Relationship between funds’ ESG ratings and Lipper rankings
ファンドのESG格付けとLipperランキングの関係 (AI 翻訳)
M. S. Goktan, Ekin Alakent
🤖 gxceed AI 要約
日本語
本論文は、ESG格付けが投資ファンドの財務パフォーマンスに与える影響を、Lipperランキングを用いて分析している。2022年のクロスセクションデータを用いた順序ロジスティック回帰分析の結果、ESG格付けの高いファンドは運用費用が低い傾向にあるが、「グリーン」や「エシカル」とラベル付けされたファンドは有意に高い費用を徴収していることがわかった。また、内生性を制御した後では、ESG格付けはリスク調整後のパフォーマンスに正の影響を与え、高ESGファンドは資本保全に優れる。
English
This paper investigates the impact of ESG ratings on mutual fund financial performance using Lipper rankings. Using ordered logistic regression on cross-sectional data from 2022, it finds that higher ESG ratings are associated with lower operating expenses generally, but funds marketed as 'green' or 'ethical' have significantly higher expenses. After controlling for endogeneity, ESG ratings positively affect risk-adjusted performance, and high-ESG funds are better at capital preservation. The study suggests that higher fees for 'green' funds may not be justified.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、ESG投資が拡大する中で、ESG格付けとファンドパフォーマンスの関係は投資家にとって重要な関心事である。本論文は、ESG格付けが高いファンドが必ずしも高いコストを伴わず、むしろ低コストで良好なパフォーマンスを示す可能性を示唆しており、日本の投資家や運用会社にとって参考となる。
In the global GX context
Globally, the relationship between ESG ratings and financial performance remains debated. This paper provides empirical evidence that higher ESG ratings do not necessarily lead to higher costs and may improve risk-adjusted returns, contributing to the discussion on ESG integration in investment strategies.
👥 読者別の含意
🔬研究者:This paper adds to the literature on ESG-fund performance by using Lipper rankings and addressing endogeneity concerns.
🏢実務担当者:Fund managers and investors can use these findings to evaluate whether high ESG funds justify higher fees or offer better risk-adjusted returns.
🏛政策担当者:Regulators may consider these results when assessing the transparency and fairness of ESG labeling and fee structures.
📄 Abstract（原文）
The purpose of this paper is to investigate how ESG ratings ultimately affect funds' financial performance after considering the endogenous choices funds make to maintain social responsibility. We specifically analyze the financial performance of funds with varying ESG ratings using the Lipper fund ranking system. We analyze the effect of investment funds' ESG ratings on their financial performance, measured by Lipper ratings for expense, consistent return, capital preservation and total return. We use ordered logistic regression to examine the impact of ESG scores on Lipper rankings in a cross-sectional data as of 2022. Our findings suggest that an increase in a fund's ESG ratings is associated with lower operating expense in general, although funds that market themselves as “green” or “ethical” have significantly higher operating expenses. Furthermore, after controlling for endogeneity, the impact of ESG rating on mutual fund's risk-adjusted financial performance is significantly positive and high-ranking ESG funds are more likely to preserve capital. Our results suggest that higher costs associated with “green” and/or “ethical” labeled funds are not justified since higher ESG ratings does not command a higher expense on average. The financial performance of high ESG funds outperforms similar funds in its benchmark group. Investing in funds that have higher ESG records is not necessarily more costly, and the financial performance of such funds is not lacking compared to counterparts. Thus, greater management fees charged by funds that classify themselves as “ethical” or “socially responsible” might not be justified. This study contributes to our understanding of the effect of ESG ratings on fund characteristics and performance through the perspective of Lipper ratings.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/rbf-05-2025-0199first seen 2026-07-18 07:58:07
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