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Lookup NU author(s): Dr Zhonghao JiangORCiD
This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0).
Using a sample of U.S. firms and a text-based measure of managerial and analyst attention to climate change issues during earnings calls, we document a negative association between firms’ climate change exposure and changes in U.S. mutual fund ownership, suggesting U.S. mutual funds’ cautious investment approach to climate change. We further provide causal evidence for this relation using the staggered adoptions of state-level climate change adaptation plans and renewable portfolio standards. Additional analyses show that our finding is driven by climate-related opportunities and regulatory risks, rather than physical risks. Changes in U.S. mutual fund ownership reflect concerns over firms’ transition risks and stock performance pressures. Extending the analysis to non-U.S. mutual funds, we find similar results among funds domiciled in countries with strong environmental norms.
Author(s): Jiang Z, Shi Y, Xing L
Publication type: Article
Publication status: Published
Journal: The British Accounting Review
Year: 2026
Pages: epub ahead of print
Online publication date: 13/02/2026
Acceptance date: 10/02/2026
Date deposited: 27/02/2026
ISSN (print): 0890-8389
ISSN (electronic): 1095-8347
Publisher: Elsevier Ltd.
URL: https://doi.org/10.1016/j.bar.2026.101846
DOI: 10.1016/j.bar.2026.101846
Data Access Statement: Data will be made available on request.
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