具有传染性的 "洗绿 "投资

IF 9 1区 经济学 Q1 BUSINESS, FINANCE China Finance Review International Pub Date : 2024-05-28 DOI:10.1108/cfri-04-2024-0191
Yutong Sun, Shangrong Jiang, Shouyang Wang
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引用次数: 0

摘要

目的 本研究探讨了环境、社会和公司治理共同基金之间的 "洗绿 "策略的传染性。研究探讨了同一家族中同行基金的 "洗绿 "行为如何影响基金参与 "洗绿 "的决定。研究还考察了洗绿对真正的 ESG 基金的影响,并探讨了洗绿策略在 ESG 共同基金间传播的机制。本文采用两阶段最小二乘法回归模型,以跨基金回报标准差作为工具变量,将洗绿的同行效应与家族层面的特征区分开来。分析纳入了各种基金特征,并引入了四种 "洗绿 "行为可能影响真正的 ESG 基金的传染渠道。管理资产规模较大的基金和管理费较高的老基金表现出抵御 "洗绿 "影响的能力,而团队管理的基金则更容易受到 "洗绿 "的影响。此外,具有社会责任感的投资者很难区分真正的 ESG 基金和 "洗绿 "基金,这可能会导致 "洗绿 "行为的持续存在。本文还研究了采用 "洗绿 "策略的需求方激励因素,深入探讨了其对资金流和投资者行为的影响。本研究首次分析了绿色清洗策略在广泛的 ESG 基金网络中的传染效应,丰富了我们对绿色清洗在社会责任投资中的广泛影响的理解。
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Contagious greenwashing investment

Purpose

This study explores the contagion of greenwashing strategies among ESG mutual funds. It investigates how the greenwashing behaviors of peer funds within the same family influence a fund’s decision to engage in greenwashing. The research also examines the impact of greenwashing on genuine ESG funds and explores the mechanisms through which greenwashing strategies spread across ESG mutual funds.

Design/methodology/approach

This paper employs a two-stage least squares regression model with cross-fund returns standard deviation as an instrumental variable to disentangle the peer effects of greenwashing from family-level characteristics. The analysis incorporates various fund characteristics and introduces four contagion channels through which greenwashing may influence genuine ESG funds.

Findings

The study finds greenwashing behavior in ESG funds is positively influenced by similar practices within their fund family. Larger assets under management and older funds with higher management fees show resilience against greenwashing influences, while team-managed funds are more susceptible. Additionally, socially responsible investors struggle to distinguish between genuine and greenwashing ESG funds, which may contribute to the persistence of greenwashing practices.

Originality/value

This paper contributes to the literature by delineating the mechanisms of greenwashing contagion within ESG mutual funds. It also examines the demand-side incentives for adopting greenwashing strategies, offering insights into the implications for fund flows and investor behavior. This study is among the first to analyze the contagion effects of greenwashing strategies across an extensive network of ESG funds, enriching our understanding of the broader impacts of greenwashing in the context of socially responsible investing.

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来源期刊
CiteScore
12.40
自引率
1.20%
发文量
112
期刊介绍: China Finance Review International publishes original and high-quality theoretical and empirical articles focusing on financial and economic issues arising from China's reform, opening-up, economic development, and system transformation. The journal serves as a platform for exchange between Chinese finance scholars and international financial economists, covering a wide range of topics including monetary policy, banking, international trade and finance, corporate finance, asset pricing, market microstructure, corporate governance, incentive studies, fiscal policy, public management, and state-owned enterprise reform.
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