Earticle

초록

영어

This study examines the performance of ESG funds in emerging markets, focusing on the Korean mutual fund market. We found that the performance of ESG funds shifted significantly with the onset of the COVID-19 pandemic. In the pre-pandemic period from 2011 to 2019, ESG funds did not outperform their matched conventional counterparts. However, during the post-pandemic period from 2020 to 2022, ESG funds significantly outperformed conventional funds, highlighting an increased investor interest in ESG issues. Additionally, while ESG funds exhibit minimal differences from their conventional peers in general firm characteristics, they show significant differences in ESG characteristics, particularly in governance. This suggests that the performance differences are not attributable to non-ESG characteristics of fund holdings. Our study underscores that ESG funds in emerging markets exhibit unique performance patterns, distinct from those in more developed markets where sustainable investing has been established for a longer period.

목차

Abstract
1. Introduction
2. Literature review
3. Data and methodology
3.1. Data and sample
3.2. Fund portfolio performance evaluation model
4. Empirical results
4.1. Fund portfolio performance
4.2. Fund portfolio factor loadings
4.3. Fund holding characteristics
5. Conclusion
References
Table
Figure

키워드

저자

• Hyejin Park [ Hanyang University ERICA Campus, School of Economics ]
• Jiyoon Lee [ Yonsei University, School of Business ]
• Dojoon Park [ Kongju National University, Division of International Studies ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330