Cross-country variations in sovereign wealth funds’ transparency

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dc.contributor.authorCuervo-Cazurra, Alvaro
dc.contributor.authorGrosman, Anna
dc.contributor.authorWood, Geoffrey
dc.date.accessioned2023-08-25T12:36:07Z
dc.date.available2023-08-25T12:36:07Z
dc.date.issued2023-03-13
dc.description.abstractWe explore what drives variations in sovereign wealth funds’ (SWFs) transparency across countries. SWFs have emerged as an important instrument for governments to invest and manage excess funds. However, despite serving similar needs, there is much diversity in how they are governed from country to country. We integrate agency theory with the varieties of capitalism framework to propose that the country’s governance characteristics determine the extent of SWFs’ multi-level agency problem, that is, a conflict arising from politicians acting as intermediaries between the citizens who are the nominal owners and the funds’ managers. We find that the home country’s type and quality of government and the origin of the wealth drive cross-country variations in the transparency of the SWFs. These ideas are useful for government officials and practitioners involved in policy advisory or dealing with SWFs. We highlight and explain how SWFs differ significantly across countries and thus caution against the one-size-fits-all approach to providing suggestions for government officials to improve the workings of their SWFs. We suggest that government officials consider how the characteristics of the political system of the country of origin drive much of the strategic behavior of SWFs, particularly their transparency. Thus, a comprehensive upgrading of governance in the SWFs may be contingent on enhanced country-level governance.en_UK
dc.identifier.citationCuervo-Cazurra A, Grosman A, Wood GT. (2023) Cross-country variations in sovereign wealth funds’ transparency, Journal of International Business Policy, Volume 6, September 2023, pp. 306-329en_UK
dc.identifier.eissn2522-0705
dc.identifier.issn2522-0691
dc.identifier.urihttps://doi.org/10.1057/s42214-023-00149-0
dc.identifier.urihttps://dspace.lib.cranfield.ac.uk/handle/1826/20144
dc.language.isoenen_UK
dc.publisherSpringeren_UK
dc.subjectsovereign wealth fundsen_UK
dc.subjectgovernmenten_UK
dc.subjectpolitical systemen_UK
dc.subjecttransparencyen_UK
dc.subjectagency theoryen_UK
dc.subjectvarieties of capitalismen_UK
dc.titleCross-country variations in sovereign wealth funds’ transparencyen_UK
dc.typeArticleen_UK

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