考量內生性生產要素與非意欲產出問題下探討CSR活動對銀行業經濟效率之影響

A study of the effects of bank's CSR activities on its economic efficiency when endogenous inputs and undesirables present

邱義晃(Chiu Yi-Huang)

指導教授 ： 黃台心

國立政治大學/商學院/金融學系/博士(2021年)

https://doi.org/10.6814/NCCU202101627

摘要

隨著經濟成長與環境變遷，企業經營開始注重環境、社會和公司治理(ESG)，本文針對這個議題，探討企業社會責任投入對銀行業經濟效率之影響，CSR資料取自EIRIS之2003-2014年32個國家287家銀行，要素投入與產出數據取自Bureau Van Dijk公司之ORBIS Bank Focus全球銀行與金融分析資料庫，利用隨機邊界方法考慮生產要素內生性與非意欲產出，同時探討技術與配置效率議題。採用Amsler, Prokhorov and Schmidt (2016)工具變數法解決要素內生性問題，確保迴歸係數估計值具備一致性，實證結果顯示總成本無效率主要來自配置無效率，而非技術無效率，此發現與銀行業常進行組織結構改造，重新調整人力、資本與資金等以改善配置無效率相呼應一致。
進一步將技術和總無效率與環境變數連結，包括(1)前五大銀行市占率、(2) 銀行成立年數、(3)CSR員工項目分數、(4)資產報酬率、(5)淨值資產比、(6) CSR公司治理分數、(7)銀行資產/GDP比、(8)人均GDP等8個環境變數，其中前三項主要影響技術無效率因素，結果發現環境變數確實影響銀行經營效率，擬定執行經營策略納入考慮有其重要性。並將研究資料依年份期間與洲別分類，發現2007-2009年次貸風暴期間銀行經營效率最低，但三個期間的差異未達統計顯著；洲別分類以亞洲銀行經營效率最低，檢定發現歐洲與美洲銀行經營效率顯著高於亞洲銀行，研判與亞洲銀行種族文化、經濟環境與規模差異較大有關。文中比較不考慮(1)內生性、(2) CSR與(3)非意欲產出對經營效率之影響，發現造成技術無效率與配置無效率誤置，導致銀行經營者執行錯誤的經營策略方向，反而造成資源更多的浪費，評估銀行經營效率的影響因素必須充份完整，不得不慎。

關鍵字

隨機邊界法 ； 工具變數 ； 投入面方向距離函數 ； 企業社會責任 ； 環境變數 ； 非意欲產出 ； 技術無效率 ； 配置無效率

並列摘要

With economic growth and environmental changes, firms begin to engage in activities of environment, society, and corporate governance (ESG). This dissertation focuses on these topics and examines the impact of corporate social responsibility (CSR) on economic efficiency of the banking industry. CSR related data are taken from EIRIS database spanning 2003-2014, including 287 banks from 32 countries. Input and output variables are collected from ORBIS Bank Focus database of Bureau Van Dijk. We use the stochastic frontier analysis that takes account of endogenous input and undesirable output into account to estimate technical and allocative efficiency for the sample banks. Following Amsler, Prokhorov and Schmidt (2016), we use instrumental variable approach to solve the endogeneity problem, which ensures the consistency of the parameter estimates. We estimate an input directional distance function and a cost frontier. The empirical results show that the total cost inefficiency is mainly from allocative inefficiency, rather than technical inefficiency. This suggests that the sample banks reallocate the employment of labor, capital, and funds in such a way as to improve allocative efficiencies.
We allow technical inefficiency to be correlated with eight environmental variables, including (1) the market share of the top five banks, (2) the number of years the banks have established, (3) the scores of CSR employee, (4) return on assets, (5) equity to assets ratio, (6) the scores of CSR corporate governance, (7) the ratio of bank assets to GDP, and (8) per capita GDP. We claim that the first three variables affect technical inefficiency, while the remaining five variables impact cost inefficiency. Empirical results support the use of the chosen environmental variables to account for inefficiency. The data are further classified by year and location (continents). Evidence is found that during the period of the financial crisis in 2007-2009, various efficiency measures are found to be the lowest, while the differences between other periods do not attain statistical significance. As far as location is concerned, banks operating in Asia have the lowest operation efficiency, while European and American banks are found to be outperform Asian banks on average. This may be attributed to environmental differences, including ethnic culture, economic environment, legal system, and operation scale. The models that ignore (1) endogeneity, (2) CSR activities, and (3) undesirable output tend to obtain biased technical and allocative inefficiency measures, leading bank managers to adopt wrong business strategies. We recommend that researchers incorporate the above three factors in their empirical models.

並列關鍵字

Stochastic frontier analysis ； Instrumental variables ； Input directional distance function ； Corporate social responsibility ； Environmental variable ； Undesirable outputs ； Technical inefficiency ； Allocative inefficiency

參考文獻

中文文獻

池祥麟、陳庭萱(2004)，銀行業企業社會責任之探討，台灣金融財務季

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