Oxford Review of Economic Policy volume 36, issue 2, P380-426 2020 DOI: 10.1093/oxrep/graa010 View full text
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Hao Liang, Luc Renneboog

Abstract: Abstract With the emergence of sovereign wealth funds (SWFs) around the world managing equity of over $8 trillion, their impact on the corporate landscape and social welfare is being scrutinized. This study investigates whether and how SWFs incorporate environmental, social, and governance (ESG) considerations in their investment decisions in publicly listed corporations, as well as the subsequent evolution of target firms’ ESG performance. We find that SWF funds do consider the level of past ES…

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