000130584 001__ 130584
000130584 005__ 20240126184245.0
000130584 0247_ $$2doi$$a10.1108/SAMPJ-03-2020-0084
000130584 0248_ $$2sideral$$a123352
000130584 037__ $$aART-2021-123352
000130584 041__ $$aeng
000130584 100__ $$0(orcid)0000-0002-9481-1466$$aMuñoz, F.$$uUniversidad de Zaragoza
000130584 245__ $$aStyle-changing behaviour in the socially responsible mutual fund industry: consequences on financial and sustainable performance
000130584 260__ $$c2021
000130584 5060_ $$aAccess copy available to the general public$$fUnrestricted
000130584 5203_ $$aPurpose: This study aims to examine style-deviation practices in the socially responsible mutual funds (SMRF) industry i.e. how mutual funds game their stated financial objectives to earn a higher relative performance ranking. In addition, the consequences of such practices on sustainable scores and money flows are studied.
Design/methodology/approach: A sample of 454 US equity SRMFs is studied. This paper uses panel regressions controlling for time and style fixed-effects.
Findings: This study finds that 17.60% of SRMF managers in the sample are engaged in style deviation practices. These practices positively impact the sustainable performance of SRMFs and negatively impact their financial performance. One effect offsets the other and they consequently do not affect money flows. Another finding is that only investors with lower portfolio sustainability scores do show return-chaser behaviour.
Practical implications: This paper reveals that SRMF managers deviating from their stated financial style face a dilemma that is non-existent for their conventional peers that is style deviation practices affect financial and sustainable performance in opposing ways, whereas SRMF investor utility depends positively on both dimensions. The findings are not conclusive about the effectiveness of style deviation practices in attracting SRMF money flows.
Social implications: SRMF industry has experienced tremendous growth in the past decade. The increased competition in this industry has led managers to strive to attract investors, sometimes by relying on irregular practices that enhance their portfolio results. Regulators should consider how to avoid such perverse behaviour with a view to improving mutual funds transparency.
Originality/value: This is the first research that analyses style deviation practices and their consequences for the SRMF industry.
000130584 536__ $$9info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00$$9info:eu-repo/grantAgreement/ES/UZ/JIUZ-2018-SOC-13
000130584 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc$$uhttp://creativecommons.org/licenses/by-nc/3.0/es/
000130584 590__ $$a3.964$$b2021
000130584 591__ $$aBUSINESS, FINANCE$$b34 / 111 = 0.306$$c2021$$dQ2$$eT1
000130584 591__ $$aENVIRONMENTAL STUDIES$$b50 / 128 = 0.391$$c2021$$dQ2$$eT2
000130584 591__ $$aMANAGEMENT$$b130 / 228 = 0.57$$c2021$$dQ3$$eT2
000130584 592__ $$a0.748$$b2021
000130584 593__ $$aRenewable Energy, Sustainability and the Environment$$c2021$$dQ1
000130584 593__ $$aBusiness, Management and Accounting (miscellaneous)$$c2021$$dQ1
000130584 594__ $$a4.8$$b2021
000130584 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion
000130584 700__ $$0(orcid)0000-0002-8638-2665$$aVargas, M.$$uUniversidad de Zaragoza
000130584 700__ $$0(orcid)0000-0002-1667-6107$$aVicente, R.$$uUniversidad de Zaragoza
000130584 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000130584 773__ $$g(2021), [25 pp]$$pSustainability Accounting Management and Policy Journal$$tSustainability Accounting, Management and Policy Journal$$x2040-8021
000130584 8564_ $$s528259$$uhttps://zaguan.unizar.es/record/130584/files/texto_completo.pdf$$yPostprint
000130584 8564_ $$s1384043$$uhttps://zaguan.unizar.es/record/130584/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint
000130584 909CO $$ooai:zaguan.unizar.es:130584$$particulos$$pdriver
000130584 951__ $$a2024-01-26-18:11:55
000130584 980__ $$aARTICLE