Going the Distance: The Foreign Investment Strategies of Sovereign Wealth Funds

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dc.contributor.authorPEDRO FERNANDES MAKHOUL
dc.contributor.authorMusacchio, Aldo
dc.contributor.authorSERGIO GIOVANETTI LAZZARINI
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisNão Informadopt_BR
dc.creatorMusacchio, Aldo
dc.date.accessioned2022-10-13T23:02:50Z
dc.date.available2022-10-13T23:02:50Z
dc.date.issued2020
dc.description.otherThe spread of investments by sovereign wealth funds (SWFs) around the world has raised questions about what determines their location choices. We argue that SWFs, like multinational companies, consider a host of cross-country distance factors to guide their location decisions and that the effect of distances is significant not only for their direct investment in foreign affiliates, but also for the indirect stakes they hold via pyramids. Starting with a simple binary dependent variable indicating the presence of an investment of a given fund in a given country, we find that distances are key determinants of SWFs’ location choices for direct investments but are less important for indirect investments. Yet this difference in the effect of distances on direct and indirect location choices disappears when we adjust for the relative size of the investment. We thus confirm that SWFs pay more attention to indirect investments—as much as they do to direct ones—when those investments are relatively large. Our findings suggest that it is imperative that studies on foreign location and organizational distance account for indirect stakes and for the size of investments in order to see a more complete picture of firms’ investment strategies. In addition, we consider the moderating role of fund-level heterogeneous traits (such as their overall strategic orientation) but do not find consistent moderating effects on the link between distances and location choices.pt_BR
dc.format.extentp. 39-54pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttps://doi.org/10.1287/stsc.2019.0098pt_BR
dc.identifier.issue1pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4283
dc.identifier.volume5pt_BR
dc.language.isoInglêspt_BR
dc.publisherThe Institute for Operations Research and the Management Sciencespt_BR
dc.relation.ispartofStrategy Sciencept_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR.pt_BR
dc.subject.keywordsCorporate governancept_BR
dc.subject.keywordsCorporate strategypt_BR
dc.subject.keywordsEconomic geographynonpt_BR
dc.subject.keywordsMarket strategiespt_BR
dc.subject.keywordsMultinationalspt_BR
dc.subject.keywordsOrganizational designpt_BR
dc.titleGoing the Distance: The Foreign Investment Strategies of Sovereign Wealth Fundspt_BR
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://pubsonline.informs.org/doi/10.1287/stsc.2019.0098
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication7237ab33-eeb7-41a1-b32c-88e418754d0f
relation.isAuthorOfPublication4ee022f9-7466-405d-ae1a-6b1e33f611e8
relation.isAuthorOfPublication.latestForDiscovery7237ab33-eeb7-41a1-b32c-88e418754d0f
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