ESG Fund Performance in an Emerging Market: The Case of Korea Before and After Covid-19
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This study examines the performance of environmental, social, and governance (ESG) funds in emerging markets, using Korean data. We found that ESG fund performance shifted significantly following the onset of the pandemic. While ESG funds did not outperform their matched conventional counterparts in the pre-pandemic years, they significantly outperformed conventional funds during the post-pandemic years. However, we find minimal differences in fund holding characteristics between ESG and conventional funds, which raises concerns about the possibility of ESG washing. This study underscores the differences between the performance patterns of ESG funds in emerging markets and those observed in more developed markets.
Abstract
This study examines the performance of environmental, social, and governance (ESG) funds in emerging markets, using Korean data. We found that ESG fund performance shifted significantly following the onset of the pandemic. While ESG funds did not outperform their matched conventional counterparts in the pre-pandemic years, they significantly outperformed conventional funds during the post-pandemic years. However, we find minimal differences in fund holding characteristics between ESG and conventional funds, which raises concerns about the possibility of ESG washing. This study underscores the differences between the performance patterns of ESG funds in emerging markets and those observed in more developed markets.