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ARE sustainable funds doing the talk and the walk? An ESG score analysis of fund portfolio holdings

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dc.contributor.authorMartinez Meyers, Susana
dc.contributor.authorFerrero Ferrero, Idoya
dc.contributor.authorMuñoz Torres, Maria Jesus
dc.contributor.funderUniversitat Jaume I
dc.contributor.funderGeneralitat Valenciana
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2024-07-08T13:14:08Z
dc.date.available2024-07-08T13:14:08Z
dc.date.issued2024
dc.description.abstractOur paper contributes to the growing literature by conducting a comparative analysis between sustainable funds (SF) and conventional funds (CF) with a global geographical perspective. The paper aims to test if SF are true to their identity through a comparative and multi-regional perspective analysis of the funds' ESG performance and sustainability risk. The sample comprises 92 matched pairs of funds. Our research shows that self-labeled sustainable funds exhibit better ESG performance and sustainability risk scores than their pairs,indicating alignment with their identity and nature. Furthermore,the results also indicate that there are different ESG behaviors depending on the geographical areas of investment. In particular,funds with portfolios invested in Europe present a higher ESG performance than those invested in North America,and funds invested in Emerging Markets and Asia present a lower performance and higher risk than those in North America. This paper provides three main novelties: 1) multiregional perspective,2) different ESG score perspectives using different and complementary indicators of sustainable behavior based on risk and performance,and 3) a matching process starting with the same fund management company,geographical area of investment and investment category that help us isolate the issue of the use of ESG labels. The results of this paper open new insights and research avenues that connect sustainable investment with aspects like quality of information,fiduciary duty,and regulatory development. © 2024 The Authors
dc.description.fundingtypeThis paper is supported by the project UJI-B2021-72 (Universitat Jaume I) and project CIAICO/2021/090 (Generalitat Valenciana).
dc.description.keywordAnd greenwashing
dc.description.keywordESG
dc.description.keywordESG Score
dc.description.keywordInvestment fund
dc.description.keywordSRI
dc.description.keywordSustainable funds (SF)
dc.formatapplication/pdf
dc.identifier.citationMeyers, S. M., Ferrero-Ferrero, I., & Muñoz-Torres, M. J. (2024). ARE sustainable funds doing the talk and the walk? An ESG score analysis of fund portfolio holdings. International Review of Economics & Finance, 93, 1526-1541.
dc.identifier.doihttps://doi.org/10.1016/j.iref.2024.04.023
dc.identifier.issn10590560
dc.identifier.officialurlhttps://www.scopus.com/inward/record.uri?eid=2-s2.0-85190740071&doi=10.1016%2fj.iref.2024.04.023&partnerID=40&md5=08b000943ff382b83647659ab4ccfab0
dc.identifier.urihttps://hdl.handle.net/20.500.14417/2988
dc.journal.titleInternational Review of Economics and Finance
dc.language.isoeng
dc.page.final1541
dc.page.initial1526
dc.publisherElsevier Inc.
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.projectID UJI: CIAICO/2021/090
dc.relation.schoolIE Business School
dc.rightsAttribution Non-Commercial No-Derivatives 4,0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectAnd greenwashing
dc.subjectESG
dc.subjectESG Score
dc.subjectInvestment fund
dc.subjectSRI
dc.subjectSustainable funds (SF)
dc.subject.keywordAnd greenwashing
dc.subject.keywordESG
dc.subject.keywordESG Score
dc.subject.keywordInvestment fund
dc.subject.keywordSRI
dc.subject.keywordSustainable funds (SF)
dc.titleARE sustainable funds doing the talk and the walk? An ESG score analysis of fund portfolio holdings
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/publishedVersion
dc.volume.number93
dspace.entity.typePublication
person.identifier.scopus-author-id58992164900
person.identifier.scopus-author-id55249983600
person.identifier.scopus-author-id15751052500
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