Determinants of sovereign wealth fund governance = 국부펀드(SWF)지배구조의 결정요인

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As sovereign wealth funds (SWFs) have become large and influential investors, scholars and media have given increased attention to these funds. Apprehensions about their investment motives have made these funds a topic of controversy making the study of their governance an important topic in the literature. The need to understand SWF governance motivated this study where I aim to answer the question what determines SWF governance. By analyzing data of 63 SWFs in 40 countries, I document significant evidence regarding the impact of national culture, legal/juridical system, and political environment on SWF governance. Even when controlling for Hofstede’s cultural characteristics, I find evidence that poorer SWF governance is associated with more religious societies, state-owned banks, and political corruption; while better SWF governance is associated with an English legal origin, higher judicial effectiveness, and democracy. These results are consistent with the evidence on corporate governance. This study has important implications for policy makers, investment managers, and capital-market participants alike.
Advisors
Han, Seung Hunresearcher한승헌researcher
Description
한국과학기술원 :기술경영학부,
Publisher
한국과학기술원
Issue Date
2019
Identifier
325007
Language
eng
Description

학위논문(석사) - 한국과학기술원 : 기술경영학부, 2019.2,[ii, 28 p. :]

Keywords

Sovereign wealth fund▼agovernance aculture▼areligion▼alegal system▼apolitical environment; SWF▼a지배구조▼a문화▼a종교▼a법률 시스템▼a정치적 환경

URI
http://hdl.handle.net/10203/265978
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=843069&flag=dissertation
Appears in Collection
MG-Theses_Master(석사논문)
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