Moderation of ESG by bank funding structure (BFS) on bank risk-taking (BRT)
| Variables | FE | RE | Sys-GMM |
|---|---|---|---|
| BRT it-1 (lagged only for GMM) | – | – | 0.501*** (0.006) |
| ESG it-1 (lagged only for GMM) | −0.007** (0.028) | −0.007** (0.035) | −0.008** (0.030) |
| LC it-1 (lagged only for GMM) | −0.004** (0.033) | −0.004** (0.027) | −0.005** (0.021) |
| BFS | −0.003* (0.089) | −0.003** (0.046) | −0.003** (0.040) |
| ESG × BFS | −0.000** (0.029) | −0.000** (0.042) | −0.000** (0.032) |
| SIZE | 0.681*** (0.005) | 0.731*** (0.002) | 0.700*** (0.004) |
| CAP | −0.043* (0.079) | −0.047** (0.026) | −0.051** (0.018) |
| GDP | −0.017 (0.339) | −0.018 (0.311) | −0.019 (0.293) |
| INF | 0.035*** (0.010) | 0.036*** (0.007) | 0.037*** (0.006) |
| BC | −0.002 (0.730) | −0.001 (0.944) | −0.001 (0.885) |
| BNK | −0.012 (0.354) | −0.010 (0.443) | −0.012 (0.321) |
| DCOVID | −0.298* (0.093) | −0.317* (0.076) | −0.499** (0.038) |
| AR(1) p-value | – | – | 0.015 |
| AR(2) p-value | – | – | 0.521 |
| Hansen J (p-value) | – | – | 0.611 |
| Variables | FE | RE | Sys-GMM |
|---|---|---|---|
| BRT it-1 (lagged only for GMM) | – | – | 0.501*** (0.006) |
| ESG it-1 (lagged only for GMM) | −0.007** (0.028) | −0.007** (0.035) | −0.008** (0.030) |
| LC it-1 (lagged only for GMM) | −0.004** (0.033) | −0.004** (0.027) | −0.005** (0.021) |
| BFS | −0.003* (0.089) | −0.003** (0.046) | −0.003** (0.040) |
| ESG × BFS | −0.000** (0.029) | −0.000** (0.042) | −0.000** (0.032) |
| SIZE | 0.681*** (0.005) | 0.731*** (0.002) | 0.700*** (0.004) |
| CAP | −0.043* (0.079) | −0.047** (0.026) | −0.051** (0.018) |
| GDP | −0.017 (0.339) | −0.018 (0.311) | −0.019 (0.293) |
| INF | 0.035*** (0.010) | 0.036*** (0.007) | 0.037*** (0.006) |
| BC | −0.002 (0.730) | −0.001 (0.944) | −0.001 (0.885) |
| BNK | −0.012 (0.354) | −0.010 (0.443) | −0.012 (0.321) |
| DCOVID | −0.298* (0.093) | −0.317* (0.076) | −0.499** (0.038) |
| AR(1) | – | – | 0.015 |
| AR(2) | – | – | 0.521 |
| Hansen J ( | – | – | 0.611 |
Note(s): Dependent variable is BRT. FE and RE estimations include ESG, LC, BFS, and controls. Sys-GMM treats ESG, LC, BFS, and the interaction ESG × BFS as endogenous, with lagged instruments collapsed and limited. Standard errors are robust; p-values in parentheses. *, **, *** denote significance at 10%, 5%, and 1% levels
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