Do investment determinants and effects vary across sovereign wealth fund categories? A firm-level analysis |
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| Institution: | 1. Catholic University of Milan, Largo A. Gemelli 1, 20123 Milan, Italy;2. University of Amsterdam Business School, Plantage Muidergracht 12, 1018 TV Amsterdam, The Netherlands;1. American University of Sharjah, United Arab Emirates;2. HEC Montreal, Canada;3. UAE University, United Arab Emirates;1. Bank of Italy, International Relations Directorate, Via Nazionale 91, 00184 Rome, Italy;2. Università Cattolica, Facoltà di Scienze Politiche e Sociali, Largo Gemelli 1, 20123 Milan, Italy;1. South Champagne Business School, France;2. Bank of Sharjah Chaired Professor, American University of Sharjah, United Arab Emirates;3. UAE University, United Arab Emirates;4. Monastir University, Tunisia;5. Institut de Recherche en Gestion (EA 2354), Université Paris Est, France |
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| Abstract: | This paper investigates whether determinants and effects of sovereign wealth funds (SWFs) investment vary across types of funds. To address this issue, we classify SWFs based on their scope and the origin of wealth. We find that saving and reserve funds and non-commodity funds pick better-performing firms. Furthermore, effects vary among SWF categories. In fact, saving and reserve funds assume a passive role in managing investments, unlike multi-objective and development funds which have detrimental effects on the target companies. As a whole, these findings confirm that heterogeneity of SWFs in terms of how they target firms and activism matters. |
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