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The present and future of sustainability disclosure in equity investment funds’ pre-contractual documents: Mapping ESG discourse through STM
[Le présent et l'avenir de la divulgation de la durabilité dans les documents pré-contractuels des fonds d'investissement en actions : Cartographie du discours ESG à travers la STM]

Author

Listed:
  • Caterina Cruciani

    (University of Ca’ Foscari [Venice, Italy])

  • Carlo Romano Marcello Alessandro Santagiustina

    (médialab - médialab (Sciences Po) - Sciences Po - Sciences Po, University of Ca’ Foscari [Venice, Italy])

Abstract

To show how pre-contractual documents are currently employed to disclose sustainability and ESG-related information, we map and examine the contents of 945 Key Investor Information Documents (KIIDs) from ten major asset managers, including sustainable and non-sustainable funds. Through a Structural Topic Modelling approach, we infer sustainability-related topics and compare their contents and prevalence in different sections of these documents. Sustainability is a cross-cutting and multifaceted issue, discussed coherently with the SFDR fund classification across multiple sections of the KIID, making the option to convey sustainable information in a single section complex to implement.

Suggested Citation

  • Caterina Cruciani & Carlo Romano Marcello Alessandro Santagiustina, 2023. "The present and future of sustainability disclosure in equity investment funds’ pre-contractual documents: Mapping ESG discourse through STM [Le présent et l'avenir de la divulgation de la durabili," Post-Print hal-04874589, HAL.
    • Handle: RePEc:hal:journl:hal-04874589
    DOI: 10.1016/j.frl.2023.104033
    Note: View the original document on HAL open archive server: https://hal.science/hal-04874589v1
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