Principles for responsible banking and sustainable development goals: an empirical investigation on European wholesale and retail banks

Figures & data

Table 1. Descriptive statistics.

Variable	Outliers removed	Mean	Std. Dev.	Min	Max
Progress towards SDGs	0	79.341	3.307	73.35	86.51
Corruption and bribery	0	3.53	1.58	0.6	6.1
Fiscal policy effectiveness	0	72.068	22.866	11.9	98.7
Investment freedom	1	76.029	8.771	55	95
Public accountability	1	2.59	1.779	0	6
Economic growth	1	1.362	1.226	−0.9	3.3
PRB (wholesale)	2	0.049	0.087	0	0.5
PRB (retail)	1	0.088	0.123	0	0.667

Table 2. Pairwise correlations.

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
(1) Progress towards SDGs	1.000
(2) Corruption and bribery	−0.673*	1.000
(3) Fiscal policy effectiveness	0.083	−0.195	1.000
(4) Investment freedom	0.440*	−0.677*	0.025	1.000
(5) Public accountability	0.454*	−0.035	0.027	0.024	1.000
(6) Economic growth	−0.383*	0.346*	0.391*	−0.126	0.074	1.000
(7) PRB (wholesale)	0.540*	−0.174	−0.322	0.210	−0.003	−0.381*	1.000
(8) PRB (retail)	0.516*	−0.347*	0.040	0.378*	0.299	−0.316	0.385*	1.000

***p < 0.01, **p < 0.05, *p < 0.1.

Table 3. Multivariate regressions (general-to-specific) with progress towards SDGs as dependent variable.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
PRB (wholesale)	24.58*	24.82*	25.18*	26.62**
	(1.85)	(1.93)	(2.02)	(2.50)
Corruption and bribery	−1.008**	−1.042***	−1.067***	−1.080***	−0.967*	−1.017**	−1.076***	−1.138***
	(−2.31)	(−3.15)	(−3.52)	(−3.69)	(−2.04)	(−2.34)	(−3.07)	(−3.29)
Fiscal policy effectiveness	0.00566	0.00492			0.00786
	(0.23)	(0.21)			(0.30)
Investment freedom	0.00788				0.0202	0.0152
	(0.12)				(0.30)	(0.24)
Public accountability	0.694**	0.695**	0.694**	0.692***	0.688**	0.686**	0.689**	0.675**
	(2.67)	(2.74)	(2.79)	(2.84)	(2.49)	(2.53)	(2.60)	(2.55)
Economic growth	−0.163	−0.144	−0.0917		−0.485	−0.397	−0.381
	(−0.33)	(−0.31)	(−0.24)		(−0.98)	(−1.02)	(−1.02)
PRB (retail)					6.575	7.224	7.315	9.541
					(0.77)	(0.89)	(0.92)	(1.24)
Constant	79.29***	80.03***	80.39***	80.26***	78.93***	79.90***	81.23***	80.79***
	(12.37)	(34.58)	(52.39)	(57.22)	(11.61)	(13.63)	(46.22)	(47.39)
r2	0.654	0.653	0.653	0.652	0.610	0.608	0.607	0.590
r2_a	0.559	0.578	0.595	0.610	0.503	0.523	0.542	0.541
F	6.916	8.667	11.27	15.60	5.731	7.142	9.278	12.01
p	0.000314	0.0000987	0.0000273	0.00000634	0.00103	0.000366	0.000112	0.0000463

t statistics in parentheses, *p < 0.10, **p < 0.05, ***p < 0.01.