Abstract
Kim and Yoon (2021) assess whether active US mutual funds exhibit ESG implementation, after they sign the United Nations Principles for Responsible Investment (PRI). In a stark contrast to the fact that PRI signatories attract a large fund inflow, we do not observe improvements in fund-level ESG scores or fund returns. Furthermore, PRI signatories are not likely to be superior in ESG issues prior to signing, relative to non-PRI funds. Given these findings, a reasonable reader may perceive PRI signatories as hypocrites rather than evangelists.
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