個別ESG構成要素が商業銀行のパフォーマンスに与える影響：ベトナムからの証拠
The impact of individual ESG components on commercial bank performance: Evidence from Vietnam (原題)
(著者不明)
🤖 gxceed AI 要約
日本語
ベトナムの上場商業銀行27行・2015〜2023年の243行年データを用い、ESGをE・S・Gに分解して財務パフォーマンス（ROA・ROE・NIM）への影響をFGLSで検証した。Eスコアは3指標すべてに有意な正の効果、SスコアはROAのみ改善、GスコアはROAに有意な負の効果を示した。独自構築したESGスコアにより、新興国銀行における分解型ESG分析の空白を埋める。
English
Using a hand-built ESG framework on 27 listed Vietnamese banks (2015–2023, 243 bank-year observations), this study decomposes ESG into E, S, and G pillars and tests their effects on ROA, ROE, and NIM via FGLS. Environmental scores significantly boost all three performance measures; Social scores improve only ROA; Governance scores significantly reduce ROA. It fills a gap in decomposed ESG–bank performance research in emerging markets.
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基準・有報でのサステナビリティ開示が進み、金融機関のESGと財務リターンの関係は投資家・規制当局の関心が高い。本稿はE・S・Gを分解して効果を測る手法を提示し、日本の銀行が開示情報を経営指標に結びつける際の分析枠組みとして参考になる。
In the global GX context
As ISSB/CSRD and TCFD-aligned disclosure expand globally, evidence on how individual ESG pillars affect bank profitability is valuable for financial institutions integrating sustainability into strategy. This Vietnam study adds emerging-market evidence to a literature dominated by developed-market banks, informing transition finance and sustainable banking debates.
👥 読者別の含意
🔬研究者:ESGを分解して財務指標への異質な効果を測る実証設計とFGLS適用の参考になる。
🏢実務担当者:環境・社会施策は収益改善に寄与しうるが、ガバナンス投資はコスト便益の見極めが必要という示唆。
🏛政策担当者:新興国銀行のESG開示・規制設計において、E・S・G別の効果差を踏まえた政策立案の根拠となる。
📄 Abstract（原文）
Purpose – This study examines the distinct effects of the three individual dimensions of Environmental, Social, and Governance (ESG) scoring on the financial performance of Vietnamese commercial banks over the 2015–2023 period. Unlike prior research that relies on aggregate ESG indices, this paper decomposes ESG into its constituent components to identify which pillar drives value and through which performance channel.Design/methodology/approach – Using a manually constructed ESG scoring framework applied to 27 listed commercial banks in Vietnam, we obtain an unbalanced panel of 243 bank-year observations. Financial performance is measured by Return on Assets (ROA), Return on Equity (ROE), and Net Interest Margin (NIM). Estimation proceeds through Pooled OLS, Fixed Effects (FEM), and Random Effects (REM) models, with the Feasible Generalised Least Squares (FGLS) technique adopted as the primary estimator to correct for heteroscedasticity and serial correlation identified in the data.Findings – FGLS results indicate that the Environmental score (Escore) has a significant and positive effect on all three performance measures (ROA, ROE, and NIM) at the 1% significance level. The Social score (Sscore) significantly improves ROA but does not reach statistical significance for ROE or NIM. The Governance score (Gscore) exerts a statistically significant negative effect on ROA, suggesting that the cost burden associated with current governance structures outweighs short-term financial benefits. Bank-level controls confirm that the loan-to-deposit ratio (LDR) enhances performance while non-performing loans (NPL) and, for certain specifications, the liquidity ratio (LR) constrain profitability.Originality/value – This study contributes to the sparse literature on decomposed ESG–bank performance nexus in emerging markets by constructing original ESG scores from primary disclosure data. The findings yield differentiated policy recommendations for bank managers and regulators in Vietnam seeking to leverage sustainable finance as a tool for financial performance improvement.Practical implications – Banks that systematically enhance their environmental performance and community-oriented social programmes can expect measurable gains in profitability. Governance initiatives, however, require careful cost–benefit calibration to avoid eroding short-run financial returns.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://jfm.edu.vn/index.php/jfme/article/download/1496/966first seen 2026-09-12 05:55:14 · last seen 2026-09-22 05:22:07
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