【报告主题】What Drives Responsible Investments? The Effect of ESG Performance Distribution and Investment Motives
【主讲嘉宾】陈玮，澳大利亚新南威尔士大学
【报告时间】2026年7月8日 14:00
【报告地点】会计学院106室
【内容提要】
We examine how Environmental, Social, and Governance (ESG) mutual fund investors react to the distribution of the fund’s ESG performance depending on their motives to invest in ESG funds. Holding constant the overall average ESG performance, we draw on psychology theory on more attention paid to negative information to predict and find that other benefiting investors perceive unbalanced ESG performance, where the fund performs positively in some dimensions but negatively in others, to be less favorable than balanced ESG performance, where the fund performs average across various ESG dimensions. The effect of ESG performance distribution is not significant for self-benefiting investors. This interaction effect is driven by the greater weight placed on negative ESG performance by other-benefiting investors. Our findings have important practical implications for funds’ ESG performance management and contribute to the literature on how investors use and process ESG performance information.