The impact of sovereign wealth fund ownership on the financial performance of firms: the evidence from emerging markets

Urban, Dariusz

doi:10.15240/tul/001/2017-3-012

Cited by 2 publications

(1 citation statement)

References 19 publications

(32 reference statements)

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“…There are three main findings. Firstly, the short term abnormal reaction to sovereign investment is significantly positive (Bortolotti et al, 2010(Bortolotti et al, , 2015Chhaochharia and Laeven, 2008;Dewenter et al, 2010;Fei et al, 2013;Fotak et al, 2008;IMF, 2008;Karolyi and Liao, 2010;Knill et al, 2012b;Lel, 2008, 2011;Mietzner et al, 2015;Ngoc, 2015;Raymond, 2009;Sojli and Tham, 2011;Sun and Hesse, 2009;Urban, 2017). All studies, which examine the short run impact of sovereign investment on target firms report a significantly positive market reaction ranging between 0.02% and 3.56% for the (À1,þ1) time window.…”

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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Evolving Sovereign Wealth Fund under Infrastructure Funding Scarcity: A Literature Study

Raharjo

Wiryono

Rahadi

2022

J. Bus. Econ. Review

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Objective – There are three primary focuses of this study, namely: to understand past literature on sovereign wealth fund (SWF) pattern of development, the impact of SWF investment on target firm financial performance, and how SWF fosters infrastructure development in Indonesia Methodology/Technique – The methodologies of this study are descriptive and structured systematic reviews. Six dimensions were the focus of this literature review which are the basis for sorting and grouping the 1683 publication journals. Those six dimensions are SWF characteristics, SWF target firm characteristics, country characteristics, deal characteristics, research methods, and level of analysis Findings –The SWF objectives and pattern of development in a country depending on the country-specific conditions which could evolve over time. There have been many past types of research on SWF development in different countries. Past research provided differing outcomes in various aspects of SWF development from one country to the others. In the case of Indonesia, INA is expected to provide global capital access in filling in the funding gap for Indonesia's infrastructure development. For that reason, this research is seeing an urgency to observe how Indonesia SWF manages its investment portfolio in unique infrastructure development and its impact on the national economic growth. Furthermore, past research findings described that the impact of institutional investors such as SWF on firm performance is still unclear. Many questions concerning the financial aspects of SWF’s activities still remain relatively unanswered. The outcomes of this literature review provide multiple bases for future research with a mixed case study method. Novelty – This research observes and compares various SWF patterns of development in different countries (multiple cases). Indonesia’s SWF wealth fund was a newly established government agency and has not been widely explored in past research. How the government of Indonesia overcomes funding scarcity for infrastructure development provides a unique experience. Type of Paper: Empirical JEL Classification: F30, M20. Keywords: Indonesia Sovereign Wealth Fund; Firm Value; Infrastructure Development; Structured Literature Review Reference to this paper should be made as follows: Raharjo, A.W; Wiryono, S.K; Rahadi, R.A. (2022). Evolving Sovereign Wealth Fund under Infrastructure Funding Scarcity: A Literature Study, J. Bus. Econ. Review, 7(1), 75–91. https://doi.org/10.35609/jber.2022.7.1(3)

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The impact of sovereign wealth fund ownership on the financial performance of firms: the evidence from emerging markets

Cited by 2 publications

References 19 publications

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

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

Evolving Sovereign Wealth Fund under Infrastructure Funding Scarcity: A Literature Study

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