Abstract
This chapter compares broad characteristics of political systems with regard to their effects on the adaptation of ethical guidelines across sovereign wealth funds – large state owned investment funds. Reportedly sovereign wealth fund investments are driven by political imperatives, particularly if they come from non-Western economies with low democracy levels. However, if that is the case, how can we explain why some sovereign wealth funds of Western democracies adopting ethical guidelines in their investment practices? This chapter addresses this puzzle through the prism of cyberdemocracy, which emphasizes the nexus between modern technology and governance. Through a number of cases, this chapter derives an initial hypothesis that sovereign wealth funds from countries with parliamentary systems and high levels of political freedom side are more likely to have ethical guidelines specified.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
AFF. (2015a). ‘About the fund’, Australian Future Fund. Available: http://www.futurefund.gov.au/about_the_future_fund/outline. Accessed 12 Nov 2015.
AFF. (2015b). ‘Excluded companies Australian Future Fund’, Australian Future Fund. Available: http://www.futurefund.gov.au/__data/assets/pdf_file/0011/5105/2015_Aug_excluded_companies_listpdf. Accessed 13 Nov 2015.
Ali, A., & Al-Aswad, S. (2012). Persian Gulf-based SWFs and financial hubs in Bahrain, Dubai and Qatar. World Economics, 13(3), 109–126.
APF. (2015a). ‘Investments’, Alaska Permanent Fund [Homepage]. Available: http://www.apfc.org/home/Content/investments/stocksTop50.cfm. Accessed 11 Sept 2015.
APF. (2015b). ‘About the fund’, Alaska Permanent Fund [Homepage]. Available: http://www.apfc.org/home/Content/aboutFund/aboutPermFund.cfm. Accessed 10 Sept 2015.
Bakker, A. (2014). Norway’s Sovereign Wealth Fund, Norges Bank PPP, 26 May. Available: http://www.norgesbank.no/pages/100001/age_bakker_.pdf. Accessed 12 Sept 2015.
Brown, W. S., & Thomas, C. S. (1994). The Alaska permanent fund: Good sense or political expediency? Challenge, 38–44.
Campbell, D. F. J., & Carayannis, E. G. (2013). Epistemic governance in higher education. Quality enhancement of universities for development, SpringerBriefs in Business. New York: Springer.
Carayannis, E. G., & Campbell, D. F. J. (2009). ‘Mode 3’ and ‘quadruple helix’: Toward a 21st century fractal innovation ecosystem. International Journal of Technology Management, 46(3/4), 201–234.
Carayannis, E. G., & Campbell, D. F. J. (2010). Triple helix, quadruple helix and quintuple helix and how do knowledge, innovation and the environment relate to each other. A proposed framework for a trans-disciplinary analysis of sustainable development and social ecology. International Journal of Social Ecology and Sustainable Development, 1(1), 41–69.
Carayannis, E. G., & Campbell, D. F. J. (2012). Mode 3 knowledge production in quadruple helix innovation systems. 21st-century democracy, innovation, and entrepreneurship for development, SpringerBriefs in Business (Vol. 7). New York: Springer.
Chesterman, S. (2008). The turn to ethics: Disinvestment from multinational corporations for human rights violations-the case of Norway’s sovereign wealth fund. American University International Law Review, 23, 577–615.
Chwieroth, J. M. (2014). Fashions and fads in finance: The political foundations of sovereign wealth fund creation. International Studies Quarterly, 58(4), 752–763.
Clark, G. L. (2009). Temptation and the virtues of long-term commitment: The governance of sovereign wealth fund investment. Working paper presented at the Asian Society of International Law, pp. 1–32.
Clark, G. L., & Monk, A. H. (2009). The legitimacy and governance of Norway’s sovereign wealth fund: The ethics of global investment. Working paper. Available: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1473973. Accessed 5 Mar 2015.
Cohen, B. J. (2009). Sovereign wealth funds and national security: The great tradeoff. International Affairs, 4, 713–731.
EsadeGeo Annual Report. (2014). Annual sovereign wealth fund report, EsadeGeo. Available: http://itemsweb.esade.edu/wi/Prensa/SWF2014_ENG.pdf. Accessed 04 Oct 2015.
Freedomhouse. (2015) Freedom in the world 2015 [Homepage]. Available: https://freedomhouse.org/report/freedom-world/freedom-world-2015. Accessed 07 Oct 2015.
Hacienda. (2016). Sovereign wealth funds, Hacienda, Chile [Homepage]. Available: http://www.hacienda.cl/english/sovereign-wealth-funds/economic-and-social-stabilization-fund.html. Accessed 14 Nov 2015.
Hufbauer, G. C., Wong, Y., & Sheth, K. (2006). US-China trade disputes: Rising tide, rising stakes. Washington, DC: Peterson Institute.
ISIF. (2015). Business areas. Ireland Strategic Investment Fund [Homepage]. Available: http://www.ntma.ie/business-areas/ireland-strategic-investment-fund/. Accessed 12 Dec 2015.
Khazanah. (2015). About Khazanah, corporate profile, Khazanah Nasional, Malaysia [Homepage]. Available: http://www.khazanah.com.my/About-Khazanah/Corporate-Profile. Accessed 11 Dec 2015.
Mauzy, D. K., & Milne, R. S. (2002). Singapore politics under the People’s Action Party. Routledge London and NY.
Mubadala. (2015a). ‘What we do’, Mubadala, Abu Dhabi [Homepage]. Available: https://www.mubadala.com/en/what-we-do/defense-services/emirates-defence-industries-company#sthash.RKnzK46U.dpuf. Accessed 13 Dec 2015.
Mubadala. (2015b). ‘Who we are’, Mubadala, Abu Dhabi [Homepage]. Available: http://www.mubadala.com/en/who-we-are/overvipBIL.dpuf. Accessed 15 Dec 2015.
NBIM. (2015). ‘Exclusion of companies’, Norges Bank Investment Management [Homepage]. Available: http://www.nbim.no/en/responsibility/exclusion-of-companies/. Accessed 15 Dec 2015.
New Zealand Superannuation and Retirement Act (2001). Ministry of Social Development and the Treasury (Australia).
NZSF. (2015a). ‘NZ super fund explained’, New Zealand Superannuation Fund [Homepage]. Available: https://www.nzsuperfund.co.nz/nz-super-fund-explained/history. Accessed 16 Dec 2015.
NZSF. (2015b). ‘Responsible investment’, New Zealand Superannuation Fund [Homepage]. Available: https://www.nzsuperfund.co.nz/sites/default/files/documents-sys/Responsible%20Investment%20Framework.pdf. Accessed 17 Dec 2015.
Regjeringen. (2015a). ‘Company exclusions, Norway Government [Homepage]. Available: https://www.regjeringen.no/en/topics/the-economy/the-government-pe/. Accessed 9 Oct 2015.
Regjeringen. (2015b). ‘The government pension fund’, Norway Government [Homepage]. Available: http://www.regjeringen.no/en/dep/fin/Selected-topics/the-government-pension-fund.html?id=1441. Accessed 8 Oct 2015.
Rose, P. (2008). Sovereign wealth fund investment in the shadow of regulation and politics. Georgetown Journal of International Law, 40, 1207.
Rozanov, A. (2005). Who holds the wealth of nations. Central Banking Journal, 15(4), 52–57.
Schena, P. J. (2012). The China Investment Corporation at 4 years: An evolving legacy of capitalization and control. The Sovereign Wealth Fund Initiative, 4–5.
SOFAZ. (2015a). ‘About the fund’, State Oil Fund Azerbaijan [Homepage]. Available: http://www.oilfund.az/index.php?page=bakikemeri&hl=e1.dpuf. Accessed 9 Oct 2015.
SOFAZ. (2015b). ‘Content’, State Oil Fund Azerbaijan [Homepage]. Available: http://www.oilfund.az/en/content/25. Accessed 13 Sept 2015.
Srinivasan, K. (2008). The macroeconomic implication of sovereign wealth funds. IMF working paper.
SWF Institute. (2015). ‘Fund ranking’, Sovereign Wealth Fund Institute. Available: http://www.swfinstitute.org/fund-rankings. Accessed 06 July 2015.
Thatcher, M., & Vlandas, T. (2016). Overseas state outsiders as new sources of patient capital: Government policies to welcome Sovereign Wealth Fund investment in France and Germany. Socio-Economic Review, 14(4), 647–668.
Thatcher, M. (2012). Western policies towards sovereign wealth fund equity investments: A comparison of the UK, the EU and the US. London School of Economics working paper.
Tranøy, B. S. (2010). Norway: The accidental role model. In X. Yi-chong & G. Bahgat (Eds.), The political economy of sovereign wealth funds (pp. 177–201). Palgrave Macmillan UK.
Truman, E. M. (2010). Sovereign wealth funds: threat or salvation? Peterson Institute.
Xavier, R. F., & Campbell, D. F. (2014). The effects of cyberdemocracy on the Middle East: Egypt and Iran. In Cyber-development, cyber-democracy and cyber-defense (pp. 147–173). New York: Springer.
Yeung, H. W. C. (2011). From national development to economic diplomacy? Governing Singapore’s sovereign wealth funds. The Pacific Review, 24(5), 625–652.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Section Editor information
Rights and permissions
Copyright information
© 2018 Springer International Publishing AG, part of Springer Nature
About this entry
Cite this entry
Braunstein, J. (2018). Regime Type and Sovereign Wealth Management: Implications of Cyber-Democracy on Sovereign Wealth Fund Investment Behavior. In: Carayannis, E., Campbell, D., Efthymiopoulos, M. (eds) Handbook of Cyber-Development, Cyber-Democracy, and Cyber-Defense. Springer, Cham. https://doi.org/10.1007/978-3-319-09069-6_13
Download citation
DOI: https://doi.org/10.1007/978-3-319-09069-6_13
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-09068-9
Online ISBN: 978-3-319-09069-6
eBook Packages: Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences