-Smith, J., Grill, M., & Lang, J. H. (2020). The leverage ratio, risk-taking and
bank stability. Journal of Financial Stability, 100833. https://doi.org/10.1016/j.jfs.2020.100833
Adebayo, T. S., Adedoyin, F. F., & Kirikkaleli, D. (2021). Toward a sustainable environment: nexus between consumption-based carbon emissions, economic growth, renewable energy and technological innovation in Brazil. Environmental Science and Pollution Research, 28(37), 52272-52282.
Ahmed, A. S., Takeda, C., & Thomas, S. (1999). Bank loan loss provisions: a reexamination of capital management, earnings management and signaling effects. Journal of accounting and economics, 28(1), 1-25.
Ahmed, K., & Ahmed, S. (2018). A predictive analysis of CO2 emissions, environmental policy stringency, and economic growth in China. Environmental Science and Pollution Research, 25(16), 16091-16100.
Aiello, M. A., & Angelico, C. (2023). Climate change and credit risk: The effect of carbon tax on Italian banks′ business loan default rates. Journal of Policy Modeling, 45(1), 187-201.
Akpa, E. O., Olayiwola, A. I., Abuta, C. M. A., & Badmus, S. (2023). Climate risk and financial instability in Asia-Pacific. Asian Economics Letters, 4(3).
Altunbas, Y., Manganelli, S., & Marques-Ibanez, D. (2011). Bank risk during the great recession: Do business models matter. Unpublished manuscript, European Central Bank: http://www. ecb. europa. eu/pub/pdf/scpwps/ecbwp1394. pdf.
Arjomandi, A., Gholipour, H. F., Tajaddini, R., & Harvie, C. (2023). Environmental expenditure, policy stringency and green economic growth: evidence from OECD countries. Applied Economics, 55(8), 869-884.
Azmi, W., Hassan, M. K., Houston, R., & Karim, M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions and Money, 70, 101277.
Bansal, R., & Ochoa, M. (2012). Temperature, aggregate risk, and expected returns. NBER Working Paper, 17575, 10-11.
Baselga-Pascual, L., Trujillo-Ponce, A., & Cardone-Riportella, C. (2015). Factors influencing bank risk in Europe: Evidence from the financial crisis. The North American Journal of Economics and Finance, 34, 138-166.
Berger, A. N., & Bouwman, C. H. (2009). Bank liquidity creation. The review of financial studies, 22(9), 3779-3837.
Bharath, S. T., Shumway, T., 2008. Forecasting default with the merton distance to default model. Review of Financial Studies, 21(3), 1339-1369.
Bhagat, S., Bolton, B., & Lu, J. (2015). Size, leverage, and risk-taking of financial institutions. Journal of banking & finance, 59, 520-537.
Botta, E., & Koźluk, T. (2014). Measuring environmental policy stringency in OECD countries: A composite index approach.
Brei, M., & Schclarek, A. (2015). A theoretical model of bank lending: Does ownership matter in times of crisis?. Journal of Banking & Finance, 50, 298-307.
Bui, D. G., Hasan, I., Lin, C. Y., & Nguyen, H. T. (2023). Short-selling threats and bank risk-taking: Evidence from the financial crisis. Journal of Banking & Finance, 150, 106834.
Bui, D. T., & Bui, T. M. H. (2019). How does institutional development shape bank risk-taking incentives in the context of financial openness?. Pacific-Basin Finance Journal, 58, 101209.
Byrne, J., Hughes, K., Rickerson, W., & Kurdgelashvili, L. (2007). American policy conflict in the greenhouse: Divergent trends in federal, regional, state, and local green energy and climate change policy. Energy Policy, 35(9), 4555-4573.
Capasso, G., Gianfrate, G., & Spinelli, M. (2020). Climate change and credit risk. Journal of Cleaner Production, 266, 121634.
Calvin, K., Clarke, L., Krey, V., Blanford, G., Jiang, K., Kainuma, M., ... & Shukla, P. R. (2012). The role of Asia in mitigating climate change: results from the Asia modeling exercise. Energy Economics, 34, S251-S260.
Chavaz, M. (2016). Dis-integrating credit markets: diversification, securitization, and lending in a recovery. Bank of England Working Paper No. 617
Chen, L., & Tanchangya, P. (2022). Analyzing the role of environmental technologies and environmental policy stringency on green growth in China. Environmental Science and Pollution Research, 29(37), 55630-55638.
Chenet, H., Ryan-Collins, J., & Van Lerven, F. (2021). Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy. Ecological Economics, 183, 106957.
Citterio, A., & King, T. (2023). The role of Environmental, Social, and Governance (ESG) in predicting bank financial distress. Finance Research Letters, 51, 103411.
Claessens, S., Ghosh, S. R., & Mihet, R. (2013). Macro-prudential policies to mitigate financial system vulnerabilities. Journal of International Money and Finance, 39, 153-185.
Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate change, financial stability and monetary policy. Ecological Economics, 152, 219-234.
Dalla Longa, F., & van der Zwaan, B. (2017). Do Kenya’s climate change mitigation ambitions necessitate large-scale renewable energy deployment and dedicated low-carbon energy policy?. Renewable Energy, 113, 1559-1568.
Danisman, G. O., & Tarazi, A. (2020). Financial inclusion and bank stability: Evidence from Europe. The European Journal of Finance, 26(18), 1842-1855.
Delis, M. D., & Kouretas, G. P. (2011). Interest rates and bank risk-taking. Journal of Banking & Finance, 35(4), 840-855.
Dell, M., Jones, B. F., & Olken, B. A. (2014). What do we learn from the weather? The new climate-economy literature. Journal of Economic literature, 52(3), 740-798.
Demiral, M., Akça, E. E., & Tekin, I. (2021). Predictors of global carbon dioxide emissions: Do stringent environmental policies matter?. Environment, Development and Sustainability, 23(12), 18337-18361.
Dinger, V., & Von Hagen, J. (2009). Does interbank borrowing reduce bank risk?. Journal of Money, Credit and Banking, 41(2‐3), 491-506.
Escaleras, M., & Register, C. A. (2011). Natural disasters and foreign direct investment. Land Economics, 87(2), 346-363.
Galán, J. E., & Tan, Y. (2022). Green light for green credit? Evidence from its impact on bank efficiency. International Journal of Finance & Economics. In press. https://doi.org/10.1002/ijfe.2697
Gallup, J. L., Sachs, J. D., & Mellinger, A. D. (1999). Geography and economic development. International regional science review, 22(2), 179-232.
Grigoli, F., Koczan, Z., & Topalova, P. (2020). Automation and labor force participation in advanced economies: Macro and micro evidence. European Economic Review, 126, 103443.
Guo, Q., Zeng, D., & Lee, C.C. (2023). Impact of smart city pilot on energy and environmental performance: China-based empirical evidence   Sustainable Cities and Society, 97, 104731.
Huang, H. H., Kerstein, J., Wang, C., & Wu, F. (2022). Firm climate risk, risk management, and bank loan financing. Strategic Management Journal, 43(13), 2849-2880.
Jung, J., Herbohn, K., & Clarkson, P. (2018). Carbon risk, carbon risk awareness and the cost of debt financing. Journal of Business Ethics, 150, 1151-1171.
Kalamova, M., & Johnstone, N. (2012). Environmental policy stringency and foreign
direct investment. A handbook of globalisation and environmental policy: National government interventions in a global arena, 34-56.
Kamran, H. W., Haseeb, M., Nguyen, T. T., & Nguyen, V. C. (2020). Climate change and bank stability: The moderating role of green financing and renewable energy consumption in ASEAN.
Kruse, T., Dechezleprêtre, A., Saffar, R., & Robert, L. (2022). Measuring environmental policy stringency in OECD countries: An update of the OECD composite EPS indicator.
Lee, C. C., Wang, C. W., Thinh, B. T., & Xu, Z. T. (2022). Climate risk and bank liquidity creation: International evidence. International Review of Financial Analysis, 82, 102198.
Lee, C.C., Olasehinde-Williams, W., Gyamfi, B. (2023a). The Synergistic Effect of Green Trade and Economic Complexity on Sustainable Environment: A New Perspective on the Economic and Ecological Components of Sustainable Development. Sustainable Development, 31, 976–989.
Lee, C. C., Wang, C. W., & Thinh, B. T. (2023b). Green development, climate risks, and cash flow: International evidence. Pacific-Basin Finance Journal, 79, 102021.
Lee, C.C., & Yuan, Z. (2024). Impact of energy poverty on public health: A non-linear study from an international perspective. World Development, 174, 106444.
Lecina‐Diaz, J., Martínez‐Vilalta, J., Alvarez, A., Banqué, M., Birkmann, J., Feldmeyer, D., ... & Retana, J. (2021). Characterizing forest vulnerability and risk to climate‐change hazards. Frontiers in Ecology and the Environment, 19(2), 126-133.
Li, N. (2023). Measuring the combining effects of financial stability and climate risk for green economic recovery. Economic Change and Restructuring, 56(2), 1225-1241.
Li, S., & Wu, X. (2023). How does climate risk affect bank loan supply? Empirical evidence from China. Economic Change and Restructuring, 1-36.
Lin, M. X., Lee, T. Y., & Chou, K. T. (2018). The environmental policy stringency in Taiwan and its challenges on green economy transition. Development and Society, 47(3), 477-502.
Liu, S., Jin, J., & Nainar, K. (2023). Does ESG performance reduce banks’ nonperforming loans?. Finance Research Letters, 55(A), 103859.
Ma, Y., & Yao, C. (2022). Openness, financial structure, and bank risk: International evidence. International review of financial analysis, 81, 102065.
MacKinnon, D. (2012). Introduction to statistical mediation analysis. Routledge.
Maitra, B., & Mukhopadhyay, C. K. (2013). Public spending on education, health care and economic growth in selected countries of Asia and the Pacific. Asia-Pacific Development Journal, 19(2), 19-48.
Mealy, P., & Teytelboym, A. (2022). Economic complexity and the green economy. Research Policy, 51(8), 103948.
Meuleman, E., & Vander Vennet, R. (2020). Macroprudential policy and bank systemic risk. Journal of Financial Stability, 47, 100724.
Muellner, N., Arnold, N., Gufler, K., Kromp, W., Renneberg, W., & Liebert, W. (2021). Nuclear energy-The solution to climate change?. Energy Policy, 155, 112363.
Newig, J. (2007). Does public participation in environmental decisions lead to improved environmental quality?: towards an analytical framework. Communication, Cooperation, Participation (International Journal of Sustainability Communication), 1(1), 51-71.
Nguyen, L., & Wilson, J. O. (2020). How does credit supply react to a natural disaster? Evidence from the Indian Ocean Tsunami. The European Journal of Finance, 26(7-8), 802-819.
Noth, F., & Schüwer, U. (2018). Natural disaster and bank stability: Evidence from the US financial system.
Olszak, M., Roszkowska, S., & Kowalska, I. (2018). Macroprudential policy instruments and procyclicality of loan-loss provisions–cross-country evidence. Journal of International Financial Markets, Institutions and Money, 54, 228-257.
Ozili, P. K., & Outa, E. (2017). Bank loan loss provisions research: A review. Borsa Istanbul Review, 17(3), 144-163.
Pascual, L. B., Trujillo-Ponce, A., & Cardone-Riportella, C. (2013). Factors influencing bank risk in Europe: Evidence from the Financial Crisis. Documentos de Trabajo FUNCAS, (721), 1.
Pechan, A., & Eisenack, K. (2014). The impact of heat waves on electricity spot markets. Energy Economics, 43, 63-71.
Rahman, M. M., Begum, M., Ashraf, B. N., & Masud, M. A. K. (2020). Does trade openness affect bank risk-taking behavior? Evidence from BRICS countries. Economies, 8(3), 75.
Rizwan, M. S., Moinuddin, M., L’Huillier, B., & Ashraf, D. (2018). Does a one-size-fits-all approach to financial regulations alleviate default risk? The case of dual banking systems. Journal of Regulatory Economics, 53, 37-74.
Roser, M., & Ortiz-Ospina, E. (2017). Global rise of education. Our World in Data.
Salovaara, J. J., Pietikäinen, J., & Cantell, H. (2021). Perceptions of interconnected sustainability: Students’ narratives bridging transition and education. Journal of Cleaner Production, 281, 125336.
Steg, L., Dreijerink, L., & Abrahamse, W. (2006). Why are energy policies acceptable and effective?. Environment and behavior, 38(1), 92-111.
Tamazian, A., & Rao, B. B. (2010). Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy economics, 32(1), 137-145.
Toma, P., & Stefanelli, V. (2022). What are the banks doing in managing climate risk? Empirical evidence from a position map. Ecological Economics, 200, 107530.
Us, V. (2017). Dynamics of non-performing loans in the Turkish banking sector by an ownership breakdown: The impact of the global crisis. Finance Research Letters, 20, 109-117.
Van Oordt, M., & Zhou, C. (2019). Systemic risk and bank business models. Journal of Applied Econometrics, 34(3), 365-384.
Wagner, W. (2007). The liquidity of bank assets and banking stability. Journal of Banking & Finance, 31(1), 121-139.
Wang, E.Z., & Lee, C.C. (2023). The impact of commercial bank branch expansion on energy efficiency: Micro evidence from China. China Economic Review, 80, 102019.
Wang, K., Yan, M., Wang, Y., & Chang, C. P. (2020). The impact of environmental policy stringency on air quality. Atmospheric Environment, 231, 117522.
Wen, H., Wen, C., & Lee, C.C. (2022). Impact of Digitalization and Environmental Regulation on Total Factor Productivity. Information Economics and Policy, 61, 101007.
Yahya, F., & Lee, C.C. (2023). The asymmetric effect of agriculturalization toward climate neutrality targets. Journal of Environmental Management, 328, 116995.
Yirong, Q. (2022). Does environmental policy stringency reduce CO2 emissions? Evidence from high-polluted economies. Journal of Cleaner Production, 341, 130648.
Zhang, Q., Zhang, S., Chen, R., & Li, J. (2023). Does carbon emission trading mitigate firm′s default risk? Evidence from China. Journal of Cleaner Production, 398, 136627.
Zhang, W. L., Chang, C. P., & Xuan, Y. (2022). The impacts of climate change on bank performance: What’s the mediating role of natural disasters?. Economic Change and Restructuring, 55, 1913–1952.
Zhitao, W., & Xiang, M. (2023). Financial mismatch on corporate debt default risk: Evidence from China. Pacific-Basin Finance Journal, 80, 10207

指導教授

王志瑋(Chih-Wei Wang)

審核日期

2024-6-28

推文