Delegated Philantropy in Mutual Fund Votes on Climate Change

Marie Brière, Sébastien Pouget (), Martin Schmalz and Loredana Ureche-Rangau ()
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Sébastien Pouget: TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: This chapter studies the votes of institutional investors on shareholder resolutions instructing corporations to mitigate climate change externalities. Our sample includes 238 US fund families that voted on 14,409 different shareholder resolutions at 2,700 companies over the period from 2013 to 2016. We find that, in line with the delegated philanthropy logic, fund families that have larger proportions of responsible investments display a larger support for resolutions on climate change. This result holds i) especially for fund families with large percentage of SRI, ii) whether ISS favors or not these resolutions, iii) when these resolutions end up being close call votes, and iv) when we focus only on fund families that have voted more than 50 or 100 resolutions on environmental and social issues

Keywords: Climate change externalities; Delegated philantropy; Mutual Fund Families; Voting (search for similar items in EconPapers)
Date: 2022-12
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Published in Emmanuel Jurczenko. Climate Investing, Wiley, pp.295-324, 2022, 978 1 786 30806 1. ⟨10.2139/ssrn.4133799⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04037999

DOI: 10.2139/ssrn.4133799

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