150977 20251017144610.0 doi 10.1016/j.irfa.2021.101740 sideral 123973 ART-2021-123973 eng Muñoz, Fernando Universidad de Zaragoza (orcid)0000-0002-9481-1466 Carbon-intensive industries in Socially Responsible mutual funds'' portfolios 2021 Access copy available to the general public Unrestricted In this research, I study the exposure of Socially Responsible mutual funds (SR) to black industries (i.e., carbon-intensive sectors: fossil fuel, metal and utilities) and its effect on the financial performance. To this purpose, I analyze the industry portfolio allocation of a sample of 136 actively-managed US SR mutual funds, investing in domestic and global equity, in the period January 2012–December 2018. I observe that the average weight of black industries in these portfolios is 9.51% falling over time (13.45% in 2012 versus 7.40% in 2018). Another finding is that a greater exposure to fossil fuel and metal industries negatively impacts the portfolios'' financial performance. In addition, SR funds managed by firms located in Republican-leaning states and in states with greater CO2 emissions per capita, are more exposed to carbon-intensive industries, suggesting that SR funds'' managers could be influenced by local factors when making their investment decisions. Finally, I observe that SR funds marketed under “low-carbon” labels live up to their name and are less exposed to fossil fuel and metal industries than other types of SR funds. info:eu-repo/grantAgreement/ES/DGA-FEDER/S38-20R-CIBER info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00 info:eu-repo/grantAgreement/ES/UZ/JIUZ-2018-SOC-13 info:eu-repo/semantics/openAccess by https://creativecommons.org/licenses/by/4.0/deed.es 8.235 2021 BUSINESS, FINANCE 4 / 111 = 0.036 2021 Q1 T1 1.833 2021 Finance 2021 Q1 Economics and Econometrics 2021 Q1 7.2 2021 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 75 (2021), [17 pp.] Int. rev. financ. anal. International review of financial analysis 1057-5219 2131268 http://zaguan.unizar.es/record/150977/files/texto_completo.pdf Versión publicada 2809314 http://zaguan.unizar.es/record/150977/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:150977 articulos driver 2025-10-17-14:17:06 ARTICLE