基金经理的持股行为是否促进了基金的可持续投资？

IF 4.7 2区经济学 Q1 ECONOMICS

Economic Modelling Pub Date : 2025-07-21 DOI:10.1016/j.econmod.2025.107242

Hu Wang, Yuanqiang Lian, Hong Shen

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引用次数: 0

摘要

基金经理投资于自己的基金——这种做法通常被视为协调利益和减轻机构冲突的一种方式——是否实际上鼓励了可持续投资，仍是一个重要但未得到充分探讨的问题。利用基金经理个人基金持有量、投资组合构成以及环境、可持续性和治理（ESG）评级的数据，我们研究了自我持有行为与基金可持续投资实践的关系。研究结果表明，基金经理自我投资与基金可持续投资之间存在正相关关系。投资于自己管理的基金的基金经理更有可能采取旨在提高回报和降低投资组合风险的可持续投资策略。此外，这些基金持有的公司股价崩盘风险较低，并表现出更强的履行ESG义务的倾向。

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Does the self-holding behavior of fund managers foster fund sustainable investment?

Whether fund managers investing in their own funds, a practice often viewed as a way to align interests and mitigate agency conflicts, actually encourages sustainable investment remains an important but underexplored question. Leveraging data on fund managers' personal fund holdings, portfolio compositions, and environmental, sustainability, and governance (ESG) ratings, we examine how self-holding behavior relates to funds' sustainable investment practices. Our results show a positive association between fund managers’ self-investment and fund sustainable investment. Fund managers who invest in the funds they manage are more likely to adopt sustainable investment strategies aimed at boosting returns and reducing portfolio risk. Moreover, firms held by these funds experience lower stock price crash risk and demonstrate a stronger tendency to meet their ESG obligations.

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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 Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished.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.