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

机译：金融体系中可持续发展和企业治理：环保银行风险较低吗？

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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：本文响应了对企业社会责任柱对银行财务业绩的更深层次的实证调查。为了解决这个问题，本研究首先分析了鼓励银行更加环保的因素，然后调查银行环境参与与风险之间的关系。使用来自2011年至2015年至2015年的35个国家的142个银行的样本，我们记录了有效的公司治理机制对银行环境参与的积极影响。此外，通过使用Heckman的两级模型来治疗样品选择偏差，我们发现对环境问题更敏感的银行也表现出更少的风险。利益攸关方理论与冲突解决假设是克服银行业经济与生态学之间的权衡的有用框架。

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