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dc.contributor.authorReboredo Nogueira, Juan Carlos
dc.contributor.authorOtero González, Luis Alberto
dc.date.accessioned2022-08-11T11:42:51Z
dc.date.available2022-08-11T11:42:51Z
dc.date.issued2021
dc.identifier.citationBusiness Strategy and the Environment, 31(3), 950–968. https://doi.org/10.1002/bse.2928
dc.identifier.urihttp://hdl.handle.net/10347/29056
dc.description.abstractTransitioning to a low-carbon economy to mitigate the effects of climate change involves risks. We investigate the effects of managerial ownership and management on the low carbon transition risk of mutual fund portfolios and the effects of low carbon transition risk on mutual fund performance and flows. Using low carbon transition risk ratings based on the unmanaged carbon risk of the companies included in fund portfolios, we find that managerial ownership and the socially responsible focus of the fund reduce fund portfolio exposure to carbon risk, whereas active management has the opposite effect. Furthermore, we find that funds with low carbon transition risk produce a better risk-adjusted performance are more sensitive to tail risks and exhibit a better fund flow performance
dc.description.sponsorshipWe gratefully acknowledge financial support from the Spanish Agencia Estatal de Investigacion (Ministerio de Ciencia, Innovacion y Universidades) under research project with reference RTI2018-100702-B-I00, co-funded by the European Regional Development Fund (ERDF/FEDER). Juan C. Reboredo acknowledges financial support provided by the Xunta de Galicia through research project CONSOLIDACION 2019 GRC GI-2060 Análise Económica dos Mercados e Institucións – AEMI (ED431C 2019/11). Luis Otero González acknowledges financial support provided by the Xunta de Galicia through research project ED431C 2020/18, co-funded by the European Regional Development Fund (ERDF/FEDER) for the period 2020–2023
dc.language.isoeng
dc.publisherWiley
dc.relationinfo:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/RTI2018-100702-B-I00/ES/RIESGOS CLIMATICOS, ESTABILIDAD FINANCIERA Y DECISIONES DE INVERSION EN LOS MERCADOS FINANCIEROS
dc.rightsThis is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. © 2021 The Authors. Business Strategy and The Environment published by ERP Environment and John Wiley & Sons Ltd.
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectCarbon transition risk
dc.subjectManager ownership
dc.subjectMutual fund flows
dc.subjectMutual fund performance
dc.subjectMutual funds
dc.subjectSocially responsible investment
dc.titleLow carbon transition risk in mutual fund portfolios: managerial involvement and performance effects
dc.typeinfo:eu-repo/semantics/article
dc.identifier.DOI10.1002/bse.2928
dc.relation.publisherversionhttps://doi.org/10.1002/bse.2928
dc.type.versioninfo:eu-repo/semantics/publishedVersion
dc.identifier.e-issn1099-0836
dc.rights.accessrightsinfo:eu-repo/semantics/openAccess
dc.contributor.affiliationUniversidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
dc.contributor.affiliationUniversidade de Santiago de Compostela. Departamento de Fundamentos da Análise Económica
dc.description.peerreviewedSI


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This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. © 2021 The Authors. Business Strategy and The Environment published by ERP Environment and John Wiley & Sons Ltd.
Except where otherwise noted, this item's license is described as  This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. © 2021 The Authors. Business Strategy and The Environment published by ERP Environment and John Wiley & Sons Ltd.





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