Are the Banks Listed in Dow Jones Sustainability Index More Efficient than Non-listed Banks?

• Main Authors: SHAO, HAO-LING, 邵皓翎
• Other Authors: LIANG, LIEN-WEN
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/57tbq7

碩士 === 中國文化大學 === 財務金融學系 === 105 === In recent years, there are great concerns about the issue of corporate social responsibility (CSR). The Dow Jones Sustainability Index (DJSI) is the first world’s index to track sustainable companies. In this study, we chose the banks that have been included in the DJSI. We have compiled 36 banks that are included in DJSI (DJSI banks) in 15 countries and 36 banks that are not included in DJSI (non-DJSI banks) in the same 15 countries from 2006 to 2015. First, following Battese and Coelli (1995), we implement the maximum likelihood estimation method to simultaneously estimate the stochastic cost function and the inefficient model. By respectively estimating the effect of the bank characteristic of variables on the cost efficiency of DJSI banks and non-DJSJ banks. Finally, to compare the different efficiency among all banks, we calculate the technology gap ratio (TGR) and meta-cost efficiency (MCE) for DJSI banks and non-DJSI banks employing the stochastic metafrontier approach of Huang et al. (2014). Empirical result shows that DJSI banks generally have better cost efficiency, TGR and MCE than non-DJSI banks.