Enacting the rules of global finance: sovereign wealth funds and the promotion of corporate governance reform

Fini, Michael; Rethel, Lena

doi:10.1007/s10308-013-0348-4

Cited by 4 publications

(4 citation statements)

References 17 publications

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“…The impact of SWF investments on the efficiency and innovativeness of target firms has not been taken up in the literature at all. The impact of SWFs on corporate governance practices has also not been explored fully despite considerable anecdotal evidence to that effect (Anderloni and Vandone, 2012;Chen, 2016;Fini and Rethel, 2013;Ghahramani, 2013). Similarly, the effect of SWF disinvestments has also been ignored [17].…”

Section: Impact and Implications Of Swfsmentioning

confidence: 99%

The impact and implications of SWFs: a systematic review of literature

Garg

Shukla

2021

QRFM

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Purpose This paper aims to systematically review all available evidence on the implications of sovereign wealth funds (SWFs) for various stakeholders (recipients of sovereign investment, home countries, which incorporate SWFs and the world at large) and offer future research directions. Design/methodology/approach A systematic literature review (SLR) technique is used to review 102 handpicked articles for the period 2005‐2019. Findings This review reveals that the literature on the impact of SWFs emerged only during the financial crisis of 2008–2011 and much of it is qualitative in nature. The literature is lopsidedly focused on the impact of SWFs on target firms and there has been a limited empirical investigation of the impact on other stakeholders. There is a lack of consensus in several areas, which calls for additional research. Few areas, which have not been addressed in the literature and can be taken up by future researchers include the impact of SWFs on macroeconomic fundamentals and stock markets of recipient countries, especially emerging economies; implications of SWFs for alternative asset classes; impact on the welfare of citizens and internationalization strategies of home countries; impact on initial public offerings and unlisted corporations; and impact on innovativeness, efficiency and corporate governance practices of target firms. Originality/value To the best of the authors’ knowledge, this is the first paper to use the SLR technique to review the literature on SWFs. It considers the impact of SWFs on all stakeholders and covers both qualitative and quantitative literature published over a long period of 2005‐2019. It also systematizes all available evidence on this theme and identifies important research gaps, which may be helpful for academicians, practitioners and policymakers.

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Section: Impact and Implications Of Swfsmentioning

confidence: 99%

The impact and implications of SWFs: a systematic review of literature

Garg

Shukla

2021

QRFM

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“…The world largest and most transparent SWFs is from Norway, the Government Pension Fund-Global, which was established in the oil-rich country in 1990 for dual objective of stabilization and savings (Fini & Rethel, 2013). Fini and Rethel (2013) examine the governance mechanism of this fund.…”

Section: Swfs Overview and Growthmentioning

confidence: 99%

Sovereign wealth funds: Past, present and future

Bahoo

Alon

Paltrinieri

2020

International Review of Financial Analysis

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“…On the one hand, there have been deliberate efforts to bring market expertise and performance measures into the regulatory apparatus. For example, state investors, which are also referred to as government-linked investment companies, such as Temasek in Singapore and Khazanah in Malaysia have sought to incorporate market expertise and best practice in their operations and introduced market-oriented performance measures for senior staff (see Lai 2012;Fini and Rethel 2013). The same holds true for regulatory agencies and personnel, where greater market orientation has found its expression for instance in the adoption of similar performance metrics.…”

Section: Islamic Finance: New Market Novel Forms Of Governancementioning

confidence: 99%