内生性
市场流动性
流动性风险
语言变化
金融体系
工具变量
国家风险
公司治理
地缘政治学
业务
政治
政治风险
货币经济学
经济
发展经济学
财务
政治学
计量经济学
艺术
文学类
法学
作者
Chien‐Chiang Lee,Meiting Lu,Chih‐Wei Wang,Chung-Chih Cheng
标识
DOI:10.1016/j.pacfin.2024.102260
摘要
This study explores the influence of banks' environmental, social, and governance (ESG) performance and country-level risk factors on liquidity creation. Utilizing a distinctive sample of 2103 bank-year observations from 2000 to 2020 in Asia, the study finds that banks' ESG performance exerts a positive impact on bank liquidity creation. Furthermore, this relationship is more prominent in countries with high geopolitical risk and corruption risk and low levels of democratization. To address endogeneity concerns, a two-stage least squares regression is employed using two instrumental variables, and the findings remain robust. These findings have practical implications for banks and policymakers to consider a country's political risk when promoting ESG activities and facilitating liquidity creation.
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