新冠肺炎疫情期間台灣銀行業ESG與財務績效之研究

Abstract

本研究旨在探討新冠疫情對於銀行業ESG與財務績效的影響，以及影響銀行ESG實際活動－紓困參與程度的因素。實證結果顯示疫情期間銀行ESG績效下降，而股東權益報酬率上升，但均未達到顯著水準。此外，存放款利差於疫情期間顯著下降。進一步分析發現公股銀行之ESG績效較佳，但疫情期間其存放款利差顯著較低，此係公股銀行的紓困參與程度顯著較高所致。新冠肺炎疫情反轉創新與ESG績效的關聯性，使其由負轉正；疫情期間，創新程度越高則股東權益報酬率越低但存放款利差卻越好。新冠肺炎疫情前高階管理團隊共享經驗越高則股東權益報酬率越高，而疫情會減緩此關聯性。就紓困參與程度而言，ESG績效與紓困參與程度呈現顯著負相關，顯示ESG績效與紓困參與程度存有脫鉤的情形，亦為社會洗滌現象。此外，股東權益報酬率與紓困參與程度亦呈現顯著負相關。本研究亦額外分析影響ESG績效與紓困參與程度脫鉤的因子，並分析公股銀行與非公股銀行的異同之處。本研究的結果可供投資人作為制定投資決策時的參考。

This study aims to explore the impact of the COVID-19 pandemic on the ESG (Environmental, Social, and Governance) performance and financial performance of the banking industry, as well as the factors influencing banks’ actual ESG activities, specifically bailout engagement. The empirical results indicate a decrease in ESG performance and an increase in return on equity during the COVID-19 pandemic, although neither change is significant. Additionally, banks’ interest rate spreads declined significantly during the COVID-19 period. Further analysis reveals that state-owned banks exhibit better ESG performance but have a lower interest rate spread during the pandemic, which is attributed to their higher bailout engagement. During the COVID-19 pandemic, the correlation between innovation and ESG performance reversed from negative to positive, with higher innovation associated with lower return on equity and higher interest rate spreads. Before the pandemic, greater shared experience within the top management team (TMT) was associated with higher return on equity; however, this correlation weakened during the pandemic. In terms of bailout engagement, ESG performance is negatively correlated with bailout engagement, indicating a decoupling, often referred to as social washing. Additionally, return on equity is negatively associated with bailout engagement. This study also analyzes the factors affecting the decoupling between ESG performance and bailout engagement and the differences between state-owned and non-state-owned banks. The findings of this study can serve as a reference for investors when making investment decisions.