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Sustainable development and corporate governance in the financial system: Are environmentally friendly banks less risky?

机译：金融体系中的可持续发展和公司治理：环保银行的风险是否更低？

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摘要

This paper responds to the need for a deeper empirical investigation of the impact of corporate social responsibility pillars on the financial performance of banks. To address this question, this study first analyzes the factors that encourage banks to be more environmentally friendly and then investigates the relationship between a bank's environmental engagement and its risk. Using a sample of 142 banks from 35 countries covering the period from 2011 to 2015, we document the positive impact of effective corporate governance mechanisms on banks' environmental engagement. Moreover, by using the Heckman's two-stage model for the treatment of sample selection bias, we find that banks that are more sensitive to environmental issues also exhibit less risk. Stakeholder theory and the conflict resolution hypothesis are useful frameworks to overcome the trade-off between economy and ecology in the banking industry.
机译：本文回应了需要对企业社会责任支柱对银行财务绩效的影响进行更深入的实证研究的需求。为了解决这个问题，本研究首先分析了促使银行更加环保的因素，然后调查了银行的环境参与与其风险之间的关系。我们使用来自35个国家/地区的142家银行的样本（涵盖2011年至2015年），记录了有效的公司治理机制对银行的环境参与的积极影响。此外，通过使用赫克曼（Heckman）的两阶段模型来处理样本选择偏差，我们发现对环境问题更敏感的银行也表现出较小的风险。利益相关者理论和冲突解决假设是克服银行业经济与生态之间权衡的有用框架。

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