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| Title: | ESG基金與基金經理人撤換
ESG funds and fund manager turnover |
| Authors: | 劉旻諺
Liu, Min-Yan |
| Contributors: | 陳鴻毅
Chen, Hong-Yi
劉旻諺
Liu, Min-Yan |
| Keywords: | 共同基金
基金經理人撤換
ESG
Mutual fund
Managerial replacement
ESG |
| Date: | 2025 |
| Issue Date: | 2025-10-02 11:01:52 (UTC+8) |
| Abstract: | 隨著ESG投資的快速成長，現有大多數研究聚焦於探討ESG基金的財務績效，而較少關注ESG分類是否會影響基金經理人的更換。本研究旨在探討ESG基金與非ESG基金在基金經理人撤換的可能性是否存在差異，以及過去績效與基金流量對撤換決策影響是否有所不同。本研究使用1999年至2024年間美國共同基金資料，透過羅吉斯迴歸模型進行實證分析。結果顯示，ESG基金與非ESG基金在經理人撤換的可能性上並無顯著差異；過去績效不佳及資金流出皆會顯著提高經理人撤換的機率，僅有部分證據顯示ESG基金在經理人撤換決策中對績效不佳的敏感度較低，基金流量的影響則在兩種基金中並無顯著差異。這些結果顯示，儘管ESG基金有較廣泛的目標，基金公司在做出經理人撤換決策時，仍會對ESG與非ESG基金採取相似的績效與資金穩定性標準。本研究補足文獻中關於ESG分類與基金經理人撤換關係的缺口，進而有助於深化對ESG投資及經理人變動的理解。
With the rapid growth of Environmental, Social, and Governance (ESG) investing, most existing research has focused on financial performance, while little attention has been given to whether ESG classification influences fund manager replacement. This study examines whether ESG funds differ from non-ESG funds in the likelihood of manager turnover and in the effects of past performance and fund flows on replacement decisions. This study uses logistic regression on U.S. mutual fund data from 1999–2024, the analysis finds no significant difference in the probability of manager replacement between ESG and non-ESG funds. Poor performance and fund outflows both significantly increase the likelihood of manager replacement. There is limited evidence that ESG funds are less sensitive to underperformance in replacement decisions, whereas the impact of fund flows shows no significant difference between ESG and non-ESG funds. These imply that, despite broader ESG objectives, fund companies apply similar performance and capital stability standards when making managerial replacement decisions across both ESG and non-ESG funds. This study fills a gap in the literature by investigating how ESG classification relates to fund manager replacement, thereby contributing to a better understanding of ESG investing and managerial turnover. |
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| Description: | 碩士
國立政治大學
財務管理學系
112357008 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112357008 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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