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The Marriage of Fintech and ESG in Investment Banks: Did COVID-19 Matchmake Them?
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Author(s): Vu Thuy Linh (ESADE Business School, Spain)
Copyright: 2026
Pages: 36
Source title:
Risks, Innovations, and Corporate Social Responsibility in Finance and Accounting
Source Author(s)/Editor(s): Maizaitulaidawati Md Husin (Universiti Teknologi Malaysia, Malaysia), Muslim Amin (Azman Hashim International Business School, Universiti Teknologi Malaysia, Malaysia), Haliyana Khalid (Azman Hashim International Business School, Universiti Teknologi Malaysia, Malaysia), Nor Aiza Mohd Zamil (Universiti Teknologi Malaysia, Malaysia)and Mustafa Nourallah (Mid Sweden University, Sweden)
DOI: 10.4018/979-8-3373-5047-9.ch007
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Abstract
I study the importance of Fintech investment on Environmental, Social, and Governance (ESG) performance score and on ESG risk rating (i.e., the bank's economic risk driven by ESG factors) of 342 investment banks, and whether the impact is greater or less during the Covid years. I find that Fintech investment does have a significant positive impact on ESG performance score. I also find that Fintech investment does have significant positive impact on governance (G) score, but insignificant impact on E score and S score. The findings indicate that Covid does have a significant impact on ESG risk rating, although Covid does not have significant impact on ESG performance, regardless of Fintech investment levels. There is a positive relationship between Fintech investment and ESG performance during both Covid and non-Covid years, with little variation in intensity. Additionally, the impact of Fintech investment on ESG performance is stronger for banks with smaller investment sizes. Lastly, Fintech investment has greatest positive effect on ESG performance when made through private equity.
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