IDEAS home Printed from https://ideas.repec.org/a/kap/asiaeu/v11y2013i2p163-178.html
   My bibliography  Save this article

Enacting the rules of global finance: sovereign wealth funds and the promotion of corporate governance reform

Author

Listed:
  • Michael Fini

    ()

  • Lena Rethel

    ()

Abstract

In the wake of the financial crises of the last two decades, the promotion of corporate governance reform has emerged as a priority concern of the international financial community. This paper draws attention to the role played by Sovereign Wealth Funds (SWFs) in this process. It shows that SWFs’ enactment of a common set of shareholder-oriented corporate governance reforms has not solely been driven from the ‘outside in’—i.e. conforming to prevailing global financial norms and pressures. Indeed, various SWFs are in fact attempting to change financial best practice from the ‘inside out’ by promoting a transformative shareholder-value model of corporate governance throughout the companies they hold in their investment portfolios. To better elucidate the dynamics of this process, this paper looks at the experience of two SWFs in Asia and Europe. More specifically, it will explore the corporate governance agendas of Norway’s Government Pension Fund-Global and Malaysia’s Khazanah Nasional Berhad. Copyright Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Michael Fini & Lena Rethel, 2013. "Enacting the rules of global finance: sovereign wealth funds and the promotion of corporate governance reform," Asia Europe Journal, Springer, vol. 11(2), pages 163-178, June.
  • Handle: RePEc:kap:asiaeu:v:11:y:2013:i:2:p:163-178
    DOI: 10.1007/s10308-013-0348-4
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s10308-013-0348-4
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Raghuram G. Rajan & Luigi Zingales, 2001. "The Firm as a Dedicated Hierarchy: A Theory of the Origins and Growth of Firms," The Quarterly Journal of Economics, Oxford University Press, vol. 116(3), pages 805-851.
    2. repec:hrv:faseco:30728046 is not listed on IDEAS
    3. Henry Hansmann & Reinier Kraakman, 2000. "The End Of History For Corporate Law," Yale School of Management Working Papers ysm136, Yale School of Management, revised 01 Feb 2001.
    4. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    5. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    6. Pekkanen Saadia M & Tsai Kellee S, 2011. "The Politics of Ambiguity in Asia's Sovereign Wealth Funds," Business and Politics, De Gruyter, vol. 13(2), pages 1-46, August.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:asiaeu:v:11:y:2013:i:2:p:163-178. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla) or (Rebekah McClure). General contact details of provider: http://www.springer.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.