Greenwashing funds population and AUM (IMAGE)

Shanghai Jiao Tong University Journal Center

Greenwashing funds population and AUM

Caption

It further presents the population and AUM distributions of greenwashing funds in our sample period. As for 2021, 489 out of 2,984 mutual funds are PRI signatories in our sample, which manage $139.07bn of asset. However, we find that 178 out of 489 PRI signatories are actually greenwashing funds and $37.17bn out of $139.07bn are under managed by greenwashing funds, which share 36.4% ESG fund population and 26.72% ESG assets. The fraction and AUM of greenwashing funds have an average 3.53 and 10.32% growth rate respectively during our sample period. In addition, the greenwashing strategy for ESG mutual funds is highly persistent. ESG funds with below-median ESG score has probabilities of 92.07% to perform below-median for the next quarter investment.

Credit

Yutong Sun (Chinese Academy of Sciences, China) Shangrong Jiang (The University of Hong Kong, China Shouyang Wang (Chinese Academy of Sciences, China)

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