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ESG Fund Performance in an Emerging Market: The Case of Korea Before and After Covid-19

Author

Listed:
  • Hyejin Park

    (Hanyang University ERICA Campus, Republic of Korea)

  • Jiyoon Lee

    (Yonsei University, Republic of Korea)

  • Dojoon Park

    (Kongju National University, Republic of Korea)

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.

Suggested Citation

  • Hyejin Park & Jiyoon Lee & Dojoon Park, 2025. "ESG Fund Performance in an Emerging Market: The Case of Korea Before and After Covid-19," Journal of Economic Development, The Economic Research Institute, Chung-Ang University, vol. 50(2), pages 65-96.
    • Handle: RePEc:ris:jecdev:0115
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    More about this item

    Keywords

    ESG; SRI; Sustainability; COVID-19; Mutual Funds;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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