In Labels We Trust? The Influence of Sustainability Labels on Mutual Fund Flows
研究政府和非营利组织颁发的可持续性标签如何影响共同基金的资金流入，发现标签能吸引资金尤其是表现好的小基金，但效果短暂，且投资者对新的标签信息反应积极。
ABSTRACT Third‐party certifications and labels signal sustainable investment strategies. This paper examines the impact of sustainability labels sponsored by government and nonprofit organisations (GNPOs) on mutual fund flows in a setting with multiple coexisting labels. We find that funds awarded a GNPO label attract increased inflows, particularly top‐performing, smaller and institutionally targeted funds, although the effect is short‐lived. Furthermore, investors react positively to new labelling information, whether from GNPO labels or the Sustainable Finance Disclosure Regulation classification, even when prior certifications already exist. These findings suggest that GNPO labels serve as salient and credible signals, highlighting their influence on investor behaviour.