Climate Change and Mutual Fund Voting on Climate Proposals

A. Alberta Di Giuli, A. Garel (), R. Roni Michaely and A. Arthur Romec
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A. Garel: Audencia Business School

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Abstract: This paper explores whether investors' personal experience with climate change affects their voting behavior on climate-change-related proposals. We find that fund managers exposed to abnormally hot temperatures are significantly more likely to support climate proposals. We further show that the effect is persistent. We observe significant heterogeneity in the effect of hot temperatures, depending on firm-level climate risk, the quality of the proposals, fund investment strategy, and prior awareness of climate change. Fund managers' personal experience with climate change matters for the outcome of climate proposals as it affects the aggregate support they receive. Fund managers exposed to abnormally hot temperatures are also more likely to divest from stocks with greater exposure to climate change.

Keywords: Climate Change; Shareholder Voting; Mutual Funds (search for similar items in EconPapers)
Date: 2026-02
Note: View the original document on HAL open archive server: https://hal.science/hal-05521428v2
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Published in Management Science, 2026, 72 (2), pp.783-1726. ⟨10.1287/mnsc.2022.03733⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05521428

DOI: 10.1287/mnsc.2022.03733

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