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<p>This study examines whether environmental, social, and governance (ESG) performance is associated with bank stability in ASEAN emerging markets and whether ESG moderates stability during systemic stress episodes, namely the Global Financial Crisis (GFC) and the COVID-19 pandemic. Using an unbalanced panel of 52 listed commercial banks from Indonesia, Malaysia, the Philippines, Thailand, and Vietnam over 2008–2024, we measure stability ln(Z-score) and estimate dynamic specifications with two-step System GMM to account for persistence and mitigate endogeneity. Results show strong persistence in bank stability. Composite ESG displays a small positive baseline association with stability, but the effect is only marginally significant and sensitive to specification. Importantly, crisis-interaction terms are statistically insignificant, providing no robust evidence that ESG buffers stability during systemic stress in this setting. Pillar analysis indicates heterogeneity: Environmental and Governance scores are insignificant, while the Social pillar shows a weak positive baseline association that is not amplified in crises. Among controls, higher lagged cost-to-income and cash-based liquidity predict lower subsequent stability, whereas GDP growth is positively associated with stability. Overall, the findings suggest ESG ratings in ASEAN contain limited incremental information for prudential stability and do not provide a systematic crisis-resilience signal, likely reflecting disclosure heterogeneity and measurement constraints.</p>

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Do sustainable transitions help banks enhance resilience against unexpected shocks? Evidence from ASEAN banks

  • 期刊论文

  • 发表日期：

    2026年3月25日

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  • Tin H. Ho

摘要

This study examines whether environmental, social, and governance (ESG) performance is associated with bank stability in ASEAN emerging markets and whether ESG moderates stability during systemic stress episodes, namely the Global Financial Crisis (GFC) and the COVID-19 pandemic. Using an unbalanced panel of 52 listed commercial banks from Indonesia, Malaysia, the Philippines, Thailand, and Vietnam over 2008–2024, we measure stability ln(Z-score) and estimate dynamic specifications with two-step System GMM to account for persistence and mitigate endogeneity. Results show strong persistence in bank stability. Composite ESG displays a small positive baseline association with stability, but the effect is only marginally significant and sensitive to specification. Importantly, crisis-interaction terms are statistically insignificant, providing no robust evidence that ESG buffers stability during systemic stress in this setting. Pillar analysis indicates heterogeneity: Environmental and Governance scores are insignificant, while the Social pillar shows a weak positive baseline association that is not amplified in crises. Among controls, higher lagged cost-to-income and cash-based liquidity predict lower subsequent stability, whereas GDP growth is positively associated with stability. Overall, the findings suggest ESG ratings in ASEAN contain limited incremental information for prudential stability and do not provide a systematic crisis-resilience signal, likely reflecting disclosure heterogeneity and measurement constraints.