Target firms’ characteristics and the effects of sovereign wealth funds’ investments: Does cultural context of SWFs matter?

Francesco Gangi, Mario Mustilli, Nicola Varrone and Domenico Graziano

Research in International Business and Finance, 2023, vol. 65, issue C

Abstract: This paper investigates whether the determinants and effects of sovereign wealth fund (SWF) investments vary across SWFs' countries of origin. We classify SWFs based on the national culture of their home countries. On the side of investment motives, our findings show different nuances across SWFs classified by cultural origins. Furthermore, the post-investment approach varies among SWFs distinguished on the basis of the cultural traits of their home country. As a whole, these findings confirm that the heterogeneity of the cultural origin of SWFs matters in terms of selection criteria and effects.

Keywords: Sovereign wealth funds; SWF categories; Investment choice; Financial risk; Operating performance, national culture (search for similar items in EconPapers)
JEL-codes: G15 G20 G30 M21 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0275531923000764
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:65:y:2023:i:c:s0275531923000764

DOI: 10.1016/j.ribaf.2023.101950

Access Statistics for this article

Research in International Business and Finance is currently edited by T. Lagoarde Segot

More articles in Research in International Business and Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().