“…Scholars in the first stream have investigated the impact of SWFs on the cost of corporate borrowings [ [6] , [7] , [8] , [9] , [10] , [11] ], equity pricing, firm ESG reputation risk, return-to-risk performance, national culture, and firm value [ 1 , 2 , 6 , 7 , 11 , 12 ]. Godsell [ 11 ] submits that financial reporting quality becomes weak after SWF investments. Also, a target firm faces an increasing reputation risk following SWF investment [ 1 ].…”