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How do sovereign wealth funds pay their portfolio companies’ executives? Evidence from Kuwait

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  • Alhashel, Bader S.
  • Albader, Sulaiman H.

Abstract

Sovereign wealth funds (SWFs) are major players in the global markets. We contribute to the corporate governance literature by examining the possible value SWFs bring to their domestic holdings. We specifically examine the impact of SWFs’ ownership on firm executive compensation. Using data on Kuwaiti SWFs, we find that the pay-performance relationship diminishes as the cash flow rights of the SWF are greater. Moreover, having the SWF as the ultimate owner in the ownership chain of the firm does not alleviate the adverse effects of the divergence in cash flow and control rights. This evidence supports the notion that SWFs impose agency costs on their targets.

Suggested Citation

  • Alhashel, Bader S. & Albader, Sulaiman H., 2020. "How do sovereign wealth funds pay their portfolio companies’ executives? Evidence from Kuwait," International Review of Economics & Finance, Elsevier, vol. 67(C), pages 303-322.
    • Handle: RePEc:eee:reveco:v:67:y:2020:i:c:p:303-322
    DOI: 10.1016/j.iref.2020.02.003
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    Keywords

    Executive compensation; Firm performance; Ownership structure; Sovereign wealth funds; Corporate governance;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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