IMPACT OF GREEN FINANCE ON ENVIRONMENTAL AND SOCIAL RISK MANAGEMENT INFLUENCING PERFORMANCES OF BANKS: EVIDENCE FROM BANGLADESH
Keywords:
Green Finance, Environment, Impact, Relationship and Performance
Abstract
The growing emphasis on green finance (GF) presents significant attention for banks as they navigate environmental and social risk management (ESRM) while striving for financial performance. Emerging the global phenomenon with respect to environmental issues focuses on highlighting the study of GF with ESRM, which leads to the profitability and non-performing loans of banks. This study investigates the impacts of GF on ESRM and, in turn, impacts the performance-profitability and non-performing loans of banks, providing empirical evidence from Bangladesh. This study employs the numerical data collected from annual reports of the central bank- Bangladesh Bank, from 2015 to 2023. The study has focused on variables such as GF sectors, environmental and social risk management, profitability, and non-performing loans. Regression models (Panel ordinary least square, quarantine regression, fixed effect model, random effect model, and panel generalized method of the moment) are employed to examine the effects of GF on ESRM and the impact of ESRM on performance - profitability and non-performing loans. The result shows that GF significantly influences ESRM because the p-value is 0.00≤p-value≤.0.10, rejecting the null hypothesis. ESRM has a significant impact on the performance of banks as a mediating factor with a p-value of 0.00≤p-value≤ 0.10. The findings of this study suggest that GF practices significantly enhance ESRM, which impacts the performance of banks and provides valuable insights for policymakers, regulators, and banking stakeholders in mitigating environmental and social risks and improving the performance of banks.
JEL Classification Codes: C58, G21, Q53.
References
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Liu, Z., Tang, Y. M., Chau, K. Y., Chien, F., Iqbal, W., & Sadiq, M. (2021). Incorporating strategic petroleum reserve and welfare losses: a way forward for the policy development of crude oil resources in South Asia. Resources Policy, 74, 102309. https://doi.org/10.1016/j.resourpol.2021.102309
Mainzer, R. (2018). The effect of a preliminary Hausman test on confidence intervals. Bulletin of the Australian Mathematical Society, 98(3), 518–519. https://doi.org/10.1017/s0004972718000655
Mavlutova, I., Spilbergs, A., Verdenhofs, A., Kuzmina, J., Arefjevs, I., & Natrins, A. (2023). The role of Green Finance in fostering the sustainability of the economy and renewable energy supply: Recent issues and challenges. Energies, 16(23), 7712. https://doi.org/10.3390/en16237712
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Poyser, A., & Daugaard, D. (2022). Indigenous Sustainable Finance as a research field: A systematic literature review on indigenizing ESG, Sustainability and Indigenous Community Practices. https://doi.org/10.2139/ssrn.4130710
Indriani, Y. P., Erfandi, E., Murdianingsih, D., & Setiani, T. Y. (2022). Analysis of the Effect of Asset Growth and Total Asset Turnover (Tattoo) on Return on Asset (ROA) with Capital Structure as an Intervening Variable (Case Study on Kpri Dwija Karya Bantarbolang 2017-2021). Return: Study of Management, Economic and Business, 1(4), 176-182. https://doi.org/10.57096/return.v1i4.60
Qian, S., & Yu, W. (2024). Green finance and environmental, social, and governance performance. International Review of Economics & Finance, 89, 1185–1202. https://doi.org/10.1016/j.iref.2023.08.017
Shaumya, K., & Arulrajah, A. (2017). The impact of green banking practices on bank’s environmental performance: Evidence from Sri Lanka. Journal of Finance and Bank Management, 5(1), 77-90. https://doi.org/10.15640/jfbm.v5n1a7
Shinwari, R., Yangjie, W., Payab, A. H., Kubiczek, J., & Dördüncü, H. (2022). What drives investment in renewable energy resources? evaluating the role of Natural Resources Volatility and Economic Performance for China. Resources Policy, 77, 102712. https://doi.org/10.1016/j.resourpol.2022.102712
Siddikee, M. J. A., Haq, A. Z., Parvin, S., Ahammed, M. M. U., & Zabin, S. (2024). Effects of green finance on non-performing loan of banks: evidence from Bangladesh. Bangladesh Journal of Multidisciplinary Scientific Research, 9(6), 47–57. https://doi.org/10.46281/bjmsr.v9i6.2263
Taneja, S., & Özen, E. (2023). To analyse the relationship between Bank’s Green Financing and Environmental Performance. International Journal of Electronic Finance, 12(2), 163. https://doi.org/10.1504/ijef.2023.129919
Tangen, S. (2004). Performance measurement: From philosophy to practice. International Journal of Productivity and Performance Management, 53(8), 726–737. https://doi.org/10.1108/17410400410569134
Welham, S. J., & Thompson, R. (1997). Likelihood ratio tests for fixed model terms using residual maximum likelihood. Journal of the Royal Statistical Society Series B: Statistical Methodology, 59(3), 701–714. https://doi.org/10.1111/1467-9868.00092
Xi, B., Wang, Y., & Yang, M. (2021). Green Credit, green reputation, and corporate financial performance: Evidence from China. Environmental Science and Pollution Research, 29(2), 2401–2419. https://doi.org/10.1007/s11356-021-15646-z
Yan, M., & Gong, X. (2024). Impact of green credit on Green Finance and corporate emissions reduction. Finance Research Letters, 60, 104900. https://doi.org/10.1016/j.frl.2023.104900
Yang, B., Ali, M., Nazir, M. R., Ullah, W., & Qayyum, M. (2020). Financial instability and CO2 emissions: Cross-country evidence. Air Quality, Atmosphere & Health, 13(4), 459–468. https://doi.org/10.1007/s11869-020-00809-7
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Zheng, G.-W., Siddik, A. B., Masukujjaman, M., & Fatema, N. (2021). Factors affecting the sustainability performance of financial institutions in Bangladesh: The role of green finance. Sustainability, 13(18), 10165. https://doi.org/10.3390/su131810165
Alnabulsi, K., Kozarević, E., & Hakimi, A. (2023). Non-performing loans as a driver of banking distress: A systematic literature review. Commodities, 2(2), 111–130. https://doi.org/10.3390/commodities2020007
Aryani Siregar, S., Napitupulu, H., & Ginting, R. (2020). Identification of factors affecting a green industry: A literature review. IOP Conference Series: Materials Science and Engineering, 801(1), 012097. https://doi.org/10.1088/1757-899x/801/1/012097
Adeusi, S. O., Akeke, N. I., Adebisi, O. S., & Oladunjoye, O. (2014). Risk management and financial performance of banks in Nigeria. Risk Management, 6(31), 123-129. https://doi.org/10.9790/487x-1465256
Baitanayeva, B., Yerezhepova, A., Nurmanova, B., & Andabayeva, G. (2020). Current state and problems of alternative energy development in the world. E3S Web of Conferences, 159, 07004. https://doi.org/10.1051/e3sconf/202015907004
Baltagi, B. H. (2024). Hausman’s specification test for panel data: Practical tips. Advances in Econometrics, 46, 13–24. https://doi.org/10.1108/s0731-905320240000046002
Banani, A., & Sunarko, B. (2022). Nexus between Green Finance, Creativity, Energy Accounting and financial performance: Banks Sustainability Analysis from developing country. International Journal of Energy Economics and Policy, 12(6), 447–455. https://doi.org/10.32479/ijeep.13806
Charfeddine, L., & Ben Khediri, K. (2016). Financial Development and Environmental Quality in UAE: Cointegration with structural breaks. Renewable and Sustainable Energy Reviews, 55, 1322–1335. https://doi.org/10.1016/j.rser.2015.07.059
Chi, Y., & Yang, Y. (2023). Green Finance and green transition by enterprises: An exploration of market-oriented governance mechanisms. Borsa Istanbul Review, 23(3), 628–646. https://doi.org/10.1016/j.bir.2023.01.003
Crane, A. D., Michenaud, S., & Weston, J. P. (2016). The effect of institutional ownership on Payout policy: Evidence from index thresholds. Review of Financial Studies, 29(6), 1377–1408. https://doi.org/10.1093/rfs/hhw012
Dai, X., Siddik, A. B., & Tian, H. (2022). Corporate Social Responsibility, Green Finance and Environmental Performance: Does green innovation matter? Sustainability, 14(20), 13607. https://doi.org/10.3390/su142013607
Dikau, S., & Volz, U. (2021). Central Bank mandates, sustainability objectives and the promotion of Green Finance. Ecological Economics, 184, 107022. https://doi.org/10.1016/j.ecolecon.2021.107022
Dunlop, T. (2022). Energy efficiency: The evolution of a motherhood concept. Social Studies of Science, 52(5), 710–732. https://doi.org/10.1177/03063127221096171
Esposito, L., Mastromatteo, G., & Molocchi, A. (2022). Green mortgages, EU Taxonomy and Environment Risk Weigthed Assets: A key link for the transition. https://doi.org/10.2139/ssrn.4021389
Fan, M., Mo, Z., Fu, H., Wu, T.-H., Chen, Z., & He, Y. (2024). Does climate policy uncertainty matter for bank value? Economic Change and Restructuring, 57(2). https://doi.org/10.1007/s10644-024-09651-8
Fauzi, S. A., & Nurasik, N. (2023). Influence of Total Asset Turnover, Net Profit Margin, Return on Investment, Equity Multiplier and Return on Equity on Company Value. https://doi.org/10.21070/ups.3651
Feng, H., Liu, Z., Wu, J., Iqbal, W., Ahmad, W., & Marie, M. (2022). Nexus between government spending’s and green economic performance: role of green finance and structure effect. Environmental Technology & Innovation, 27, 102461. https://doi.org/10.1016/j.eti.2022.102461
Filyaw, M. H. (2022). Recycled plastics in food contact. Global Legislation for Food Contact Materials, 193–202. https://doi.org/10.1016/b978-0-12-821181-6.00010-7
Guan, R., Zheng, H., Hu, J., Fang, Q., & Ren, R. (2017). The higher carbon intensity of loans, the higher non-performing loan ratio: The case of china. Sustainability, 9(4), 667. https://doi.org/10.3390/su9040667
Hausman, J. A. (1978). Specification tests in Econometrics. Econometrica, 46(6), 1251. https://doi.org/10.2307/1913827
Henry Ntarmah, A., Kong, Y., & Kobina Gyan, M. (2019). Banking System Stability and economic sustainability: A panel data analysis of the effect of banking system stability on sustainability of some selected developing countries. Quantitative Finance and Economics, 3(4), 709–738. https://doi.org/10.3934/qfe.2019.4.709
Hossain, M. A., Rahman, M. M., Hossain, M. S., & Karim, M. R. (2020). The effects of green banking practices on financial performance of listed banking companies in Bangladesh. Canadian Journal of Business and Information Studies, 2(6), 120-128. https://doi.org/10.34104/cjbis.020.01200128
Hasan, S. M., Islam, K. M. A., Tawfiq, T. T., & Saha, P. (2025). Triple pillars of sustainable finance: the role of green finance, CSR, and digitalization on bank performance in Bangladesh. Banks and Bank Systems, 20(1), 38-50. http://dx.doi.org/10.21511/bbs.20(1).2025.04
Husna, A., & Satria, I. (2019). Effects of return on asset, debt to asset ratio, current ratio, firm size, and dividend payout ratio on firm value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
Jha, A. K., & Kewate, S. P. (2024). Manufacturing of eco bricks: A sustainable solution for construction. International Conference on Innovative Product Design and Intelligent Manufacturing Systems, 66(1), 28. https://doi.org/10.3390/engproc2024066028
Kwan, S., & Eisenbeis, R. A. (1997). Bank Risk, capitalization and inefficiency. https://doi.org/10.2139/ssrn.1188
Li, Z., Kuo, T. H., Siao-Yun, W., & Vinh, L. T. (2022). Role of green finance, volatility and risk in promoting the investments in Renewable Energy Resources in the post-covid-19. Resources Policy, 76, 102563. https://doi.org/10.1016/j.resourpol.2022.102563
Liu, Z., Tang, Y. M., Chau, K. Y., Chien, F., Iqbal, W., & Sadiq, M. (2021). Incorporating strategic petroleum reserve and welfare losses: a way forward for the policy development of crude oil resources in South Asia. Resources Policy, 74, 102309. https://doi.org/10.1016/j.resourpol.2021.102309
Mainzer, R. (2018). The effect of a preliminary Hausman test on confidence intervals. Bulletin of the Australian Mathematical Society, 98(3), 518–519. https://doi.org/10.1017/s0004972718000655
Mavlutova, I., Spilbergs, A., Verdenhofs, A., Kuzmina, J., Arefjevs, I., & Natrins, A. (2023). The role of Green Finance in fostering the sustainability of the economy and renewable energy supply: Recent issues and challenges. Energies, 16(23), 7712. https://doi.org/10.3390/en16237712
Milojević, N., & Redžepagić, S. (2020). Current trends and future progress in the banking risk and Capital Management. Economic Analysis, 53(2), 79–94. https://doi.org/10.28934/ea.20.53.2.pp79-94
Mutl, J., & Pfaffermayr, M. (2011). The hausman test in a cliff and Ord Panel model. The Econometrics Journal, 14(1), 48–76. https://doi.org/10.1111/j.1368-423x.2010.00325.x
Ngwenya, N., & Simatele, M. D. (2020). The emergence of green bonds as an integral component of Climate Finance in South Africa. South African Journal of Science, 116(1/2). https://doi.org/10.17159/sajs.2020/6522
Pačaiová, H., Turisová, R., Glatz, J., & Onofrejová, D. (2024). Sustainability Assessment of Machinery Safety in a Manufacturing Organisation – Supporting Machinery Safety Decision Making with AHP and CART Methods. https://doi.org/10.20944/preprints202403.0868.v1
Panchal, R., Singh, A., & Diwan, H. (2021). Does circular economy performance lead to sustainable development? – A systematic literature review. Journal of Environmental Management, 293, 112811. https://doi.org/10.1016/j.jenvman.2021.112811
Park, H., & Kim, J. D. (2020). Transition towards green banking: role of financial regulators and financial institutions. Asian Journal of Sustainability and Social Responsibility, 5(1), 1-25. https://doi.org/10.1186/s41180-020-00034-3
Poyser, A., & Daugaard, D. (2022). Indigenous Sustainable Finance as a research field: A systematic literature review on indigenizing ESG, Sustainability and Indigenous Community Practices. https://doi.org/10.2139/ssrn.4130710
Indriani, Y. P., Erfandi, E., Murdianingsih, D., & Setiani, T. Y. (2022). Analysis of the Effect of Asset Growth and Total Asset Turnover (Tattoo) on Return on Asset (ROA) with Capital Structure as an Intervening Variable (Case Study on Kpri Dwija Karya Bantarbolang 2017-2021). Return: Study of Management, Economic and Business, 1(4), 176-182. https://doi.org/10.57096/return.v1i4.60
Qian, S., & Yu, W. (2024). Green finance and environmental, social, and governance performance. International Review of Economics & Finance, 89, 1185–1202. https://doi.org/10.1016/j.iref.2023.08.017
Shaumya, K., & Arulrajah, A. (2017). The impact of green banking practices on bank’s environmental performance: Evidence from Sri Lanka. Journal of Finance and Bank Management, 5(1), 77-90. https://doi.org/10.15640/jfbm.v5n1a7
Shinwari, R., Yangjie, W., Payab, A. H., Kubiczek, J., & Dördüncü, H. (2022). What drives investment in renewable energy resources? evaluating the role of Natural Resources Volatility and Economic Performance for China. Resources Policy, 77, 102712. https://doi.org/10.1016/j.resourpol.2022.102712
Siddikee, M. J. A., Haq, A. Z., Parvin, S., Ahammed, M. M. U., & Zabin, S. (2024). Effects of green finance on non-performing loan of banks: evidence from Bangladesh. Bangladesh Journal of Multidisciplinary Scientific Research, 9(6), 47–57. https://doi.org/10.46281/bjmsr.v9i6.2263
Taneja, S., & Özen, E. (2023). To analyse the relationship between Bank’s Green Financing and Environmental Performance. International Journal of Electronic Finance, 12(2), 163. https://doi.org/10.1504/ijef.2023.129919
Tangen, S. (2004). Performance measurement: From philosophy to practice. International Journal of Productivity and Performance Management, 53(8), 726–737. https://doi.org/10.1108/17410400410569134
Welham, S. J., & Thompson, R. (1997). Likelihood ratio tests for fixed model terms using residual maximum likelihood. Journal of the Royal Statistical Society Series B: Statistical Methodology, 59(3), 701–714. https://doi.org/10.1111/1467-9868.00092
Xi, B., Wang, Y., & Yang, M. (2021). Green Credit, green reputation, and corporate financial performance: Evidence from China. Environmental Science and Pollution Research, 29(2), 2401–2419. https://doi.org/10.1007/s11356-021-15646-z
Yan, M., & Gong, X. (2024). Impact of green credit on Green Finance and corporate emissions reduction. Finance Research Letters, 60, 104900. https://doi.org/10.1016/j.frl.2023.104900
Yang, B., Ali, M., Nazir, M. R., Ullah, W., & Qayyum, M. (2020). Financial instability and CO2 emissions: Cross-country evidence. Air Quality, Atmosphere & Health, 13(4), 459–468. https://doi.org/10.1007/s11869-020-00809-7
Yu, C.-H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy, 153, 112255. https://doi.org/10.1016/j.enpol.2021.112255
Zhang, X., Wang, Z., Zhong, X., Yang, S., & Siddik, A. B. (2022). Do green banking activities improve the banks’ environmental performance? the mediating effect of Green Financing. Sustainability, 14(2), 989. https://doi.org/10.3390/su14020989
Zheng, G.-W., Siddik, A. B., Masukujjaman, M., & Fatema, N. (2021). Factors affecting the sustainability performance of financial institutions in Bangladesh: The role of green finance. Sustainability, 13(18), 10165. https://doi.org/10.3390/su131810165
Published
2025-02-05
How to Cite
Siddikee, M. J. A., Haq, A. Z., Parvin, S., Begum, H., & Fatema, M. R. (2025). IMPACT OF GREEN FINANCE ON ENVIRONMENTAL AND SOCIAL RISK MANAGEMENT INFLUENCING PERFORMANCES OF BANKS: EVIDENCE FROM BANGLADESH. Bangladesh Journal of Multidisciplinary Scientific Research, 10(1), 34-45. https://doi.org/10.46281/bjmsr.v10i1.2285
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2025 Md. Jahangir Alam Siddikee, AHM Ziaul Haq, Shahnaz Parvin, Humaira Begum, Mst. Rinu Fatema
This work is licensed under a Creative Commons Attribution 4.0 International License.
