Recent tectonic, global, economic and political shifts have spurred the emergence of new organiza... more 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.
The Norwegian sovereign wealth fund continues to lead in the ranking by volume of assets under ma... more The Norwegian sovereign wealth fund continues to lead in the ranking by volume of assets under management. Government Pension Fund-Global, as it is known, is now very close to $900 billion in assets under management. The fund, managed by NBIM, owns 2.5% of all listed equities in Europe. We clarify the nature of the fund which, despite having the word “pension” in its name, is not a pension fund. We uncover a marked European bias in its investments in equities, which penalises investment in North American equities and makes the UK the leading destination, followed (historically) by France, Germany, Switzerland and Spain.
Some countries such as Chile and Trinidad and Tobago have consolidated their sovereign wealth fun... more Some countries such as Chile and Trinidad and Tobago have consolidated their sovereign wealth funds. Venezuela and Mexico have experienced continued declines. Brazil, with mixed results,
falls more closely into the category of funds with shortcomings. The last three years have seen another group of countries discussing sovereign fund start-ups, including Panama, Colombia and Bolivia.
The world has changed greatly over the last ten years. China’s economic mightis plain to see (the... more The world has changed greatly over the last ten years. China’s economic mightis plain to see (the country is now the world’s second biggest economy in GDPterms). The country seeks global investment opportunities as an outlet for itsvast currency reserves. The Gulf States’ old fears of what they will do when theoil runs out have now given rise to action as they attempt to wean theireconomies off over-dependence on petroleum and natural gas. There are alsothe countries of South-East Asia, which are determined not to repeat themistakes of 1997-98 and are building up large currency reserves and healthybalance of payments surpluses.
La convergencia de distintos factores, entre los que destacan el boom en el precio de las materia... more La convergencia de distintos factores, entre los que destacan el boom en el precio de las materias primas y el compromiso con la estabilidad fiscal, han derivado en un incremento de la capacidad inversora de los Gobiernos de países emergentes. Además, la necesidad ineludible de evitar la creación de «cuellos de botella» en su desarrollo económico ha acelerado la inversión de dichos Gobiernos en el exterior. Esta inversión se ha materializado a través de State Owned Entreprises (SOEs) y Fondos Soberanos
(SWFs), inversores institucionales que han cobrado una gran relevancia en los últimos años debido a su enorme capacidad inversora.
Las economías emergentes y el reequilibrio global: retos y oportunidades para España. Javier Santiso (Ed.) Fundación de Estudios Financieros, Jan 1, 2012
Recent tectonic, global, economic and political shifts have spurred the emergence of new organiza... more 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.
The Norwegian sovereign wealth fund continues to lead in the ranking by volume of assets under ma... more The Norwegian sovereign wealth fund continues to lead in the ranking by volume of assets under management. Government Pension Fund-Global, as it is known, is now very close to $900 billion in assets under management. The fund, managed by NBIM, owns 2.5% of all listed equities in Europe. We clarify the nature of the fund which, despite having the word “pension” in its name, is not a pension fund. We uncover a marked European bias in its investments in equities, which penalises investment in North American equities and makes the UK the leading destination, followed (historically) by France, Germany, Switzerland and Spain.
Some countries such as Chile and Trinidad and Tobago have consolidated their sovereign wealth fun... more Some countries such as Chile and Trinidad and Tobago have consolidated their sovereign wealth funds. Venezuela and Mexico have experienced continued declines. Brazil, with mixed results,
falls more closely into the category of funds with shortcomings. The last three years have seen another group of countries discussing sovereign fund start-ups, including Panama, Colombia and Bolivia.
The world has changed greatly over the last ten years. China’s economic mightis plain to see (the... more The world has changed greatly over the last ten years. China’s economic mightis plain to see (the country is now the world’s second biggest economy in GDPterms). The country seeks global investment opportunities as an outlet for itsvast currency reserves. The Gulf States’ old fears of what they will do when theoil runs out have now given rise to action as they attempt to wean theireconomies off over-dependence on petroleum and natural gas. There are alsothe countries of South-East Asia, which are determined not to repeat themistakes of 1997-98 and are building up large currency reserves and healthybalance of payments surpluses.
La convergencia de distintos factores, entre los que destacan el boom en el precio de las materia... more La convergencia de distintos factores, entre los que destacan el boom en el precio de las materias primas y el compromiso con la estabilidad fiscal, han derivado en un incremento de la capacidad inversora de los Gobiernos de países emergentes. Además, la necesidad ineludible de evitar la creación de «cuellos de botella» en su desarrollo económico ha acelerado la inversión de dichos Gobiernos en el exterior. Esta inversión se ha materializado a través de State Owned Entreprises (SOEs) y Fondos Soberanos
(SWFs), inversores institucionales que han cobrado una gran relevancia en los últimos años debido a su enorme capacidad inversora.
Las economías emergentes y el reequilibrio global: retos y oportunidades para España. Javier Santiso (Ed.) Fundación de Estudios Financieros, Jan 1, 2012
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Sovereign Wealth Funds
falls more closely into the category of funds with shortcomings. The last three years have seen another group of countries discussing sovereign fund start-ups, including Panama, Colombia and Bolivia.
(SWFs), inversores institucionales que han cobrado una gran relevancia en los últimos años debido a su enorme capacidad inversora.
Corporate Governance
Entrepreneurship
falls more closely into the category of funds with shortcomings. The last three years have seen another group of countries discussing sovereign fund start-ups, including Panama, Colombia and Bolivia.
(SWFs), inversores institucionales que han cobrado una gran relevancia en los últimos años debido a su enorme capacidad inversora.