{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,20]],"date-time":"2026-03-20T18:36:56Z","timestamp":1774031816002,"version":"3.50.1"},"reference-count":71,"publisher":"SAGE Publications","issue":"6","license":[{"start":{"date-parts":[[2023,10,30]],"date-time":"2023-10-30T00:00:00Z","timestamp":1698624000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"funder":[{"name":"Institute Europlace Finance","award":["UIDB\/03182\/2020"],"award-info":[{"award-number":["UIDB\/03182\/2020"]}]},{"name":"Labex MME DII","award":["ANR-11-LABX-0023-01"],"award-info":[{"award-number":["ANR-11-LABX-0023-01"]}]}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Business &amp; Society"],"published-print":{"date-parts":[[2024,7]]},"abstract":"<jats:p> This article investigates whether sustainability labels for mutual funds in Europe provide consistent signals regarding funds\u2019 sustainable characteristics. Specifically, we assess the alignment of signals conveyed by third-party and self-declared labels. Among the first typology, we consider labels sponsored by government and nonprofit organizations (GNPOs) alongside Environmental, Social, and Governance (ESG) ratings from commercial data vendors. The latter category includes the Sustainable Finance Disclosure Regulation (SFDR) classification and an ESG-related name. Our findings indicate that equity funds with GNPO labels are more likely to exhibit top-tier ESG ratings and alignment with self-declared sustainability signals, namely Article 9 of SFDR and fund names. Furthermore, holding government and multiple GNPO labels is linked to other signals indicating higher sustainability standards. In addition, funds tend to experience an improvement in Morningstar globes after receiving a GNPO label, consistent with GNPO labels signaling funds of the high-quality type. The results regarding label alignment in fixed-income funds are less conclusive. Our findings underscore the need for credible signals in view of the growing number of sustainability labels available to investors. <\/jats:p>","DOI":"10.1177\/00076503231204613","type":"journal-article","created":{"date-parts":[[2023,10,30]],"date-time":"2023-10-30T10:32:36Z","timestamp":1698661956000},"page":"1380-1425","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":11,"title":["Do Sustainability Signals Diverge? An Analysis of Labeling Schemes for Socially Responsible Investments"],"prefix":"10.1177","volume":"63","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-6089-573X","authenticated-orcid":false,"given":"Sofia","family":"Brito-Ramos","sequence":"first","affiliation":[{"name":"ESSEC Business School, Cergy, France"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8776-6636","authenticated-orcid":false,"given":"Maria C\u00e9u","family":"Cortez","sequence":"additional","affiliation":[{"name":"NIPE, University of Minho, Braga, Portugal"}]},{"given":"Florinda","family":"Silva","sequence":"additional","affiliation":[{"name":"NIPE, University of Minho, Braga, Portugal"}]}],"member":"179","published-online":{"date-parts":[[2023,10,30]]},"reference":[{"key":"bibr1-00076503231204613","doi-asserted-by":"publisher","DOI":"10.2307\/1879431"},{"key":"bibr2-00076503231204613","doi-asserted-by":"publisher","DOI":"10.5465\/amle.2015.0199"},{"key":"bibr3-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1111\/eufm.12181"},{"key":"bibr4-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbef.2019.01.003"},{"key":"bibr5-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1080\/00913367.2013.834803"},{"key":"bibr6-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbef.2020.100285"},{"key":"#cr-split#-bibr7-00076503231204613.1","unstructured":"Berg F., Fabisik K., Sautner Z. (2021). Rewriting history II: The"},{"key":"#cr-split#-bibr7-00076503231204613.2","unstructured":"(un) predictable past of ESG ratings (Finance Working Paper No. 708(2020)). European Corporate Governance Institute. http:\/\/52.76.234.106\/media\/abfer-events-2021\/annual-conference\/papers-investment-finance\/AC21P3017_Rewriting-History-II-The-UnPredictable-Past-of-ESG-Ratings.pdf"},{"key":"bibr8-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1093\/rof\/rfac033"},{"key":"bibr9-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.emj.2017.03.005"},{"key":"bibr10-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.reseneeco.2013.10.002"},{"key":"bibr11-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-014-2474-3"},{"key":"bibr12-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2407"},{"key":"bibr13-00076503231204613","doi-asserted-by":"publisher","DOI":"10.2308\/TAR-2019-0506"},{"key":"bibr14-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1177\/0149206310388419"},{"key":"bibr15-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2005.00818.x"},{"issue":"2","key":"bibr16-00076503231204613","doi-asserted-by":"crossref","first-page":"209","DOI":"10.3917\/ecofi.138.0209","volume":"138","author":"Crifo P.","year":"2020","journal-title":"Revue d\u2019Economie Financi\u00e8re"},{"key":"bibr17-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1086\/466756"},{"key":"bibr18-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1111\/rego.12166"},{"key":"bibr19-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-016-3138-2"},{"key":"bibr20-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/978-94-007-4417-2_15"},{"key":"bibr21-00076503231204613","unstructured":"Darpeix P. E., Demartini A. (2023). Overview of SFDR classifications in the French funds\u2019 universe and portfolios\u2019 exposure to fossil energies at the end of 2021. https:\/\/www.amf-france.org\/sites\/institutionnel\/files\/private\/2023-03\/Etude%20SFDR_Publication_EN_1.pdf"},{"key":"bibr22-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.foodcont.2003.09.007"},{"key":"bibr23-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1002\/bse.676"},{"key":"bibr24-00076503231204613","doi-asserted-by":"publisher","DOI":"10.5465\/amp.2012.0123"},{"key":"bibr25-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1177\/0007650315576119"},{"key":"bibr26-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1177\/0149206316659112"},{"key":"bibr27-00076503231204613","doi-asserted-by":"publisher","DOI":"10.3905\/jpm.2020.1.175"},{"key":"bibr28-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-019-04164-1"},{"key":"bibr29-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2020.101620"},{"key":"bibr30-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1207\/s15327663jcp0702_02"},{"key":"bibr31-00076503231204613","unstructured":"European Commission. (2020). Testing draft EU ecolabel criteria on UCITS equity funds [Technical report]. https:\/\/op.europa.eu\/en\/publication-detail\/-\/publication\/c254aeb3-ba79-11ea-811c-01aa75ed71a1\/language-en"},{"key":"bibr32-00076503231204613","unstructured":"European Fund and Asset Management Association. (2021, November). The European ESG market at the end Q1 2021\u2014Introducing the SFDR. https:\/\/www.efama.org\/sites\/default\/files\/files\/Market%20Insights%20Issue7%20ESG%20SFDR_0.pdf"},{"key":"bibr33-00076503231204613","unstructured":"Financial Conduct Authority. (2021). Sustainability Disclosure Requirements (SDR) and investment labels (Discussion Paper 21\/4). https:\/\/www.fca.org.uk\/publication\/discussion\/dp21-4.pdf"},{"key":"bibr34-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1086\/679466"},{"key":"bibr35-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0491.2011.01519.x"},{"key":"bibr36-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1002\/eet.304"},{"key":"bibr37-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.jclepro.2022.131684"},{"key":"bibr38-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.ecolecon.2021.107173"},{"key":"bibr39-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1287\/orsc.1080.0400"},{"key":"bibr40-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/s41464-020-00085-z"},{"key":"bibr41-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1177\/0007650319872495"},{"key":"bibr42-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1110.1412"},{"key":"bibr43-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1111\/j.1470-6431.2009.00752.x"},{"key":"bibr44-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/s10603-004-7298-6"},{"key":"bibr45-00076503231204613","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.4366889"},{"key":"bibr46-00076503231204613","doi-asserted-by":"crossref","unstructured":"Li X., Lou Y., Zhang L. (2022). Do commercial ties influence ESG ratings? Evidence from Moody\u2019s and S&P [SSRN working paper]. https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4190204","DOI":"10.2139\/ssrn.4190204"},{"key":"bibr47-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1177\/1086026615575332"},{"key":"bibr48-00076503231204613","doi-asserted-by":"crossref","unstructured":"Megaeva K., Engelen P. J., Van Liedekerke L. (2021). A comparative study of European sustainable finance labels [SSRN working paper]. https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3790435","DOI":"10.2139\/ssrn.3790435"},{"key":"bibr49-00076503231204613","unstructured":"Morningstar. (2018). Morningstar\u00ae low carbon designationTM. https:\/\/s21.q4cdn.com\/198919461\/files\/doc_news\/2018\/Morningstar-Low-Carbon-Designation-Methodology-Final.pdf"},{"key":"bibr50-00076503231204613","unstructured":"Morningstar. (2021). Morningstar sustainability rating methodology. https:\/\/www.morningstar.com\/content\/dam\/marketing\/shared\/research\/methodology\/SustainabilityRatingMethodology_2021.pdf"},{"key":"bibr51-00076503231204613","unstructured":"Morningstar. (2022). SFDR Article 8 and Article 9 funds: 2021 in review. https:\/\/www.morningstar.com\/en-uk\/lp\/sfdr-article8-article9?utm_medium=native&utm_campaign=emea_investors_sites"},{"key":"bibr52-00076503231204613","unstructured":"Morningstar. (2023). Global sustainable fund flows: Q1 2023 in review. https:\/\/www.morningstar.com\/en-hk\/lp\/global-esg-flows"},{"key":"bibr53-00076503231204613","unstructured":"Novethic. (2022, May). Overview of European sustainable finance labels. https:\/\/www.novethic.com\/fileadmin\/\/user_upload\/tx_ausynovethicetudes\/pdf_complets\/Novethic_Panorama_des_Labels_2022_Mai_Etude_ENG.pdf"},{"key":"bibr54-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-015-2690-5"},{"key":"bibr55-00076503231204613","volume-title":"Sustainable and resilient finance\u2014OECD business and finance outlook 2020","author":"Organisation for Economic Co-Operation and Development","year":"2020"},{"key":"bibr56-00076503231204613","doi-asserted-by":"publisher","DOI":"10.5465\/amj.2011.0459"},{"key":"bibr57-00076503231204613","unstructured":"Rannou Y., Boutabba M. A., Mercadier M. (2022). How can SRI labels be reinvented in Europe? Evidence from the French SRI label [SSRN working paper]. https:\/\/www.zbw.eu\/econis-archiv\/bitstream\/11159\/532329\/1\/EBP089865545_0.pdf"},{"key":"bibr58-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1002\/smj.4250150904"},{"key":"bibr59-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1177\/0170840612443629"},{"key":"bibr60-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1177\/0007650319825764"},{"key":"bibr61-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-009-0343-2"},{"key":"bibr62-00076503231204613","doi-asserted-by":"publisher","DOI":"10.2307\/1914187"},{"key":"bibr63-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-008-9956-0"},{"key":"bibr64-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-014-2323-4"},{"key":"bibr65-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1093\/intqhc\/mzq054"},{"key":"bibr66-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbusres.2021.10.052"},{"key":"bibr67-00076503231204613","doi-asserted-by":"publisher","DOI":"10.2307\/1882010"},{"key":"bibr68-00076503231204613","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3889395"},{"key":"bibr69-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1016\/j.jclepro.2006.07.039"},{"key":"bibr70-00076503231204613","doi-asserted-by":"publisher","DOI":"10.1080\/23270012.2021.1993096"}],"container-title":["Business &amp; Society"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/00076503231204613","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/full-xml\/10.1177\/00076503231204613","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/00076503231204613","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,3,3]],"date-time":"2025-03-03T07:50:13Z","timestamp":1740988213000},"score":1,"resource":{"primary":{"URL":"https:\/\/journals.sagepub.com\/doi\/10.1177\/00076503231204613"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,10,30]]},"references-count":71,"journal-issue":{"issue":"6","published-print":{"date-parts":[[2024,7]]}},"alternative-id":["10.1177\/00076503231204613"],"URL":"https:\/\/doi.org\/10.1177\/00076503231204613","relation":{},"ISSN":["0007-6503","1552-4205"],"issn-type":[{"value":"0007-6503","type":"print"},{"value":"1552-4205","type":"electronic"}],"subject":[],"published":{"date-parts":[[2023,10,30]]}}}