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

Le présent et l'avenir de la divulgation de la durabilité dans les documents pré-contractuels des fonds d'investissement en actions: Cartographie du discours ESG à travers la STM

Caterina Cruciani () and Carlo Santagiustina
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Caterina Cruciani: University of Ca’ Foscari [Venice, Italy]

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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; Precontractual documents; Sustainability Dimensions; ESG criteria; ESG investing; Environmental Social Governance ESG scores (search for similar items in EconPapers)
Date: 2023-12
New Economics Papers: this item is included in nep-env
Note: View the original document on HAL open archive server: https://hal.science/hal-04874589v1
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Published in Finance Research Letters, 2023, 58, pp.104033. ⟨10.1016/j.frl.2023.104033⟩

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Working Paper: The present and future of sustainability disclosure in equity investment funds’ pre-contractual documents: Mapping ESG discourse through STM (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04874589

DOI: 10.1016/j.frl.2023.104033

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