The Dual Impact of Corporate Social Responsibility and Digitalization on Bank Financial Stability Efficiency
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This study investigates the joint effect of corporate social responsibility (CSR) and digitalization on the financial stability efficiency of banks in Vietnam from 2010 to 2022. We construct a CSR index using principal component analysis and employ a one-step stochastic frontier analysis to compute bank stability efficiency based on a forward-looking Z-score. The relationship between CSR, its components, and bank stability efficiency is derived simultaneously through the stable stochastic frontier estimation. Findings reveal a U-shaped relationship between CSR and financial stability efficiency. While CSR investments may initially increase bank instability, aligning with the trade-off theory, they enhance long-term stability. Results underscore that bank managers and board members must commit to CSR initiatives, as the benefits materialize over time. Additionally, this study highlights the moderating role of digitalization, demonstrating that advancements in information technology strengthen the positive relationship between CSR and financial stability efficiency. Further analyses confirm the robustness of findings across state-owned and listed banks and during the COVID-19 pandemic. This research contributes novel insights by integrating CSR, digitalization, and financial stability efficiency, providing actionable strategies for banking sector policymakers and practitioners. The study emphasizes the strategic importance of balancing short-term trade-offs with long-term gains through CSR implementation and leveraging technology to ensure sustainable financial stability.
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