Sovereign Wealth Funds: A Strategic Governance View
Academy of Management Perspectives (Forthcoming)
44 Pages Posted: 1 Jun 2015 Last revised: 9 Jul 2015
Date Written: June 1, 2015
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: Suggested Citation