Articlegold2024

ESG activities and financial stability: The case of Korean financial firms

28 citations0/0 files storedBorsa Istanbul Review

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Corporate Social Responsibility Reporting Sustainable Finance and Green Bonds Financial Distress and Bankruptcy Prediction

Abstract

This study explores the relationship between financial firms’ environmental, social, and governance (ESG) activities and their financial stability measured by Altman’s Z-score. Based on a dataset of listed financial institutions in Korea, our results indicate a positive association between stability and ESG activities. Overall ESG scores and those for the individual environmental, social, and governance pillars potentially enhance financial stability. The environmental pillar plays the most significant role in improving the stability of financial firms. The positive association between ESG activities and financial firms’ stability is also seen in nonbanking sectors.

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References

1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1969Investigating Causal Relations by Econometric Models and Cross-spectral Methods 1998Initial conditions and moment restrictions in dynamic panel data models 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 2015ESG and financial performance: aggregated evidence from more than 2000 empirical studies 2010Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting 2010Does Corporate Social Responsibility Affect the Cost of Capital?2021Firms and social responsibility: A review of ESG and CSR research in corporate finance

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