| 题名 | Drifting from the Sustainable Development Goal: Style Drift in ESG Funds |
| 作者 | |
| 通讯作者 | Li, Zhongfei |
| 发表日期 | 2023-08-01
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| DOI | |
| 发表期刊 | |
| EISSN | 2071-1050
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| 卷号 | 15期号:16 |
| 摘要 | In this paper, we investigate the impact of fund style drift away from sustainability on future fund flows and performance within the Chinese market. Utilizing data from four mainstream ESG rating systems, we develop a novel measure of ESG fund style drift, which enables us to quantify the deviation of a fund's actual style from its declared sustainable objectives. Our analysis, based on panel and logistic regression techniques, reveals a significant positive relationship between ESG-drift and ESG fund's flow-performance sensitivity, with a dominant effect on fund flow from individual investors. Interestingly, compared with ESG funds that stick with their sustainability-oriented objectives, funds experiencing ESG-drift exhibit poorer returns, underperformance, smaller fund size, lower subscription rates, lower industry concentration, and lower fund flows, highlighting the crucial role of funds following objectives that prioritize sustainability. However, the ESG-drift does not significantly influence the fund's future performance. This paper provides pivotal insights into the complex dynamics between a fund's ESG commitment and its actual style, with important implications for enhancing ESG policies within the regulatory framework of the Chinese mutual fund market. |
| 关键词 | |
| 相关链接 | [来源记录] |
| 收录类别 | |
| 语种 | 英语
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| 学校署名 | 通讯
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| WOS研究方向 | Science & Technology - Other Topics
; Environmental Sciences & Ecology
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| WOS类目 | Green & Sustainable Science & Technology
; Environmental Sciences
; Environmental Studies
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| WOS记录号 | WOS:001055792700001
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| 出版者 | |
| 来源库 | Web of Science
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| 引用统计 |
被引频次[WOS]：3
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| 成果类型 | 期刊论文 |
| 条目标识符 | http://sustech.caswiz.com/handle/2SGJ60CL/553546 |
| 专题 | 商学院_金融系 |
| 作者单位 | 1.Sun Yat Sen Univ, Business Sch, Guangzhou 510275, Peoples R China 2.Southern Univ Sci & Technol, Dept Finance, Shenzhen 518055, Peoples R China |
| 通讯作者单位 | 金融系 |
| 推荐引用方式 GB/T 7714 |
He, Zehua,Hu, Kexin,Li, Zhongfei. Drifting from the Sustainable Development Goal: Style Drift in ESG Funds[J]. SUSTAINABILITY,2023,15(16).
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| APA |
He, Zehua,Hu, Kexin,&Li, Zhongfei.(2023).Drifting from the Sustainable Development Goal: Style Drift in ESG Funds.SUSTAINABILITY,15(16).
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| MLA |
He, Zehua,et al."Drifting from the Sustainable Development Goal: Style Drift in ESG Funds".SUSTAINABILITY 15.16(2023).
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| 条目包含的文件 | 条目无相关文件。 | |||||
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