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Stock Repurchases, ESG Ratings and Systemic Risk in Banking

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  3. Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung
  4. Vol. 1, Issue 2
  5. pp. 207–223

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Gehrig, T. Stock Repurchases, ESG Ratings and Systemic Risk in Banking. Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung, 1(2), 207-223. https://doi.org/10.3790/vaw.2024.1447204
Gehrig, Thomas "Stock Repurchases, ESG Ratings and Systemic Risk in Banking" Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung 1.2, 2024, 207-223. https://doi.org/10.3790/vaw.2024.1447204
Gehrig, Thomas (2024): Stock Repurchases, ESG Ratings and Systemic Risk in Banking, in: Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung, vol. 1, iss. 2, 207-223, [online] https://doi.org/10.3790/vaw.2024.1447204
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Stock Repurchases, ESG Ratings and Systemic Risk in Banking

Gehrig, Thomas

Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung, Vol. 1 (2024), Iss. 2 : pp. 207–223

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/vaw.2024.1447204
Language
German
Pages
17
Keywords

Author Details

Thomas Gehrig, University of Vienna, CEPR, ECGI, SRC, and VGSF, Department of Finance Austria

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Abstract

Seit der globalen Finanzkrise sind Aktienrückkäufe eine zunehmend beliebte Methode der Rückzahlung von Erträgen an die Eigentümer von Banken geworden. Insbesondere systemrelevante Banken nutzen Aktienrückkäufe, womit sie implizit risikobehaftetes Eigenkapital reduzieren und Insolvenzrisiken erhöhen. Während Aktienrückkäufe kurzfristige Aktionärsrenditen erhöhen, reduzieren sie andererseits langfristig die Widerstands­fähigkeit und Nachhaltigkeit der Bank. Im Falle von systemrelevanten Banken überträgt sich das Insolvenzrisiko einer Bank schnell auf das gesamte Bankensystem.

Mittlerweile wird Nachhaltigkeit mit sog. ESG-Kriterien gemessen. Mit solchen Kriterien könnte somit die grundsätzliche Frage beantwortet werden, inwieweit Aktienrückkäufe destabilisierend wirken, sowohl für die einzelne Bank als auch für das Bankensystem insgesamt. Dieser Übersichtsartikel bietet einen Überblick über die ersten aktuellen empirischen Befunde zur Beziehung zwischen Nachhaltigkeit und Risiko. Hierzu werden Studien vorgestellt, die konkret den Zusammenhang zwischen ESG-Maßen und bankspezifischen Risikomaßen analysieren, wobei der Zusammenhang zwischen ESG-Kriterien und dem systemischen Ausfallrisiko (SRISK) im Mittelpunkt der Analyse steht. Implizit stellt sich die Frage, inwiefern die Bankenaufsicht aus ESG-Maßen Informationen über die zugrundeliegenden Geschäftsmodelle der Banken entnehmen können, die eine Genehmigung von Aktienrückkäufen entweder nahelegen oder eher davor warnen.

Nach aktuellem Stand der Literatur können ESG-Kriterien spezifischer Anbieter solcher Informationen tatsächlich informativ über den effektiven Planungshorizont von Banken sein. Sie können daher grundsätzlich zu Zwecken der Bankenaufsicht zurate gezogen werden. Im Falle von Banken mit niedrigen ESG-Werten sollte die Bankenaufsicht besondere Vorsicht in der Genehmigung von Aktienrückkäufen walten lassen. Voraussetzung des Einsatzes von ESG-Innformationen ist natürlich eine sorgfältige Überprüfung des Informationswertes der spezifischen ESG-Maße mit Hinblick auf idiosynkratische Banken- und insbesondere auch Systemrisiken.

Table of Contents

Section Title Page Action Price
Thomas Gehrig: Stock Repurchases, ESG Ratings and Systemic Risk in Banking 207
Zusammenfassung 207
1. Introduction 208
2. The Evolution of Systemic Risk in Banking 210
3. Stock Repurchases in Banking 212
4. The Informational Content of ESG Ratings 216
5. A Role for Policy? 218
6. Conclusion 219
References 220

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