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ESG Issues as Strategic Components of Long-term Success of Financial Institutions: Are There Differences in Financial Performance and Firm Value?

In: Sustainable Finance and ESG

Author

Listed:
  • Olaf Weber

    (University of Waterloo)

Abstract

This section discusses ESG issues as strategic success factors in the financial industry. After a historical overview, different ESG-related products and services and their principles will be discussed. We demonstrate that considering ESG criteria in financial activities has not only had an environmental and societal effect, but a financial effect as well. Considering ESG criteria has a positive effect on financial risk and on business opportunities. Furthermore, introducing ESG-related products and services might create additional income for banks and investment firms as it meets market demands. Consequently, we argue that ESG issues should become strategic components of financial institutions to guarantee long-term success. However, Integrating ESG into the corporate business strategy is not without difficulties. ESG criteria are still not standardized, and the quality of the indicators is often hard to evaluate.

Suggested Citation

  • Olaf Weber, 2023. "ESG Issues as Strategic Components of Long-term Success of Financial Institutions: Are There Differences in Financial Performance and Firm Value?," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Chrysovalantis Gaganis & Fotios Pasiouras & Menelaos Tasiou & Constantin Zopounidis (ed.), Sustainable Finance and ESG, pages 27-46, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-24283-0_2
    DOI: 10.1007/978-3-031-24283-0_2
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