Do Sustainable Banks Perform Better? Evidence from The Interplay of Financial Health and ESG Disclosure
持続可能な銀行のパフォーマンスは良いのか？財務健全性とESG開示の相互作用からのエビデンス (AI 翻訳)
Heriyanni Mashithoh, I. R. D. Pangestuti, Harjum Muharram
🤖 gxceed AI 要約
日本語
本論文は、アジア新興国の102行の銀行データを用いて、財務健全性（LDRとDER）が銀行価値（Tobin's Q）に与える影響と、ESG開示の媒介効果を検証した。結果、LDRは正の影響、DERは負の影響を与え、ESG開示はLDRと価値の関係を媒介するが、DERの負の影響を相殺できないことが示された。
English
This study investigates the impact of financial health (LDR and DER) on bank market value (Tobin's Q) and the mediating role of ESG disclosure using data from 102 developing Asian banks (2009-2023). Results show that LDR positively affects value, while DER negatively affects it. ESG disclosure mediates the LDR-value relationship but cannot offset the negative effect of high leverage.
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によるESG開示が進む中、本論文の知見はアジア新興国市場での銀行価値評価とESG開示の関係性を理解する上で参考になる。
In the global GX context
This paper contributes to the literature on ESG disclosure and firm value, particularly in emerging markets, where disclosure practices are evolving. It highlights that ESG disclosure can enhance liquidity signals but not offset leverage risks, informing investors and regulators globally.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the mediating role of ESG disclosure in the financial health-bank value link in emerging Asia.
🏢実務担当者:Banks in developing Asia can use ESG disclosure to amplify positive liquidity signals, but must manage leverage independently.
🏛政策担当者:Regulators in emerging markets may consider promoting ESG disclosure as a complement to financial health indicators.
📄 Abstract（原文）
Purpose – This study aims to examine the impact of banks’ financial health, proxied by the Loan-to-Deposit Ratio (LDR) and Debt-to-Equity Ratio (DER), on bank market value, measured using Tobin’s Q, in developing Asian economies. In addition, the study investigates whether ESG disclosure serves as a mediating mechanism through which financial health is translated into firm value. Methodology – The study employs a quantitative approach using an unbalanced panel dataset covering 102 banks from developing Asian countries over the period 2009–2023, yielding 1,695 observations. Secondary data are obtained from the Bloomberg Terminal. Empirical analysis is conducted using panel regression with robust standard errors, incorporating country and year fixed effects. The mediating role of ESG disclosure is examined using path analysis and the Sobel test. Findings – The results indicate that LDR has a positive and significant effect on Tobin’s Q, while DER has a negative and significant effect. ESG disclosure positively affects bank value and mediates the relationship between LDR and Tobin’s Q, but not between DER and firm value. These findings suggest that ESG disclosure strengthens liquidity signals but cannot offset the adverse valuation effects of excessive leverage. Originality – This study integrates financial health indicators and ESG disclosure within a mediation framework, demonstrating that ESG disclosure complements financial fundamentals and enhances market valuation when supported by sound liquidity conditions in developing Asian economies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.33830/jom.v22i1.13623.2026first seen 2026-06-30 05:34:30
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