SỐ 243 | Tháng 6/2026
Tác động của ESG đến hiệu quả hoạt động của các ngân hàng đa quốc gia: Vai trò điều tiết của định hướng dài hạn
Nguyễn Đức Trung, Trần Võ Quang
Tóm tắt:
Mục tiêu nghiên cứu: Nghiên cứu đánh giá tác động của các trụ cột môi trường, xã hội và quản trị (ESG) đến hiệu quả hoạt động (HQHĐ) ngân hàng và vai trò điều tiết của định hướng dài hạn (Long-term Orientation – LTO).
Thiết kế nghiên cứu/phương pháp/tiếp cận: Dữ liệu bảng của 143 ngân hàng đa quốc gia giai đoạn 2017–2022 được sử dụng. Mô hình hồi quy dữ liệu bảng được áp dụng, bao gồm các biến tương tác giữa LTO và từng trụ cột ESG. Kết quả kiểm định cho thấy mô hình tác động ngẫu nhiên (REM) phù hợp và phương pháp FGLS được sử dụng để xử lý phương sai thay đổi. HQHĐ được đo lường bằng tỷ lệ chi phí trên thu nhập (Cost-to-Income Ratio – CIR), với các biến kiểm soát gồm đòn bẩy tài chính, quy mô và tuổi ngân hàng.
Kết quả nghiên cứu chính: Yếu tố môi trường (E) và quản trị (G) có tác động âm và đạt ý nghĩa thống kê đến CIR. Do CIR càng thấp phản ánh HQHĐ càng cao, kết quả này hàm ý rằng việc cải thiện E và G góp phần nâng cao HQHĐ của ngân hàng. Trong khi đó, yếu tố xã hội (S) không có tác động đến CIR. Ngoài ra, LTO không có tác động trực tiếp đến CIR; tuy nhiên, các biến tương tác giữa LTO với S và G có ý nghĩa thống kê, qua đó cho thấy vai trò điều tiết của LTO trong mối quan hệ giữa ESG và HQHĐ.
Giá trị đóng góp mới: Nghiên cứu cho thấy ESG không đồng nhất và nhấn mạnh vai trò của LTO trong việc nâng cao HQHĐ ngân hàng.
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The Impact of ESG on the Operational Performance of Multinational Banks: The Moderating Role of Long-Term Orientation
Abstract:
Purpose: This study investigates the impact of environmental, social, and governance (ESG) dimensions on the operational efficiency of multinational banks, while also examining the moderating role of long-term orientation (LTO) in the ESG–efficiency relationship.
Design/methodology/approach: The analysis is based on panel data from 143 multinational banks over the period 2017–2022. Panel regression techniques are employed, incorporating interaction terms between LTO and each ESG dimension to capture moderation effects. Model specification tests support the use of the random effects model (REM). In addition, the feasible generalised least squares (FGLS) estimator is applied to address potential heteroscedasticity. Operational efficiency is proxied by the cost-to-income ratio (CIR), while financial leverage, bank size, and bank age are included as control variables.
Findings: The empirical results reveal that the environmental (E) and governance (G) dimensions exert negative and statistically significant effects on CIR. Given that a lower CIR indicates higher operational efficiency, these findings suggest that improvements in environmental and governance practices enhance bank efficiency. In contrast, the social (S) dimension does not exhibit a statistically significant direct effect on CIR. Furthermore, although LTO does not directly affect operational efficiency, the interaction terms between LTO and both the social and governance dimensions are statistically significant, confirming LTO's moderating role in the ESG–operational efficiency nexus.
Originality/value: This study contributes to the existing literature by demonstrating that the effects of ESG on bank operational efficiency are heterogeneous across its dimensions. It further underscores the importance of long-term orientation as a contextual factor shaping the relationship between ESG practices and operational efficiency in multinational banking institutions.