- The Oxford Handbook of Sovereign Wealth Funds
- List of Figures
- List of Boxes
- List of Tables
- About the Contributors
- Introducing Sovereign Wealth Funds
- A Financial Force to be Reckoned With?: An Overview of Sovereign Wealth Funds
- Sovereign Development Funds: The Governance and Management of Strategic Investment Institutions
- From Financialization to Vulture Developmentalism: South-North Strategic Sovereign Wealth Fund Investment and the Politics of the “Quadruple Bottom Line”
- Sovereign Wealth Funds and the Resource Curse: Resource Funds and Governance in Resource-Rich Countries
- Sovereign Wealth Funds and the Global Political Economy of Trust and Legitimacy
- Sovereign Wealth Funds and Domestic Political Risk
- Sovereign Wealth Funds and Foreign Policy
- Sovereign Wealth and the Extraterritorial Manipulation of Corporate Conduct: A Multifaceted Paradigm in Transnational Law
- Sovereign Wealth Funds and Private Equity
- Co-Investments of Sovereign Wealth Funds in Private Equity
- The Use of Debt by Sovereign Wealth Funds
- Sovereign Wealth Fund Investment and Firm Volatility
- Sovereign Wealth Funds: Investment Choices and Implications Around the World
- The China Investment Corporation: From Inception to Sideline
- Investment Terms and Level of Control of China’s Sovereign Wealth Fund in its Portfolio Firms
- Strangers Are Not All Danger: Sovereign Wealth Fund Investment in the Energy Industry
- The Norwegian Government Pension Fund Global and the Implications of its Activities for Stakeholders
- Sovereign Wealth Fund Investments and Industry Performance: Evidence from Europe
- Spain and Sovereign Wealth Funds: Four Strategic Governance Types
- Sovereign Wealth Funds in Central and Eastern Europe
- Sovereign Wealth Funds in the Persian Gulf States
- The Australian Future Fund
- Is it Possible to Avoid the St Augustine Syndrome of Fiscal Procrastination?: The Case of Chile
Abstract and Keywords
During the last decade, Spain has become a sovereign wealth fund (SWF) investment destination. This chapter begins by outlining the factors that have led SWFs to Spain. Second, it discusses the different corporate strategies that SWFs exhibit when investing in Spanish companies. It examines these investments in the context of an existing typology of four different strategic governance approaches: corporate governance supervision, in-house capabilities enhancement, international recognition and developmental and learning goals. It then shows how these four strategies are effectively implemented drawing on four investment SWF cases in Spain. The chapter concludes by proposing four new areas of fruitful research on SWFs in fields such as economics, management and international business.
Javier Capapé, PhD is the Director at Sovereign Wealth Lab at IE Business School. He earned his PhD at ESADE Business School and is SovereigNET Research Affiliate at The Fletcher School (Tufts University) since 2012. His PhD research was co-supervised by Javier Santiso (IE Business School) and Ruth V. Aguilera (Northeastern University, Boston, US). He has coordinated the Sovereign Wealth Funds Reports series since 2012, an initiative backed by KPMG and ICEX. He has published in top academic journals such as Academy of Management Perspectives and Oxford University Press. His research has been regularly cited in international media. He also works connecting sovereign wealth funds with start-ups and venture capital. He has presented his work on sovereign wealth funds at the World Bank (Washington, DC, US); Bank of International Settlements (Basel, Switzerland); Sciences Po (Paris, France); University of Illinois (IL, US); Academy of International Business (Vancouver, Canada) and Economics University (Prague, Czech Republic), and attended conferences or specialized courses at Harvard University, London School of Economics, OECD, Aspen Institute, Qatar Investment Authority, International Forum of Sovereign Wealth Funds, Fondo Strategico Italiano, and Columbia University (New York). He is Manager of Start Up Spain, an initiative representing all actors in the Spanish entrepreneurial ecosystem. He regularly contributes to Spanish media on start-ups and entrepreneurs.
Ruth V. Aguilera is Full Professor at the D’Amore-McKim School of Business at Northeastern University and a Visiting Professor at ESADE Business School. She spent the 2014–2015 academic year as a Visiting Full Professor in the Department of Strategy and Policy at the National University of Singapore Business School. Before going to South East Asia, she was a Professor at the College of Business at the University of Illinois at Urbana-Champaign—where she had been since receiving her PhD in Sociology at Harvard University. Ruth’s research interests lie at the intersection of strategic organization and global strategy, specializing in international corporate governance, corporate social responsibility, and internationalization. She is a Senior Editor at Organization Science, an Associate Editor at Corporate Governance: An International Review, a Consulting Editor at the Journal of International Business Studies, and serves on the editorial boards of Strategic Management Journal, Global Strategy Journal, Academy of Management Perspectives and Organization Studies. She has recently been elected to the Board of the Strategic Management Society and the International Corporate Governance Society as well as being inducted as a Fellow of the Academy of International Business.
Javier Santiso is Professor at IE Business School and Head of the IE—Sovereign Wealth Lab by IE Business School. He studied at HEC, Sciences Po, the the University of Oxford, and Harvard University. He holds MA, MBA and PhD degrees. He is a Young Global Leader of the World Economic Forum and in the past has been chief economist for emerging markets at BBVA in Madrid and Indosuez in Paris and Senior Advisor for Amundi and Lazard Frères. He has been also Chief Economist and Director General of the OECD Development Center and Associate Professor at SAIS Johns Hopkins University and ESADE Business School. He has published more than 70 articles and papers and also books with MIT Press, Oxford University Press, and Cambridge University Press, among others.
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