ESG issues among fund managers-factors and motives

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dc.contributor.authorPrzychodzen, Justyna
dc.contributor.authorGómez-Bezares Pascual, Fernando
dc.contributor.authorPrzychodzen, Wojciech
dc.contributor.authorLarreina Díaz, Mikel
dc.date.accessioned2025-11-03T11:29:37Z
dc.date.available2025-11-03T11:29:37Z
dc.date.issued2016-10-24
dc.date.updated2025-11-03T11:29:37Z
dc.description.abstractThis paper investigates the motives, behavior, and characteristics shaping mutual fund managers' willingness to incorporate Environmental, Social and Governance (ESG) issues into investment decision making. Using survey evidence from fund managers from five different countries, we demonstrate that this predisposition is the stronger, the shorter their average forecasting horizon and the higher their level of reliance on business risk in portfolio management is. We also find that the propensity to incorporate ESG factors is positively related to an increasing level of risk aversion, an increasing importance of salary change and senior management approval/disapproval as motivating factors as well as length of professional experience in current fund and increasing significance of assessment by superiors in remuneration. Overall, our evidence suggests that ESG diligence among fund managers serves mainly as a method for mitigating risk and is typically motivated by herding; it is much less important as a tool for additional value creation. The prevalent use of ESG criteria in mitigating risk is in contrast with traditional approach, but it is in line with behavioral finance theory. Additionally, our results also show a strong difference in the length of the forecasting horizon between continental European and Anglo-Saxon fund managers.en
dc.description.sponsorshipFinancial support of the DEIKER and Deusto Business School is greatly appreciateden
dc.identifier.citationPrzychodzen, J., Gómez-Bezares, F., Przychodzen, W., & Larreina, M. (2016). ESG issues among fund managers-factors and motives. Sustainability (Switzerland), 8(10). https://doi.org/10.3390/SU8101078
dc.identifier.doi10.3390/SU8101078
dc.identifier.eissn2071-1050
dc.identifier.urihttps://hdl.handle.net/20.500.14454/4233
dc.language.isoeng
dc.publisherMDPI
dc.rights© 2016 by the authors
dc.subject.otherAsset management
dc.subject.otherBehavioral finance
dc.subject.otherESG investing
dc.subject.otherFund managers
dc.subject.otherInstitutional investors
dc.subject.otherInvestment behavior
dc.subject.otherSurvey
dc.titleESG issues among fund managers-factors and motivesen
dc.typejournal article
dcterms.accessRightsopen access
oaire.citation.issue10
oaire.citation.titleSustainability (Switzerland)
oaire.citation.volume8
oaire.licenseConditionhttps://creativecommons.org/licenses/by/4.0/
oaire.versionVoR
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