ESGパフォーマンス、グリーンファイナンス活動、銀行の財務安定性：制度の質の役割
ESG Performance, Green Finance Activities, and Bank Financial Stability: The Role of Institutional Quality (原題)
Imen Fakhfakh, Amal Ghribi, Soulef Smaoui
🤖 gxceed AI 要約
日本語
本研究は、56カ国251行のパネルデータ（2009-2024年）を用いて、ESGパフォーマンスと銀行の財務安定性（Zスコア）の関係を分析。グリーン金融商品の割合が高いほど安定化効果が弱まる代替効果を確認し、制度の質（法の支配）が先進国では代替、新興国では補完として機能することを示した。規制当局と経営者への示唆を提供。
English
Using panel data from 251 banks across 56 countries (2009-2024), this study finds that ESG performance generally enhances bank stability (Z-score), but this effect weakens as the share of green financial products increases, indicating a substitution effect. Institutional quality (Rule of Law) moderates this: in developed economies it substitutes for sustainability strategies, while in emerging economies it complements them. Implications for regulators and managers are discussed.
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
日本の銀行はSSBJ開示やグリーン金融への対応が進む中、ESG投資と財務健全性のトレードオフを理解する上で示唆的。制度環境の違いが効果を左右する点は、国内と海外展開の戦略立案に有用。
In the global GX context
This study contributes to global discussions on ESG and financial stability, particularly relevant for regulators under ISSB/CSRD frameworks. It highlights the need to consider institutional quality when designing sustainability regulations and assessing bank resilience.
👥 読者別の含意
🔬研究者:ESGと銀行安定性の関係における制度要因の役割を実証した点が重要。
🏢実務担当者:グリーン金融商品のポートフォリオ比率と財務健全性のバランスを検討する際の参考になる。
🏛政策担当者:規制設計において、制度の質がESGの効果を左右することを考慮すべき。
📄 Abstract（原文）
This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and bank financial stability within the context of the green finance transition. Utilizing an unbalanced panel dataset of 251 banks across 56 countries, observed over the period 2009–2024, we analyze how this relationship is moderated by the share of green financial products in the bank's total product portfolio and by the quality of the institutional environment, as captured by the Rule of Law (RoL) index. Our estimations reveal that while ESG is generally positively associated with bank stability, measured by the Z ‐Score, this stabilizing effect weakens as the share of green products increases, confirming a substitution effect. This mechanism is moderated by the institutional environment. In developed economies, the RoL acts as a substitute for sustainability strategies, reducing their marginal stabilizing impact. In contrast, in emerging economies it functions as a complement, strengthening the joint stabilizing impact of ESG performance and green financial products. These findings have important implications for global banking regulators and managers, emphasizing the need to make strategic trade‐offs between sustainability ambitions and financial resilience while accounting for cross‐country differences in institutional quality.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/tie.70153first seen 2026-08-19 05:23:21 · last seen 2026-09-22 05:09:16
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