168285 20260202151222.0 doi 10.1002/bse.70458 sideral 147789 ART-2025-147789 eng Andreu, Laura Universidad de Zaragoza (orcid)0000-0003-3661-5448 Media attention to climate change and investor flows in us equity mutual funds 2025 This paper investigates how climate‐related news influences mutual fund investor behaviour in the United States. Although prior research has documented the financial relevance of climate risks, little is known about how media attention to climate change shapes capital allocation across mutual funds. Using a sample of 1352 actively managed US equity mutual funds from January 2000 to June 2023, we analyse the persistence of portfolio carbon risk and its role in investor decision‐making. Our findings reveal that mutual funds' carbon risk profiles remain persistent over time, enabling investors to anticipate future exposures. Moreover, heightened media coverage of climate change significantly affects investor flows: Climate news reduces inflows into high‐carbon risk funds while supporting flows towards low‐carbon risk funds, particularly in the latter years of the sample. These effects hold after controlling for fund characteristics and performance and are robust to alternative measures of climate coverage and investor flows. By linking climate news to investor capital allocation, this study contributes to the literature on sustainable finance and highlights the growing importance of media‐driven climate awareness in shaping investment preferences. Access copy available to the general public Unrestricted info:eu-repo/grantAgreement/ES/DGA/S38-23R info:eu-repo/grantAgreement/ES/MICINN/PID2020-159788NB-I00 info:eu-repo/grantAgreement/ES/MICINN/PID2020-115450GB-I00 info:eu-repo/grantAgreement/ES/MICINN PID2022-136818NB-I00/AEI/10.13039/501100011033 info:eu-repo/semantics/openAccess by-nc-nd https://creativecommons.org/licenses/by-nc-nd/4.0/deed.es info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion de Mingo-López, Diego Víctor Matallín-Saez, Juan Carlos Sarto, José Luis Universidad de Zaragoza (orcid)0000-0001-6078-0465 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. (2025), [22 pp.] Bus. strat. environ. Business Strategy and the Environment 0964-4733 1462392 http://zaguan.unizar.es/record/168285/files/texto_completo.pdf Versión publicada 2307554 http://zaguan.unizar.es/record/168285/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:168285 articulos driver 2026-02-02-14:39:59 ARTICLE