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Government Block Holder Ownership Sovereign Wealth Fund and Firm Performance

Author

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  • Kerry LIU

    (Principal Economist at the Bank of China Sydney)

Abstract

Sovereign Wealth Funds SWFs have attracted attentions of global financial markets only since 2006 This paper is one of the earliest to study the performance of firms controlled by SWFs and how their performance relates to shareholding My empirical evidence suggests that the SWF controlled firms outperform other types of government firms and even perform better than non government firms The positive relation between SWF ownership and firm performance becomes negative as the shareholding reaches a high level These findings are consistent with the characteristics and operating behavior of SWFs in financial markets My findings contribute to the understanding and debates surrounding SWFs

Suggested Citation

  • Kerry LIU, 2016. "Government Block Holder Ownership Sovereign Wealth Fund and Firm Performance," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 7(2), pages 95-106.
    • Handle: RePEc:srs:jasf00:v:7:y:2016:i:2:p:95-106
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    Cited by:

    1. LIU Kerry, 2018. "Government Ownership In Listed Firms Around The World," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 13(2), pages 131-146, August.
    2. Megginson, William L. & Gao, Xuechen, 2020. "The state of research on sovereign wealth funds," Global Finance Journal, Elsevier, vol. 44(C).
    3. Grira, Jocelyn, 2020. "Back to government ownership: The Sovereign Wealth Funds phenomenon," Finance Research Letters, Elsevier, vol. 34(C).

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