Does ESG contracting align or compete with stakeholder interests?

IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Journal of International Financial Markets Institutions & Money Pub Date : 2024-09-19 DOI:10.1016/j.intfin.2024.102058
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Abstract

The paper investigates whether ESG-linked managerial incentives, also known as ESG contracting, align or compete with stakeholder interests in the banking sector. The few related literature, focussed on non-financial companies, shows arguments both pro and against pay for sustainability. Using a panel data set of 595 worldwide listed banks for the period 2010–2021, the paper studies the effectiveness of ESG incentives in improving ESG performance and limiting ESG controversies. ESG contracting is shown to improve both ESG performance and ESG disputes, thus suggesting that it is more symbolic than substantial in meeting stakeholder interests. ESG strategy, ESG committee and managerial risk-taking are significant channels through which ESG incentives affect ESG performance and ESG controversies in the banking sector.

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ESG 合同与利益相关者的利益是一致还是竞争?
本文研究了与环境、社会和公司治理挂钩的管理激励机制(也称为环境、社会和公司治理契约)是与银行业利益相关者的利益相一致还是相竞争。为数不多的以非金融公司为研究对象的相关文献显示,支持和反对可持续发展薪酬的论点都有。本文利用 2010-2021 年期间全球 595 家上市银行的面板数据集,研究了 ESG 激励机制在提高 ESG 业绩和限制 ESG 争议方面的有效性。结果表明,ESG 合同既能提高 ESG 业绩,也能减少 ESG 争议,因此在满足利益相关者利益方面,ESG 合同的象征意义大于实质意义。ESG战略、ESG委员会和管理风险承担是ESG激励机制影响银行业ESG绩效和ESG争议的重要渠道。
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来源期刊
CiteScore
6.60
自引率
10.00%
发文量
142
期刊介绍: International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.
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