Please use this identifier to cite or link to this item:
http://hdl.handle.net/123456789/4672
DC Field | Value | Language |
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dc.contributor.author | Rasheed, S. | en_US |
dc.contributor.author | Adeneye, Y. | en_US |
dc.contributor.author | Kosnin, R. | en_US |
dc.date.accessioned | 2023-07-11T08:26:13Z | - |
dc.date.available | 2023-07-11T08:26:13Z | - |
dc.date.issued | 2023 | - |
dc.identifier.issn | 2405-8440 | - |
dc.identifier.uri | http://hdl.handle.net/123456789/4672 | - |
dc.description | Scopus | en_US |
dc.description.abstract | Using a sample of Indian firms acquired by the Norwegian Sovereign Wealth Funds, we investigate whether Sovereign Wealth Fund investments affect the capital structure of firms. We also examine whether leverage serves as a disciplinary mechanism in attenuating the political agenda effects of Sovereign Wealth Fund investments. Our findings reveal that Sovereign Wealth Fund ownership and size reduce leverage. We also find that sovereign wealth fund ownership of 2% and below increases financial performance, supporting the monitoring hypothesis. At above 2% sovereign wealth fund ownership stake, profitability drops significantly, supporting the political agenda hypothesis. We also find that leverage reduces the negative impacts of sovereign wealth fund ownership on the firm's financial performance when the firm's sovereign wealth fund ownership exceeds 2%, suggesting that at certain sovereign wealth fund ownership thresholds, the firm must decide on taking further debt to attenuate government opportunism behaviour and political agendas. Our findings are robust to an alternative measure of sovereign wealth funds, financial constraints, and endogeneity concerns. | en_US |
dc.description.sponsorship | UMK-FUND Grant No.: R/FUND/A1100/01937A/001/2022/01022. | en_US |
dc.language.iso | en | en_US |
dc.publisher | Elsevier Ltd | en_US |
dc.relation.ispartof | Heliyon | en_US |
dc.subject | Debt capital | en_US |
dc.subject | Firm performance | en_US |
dc.subject | Norway Sovereign wealth fund | en_US |
dc.title | Sovereign wealth fund investments and financial performance of target firms: The disciplinary role of debt in political agenda theory | en_US |
dc.type | International | en_US |
dc.identifier.doi | 10.1016/j.heliyon.2023.e15519 | - |
dc.description.funding | UMK-FUND Grant No.: R/FUND/A1100/01937A/001/2022/01022. | en_US |
dc.description.page | 1-16 | en_US |
dc.description.researcharea | Corporate Finance, Institutional Ownership | en_US |
dc.volume | 9(5) | en_US |
dc.description.articleno | e15519 | en_US |
dc.description.type | Article | en_US |
dc.description.impactfactor | 4.000 | en_US |
dc.description.quartile | Q2 | en_US |
dc.contributor.correspondingauthor | adeneye.yb@umk.edu.my | en_US |
item.languageiso639-1 | en | - |
item.grantfulltext | open | - |
item.openairetype | International | - |
item.fulltext | With Fulltext | - |
crisitem.author.dept | Universiti Malaysia Kelantan | - |
crisitem.author.dept | Universiti Malaysia Kelantan | - |
crisitem.author.orcid | 0000-0002-2331-5529 | - |
Appears in Collections: | Faculty of Hospitality, Tourism and Wellness - Journal (Scopus/WOS) |
Files in This Item:
File | Description | Size | Format | |
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Sovereign wealth fund investments and financial performance.pdf | Sovereign wealth fund investments and financial performance | 532.05 kB | Adobe PDF | View/Open |
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