Exploring the trade-offs between environmentally oriented policies and financial performance in U.S. banks: non-linear and heterogeneous effects
米銀における環境志向政策と財務パフォーマンスのトレードオフの探求：非線形かつ不均一な効果 (AI 翻訳)
K. Kapetanakis, Christos Floros
🤖 gxceed AI 要約
日本語
本研究は、2005年から2024年までの米国72行の商業銀行を対象に、ESGの環境スコア（Environmental Pillar）と収益性（ROE）の関係を分析。線形・非線形・分布依存アプローチを統合し、環境パフォーマンスが銀行業績に与える影響が非線形で、各サブピラー（資源使用、排出、革新）で異なることを示す。政策設計における環境目標と財務目標の両立可能性に示唆を与える。
English
This study examines the relationship between U.S. commercial banks' environmental performance (ESG Environmental Pillar score) and profitability (ROE) from 2005 to 2024 using a sample of 72 banks. Integrating linear, nonlinear, and distribution-specific approaches, it finds that the impact of environmental dimensions on financial performance is nonlinear and heterogeneous across sub-pillars (Resource Use, Emissions, Innovation). Results suggest trade-offs that inform policy design for balancing environmental and financial goals.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、SSBJ開示基準の導入や有報でのサステナビリティ情報拡充が進む中、ESGと財務パフォーマンスの関係を実証する本研究成果は、銀行業界における環境開示の実務や投資家対応に示唆を与える。ただし米国データのため、日本への直接適用には調整が必要。
In the global GX context
This paper adds to the global debate on ESG-financial performance linkages, particularly relevant under frameworks like TCFD and ISSB where banks disclose environmental metrics. The non-linear results highlight that more environmental engagement does not always improve profitability, cautioning against simplistic 'ESG alpha' narratives. Useful for understanding trade-offs in transition finance strategies.
👥 読者別の含意
🔬研究者:Demonstrates non-linear and heterogeneous effects of environmental pillar dimensions on bank profitability, advancing ESG-finance empirical methods.
🏛政策担当者:Suggests that environmental policy design should account for heterogeneous impacts on bank performance across different return environments.
📄 Abstract（原文）
This study aims to examine the relationship between bank performance and environmental performance—measured by the Environmental Pillar score—while accounting for shifts in bank performance profiles. The study focuses on the top institutions with high scores on the Environmental Pillar of ESG ratings, questioning whether their environmental performance increases financial performance. This research examines the link between environmental performance and bank profitability, proxied by return on equity (ROE), in the USA, using a sample of 72 commercial banks from 2005 to 2024. The analysis is conducted in two parts. We first compute models of the aggregate Environmental Pillar. Next, we deconstruct this Pillar into its three sub-pillars (Resource Use, Emissions and Innovation). The model estimates show that Environmental Pillar dimensions have both significant and divergent effects. This research contributes to the ESG-banking literature by robustly estimating the impact of Environmental Pillar dimensions on U.S. banks across different return environments. By integrating a linear, nοnlinear, and distribution-specific approach, it provides insights into the trade-offs between ESG environmental engagement and financial performance. In light of this evidence, the policy design at the micro–macro level could be more compatible and flexible with respect to the environmental goals-financial performance nexus.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://link.springer.com/content/pdf/10.1007/s12351-026-01057-w.pdffirst seen 2026-07-18 07:54:41
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