Huian, Ma ia Ca men; Cu ea, Mihaela; Mi oniuc, Ma ilena
A icle
Sus ainabili y epo ing and c edi isk managemen in he
Romanian banking landscape
Am i ea u Economic
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: Huian, Ma ia Ca men; Cu ea, Mihaela; Mi oniuc, Ma ilena (2025) : Sus ainabili y
epo ing and c edi isk managemen in he Romanian banking landscape, Am i ea u Economic,
ISSN 2247-9104, The Bucha es Uni e si y o Economic S udies, Bucha es , Vol. 27, Iss. 70, pp.
1011-1031,
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Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 1011
SUSTAINABILITY REPORTING AND CREDIT RISK MANAGEMENT
IN THE ROMANIAN BANKING LANDSCAPE
Ma ia Ca men Huian1, Mihaela Cu ea2 and Ma ilena Mi oniuc3
1)2)3) Alexand u Ioan Cuza Uni e si y, Iași, Romania
Please ci e his a icle as:
Huian, M.C., Cu ea, M. and Mi oniuc, M., 2025.
Sus ainabili y Repo ing and C edi Risk Managemen in
he Romanian Banking Landscape. Am i ea u Economic,
27(70), pp. 1011-1031.
DOI: h ps://doi.o g/10.24818/EA/2025/70/1011
A icle His o y
Recei ed: 29 Ma ch 2025
Re ised: 8 May 2025
Accep ed: 15 June 2025
Abs ac
The pape analyses he associa ion be ween he epo ing o he Sus ainable De elopmen
Goals (SDGs) and he beha iou o Romanian banks, ocusing on he ela ionship be ween
SDG disclosu e sco es (bo h o al and ac oss he ou sus ainabili y dimensions) and c edi
isk managemen p ac ices, measu ed by he le el o c edi loss allowances. The s udy
combines con en analysis wi h ixed-e ec s eg essions o examine a sample o Romanian
banks spanning he pe iod 2017-2023. The esul s highligh a posi i e and signi ican
ela ionship be ween he le el o SDG epo ing - including he en i onmen al, social, and
economic dimensions - and he expec ed c edi loss allowances, sugges ing ha banks
ac i ely engaged in sus ainabili y epo ing end o suppo he inancing o eme ging
sec o s, hus exposing hemsel es o highe c edi isk. Howe e , banks appea o mi iga e
his isk h ough s ong go e nance p ac ices. The conclusions, ele an o policymake s,
emphasise he need o a balanced s a egy be ween commi men o he Sus ainable
De elopmen Goals (SDGs) and inancial s abili y, highligh ing he ole o sus ainabili y
epo ing in enhancing anspa ency, us , and he iden i ica ion o lowe - isk sus ainable
inancing oppo uni ies. This esea ch con ibu es o he exis ing body o li e a u e by
in oducing SDG disclosu e sco es speci ically ailo ed o he banking sec o and by
employing he Quad uple Bo om Line (QBL) amewo k, which encompasses he ou
pilla s o sus ainabili y. Mo eo e , i dis inguishes i sel by examining he ela ionship
be ween SDG epo ing and c edi isk – a ela i ely unde explo ed bu highly ele an a ea
wi hin he banking indus y.
Keywo ds: Sus ainable De elopmen Goals (SDGs); sus ainabili y epo ing; c edi isk;
Quad uple Bo om Line (QBL); banks.
JEL Classi ica ion: M41, M14, G21, G32.
* Co esponding au ho , Ma ia Ca men Huian – e-mail: [email p o ec ed]
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons
A ibu ion License, which pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in
any medium, p o ided he o iginal wo k is p ope ly ci ed. © 2025 The Au ho (s).
AE
Sus ainabili y Repo ing and C edi Risk Managemen
in he Romanian Banking Landscape
1012 Am i ea u Economic
In oduc ion
Unde he in luence o e ol ing egula o y amewo ks o he ansi ion o a sus ainable
economy, in line wi h he Pa is Ag eemen and he 2030 Agenda, banks a e adjus ing hei
business s a egies, making public commi men s o in eg a e sus ainabili y pilla s in o hei
in es men , lending, isk managemen , and anspa en epo ing o hei con ibu ion o he
implemen a ion o he Sus ainable De elopmen Goals - SDGs (EBEF and KPMG, 2021).
Sus ainable Finance Disclosu e Regula ion (EU, 2021) is jus one o he EU egula ions
ha equi es asse manage s, including banks, o pay a en ion o he concep s o
"sus ainabili y isk" and "sus ainable in es men s", o disclose he ex en o which hei
in es men decisions a ec people and he en i onmen , and how hey in eg a e
sus ainabili y isks in o hei in es men decisions.
Beyond egula o y compliance, he banking sys em, h ough i s sc eening ac i i ies and
p uden ial supe ision, has he po en ial o di ec inancing owa d in es men p ojec s
g ounded in sus ainable p ac ices. In doing so, i can s imula e economic ac i i y and job
c ea ion in eme ging sec o s, os e us among s akeholde s in esponsible inancial
p ac ices, and p omo e inno a i e ma ke oppo uni ies based on he analysis o sus ainable
de elopmen needs e lec ed in he SDGs (A ampou e al., 2019; Nicolò e al., 2023).
Banks’ commi men o one o mo e SDGs could ep esen , acco ding o some opinions
(Ozili, 2023a), a di e si ica ion o hem in o low-p o i and high- isk ac i i ies, o he
de imen o he co e ac i i y (lending), which leads o an inc ease in he amoun s alloca ed
by banks o mi iga e losses om non-pe o ming bank loans (wi h an impac on c edi loss
allowances – CLA). On he o he hand, i commi men o he SDGs becomes a e y
p o i able business o banks, i is e y likely ha hey will edi ec hei ocus owa d
SDG- ela ed ac i i ies, enabling hem o gene a e signi ican p o i s by suppo ing he 2030
Agenda, po en ially esul ing in educed CLA le els (Ozili, 2024a).
A ela i ely small numbe o s udies in he ield (Jan, Ma imu hu & Ma Isa, 2019;
Gambe a e al., 2021; Iqbal and Nosheen, 2023a; 2023b; Ozili, 2023b; 2024a; 2024b) ha e
in es iga ed he ela ionship be ween de elopmen s in he banking sec o ’s suppo o he
SDGs and he consequences o banks’ pe o mance o isk exposu e. Wi h a ew mino
excep ions, he e is a no able gap in he li e a u e on banking sus ainabili y and c edi isk
managemen , pa icula ly due o he absence o s udies in well-es ablished academic
jou nals. This gap is one ha ou s udy aims o add ess – bo h heo e ically and
me hodologically. Fu he mo e, he limi ed exis ing li e a u e has ye o cla i y he ex en o
which banking sec o suppo o SDG implemen a ion gi es ise o c edi isk, as indica ed
by he le el o c edi loss allowances (CLA), in acco dance wi h IFRS 9. The e o e, ou
esea ch seeks o answe ques ions such as: How do sus ainabili y epo ing p ac ices
in luence c edi isk managemen beha iou in banks ha suppo SDG achie emen ? Does
epo ing based on he Quad uple Bo om Line (QBL) app oach o sus ainabili y minimise
o ampli y c edi isk managemen p ac ices, as measu ed in accoun ing e ms by he le el
o expec ed c edi loss allowances? These ques ions highligh a signi ican gap in he
empi ical banking li e a u e in gene al and, mo e speci ically, a lack o e idence on his
opic wi hin he con ex o eme ging economies (Da a & Goyal, 2022; Mazumde , 2025).
Consequen ly, ou s udy examines he ela ionship be ween SDG disclosu e, based on he
QBL app oach, and c edi isk managemen in Romanian banks o e he pe iod 2017–2023.
Using con en analysis o banks’ non- inancial epo s as i s me hodology, he s udy
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 1013
calcula es disclosu e sco es o all SDGs, including g oupings based on he ou pilla s o
sus ainabili y. These sco es a e hen linked o c edi isk h ough a ixed-e ec s eg ession
analysis. The esul s demons a e a connec ion be ween sus ainabili y epo ing and c edi
isk managemen p ac ices.
The pape dis inguishes i sel om p io esea ch in se e al ways: 1) by calcula ing
disclosu e sco es ha accoun o he a ying ele ance o indi idual SDGs based on he
speci ic cha ac e is ics o banking ac i i ies, while also inco po a ing he ou pilla s o
sus ainabili y ou lined in he QBL amewo k, which emains unde u ilised in his con ex .
The QBL pa adigm – buil on he ounda ions o People, Plane , P o i , and Pu pose –
ex ends he adi ional ipa i e sus ainabili y model (cen ed on he social, en i onmen al,
and economic pilla s) by adding he “Pu pose” dimension, which highligh s he ole o
go e nance in sus ainable business p ac ices. Go e nance, e lec ed h ough p inciples o
accoun abili y and iscal esilience, anspa ency, ai ness, independence, and in eg i y in
decision-making p ocesses, suppo s he long- e m balance among he h ee adi ional
componen s (People, Plane , P o i ). This o ms a quad uple sus ainabili y app oach, s ill
unde u ilised in s udies on co po a e SDG epo ing in gene al, and pa icula ly wi hin he
banking sec o ; 2) by explo ing he ela ionship be ween SDG disclosu es (as a measu able
exp ession o banks’ commi men o sus ainabili y) and hei beha iou in assuming c edi
isk, whose le el may be in luenced by he deg ee o anspa ency and accoun abili y
demons a ed in SDG epo ing. Thus, he esea ch en iches knowledge and ills in he
exis ing gaps in li e a u e h ough a combined quali a i e and quan i a i e app oach.
The emainde o he s udy is s uc u ed as ollows: he li e a u e e iew sec ion is ollowed by
he p esen a ion o he esea ch me hodology (including he cons uc ion o he SDG disclosu e
sco e in line wi h he QBL app oach, da a and sample desc ip ion, and econome ic
speci ica ions). The empi ical esul s a e discussed in a sepa a e sec ion, and he inal sec ion
summa ises he conclusions, implica ions, and limi a ions o he p esen s udy.
1. Li e a u e e iew and de elopmen o esea ch hypo heses
Banks make an impo an con ibu ion o achie ing he SDGs, due o hei ole as inancial
in e media ies and isk manage s, bu also o hei in luence on o he indus ies hey inance
(Zimme mann, 2019; Iqbal and Nosheen, 2023a). Bu banks a e also ans o ming hei
ope a ions o be mo e sus ainable due o p essu e om egula o s, cus ome s, and o he
s akeholde s (Gambe a e al., 2021).
S udies on SDG in o ma ion epo ing in he banking sec o ely on a mul i- heo e ical
amewo k ha explains he ela ionship be ween o ganisa ional beha io and sus ainabili y
epo ing. This amewo k includes legi imacy heo y, agency heo y, s akeholde heo y,
and he esou ce-based iew. Legi imacy heo y posi s ha banks use SDG epo ing o
main ain hei social accep abili y and demons a e social and en i onmen al esponsibili y,
he eby educing banking isks (Khan, Se a eim, and Yoon, 2016). Agency heo y, which
links epo ing anspa ency o he educ ion o in o ma ion asymme y be ween manage s
and sha eholde s, enables banks o imp o e hei epu a ion and manage isks e ec i ely
(Eccles, Ioannou and Se a eim, 2014). Acco ding o s akeholde heo y, banks espond o
di e se p essu es and expec a ions om s akeholde s by in eg a ing non- inancial
in o ma ion in o hei epo ing, allowing hem o manage social and epu a ional isks ha
a e essen ial o inancial s abili y (Bose, Khan, and Bakshi, 20 24; E in and
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Sus ainabili y Repo ing and C edi Risk Managemen
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1014 Am i ea u Economic
Olojede, 2024). The esou ce-based iew demons a es ha banks can achie e compe i i e
ad an ages by inco po a ing sus ainabili y in o hei s a egies (Mazumde , 2025). We
conside ha hese heo ies also go e n he ela ionship be ween he quali y o SDG
epo ing and he beha iou o Romanian banks ega ding c edi isk managemen .
The li e a u e add essing banks’ SDG epo ing p ac ices can be classi ied in o wo
ca ego ies, a he in e sec ion o which ou s udy is posi ioned. A i s s eam add esses he
quali y o banking epo ing. These s udies a e mainly based on con en analysis, which is
widely used in he co po a e ield (E in and Olojede, 2024; Galeazzo, Mianda and Ca a o,
2024; Zampone e al., 2024) and on he calcula ion o disclosu e sco es, as p oxies o
epo ing quali y (Nikolaou, Tsalis, & E angelinos, 2019; Tsalis e al., 2020; Jan e al.,
2023). Thus, Sa dianou e al. (2021), ac oss a sample o 37 Eu opean banks, ind a
gene ally low quali y o SDG- ela ed sus ainabili y disclosu es, indica ing oom o
imp o emen . The bes epo ed SDGs a e hose ela ed o economic g ow h, decen wo k
(SDG 8), and jus ice and s ong ins i u ions (SDG 16), while hose ela ed o he
en i onmen (SDGs 14 and 15) a e on he opposi e side. Jan e al. (2023), examining a
g oup o Islamic banks, each compa able conclusions: he disclosu e sco es a e low, wi h
banks p io i ising, wi hin he T iple Bo om Line (TBL) app oach – ocused on he
economic, social, and en i onmen al dimensions – he SDGs ela ed o he economic
dimension o e he en i onmen al and social ones. A ampou e al. (2019) in es iga e how
leading Eu opean banks align hei sus ainabili y epo ing wi h SDG achie emen and ind
a gene ally limi ed con ibu ion o he SDGs, wi h he e ogeneous pe o mance ac oss banks
and indi idual SDGs. None o hese s udies, howe e , u ilise he QBL app oach. In
Romania, esea ch on SDG epo ing by banks is nea ly nonexis en , wi h a g ea e ocus
on sus ainabili y epo ing in gene al. Bădulescu e al. (2018) no e he ela i ely slow and
some imes eac i e esponse o majo Romanian banks o SDG epo ing, which p o ides
li le e idence o he applica ion o sus ainabili y p inciples and pays ma ginal a en ion o
en i onmen al and social aspec s. Simila conclusions a e d awn by Tăchiciu e al. (2020)
in a s udy o i e banks ha held o e 60% o he banking sys em’s ma ke sha e in 2018.
These banks p o ided in o ma ion di icul o access and lacked compa abili y in e ms o
con en , de ail, and indica o s used, ex ensi ely highligh ing philan h opic ac i i ies and
cha i able p ojec s, hus o e ing in o ma ion mo e o ma ke ing pu poses han o s a egic
ans o ma ion (Bădî cea e al., 2020).
The second s eam includes he li e a u e ha explo es he link be ween he quali y o SDG
epo ing and he inancial isks o c edi ins i u ions, which a e signi ican ly less de eloped
(Gambe a e al., 2021; Iqbal and Nosheen, 2023a). Iqbal and Nosheen, (2023a) examine
he ela ionship be ween SDG adop ion and he isk p o ile o banks in he Asia-Paci ic
egion, demons a ing a nega i e co ela ion be ween he wo, sugges ing ha banks
adop ing SDGs a e be e posi ioned o mi iga e u u e isks. Gambe a e al. (2021)
in es iga e he impac o Spanish inancial ins i u ions’ isk p o iles on hei con ibu ions
o he 2030 Agenda o Sus ainable De elopmen , highligh ing he signi ican ole o banks
in p omo ing sus ainabili y h ough isk managemen and anspa en epo ing. They
demons a e ha ins i u ions wi h lowe capi al isk, lowe managemen e iciency, and
highe ma ke isk end o ha e g ea e con ibu ions o achie ing he SDGs. Among
inancial isks, c edi isk is pa icula ly impo an o banks. In exis ing empi ical s udies,
i is ope a ionalised using a ious a iables such as he le el o impai ed o non-pe o ming
loans (NPL), loan loss p o isions (LLP), o c edi loss allowances (CLA), which a e
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 1015
some imes used in e changeably
*
. Iqbal and Nosheen, (2023b) s udied NPL as a
mode a ing ac o in he ela ionship be ween SDG adop ion and banks’ inancial
pe o mance, concluding ha e en in he con ex o SDG adop ion, high NPL a ios can
educe p o i abili y. The ela ionship be ween c edi isk and SDG epo ing is complex: he
achie emen o ce ain SDGs may lead o ei he an inc ease o a dec ease in non-
pe o ming loans, depending on he speci ic SDG and egional con ex (Ozili, 2024b). Ozili
(2023a) shows ha banks a e inc easingly awa e o he impo ance o sus ainabili y, ye
hey o en ail o conside social and en i onmen al impac s when es ima ing loan loss
p o isions (LLP). Ozili (2024a) iden i ies a nega i e ela ionship be ween LLPs and banks'
in ol emen in SDGs, indica ing a lowe c edi isk. The e o e, banks ha adop SDGs may
be be e equipped o mi iga e u u e isks.
In summa y, we conside ha exis ing s udies e eal ha banks need o in eg a e he SDGs
in o hei business models and isk managemen p ac ices o p omo e sus ainable
de elopmen and e ec i e c edi isk managemen (Gambe a e al., 2021; Iqbal and
Nosheen, 2023a). The e o e, we de elop hypo hesis H1.
H1 The e is a posi i e and signi ican ela ionship be ween he le el o disclosu e o
in o ma ion abou he SDGs and he c edi isk managemen o Romanian banks.
The QBL pa adigm expands he TBL sus ainabili y amewo k – People, Plane , and
P o i , s essing he impo ance o pu pose (Pu pose) in p omo ing sus ainable business
p ac ices. De ining he pu pose o economic en i ies en ails an ongoing commi men o
pu suing economic, social, and en i onmen al objec i es wi hou comp omising
undamen al humanis ic alues. Del Gesso, Pa a icini and Ru ini (2024) highligh he
signi icance o he ou h pilla (Pu pose), which in oduces e hical p inciples in o
co po a e ac i i ies, emphasises go e nance, and suppo s ins i u ional capaci y-building
h ough policies ha p omo e sus ainabili y. Alibašić (2017) s esses ha he QBL de ines
an o ganisa ion’s abili y o in eg a e a se o de ini i e/i e ocable policies and p og ammes
o add ess he economic, social, en i onmen al and go e nance aspec s o sus ainabili y.
QBL he e o e adds an addi ional dimension o co po a e sus ainabili y by ocusing on
go e nance de ined by iscal esponsibili y and esilience, anspa ency, ai ness, and
independence. The 2008 global inancial c isis and he ulne abili ies o he inancial
sys em ha e led o an inc ease in banks' awa eness o he ole o co po a e go e nance
s a egies (Budsa a agoon and Ji manee oj, 2019; Man a e al., 2020). Consequen ly,
sus ainabili y disclosu e p ac ices ha e gained inc easing impo ance o banks seeking o
es o e hei epu a ion and legi imise hei ole as en i ies capable o gene a ing socie al
p ospe i y and con ibu ing o sus ainable de elopmen (Nicolo e al., 2023).
In hei s udy, Budsa a agoon and Ji manee oj (2019) a gue ha each pilla o he QBL
amewo k a ec s o e all o ganisa ional pe o mance di e en ly and une enly. The e o e,
he sus ainabili y sco e should no be calcula ed by assigning equal impo ance o all ou
1 Impai ed loans a e an accoun ing concep ha e lec s he occu ence o e en s nega i ely impac ing
u u e cash lows, while non-pe o ming loans e e o a egula o y banking e m designa ing loans
o e due by mo e han 90 days (Ce ulli e al., 2020). Loan Loss P o isions (LLP) ep esen expenses
eco ded in he income s a emen du ing a gi en pe iod o co e es ima ed c edi losses, whe eas loan
loss adjus men s (CLA) appea on he balance shee as a co ec i e i em, ep esen ing he cumula i e
balance o es ima ed losses om di e en pe iods (Leja d, Page -Blanc and Cas a, 2021; Hansen,
Cha i zadeh and He be ge , 2024).
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Sus ainabili y Repo ing and C edi Risk Managemen
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1016 Am i ea u Economic
pilla s, bu a he by weighing each acco ding o i s speci ic ele ance. The au ho s also
ad oca e o he indi idual analysis o each pilla . These conside a ions lead us o
o mula e he hypo hesis H2.
H2 SDG disclosu e sco es, e lec ing he QBL's app oach o sus ainabili y, di e en ly
in luence he c edi isk managemen o Romanian banks.
2. Li e a u e e iew and de elopmen o esea ch hypo heses
2.1 Da a and sample
The sample consis ed o 13 comme cial banks (ou o a o al o 21, acco ding o he
Na ional Bank o Romania – BNR (2023)) ha published non- inancial epo s. The ull lis
published by he NBR in 2023 con ained 24 banks, o which wo we e elimina ed, as hey
we e subsidia ies o g oups al eady included in he sample (and we e no e en comme cial
banks) and ano he one, as i was a c edi coope a i e. Fou mo e banks we e excluded o
lack o non- inancial da a, and ano he ou due o he absence o inancial da a. Among he
13 banks emaining in he sample, he majo i y had o eign p i a e capi al as o 2023, and
h ee we e lis ed on he Bucha es S ock Exchange.
The analysis spans 2017–2023, s a ing wi h he i s yea o implemen a ion o EU
Di ec i e 2014/95 on non- inancial epo ing. The non- inancial da a was collec ed om
83 annual obse a ions, une enly dis ibu ed ac oss yea s. App oxima ely 78% (65 epo s)
o he non- inancial epo s we e s andalone documen s (such as non- inancial s a emen s,
sus ainabili y epo s, CSR epo s, o social impac epo s), while he emaining
in o ma ion was ex ac ed om managemen epo s o anspa ency epo s submi ed o
he supe iso y au ho i y. The disclosu e sco es we e ob ained h ough manual con en
analysis conduc ed by he au ho s, a me hod widely used in s udies assessing he quali y o
co po a e non- inancial epo ing (E in and Olojede, 2024; Galeazzo, Mianda and Ca a o,
2024; Zampone e al., 2024). The inancial da a come om he BankFocus – Bu eau an
Dijk and Moody's Analy ics da abases, and he mac oeconomic da a om he NBR and
Wo ldBank da abases.
2.2 SDG Repo ing Quali y Sco ing Sys em
Disclosu e sco es (DS) we e calcula ed o each SDG. The main s eps consis ed o :
1. selec ing 95 o he 169 SDG a ge s, depending on he pa icula i ies o he banking
ac i i y, and using hem in he subsequen con en analysis;
2. calcula ing a sco e o each SDGs and o each QBL pilla using a 0/1/2 sco ing
sys em, as ollows (Tsalis e al., 2020; Jan e al., 2023):
- No epo ed (0 poin s): i he e we e no men ions o he SDGs o sus ainabili y
e o s in he bank’s epo s;
- Quali a i e epo ing (1 poin ): i he bank p o ided only quali a i e desc ip ions,
indica ing pa ial disclosu e o in o ma ion;
- Quan i a i e and quali a i e epo ing (2 poin s): i he bank also included nume ical
da a, as ull disclosu e, since nume ical da a enhances he eliabili y o he na a i es.
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 1017
An example o sco ing o disclosu es ha include nume ical da a (sco e 2) would be:
“Financial educa ion o high school s uden s, conduc ed h ough he compe i ion
‘Suppo ing Financial Educa ion in My Communi y,’ aims o educa e s uden s o cul i a e
heal hy inancial beha iou s. In he 2022–2023 school yea , 29,910 s uden s bene i ed om
he p og am and 17 high schools ecei ed inancial suppo o echnical equipmen ”
(Rai eisen Bank Romania, 2023).
Each esea che e iewed one- hi d o he epo s wice, wi h no signi ican di e ences
obse ed be ween he wo e alua ions. Subsequen ly, he epo s we e exchanged among
esea che s, so ha each epo was e iewed by wo di e en esea che s. In cases o
disc epancies, he hi d esea che was consul ed o esol e hem.
To ensu e compa abili y he o al no malised sco e was calcula ed o each bank, based on
Equa ion 1 (Jan, Ma imu hu and Ma Isa, 2019; Pizzi, Rosa i and Ven u elli, 2021).
DSSDG,i = (1)
whe e:
DSSDG,i – Bank i no malised o al sco e o all 17 SDGs;
SDGi,j – Bank i's sco e o SDG j;
SDGmax,j – he maximum sco e on a ull epo ing o SDG j ( anging om 4 o SDGs
14 o 18, o SDGs 4 and 8).
3. weigh ing he SDGs acco ding o hei ele ance o banks, o cap u e he speci ici ies
and complexi y o banking ac i i ies. The anking was es ablished by jux aposing he
indings om he li e a u e wi h hose gene a ed by he analysis o Romanian banks and
ele an in e na ional s udies (EBEF and KPMG, 2021). Eigh SDGs deemed ele an in
compa a i e s udies and epo s, p o iding an in e na ional pe spec i e, ecei ed he
highes weigh (3 poin s). Th ee SDGs wi h sco es abo e he median o he sample, bu no
highly anked in in e na ional s udies, we e assigned 2 poin s o cap u e he na ional and
local dimension. The emaining SDGs we e assigned 1 poin . O he o al 95 a ge s, 18
we e assigned o he economic pilla , 25 o he en i onmen al one, 39 o he social pilla ,
and 13 o go e nance.
4. g ouping he SDGs acco ding o he economic, en i onmen al, and social dimensions o
sus ainabili y (A ampou e al., 2019; Nikolaou, Tsalis, and E angelinos, 2019; Zimme mann,
2019; Tsalis e al., 2020; Jan e al., 2023). Following Del Gesso, Pa a icini, and Ru ini
(2024), a ou h sus ainabili y pilla – go e nance – was in oduced in acco dance wi h he
QBL app oach. The ew exis ing s udies add essing co po a e sus ainabili y h ough he QBL
pa adigm employ a iables such as boa d size, p opo ion o independen di ec o s, gende
balance on he boa d, equency o boa d mee ings, boa d duali y, and audi /sus ainabili y
commi ees o in es iga e he in luence o he go e nance pilla on anspa ency in
sus ainabili y epo ing (Pizzi, Rosa i, and Ven u elli, 2021; Nicolò e al., 2023; Zampone e al.,
2024). In ou s udy, he go e nance a iables we e ope a ionalised by co ela ing hem wi h
ele an SDG a ge s, such as SDGs 16.6, 16.7, 5.5, and 12.6.
5. weigh ing he ou pilla s o he QBL pa adigm acco ding o hei di e ing speci ic
weigh s, as p oposed by Budsa a agoon and Ji manee oj (2019), as ollows: he
go e nance pilla , wi h he highes a e age sco e ac oss he en i e sample, ecei ed 4
poin s; he social pilla , 3 poin s; and he economic and en i onmen al pilla s ecei ed 2
AE
Sus ainabili y Repo ing and C edi Risk Managemen
in he Romanian Banking Landscape
1018 Am i ea u Economic
and 1 poin , espec i ely. Fo each bank, a sco e was calcula ed o each pilla as well as a
o al sco e, ob ained by summing he ou pilla sco es. Figu e 1 illus a es he c i e ia used
o g ouping he SDGs in he DS calcula ion.
Figu e no. 1. G ouping and weigh ing he SDGs in he calcula ion o disclosu e sco es
Ul ima ely, wo o al disclosu e sco es (DS) we e gene a ed: he i s based on he speci ic
weigh ing o he SDGs, and he second based on he speci ic weigh ing o he ou
sus ainabili y pilla s. Wi hin hese, sco es we e also calcula ed o each indi idual pilla .
2.3 Dependen and independen a iables
Table no. 1 explains he main a iables and how hey a e calcula ed.
Table no. 1. Dependen and independen a iables
Va iable
Calcula ion me hod
Sou ce
Dependen a iable
C edi Loss
Allowances (CLA)
C edi Loss
Allowances –
S age 3 (CLA3)
Exp ession o c edi isk managemen p ac ices in
he banking sec o (Jin, Kanaga e nam & Lobo,
2018), CLA is calcula ed as he a io be ween
expec ed c edi loss allowances (ei he o al – CLA,
o S age 3 – CLA3) and he o al loans g an ed
(Hasan & Wall,
2003; Mohd Isa
e al., 2018; Naili
and Lah ichi, 2022;
Ozili, 2024a)
Independen a iables
Disclosu e Sco e
(DS)
The o al DS 1 disclosu e sco e (calcula ed by
weigh ing he 17 SDGs acco ding o he ela i e
impo ance o each), b oken down in o he ou
dimensions o he QBL app oach:
DSEc1- Economic Pilla Disclosu e Sco e
DSEn 1 - En i onmen al Pilla Disclosu e Sco e
DSSoc1 - Social Pilla Disclosu e Sco e
DSGo 1 - Go e nance Pilla Disclosu e Sco e
The o al DS 2 disclosu e sco e (calcula ed by
weigh ing he ou sus ainabili y pilla s acco ding o
hei ela i e impo ance), b oken down acco ding
o he QBL app oach:
DSEc2- Economic Pilla Disclosu e Sco e
DSEn 2 - En i onmen al Pilla Disclosu e Sco e
DSSoc2 – Social Pilla Disclosu e Sco e
DSGo 2 - Go e nance Pilla Disclosu e Sco e
(A ampou e al.,
2019;
Budsa a agoon and
Ji manee oj, 2019;
Jan, Ma imu hu and
Ma Isa, 2019;
Tsalis e al., 2020;
Pizzi, Rosa i and
Ven u elli, 2021;
Sa dianou e al.,
2021; Jan e al.,
2023; Del Gesso,
Pa a icini and
Ru ini, 2024)
Na ional/local pe spec i e
2 poin s
SDGs included:
10, 16, 17
Gene al pe spec i e
1 poin
SDGs included:
1, 2, 3, 6, 14, 15
In e na ional pe spec i e
3 poin s
SDGs included:
4, 5, 7, 8, 9, 11, 12, 13
Economic pilla
2 poin s
SDGs included:
8, 9, 12
Social Pilla
3 poin s
SDGs included:
1, 2, 3, 4, 5, 10, 17
En . Pilla
1 poin
SDGs included:
6, 7, 11, 13, 14, 15
Go e nance pilla
4 poin s
SDGs included:
5, 8, 9, 12, 16, 17
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 1025
disclosu es may a ac mo e isk-conscious in es o s, who, in u n, may demand highe
allowances o es ima ed c edi losses.
In con as , he go e nance disclosu e sco e does no show a s a is ically signi ican
ela ionship wi h he CLA, sugges ing ha a s ong go e nance amewo k can o se he
addi ional isks aken by he bank, as o he au ho s opine (John, De Masi and Paci, 2016).
Sound co po a e go e nance p ac ices can coun e balance he isks associa ed wi h he
o he dimensions o sus ainabili y, leading o a ne neu al e ec on CLA.
Rega ding he con ol a iables, he esul s in Tables no. 3a, 3b, and 4a, 4b show he close
link be ween CLA and NPL, ein o ced by he adop ion o he expec ed c edi loss model
unde IFRS 9. The posi i e ela ionship be ween he wo, also con i med by o he s udies in
he li e a u e (Ng, Sa a , and Zhang, 2020; Ozili, 2024a), indica es ha banks in he
sample inc ease hei CLA le els in esponse o he de e io a ion in asse quali y (as
e lec ed by ising NPLs), using allowances as a c edi isk managemen mechanism o
main ain inancial s abili y (Abbas and Ali, 2022).
Tables no. 3a and 4a, columns 1–5, show ha well-capi alised Romanian banks (CAR) can
manage he isks associa ed wi h inc eased lending mo e e ec i ely, as hei solid capi al
le els enable hem o abso b po en ial losses mo e e icien ly (Abbas and Ali, 2022). The
mo e p onounced nega i e link o CLA3 (col 6-10) (p<0.01) be ween NIM and he le el o
allowances sugges s ha g ea e lending e iciency educes he olume o non-pe o ming
loans and, consequen ly, he need o c edi loss allowances (Yi ayaw, 2021). This
con ibu es o he s abili y and esilience o banks du ing pe iods o c isis (Ng, Sa a , &
Zhang, 2020). A signi ican posi i e ela ionship is obse ed be ween owne ship s uc u e
(Own) and CLA, con i ming he idea ha banks wi h majo i y p i a e owne ship p io i ise
hei inancial heal h and s abili y by inc easing hei CLA le els o mi iga e c edi isk (Ng
and Roychowdhu y, 2014). Fo he hi d s age o impai men (CLA3), a nega i e
ela ionship is ound wi h bank size (Naili and Lah ichi, 2022), indica ing ha la ge banks
main ain lowe CLA le els due o mo e accu a e isk assessmen , ad anced isk
managemen sys ems, and g ea e a ailable esou ces (Jin, Kanaga e nam & Lobo, 2018;
Ng, Sa a & Zhang, 2020). An inc ease in CLA3 in esponse o highe e e ence in e es
a es (In R) allows banks o be e manage po en ial c edi losses (El we i e al., 2024).
The esul s can be in e p e ed h ough he lens o legi imacy and agency heo ies,
sugges ing ha sus ainabili y epo ing, as a p ac ice o anspa ency and accoun abili y, is
associa ed wi h ac i e isk managemen , e en hough a di ec e ec on CLA canno be
demons a ed. To es he obus ness o he esul s, an al e na i e measu e o capi al
adequacy was used by eplacing CAR wi h CAR2 (Equi y / To al Asse s). Fo b e i y, hese
esul s a e no epo ed bu a e a ailable upon eques and a e consis en wi h hose
ob ained in he main analysis, hus ein o cing he obus ness o he conclusions.
Conclusions
The SDG epo ing ac s as a ca alys o o ganisa ional change in he Romanian banking
sec o , in luencing c edi isk- aking s a egies and ede ining app oaches o sus ainable
inance. The s udy’s indings e eal a di ec and signi ican ela ionship be ween
sus ainabili y epo ing and he le el o CLA. Banks ha p o ide ex ensi e epo ing on he
economic, social, and en i onmen al dimensions o sus ainabili y end o exhibi highe
AE
Sus ainabili y Repo ing and C edi Risk Managemen
in he Romanian Banking Landscape
1026 Am i ea u Economic
CLA le els, sugges ing g ea e exposu e o inancing eme ging sec o s and small and
medium-sized en e p ises. Al hough hese sec o s play a c ucial ole in he ansi ion
owa d a sus ainable economy, hey a e also cha ac e ised by highe inancial unce ain y
and c edi isk. A he same ime, he adop ion o high s anda ds o anspa ency and
sus ainabili y may a ac mo e isk-a e se in es o s, which con ibu es o he inc ease in
CLA. Howe e , banks appea o pa ially o se hese isks h ough s ong go e nance
p ac ices, which may explain he insigni ican ela ionship be ween he go e nance sco e
and he CLA. These indings a e consis en wi h ecen li e a u e, sugges ing ha
sus ainabili y in he banking sec o is no me ely a compliance equi emen , bu a complex
isk managemen s a egy in which he di e en dimensions o sus ainabili y in e ac o
shape he bank’s o e all isk p o ile.
The s udy’s conclusions may be o in e es o bank manage s and egula o y au ho i ies,
highligh ing ha sus ainabili y epo ing is no me ely a compliance exe cise, bu a ac o
associa ed wi h banks’ isk p o iles. The esul s a e in ended o be pa icula ly use ul o
manage s o Romanian banks, as well as in o he eme ging economies wi h simila
ins i u ional and egula o y cha ac e is ics, who need o in eg a e he SDGs in o hei
business models and s a egies in o de o enhance sus ainable inancial pe o mance and
mee s akeholde expec a ions abou sus ainabili y. In his ega d, manage s a e equi ed o
implemen e ec i e isk managemen sys ems, p io i ise sus ainabili y epo ing o inc ease
anspa ency, legi imacy, and s akeholde us , and p omo e low- isk ac i i ies ha
acili a e he ansi ion owa d a g een and sus ainable economy, hus main aining inancial
s abili y and p o ec ing s akeholde in e es s. Mo eo e , pilla sco es allow o a
di e en ia ed unde s anding o each dimension’s con ibu ion o banking beha iou
ega ding c edi isk, hus p o iding a use ul basis o s a egic adjus men s in epo ing
policies and isk managemen . Theo e ically, he esea ch ex ends he applicabili y o he
QBL app oach in he banking sec o , a di ec ion a ely explo ed in he li e a u e.
Al hough he s udy p o ides a de ailed analysis o he associa ion be ween SDG epo ing
and c edi isk, he esea ch is limi ed o banks in Romania, which may es ic he
applicabili y o he esul s o inancial ma ke s wi h di e en egula o y egimes. I should
also be emphasised ha he ela ionships iden i ied a e associa i e in na u e and do no
allow o causal conclusions o be d awn. Fu u e esea ch could explo e how changes in
Eu opean and in e na ional egula ions in luence banks’ SDG epo ing s a egies and he
le el o CLA, conside ing global ends in sus ainabili y egula ion. Addi ionally, u u e
s udies could include compa isons wi h banks om o he economies and in eg a e
quan i a i e me hods ocused on causali y, as well as quali a i e app oaches o unde s and
he mo i a ions behind sus ainable epo ing.
Acknowledgmen s: This esea ch was unded by he Execu i e Uni o Financing Highe
Educa ion, Resea ch, De elopmen and Inno a ion (UEFISCDI) h ough g an s no. PN-IV-
P2-2.2-MC-2024-0179 and PN-IV-P2-2.2-MC-2024-0183.
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