Do investment determinants and effects vary across sovereign wealth fund categories? A firm-level analysis
| Autor: | Mario Mustilli, Antonio Meles, Nicola Varrone, Francesco Gangi, Domenico Graziano |
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| Přispěvatelé: | Gangi, Francesco, Meles, Antonio, Mustilli, Mario, Graziano, Domenico, Varrone, Nicola |
| Rok vydání: | 2019 |
| Předmět: |
Sovereign wealth fundsSWF categoriesInvestment choiceFinancial riskOperating performance
Economics and Econometrics 050208 finance Scope (project management) Financial risk 05 social sciences Monetary economics Investment choice Investment (macroeconomics) Sovereign wealth fund 0502 economics and business Business Business and International Management 050203 business & management |
| Zdroj: | Emerging Markets Review. 38:438-457 |
| ISSN: | 1566-0141 |
| DOI: | 10.1016/j.ememar.2018.12.004 |
| Popis: | This paper investigates whether determinants and effects of sovereign wealth funds (SWFs) investment vary across types of funds. To address this issue, we classify SWFs based on their scope and the origin of wealth. We find that saving and reserve funds and non-commodity funds pick better-performing firms. Furthermore, effects vary among SWF categories. In fact, saving and reserve funds assume a passive role in managing investments, unlike multi-objective and development funds which have detrimental effects on the target companies. As a whole, these findings confirm that heterogeneity of SWFs in terms of how they target firms and activism matters. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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