Sovereign Wealth Funds: A Strategic Governance View

Academy of Management Perspectives (Forthcoming)

44 Pages Posted: 1 Jun 2015 Last revised: 9 Jul 2015

See all articles by Ruth V. Aguilera

Ruth V. Aguilera

Northeastern University - Department of International Business and Strategy

Javier Capapé

IE University

Javier Santiso

ESADE Business School

Date Written: June 1, 2015

Abstract

Recent tectonic, global, economic and political shifts have spurred the emergence of new organizational forms such as sovereign wealth funds (SWFs), state-owned investment organizations without pension liabilities, arising primarily in emerging and frontier markets. Although scholars have begun to explore SWF macroeconomic trends, little is known about the challenges these institutional investors face or about their strategic capabilities to address these concerns. Drawing on comparative and strategic corporate governance research, we develop an organizing framework to better understand the firm-level characteristics of SWFs and their consequences. Our analysis of these investment funds’ multidimensional strategic governance traits contributes to the literature on state capitalism and comparative corporate governance.

Keywords: Sovereign wealth funds, state capitalism, corporate governance

JEL Classification: G32, G34, F21

Suggested Citation

Aguilera, Ruth V. and Capapé Aguilar, Javier and Santiso, Javier, Sovereign Wealth Funds: A Strategic Governance View (June 1, 2015). Academy of Management Perspectives (Forthcoming), Available at SSRN: https://ssrn.com/abstract=2612813 or http://dx.doi.org/10.2139/ssrn.2612813

Ruth V. Aguilera

Northeastern University - Department of International Business and Strategy ( email )

Boston, MA 02115
United States

Javier Capapé Aguilar (Contact Author)

IE University ( email )

Calle Maria de Molina 6
Madrid, Madrid 28006
Spain

Javier Santiso

ESADE Business School ( email )

Mateo Inurria 27
Madrid, 28036
Spain

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