---
_id: '65686'
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.'
author:
- first_name: Simone
  full_name: Voigt, Simone
  id: '50109'
  last_name: Voigt
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: Voigt S, Uhde A. <i>The Impact of Market Power on Banks’ ESG Scores - Evidence
    from Europe and North America</i>.
  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>.
  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}
    }'
  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.
  ieee: S. Voigt and A. Uhde, <i>The impact of market power on banks’ ESG scores -
    evidence from Europe and North America</i>. .
  mla: Voigt, Simone, and André Uhde. <i>The Impact of Market Power on Banks’ ESG
    Scores - Evidence from Europe and North America</i>.
  short: S. Voigt, A. Uhde, The Impact of Market Power on Banks’ ESG Scores - Evidence
    from Europe and North America, n.d.
date_created: 2026-05-26T11:29:08Z
date_updated: 2026-07-14T07:50:16Z
ddc:
- '040'
department:
- _id: '19'
file:
- access_level: closed
  content_type: application/pdf
  creator: simonevo
  date_created: 2026-07-14T07:50:01Z
  date_updated: 2026-07-14T07:50:01Z
  file_id: '66475'
  file_name: Voigt und Uhde (2026)_corr.pdf
  file_size: 849260
  relation: main_file
  success: 1
file_date_updated: 2026-07-14T07:50:01Z
has_accepted_license: '1'
jel:
- G21
- G28
keyword:
- Market Power
- ESG scores
- European and North American banking markets
language:
- iso: eng
page: '55'
publication_status: draft
status: public
title: The impact of market power on banks' ESG scores - evidence from Europe and
  North America
type: working_paper
user_id: '50109'
year: '2026'
...
---
_id: '65694'
abstract:
- lang: eng
  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.
author:
- first_name: Simone
  full_name: Voigt, Simone
  id: '50109'
  last_name: Voigt
citation:
  ama: Voigt S. <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>.
  bibtex: '@book{Voigt, title={The nexus of market power and female board representation
    in European banks}, author={Voigt, Simone} }'
  chicago: Voigt, Simone. <i>The Nexus of Market Power and Female Board Representation
    in European Banks</i>, n.d.
  ieee: S. Voigt, <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>.
  short: S. Voigt, The Nexus of Market Power and Female Board Representation in European
    Banks, n.d.
date_created: 2026-05-27T07:03:46Z
date_updated: 2026-07-14T07:51:15Z
ddc:
- '040'
department:
- _id: '19'
file:
- access_level: closed
  content_type: application/pdf
  creator: simonevo
  date_created: 2026-07-14T07:50:44Z
  date_updated: 2026-07-14T07:50:44Z
  file_id: '66476'
  file_name: Voigt (2026)_corr.pdf
  file_size: 481718
  relation: main_file
  success: 1
file_date_updated: 2026-07-14T07:50:44Z
has_accepted_license: '1'
jel:
- G21
- G34
- J71
language:
- iso: eng
publication_status: draft
status: public
title: The nexus of market power and female board representation in European banks
type: working_paper
user_id: '50109'
year: '2026'
...
---
_id: '62999'
abstract:
- lang: eng
  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>
author:
- first_name: Sarah
  full_name: Herwald, Sarah
  id: '51867'
  last_name: Herwald
- first_name: Simone
  full_name: Voigt, Simone
  id: '50109'
  last_name: Voigt
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  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>
  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} }'
  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>.'
  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>.
  short: S. Herwald, S. Voigt, A. Uhde, The Journal of Risk Finance 25 (2024) 510–536.
date_created: 2025-12-09T14:42:44Z
date_updated: 2025-12-09T14:48:50Z
department:
- _id: '19'
doi: 10.1108/jrf-03-2023-0075
intvolume: '        25'
issue: '3'
language:
- iso: eng
page: 510-536
publication: The Journal of Risk Finance
publication_identifier:
  issn:
  - 1526-5943
publication_status: published
publisher: Emerald
status: public
title: The impact of market concentration and market power on banking stability –
  evidence from Europe
type: journal_article
user_id: '50109'
volume: 25
year: '2024'
...