Examining the behavior of renewable-energy fund investors

Carmen Pilar Marti-Ballester*

*Corresponding author for this work

Research output: Contribution to journalArticleResearchpeer-review

5 Citations (Scopus)


Mutual fund investors could contribute to sustainable development by encouraging fund managers to channel their savings into the funding of sustainable energy projects adopted by firms. This study examines whether renewable-energy investors take into account financial and/or nonfinancial factors when making the decision to invest in a specific fund, comparing their investment behavior with that of black-energy and conventional investors. To this end, we have gathered information about 4,368 mutual funds (76 renewable-energy funds, 109 black-energy funds, and 4,183 conventional mutual funds) from January 2007 to December 2017. For this sample, we adopt a panel-data approach with Petersen's standard errors clustered by fund and year. Our results indicate that renewable-energy fund investors are less sensitive to past financial performance than are black-energy and conventional fund investors, indicating that the former derive their utility from nonfinancial attributes whereas black-energy investors derive their utility from a conditional multiattribute and conventional fund investors derive their utility from financial attributes.

Original languageAmerican English
Pages (from-to)2624-2634
Number of pages11
JournalBusiness Strategy and the Environment
Issue number6
Publication statusPublished - 1 Sept 2020


  • black-energy funds
  • conventional mutual funds
  • financial performance
  • fund flows
  • panel data
  • renewable-energy mutual funds


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