Sovereign wealth funds: Past, present and future

Bahoo, Salman; Alon, Ilan; Paltrinieri, Andrea

doi:10.1016/j.irfa.2019.101418

Cited by 78 publications

(50 citation statements)

References 126 publications

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“…The greatest threat is seen in concerns that states that own SWFs would exert political influence. Concerning this scenario, we lean towards Bahoo's [8] conclusion that the goal of SWFs "is to increase their portfolios' returns rather than advance a political agenda." The varying levels of SWF transparency relate to this issue, which is primarily valid for less transparent funds, established as a rule in Arab nations, China, and less developed countries.…”

Section: Discussionmentioning

confidence: 99%

“…Nonetheless, in comparison with other alternative asset managers (private equity, hedge fund, and others) and together with the size of individual countries' foreign exchange reserves, we can discuss the increasing influence of SWFs. A number of authors deal with their continually increasing importance, addressing more than merely the growing size of their managed assets [3,5,6,7,8]. Moreover, Kotter and Lel [6] state, "their objectives and behaviour are not well understood."…”

Section: Theoretical Backgroundmentioning

confidence: 99%

“…However, Dewender, Han and Malatesta [7], for example, have observed that SWFs are often active investors at present. Similarly, Bahoo, Alon, and Paltrinieri [8] point out that SWFs have become "true active investors whose goal is to increase their portfolios' returns rather than advance a political agenda." We can say that the main goal of "establishing SWFs [is] to preserve the state's autonomy and sovereignty through the power of finance.…”

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confidence: 99%

“…The potential for certain SWFs to exert political influence as well as their lack of regulation and transparency are some of the greatest threats posed by SWFs. Nonetheless, as emphasized by Bahoo [8], the goal of increasing revenues from active investments currently prevails over exerting political influence. Reddy [15] states that "the government may view state-owned enterprises such as SWFs as a spring-boarding to create lasting geopolitical relations with other developed and emerging countries."…”

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confidence: 99%

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The Importance and Perspectives of Sovereign Wealth Funds in the Globalised Economy

Černohorský

Tesnerová

2021

SHS Web of Conf.

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Research background: The ever-increasing degree of globalization is reflected, among other things, in the establishment of relatively new institutional investors - sovereign wealth funds. Until the financial crisis in 2008, these funds were considered by many developed countries to be a potential threat to national security. However, this changed when they invested large sums in bankrupt companies and banks during the crisis. However, fears of their influence remain. Purpose of the article: The paper aims to assess the importance and perspectives of sovereign wealth funds in the world economy. In this paper, we start with the definition of sovereign wealth funds and distinguish them from other state asset managers. We also focus on assessing their importance within the global investor portfolio and their impact on global economic development. Methods: We used an analysis of available financial and economic data related to their activities and comparison with selected asset managers. Findings & Value added: We discuss their specific investment strategies and their transparency, which affect their credibility. Within the evaluation, the positive benefits outweigh the risks of sovereign wealth funds. However, we should always assess in the context of a specific sovereign wealth fund. The importance of sovereign wealth funds and their impact will continue to grow, even though their relative share of the global financial market is not very high. Thanks to their long-term investments, they contribute to greater stability of the financial markets of the given countries.

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Section: Discussionmentioning

confidence: 99%

Section: Theoretical Backgroundmentioning

confidence: 99%

mentioning

confidence: 99%

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confidence: 99%

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The Importance and Perspectives of Sovereign Wealth Funds in the Globalised Economy

Černohorský

Tesnerová

2021

SHS Web of Conf.

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“…There were 32 conceptual papers, which were omitted. It is interesting to note that out of (150–32) 128 papers, only 97 papers had a few common factors that appeared in more than 2 studies for inclusion in our meta-analytic review, as factors appearing in single studies need not be synthesized to determine the overall size of their effect (Bahoo et al , 2020b). The papers were considered based on three different criteria for conducting the meta-analysis.…”

Section: Inclusion Criteriamentioning

confidence: 99%

Antecedents of international joint ventures’ past, present and future: a meta-analytical review

Batra

Gupta

Dhir

2021

IJOEM

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PurposeThe last two decades have witnessed a substantial increase in the body of research on the theoretical perspective of the performance of international joint ventures (IJVs). However, the evidence on the antecedents of IJVs performance is inconsistent. The purpose of this paper is to critically review the quantitative studies on the antecedents of the performance of IJVs to identify the research gaps in this area and to prepare a future research agenda using the theory, context, characteristics and methodology (TCCM) framework.Design/methodology/approachMeta-Analysis review is conducted on 97 papers from A*, A and B category journals from the Australian Business Deans Council (ABDC) Journal Quality List.FindingsThe results reveal the homogeneity in antecedents such as administrative distance, BOD (board of directors) involvement, resource interdependency, flexibility, learning, competitive overlap, cultural distance, R&D (research and development) intensity, contract, relatedness, the existence of a local IJVs partner, trust, operational experience, partners capability, size asymmetry, goal congruency, capital adequacy, economic distance and heterogeneity in the antecedents such as equity ownership, commitment, control, cooperation and conflict are heterogeneous.Originality/valueThis review seeks to provide deeper insights, which help us to contribute toward the development of the research field of antecedents of the performance of IJVs. The authors have synthesized 97 independent samples with a total sample size of 52,268.

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The environmental policy of the Norwegian Government Pension Fund‐Global and investors' reaction over time

2022

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Taking the greatest socially responsible sovereign wealth fund in the world, namely, the Norwegian Government Pension Fund‐Global (GPF‐G), as a proxy for the world market portfolio, and collecting investment data from 2006 to 2021, our research studies how the attitude of environmentally concerned investors has changed, on different markets, over time, particularly before and after the 2015 Paris Climate Agreement. We investigate, with an event study methodology, what happens to stock prices when companies are excluded from the GPF‐G portfolio for serious environmental violations, unacceptable level of greenhouse gas emissions, or for their involvement in thermal coal processing. In line with previous studies, our results show that Paris Agreement has acted as a catalyst for environmentally conscious behavior by international investors, and this is particularly true in Anglo‐Saxon countries. Especially US, Japanese, Chilean, Indian, and Canadian investors care about the environmental issues that have led to the exclusion from the fund investment portfolio. To the contrary, investors in China, Germany, Australia, and UK seem to have an opposite reaction, as the prices of the excluded stocks increase.

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Sovereign wealth funds: Past, present and future

Cited by 78 publications

References 126 publications

The Importance and Perspectives of Sovereign Wealth Funds in the Globalised Economy

The Importance and Perspectives of Sovereign Wealth Funds in the Globalised Economy

Antecedents of international joint ventures’ past, present and future: a meta-analytical review

The environmental policy of the Norwegian Government Pension Fund‐Global and investors' reaction over time

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