Climate Change and Mutual Fund Voting on Climate Proposals

• 成果类型: Article; Early Access
• 署名作者: Di Giuli, Alberta; Garel, Alexandre; Michaely, Roni; Romec, Arthur
• 署名单位: heSam Universite; ESCP Business School; Audencia; University of Hong Kong; European Corporate Governance Institute
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.03733
• 发表日期: 2025
• 关键词: climate change; Shareholder voting; Mutual funds; ES votes

摘要

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.