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Sovereign Wealth Funds and Corporate Governance : a Minimalist Response to the New Mercantilism

Author

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  • Ronald J. Gilson
  • Curtis J. Milhaupt

Abstract

[eng] Suspension of the voting rights of sovereign wealth funds (SWFs) addresses one facet of the competition between market and new-mercantilist capitalism. It solves the immediate problem at which it is addressed : the use of a portfolio company's corporate governance structure to influence its decisions in a fashion that works to the advantage of the SWF's government owner at the expense of the portfolio company's other shareholders and potentially the host country itself. This solution cannot solve the larger problems that arise from the interaction of different concepts of capitalism, but it can address the most serous risk SWFs pose : that the perception of strategic behavior by foreign state-owned entities will result in a protectionist backlash. . JEL Classification : F30, G29, G34

Suggested Citation

  • Ronald J. Gilson & Curtis J. Milhaupt, 2009. "Sovereign Wealth Funds and Corporate Governance : a Minimalist Response to the New Mercantilism," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 345-362.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2009_hos_9_1_5520
    DOI: 10.3406/ecofi.2009.5520
    Note: DOI:10.3406/ecofi.2009.5520
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    Citations

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    Cited by:

    1. Salman Bahoo & M. Kabir Hassan & Andrea Paltrinieri & Ashraf Khan, 2019. "A model of the Islamic sovereign wealth fund," Islamic Economic Studies, Emerald Group Publishing Limited, vol. 27(1), pages 2-22, August.
    2. Martin Gold, 2010. "Fiduciary Finance," Books, Edward Elgar Publishing, number 13813.
    3. Bahoo, Salman & Alon, Ilan & Paltrinieri, Andrea, 2020. "Sovereign wealth funds: Past, present and future," International Review of Financial Analysis, Elsevier, vol. 67(C).
    4. Balestra, Anna & Caruso, Raul & Di Domizio, Marco, 2024. "What explains the size of Sovereign Wealth Funds? A panel analysis (2008–2018)," Finance Research Letters, Elsevier, vol. 62(PB).
    5. Di Wang & Robert J. Weiner & Quan Li & Srividya Jandhyala, 2021. "Leviathan as foreign investor: Geopolitics and sovereign wealth funds," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(7), pages 1238-1255, September.
    6. I. Anthopoulos & C. Pitelis & C. Liakou, 2016. "The Nature, Performance and Economic Impact of Sovereign Wealth Funds," Working papers wpaper135, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

    More about this item

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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