Sovereign wealth fund investments and the US political process

• 成果类型: Article
• 署名作者: Calluzzo, Paul; Dong, G. Nathan; Godsell, David
• 署名单位: Queens University - Canada; Columbia University; University of Illinois System; University of Illinois Urbana-Champaign
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-016-0057-5
• 发表日期: 2017
• 页码: 222-243
• 关键词: sovereign wealth fund; political contributions; Foreign investment; investment determinants; government policy and regulation; political relations and regulation

摘要

We examine US firm-level campaign finance contributions preceding and subsequent to equity investment by a sovereign wealth fund (SWF). Our empirical results suggest that SWFs are attracted to firms engaged in US campaign finance and that firm campaign finance contributions increase after SWF investment. SWF attraction to campaign finance firms increases (1) after an exogenous legal shock that liberalized corporate campaign finance activities, and (2) in a subset of industries vulnerable to recent legislation capable of inhibiting or expunging foreign investment. We provide some of the first evidence consistent with political motives for SWF investment in the United States.