The present and future of sustainability disclosure in equity investment funds’ pre-contractual documents: Mapping ESG discourse through STM

Caterina Cruciani and Carlo R.M.A. Santagiustina

Finance Research Letters, 2023, vol. 58, issue PA

Abstract: To show how pre-contractual documents are currently employed to disclose sustainability and ESG-related information, we map and examine the contents of 945 Key Investor Information Documents (KIIDs) from ten major asset managers, including sustainable and non-sustainable funds. Through a Structural Topic Modelling approach, we infer sustainability-related topics and compare their contents and prevalence in different sections of these documents. Sustainability is a cross-cutting and multifaceted issue, discussed coherently with the SFDR fund classification across multiple sections of the KIID, making the option to convey sustainable information in a single section complex to implement.

Keywords: KIID; KID; ESG; Sustainability; SFDR, Structural topic modelling (search for similar items in EconPapers)
JEL-codes: C89 G2 G4 Q56 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:58:y:2023:i:pa:s1544612323004051

DOI: 10.1016/j.frl.2023.104033

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