Mutual fund investor response to climate activism: Evidence from the 2019 Global Climate Strike

IF 4.2 2区经济学 Q1 ECONOMICS

Economic Modelling Pub Date : 2025-07-03 DOI:10.1016/j.econmod.2025.107197

Fei Fang , Sitikantha Parida

引用次数: 0

Abstract

This study examines the impact of the March 2019 Global Climate Strike on U.S. mutual fund flows, addressing a gap in the literature on how climate activism influences fund investment behavior. Using a sample of U.S. equity funds and an event study methodology, we find that low-carbon funds receive significantly higher net inflows than high-carbon funds during the strike month and the following two months. This effect is stronger for retail investors relative to institutional investors. Additionally, the study examines the impact of Morningstar's continuous carbon risk metrics on investment decisions. Together, our findings suggest that the climate strike heightened awareness of climate risks, prompting increased investment in low-carbon funds. This response underscores the effectiveness of climate activism in driving investment toward a low-carbon economy.

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共同基金投资者对气候行动主义的反应：来自2019年全球气候罢工的证据

本研究考察了2019年3月全球气候罢工对美国共同基金流动的影响，解决了关于气候行动主义如何影响基金投资行为的文献空白。利用美国股票基金样本和事件研究方法，我们发现低碳基金在罢工月份和罢工后两个月的净流入明显高于高碳基金。相对于机构投资者，这种影响对散户投资者更强。此外，该研究还考察了晨星公司连续碳风险指标对投资决策的影响。总之，我们的研究结果表明，气候罢工提高了人们对气候风险的认识，促使对低碳基金的投资增加。这一回应凸显了气候行动主义在推动投资转向低碳经济方面的有效性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Modelling ECONOMICS-

CiteScore

8.00

自引率

10.60%

发文量

295

期刊介绍： Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.