[{"title":"The impact of market power on banks' ESG scores - evidence from Europe and North America","year":"2026","author":[{"id":"50109","last_name":"Voigt","first_name":"Simone","full_name":"Voigt, Simone"},{"id":"36049","first_name":"André","last_name":"Uhde","full_name":"Uhde, André"}],"publication_status":"draft","date_updated":"2026-05-27T06:48:05Z","language":[{"iso":"eng"}],"abstract":[{"lang":"eng","text":"This paper empirically examines the relationship between market power and Environmental, Social, and Governance (ESG) scores of banks in Europe and North America from 2010 to 2021, focusing separately on loan and deposit markets. Employing the Lerner Index as a non-structural measure of market power, our findings suggest that the impact of banking market power on ESG scores varies by region and the respective loan or deposit market. We find a negative effect of loan and deposit market power on ESG scores of European banks whereas the opposite effect can be observed for North American banks exhibiting loan market power. Further sensitivity analyses reveal that factors such as banks being Global Systemically Important (G-SIBs), and different ESG-related events like the Paris Agreement, the reemergence of the #MeToo movement and the COVID-19 pandemic may also explain the relationship between bank market power and ESG scores. Overall, our results underline that banking market power plays a pivotal role in enforcing ESG commitments in banking, offering key insights for policymakers, regulators, and banking stakeholders."}],"file":[{"date_created":"2026-05-26T11:08:10Z","creator":"simonevo","success":1,"content_type":"application/pdf","file_id":"65687","file_size":848204,"access_level":"closed","file_name":"Voigt und Uhde (2026).pdf","date_updated":"2026-05-26T11:08:10Z","relation":"main_file"}],"date_created":"2026-05-26T11:29:08Z","keyword":["Market Power","ESG scores","European and North American banking markets"],"type":"working_paper","department":[{"_id":"19"}],"status":"public","jel":["G21","G28"],"has_accepted_license":"1","page":"55","_id":"65686","user_id":"50109","ddc":["040"],"file_date_updated":"2026-05-26T11:08:10Z","citation":{"mla":"Voigt, Simone, and André Uhde. <i>The Impact of Market Power on Banks’ ESG Scores - Evidence from Europe and North America</i>.","ama":"Voigt S, Uhde A. <i>The Impact of Market Power on Banks’ ESG Scores - Evidence from Europe and North America</i>.","bibtex":"@book{Voigt_Uhde, title={The impact of market power on banks’ ESG scores - evidence from Europe and North America}, author={Voigt, Simone and Uhde, André} }","apa":"Voigt, S., &#38; Uhde, A. (n.d.). <i>The impact of market power on banks’ ESG scores - evidence from Europe and North America</i>.","ieee":"S. Voigt and A. Uhde, <i>The impact of market power on banks’ ESG scores - evidence from Europe and North America</i>. .","chicago":"Voigt, Simone, and André Uhde. <i>The Impact of Market Power on Banks’ ESG Scores - Evidence from Europe and North America</i>, n.d.","short":"S. Voigt, A. Uhde, The Impact of Market Power on Banks’ ESG Scores - Evidence from Europe and North America, n.d."}},{"_id":"65694","language":[{"iso":"eng"}],"ddc":["040"],"user_id":"50109","jel":["G21","G34","J71"],"author":[{"full_name":"Voigt, Simone","first_name":"Simone","last_name":"Voigt","id":"50109"}],"status":"public","title":"The nexus of market power and female board representation in European banks","year":"2026","has_accepted_license":"1","date_updated":"2026-05-27T07:04:49Z","publication_status":"draft","date_created":"2026-05-27T07:03:46Z","file":[{"file_id":"65695","success":1,"content_type":"application/pdf","relation":"main_file","date_updated":"2026-05-27T07:02:28Z","file_name":"The nexus of market power and female board representation in European banks.pdf","access_level":"closed","file_size":480640,"date_created":"2026-05-27T07:02:28Z","creator":"simonevo"}],"department":[{"_id":"19"}],"type":"working_paper","citation":{"bibtex":"@book{Voigt, title={The nexus of market power and female board representation in European banks}, author={Voigt, Simone} }","ama":"Voigt S. <i>The Nexus of Market Power and Female Board Representation in European Banks</i>.","mla":"Voigt, Simone. <i>The Nexus of Market Power and Female Board Representation in European Banks</i>.","chicago":"Voigt, Simone. <i>The Nexus of Market Power and Female Board Representation in European Banks</i>, n.d.","short":"S. Voigt, The Nexus of Market Power and Female Board Representation in European Banks, n.d.","ieee":"S. Voigt, <i>The nexus of market power and female board representation in European banks</i>. .","apa":"Voigt, S. (n.d.). <i>The nexus of market power and female board representation in European banks</i>."},"file_date_updated":"2026-05-27T07:02:28Z","abstract":[{"text":"This paper empirically investigates the relationship between market power and female board representation in large commercial banks in the EU-27 from 2020 to 2024. Using the Lerner Index as a proxy for market power and hand-collected data on female board representation, the findings suggest that increasing market power is detrimental to a bank’s likelihood of reaching the 33 percent gender diversity target for the board of directors, as proposed by the EU Directive EU2022/2381. The negative effect is especially pronounced for listed banks and systemically important banks, highlighting the importance of considering banking market structures (market power and competition) when enforcing regulatory diversity standards for those banks in particular.","lang":"eng"}]},{"abstract":[{"text":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose</jats:title><jats:p>Academic research has intensively analyzed the relationship between market concentration or market power and banking stability but provides ambiguous results, which are summarized under the concentration-stability/fragility view. We provide empirical evidence that the mixed results are due to the difficulty of identifying reliable variables to measure concentration and market power.</jats:p></jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design/methodology/approach</jats:title><jats:p>Using data from 3,943 banks operating in the European Union (EU)-15 between 2013 and 2020, we employ linear regression models on panel data. Banking market concentration is measured by the Herfindahl–Hirschman Index (HHI), and market power is estimated by the product-specific Lerner Indices for the loan and deposit market, respectively.</jats:p></jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings</jats:title><jats:p>Our analysis reveals a significantly stability-decreasing impact of market concentration (HHI) and a significantly stability-increasing effect of market power (Lerner Indices). In addition, we provide evidence for a weak (or even absent) empirical relationship between the (non)structural measures, challenging the validity of the structure-conduct-performance (SCP) paradigm. Our baseline findings remain robust, especially when controlling for a likely reverse causality.</jats:p></jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality/value</jats:title><jats:p>Our results suggest that the HHI may reflect other factors beyond market power that influence banking stability. Thus, banking supervisors and competition authorities should investigate market concentration and market power simultaneously while considering their joint impact on banking stability.</jats:p></jats:sec>","lang":"eng"}],"publication":"The Journal of Risk Finance","issue":"3","department":[{"_id":"19"}],"type":"journal_article","date_created":"2025-12-09T14:42:44Z","intvolume":"        25","publication_status":"published","date_updated":"2025-12-09T14:48:50Z","publication_identifier":{"issn":["1526-5943"]},"author":[{"id":"51867","last_name":"Herwald","first_name":"Sarah","full_name":"Herwald, Sarah"},{"id":"50109","first_name":"Simone","last_name":"Voigt","full_name":"Voigt, Simone"},{"last_name":"Uhde","first_name":"André","full_name":"Uhde, André","id":"36049"}],"year":"2024","title":"The impact of market concentration and market power on banking stability – evidence from Europe","doi":"10.1108/jrf-03-2023-0075","language":[{"iso":"eng"}],"citation":{"short":"S. Herwald, S. Voigt, A. Uhde, The Journal of Risk Finance 25 (2024) 510–536.","chicago":"Herwald, Sarah, Simone Voigt, and André Uhde. “The Impact of Market Concentration and Market Power on Banking Stability – Evidence from Europe.” <i>The Journal of Risk Finance</i> 25, no. 3 (2024): 510–36. <a href=\"https://doi.org/10.1108/jrf-03-2023-0075\">https://doi.org/10.1108/jrf-03-2023-0075</a>.","ieee":"S. Herwald, S. Voigt, and A. Uhde, “The impact of market concentration and market power on banking stability – evidence from Europe,” <i>The Journal of Risk Finance</i>, vol. 25, no. 3, pp. 510–536, 2024, doi: <a href=\"https://doi.org/10.1108/jrf-03-2023-0075\">10.1108/jrf-03-2023-0075</a>.","apa":"Herwald, S., Voigt, S., &#38; Uhde, A. (2024). The impact of market concentration and market power on banking stability – evidence from Europe. <i>The Journal of Risk Finance</i>, <i>25</i>(3), 510–536. <a href=\"https://doi.org/10.1108/jrf-03-2023-0075\">https://doi.org/10.1108/jrf-03-2023-0075</a>","bibtex":"@article{Herwald_Voigt_Uhde_2024, title={The impact of market concentration and market power on banking stability – evidence from Europe}, volume={25}, DOI={<a href=\"https://doi.org/10.1108/jrf-03-2023-0075\">10.1108/jrf-03-2023-0075</a>}, number={3}, journal={The Journal of Risk Finance}, publisher={Emerald}, author={Herwald, Sarah and Voigt, Simone and Uhde, André}, year={2024}, pages={510–536} }","ama":"Herwald S, Voigt S, Uhde A. The impact of market concentration and market power on banking stability – evidence from Europe. <i>The Journal of Risk Finance</i>. 2024;25(3):510-536. doi:<a href=\"https://doi.org/10.1108/jrf-03-2023-0075\">10.1108/jrf-03-2023-0075</a>","mla":"Herwald, Sarah, et al. “The Impact of Market Concentration and Market Power on Banking Stability – Evidence from Europe.” <i>The Journal of Risk Finance</i>, vol. 25, no. 3, Emerald, 2024, pp. 510–36, doi:<a href=\"https://doi.org/10.1108/jrf-03-2023-0075\">10.1108/jrf-03-2023-0075</a>."},"status":"public","volume":25,"user_id":"50109","publisher":"Emerald","_id":"62999","page":"510-536"}]