Green Credit and Bank Efficiency: U-Shaped Relationships in a Hybrid Network SBM

A network slack-based measure (SBM) model is applied to estimate
overall and stage-specific efficiencies, and the results are examined through fixed
effects regressions with tests for nonlinearity and moderation. Results show that green
credit exerts a positive effect on productivity efficiency, but the marginal gain is
attenuated by stronger financing capacity. By contrast, lending, investment, and the
resulting profitability efficiency exhibit U-shaped relationships with green credit;
higher capital adequacy (CAR) and liquidity (LR) flatten these U-shapes.