Note(s): The table above provides the descriptive statistics for fund characteristics of the sampled ESG equity mutual funds. Fund characteristics include fund TNA, expense ratio, age, cash holdings, number of stocks, normalized fund flow, return, ESG score, and active share. Fund TNA is the average of the fund's total net assets throughout the sample period. The expense ratio is the fund's operating cost relative to its assets. Fund age is defined as the time (years) from the fund's launch date until the end of the sample period. Cash holdings represent the percentage of cash the fund manager holds in the portfolio. Number of stocks is the count of distinct holdings contained in the portfolio. Normalized fund flow is defined as the monthly fund flow divided by the fund's TNA at the beginning of the month. Return is the average daily fund return. The ESG score is the measurement of the fund's performance with respect to Environmental, Social, and Governance issues, obtained from LSEG Datastream. Active share is defined as in Cremers and Petajisto (2009). The table reports the mean and median of each variable time series. The funds are divided into three categories based on the country where they are domiciled. The sample period is from January 1, 2012, to December 31, 2024