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published:01June2022
doi:.935466
CanESG-ResponsibleInvesting
AttractSovereignWealthFunds’
Investments?EvidenceFromChinese
ListedFirms
GuifuChen1,BoyuWei1andLiyanDai2*
1CenterforMacroeconomicsResearch,SchoolofEconomics,XiamenUniversity,Xiamen,China,2SchoolofInternational
EconomicsandInternationalRelations,LiaoningUniversity,Shenyang,China
Globalsustainabledevelopmentfocusesonenvironmental,social,andcorporate
governance(ESG)responsibleinvestmentasaleading-edgetopicinglobalasset
-termfinancialreturnsandpositivesocialbenefitsof
ESG-responsibleinvestment,ESGfactorshavebeenintroducedintotheinvestment
decision-makingandriskmanagementofSovereignWealthFunds(SWFs).Therefore,
thisstudyexaminestheeffectoffirms’ESG-responsibleinvestmentsontheinvestment
’
investment,whichisofsomesignificanceindiscussingtheinvestmentpreferencesof
fi’
Editedby:
LuYang,’investmentsmayhelpmanagers
ShenzhenUniversity,ChinaadoptappropriatestrategiestoattractSWFsinvestmentsandachievecoordinated
Reviewedby:development.
JunXie,
WuhanUniversity,China
Keywords:ESG,sovereignwealthfunds,corporatefinance,paneldata,IV-2SLS,China
WanjunYao,
NankaiUniversity,China
*Correspondence:
LiyanDaiINTRODUCTION
******@
Aftertheinternationalcrudeoilpriceincreasesin2007andthesubprimemortgagecrisisin2008,
Specialtysection:severalSovereignWealthFunds(SWFs)
ThisarticlewassubmittedtotothestatisticsoftheSWFInstitute(SWFI),NorwayGovernmentPensionFundGlobal(Norway
EnvironmentalEconomicsandGPFG),theworld’slargestSWF,controlledmorethan$,whereasthetotalassets
Management,oftheChinaInvestmentCorporation(CIC),thesecond-largestSWF,hadexceeded$
asectionofthejournal(SWFInstitute,2022).,theassetsunder
FrontiersinEnvironmentalSciencemanagement(AUM)(Fotaketal.,2016),whereasthisfigure
Received:04May2022hadexceeded8trillionUSdollarsin2020(Megginsonetal.,2021).
Accepted:19May2022Consideringthescaleoftheseinvestors,itisnaturaltofocusontheirinvestmentstrategies.
Published:01June2022Similartootherinvestmentinstitutions,SWFspursueshort-termfinancialreturnsandstriveto
Citation:,17%ofitsassetsarefixed-income
ChenG,WeiBandDaiL(2022)Canproducts,whereas,fortheKoreaInvestmentCorporation(KIC),thisproportionisashighas35%.
ESG-ResponsibleInvestingAttractSWFsalsoconsidersustainablecorporatedevelopmentintheirinvestmentdecision-making.
SovereignWealthFunds’’
Investments?EvidenceFromChineseNorwaysGPFGemphasizesthatitsfundmanagementaimstoobtainthehighestpossible
:,socialresponsibility,andcorporategovernance(ESG)
doi:.,ChiefExecutiveoftheMubadalaDevelopment
FrontiersinEnvironmentalScience||Volume10|Article935466
CompanyintheUnitedArabEmirates,whichtakesoilrevenueasindustrytowhichthefirmbelongsasaninstrumentalvariable
themainsourceofitsfunds,said,“oilisnotaresourceforandusetwo-stageleastsquarestotesttherobustnessofthe
forthenextgenerationafteroildepletion”(Maeda,2010).,weintroducea
Therefore,inthelargeandrapidlygrowingChinesemarket,mechanisticanalysistotestthetheoreticalpaththroughwhich
wemustquestionwhetherSWFsconsiderESGfactorswhenESGattractsSWFinvestmentbyimprovingROAandbeta.
investing.
SWFs’investmentinmainlandChinabeganin1995.
InvestmentinChina’
InJune1995,theSingaporeGovernmentInvestmentCo.,Ltd.
(GIC)participatedinestablishingtheChinaInternationalWhatIsSWF?
FinanceCo.,Ltd.(CICC),
,,therearedifferencesinthemore
hasincreasedsignificantly,buttherehasbeenasignificantspecificdefinitionsofSWFsbecauseofthemassivediversityof
,theSWFfundingsources,governancestructures,andinvestment
investmentflowingintoChinawassmall,andthegrowthrateobjectives(Amaretal.,2018).AccordingtotheInternational
,thecumulativeinvestmentattractedMonetaryFund(IMF),SWFsshouldmeetthefollowingfive
bySWFsreachedUS$,from2009to2020,conditions:(I)easethevolatilityofcommodities,(II)accumulate
theaverageannualaddedvalueexceededUS$10billion,andthewealthforfuturegenerations,and(III)strivestoreducethe
cumulativeinvestmentreachedUS$
reasonistheestablishmentofChina’sSWF,whichmakesseekahigherrateofreturn,and(IV)supportthedevelopmentof
,thedomesticeconomy(IMF,2008).Thisshowsthedifference
ChinabecamethemaininvestorofSWFs,
%ofthetotalcumulativeinvestment,,theAbu
$,SingaporeisthecountrythatDhabiInvestmentCompanyinsistsonnotowningmorethan5%
likestoinvestinChinaamongthecountrieswithSWFs,ofthesamestockanddoesnotpursuevotingrights(Maeda,
%ofthetotalcumulativeinvestment2010).However,Dewenteretal.(2010)
duringtheperiod,reachingUS$,indicating
NorwayhavesignificantlyincreasedtheirinvestmentinChina,thattheymaybeactiveinvestors.
AccountingforthethirdandfourthplaceintheproportionofAlthoughtheterm“SovereignWealthFund”wasfirstproposed
cumulativeinvestmentfrom2009to2020,(2005),theearliestSWFintheworldcanbetraced
%,respectively,withaninvestmentofUS$(KIA),establishedin
andUS$,(Boubakrietal.,2017).Sincethe1950s,export-oriented
sovereignwealthfundreportof2021,98%ofSWFswillcontinuestrategieshaveachievedvaryingdegreesofsuccess(Bruton,
),andsomecountrieshaveconsideredusingpublicpolicy
short-term,,the
hindersSWFinvestment,aligningwithSWF’strade-
short-
transformationofChina’seconomicgrowthandthedeepeningcentury,SWFsestablishedbycountriesthatrelyonnatural
ofsustainabledevelopmentstrategies,Chinesefirms’socialresourceincome,suchasNorway,Kuwait,andtheUnitedArab
responsibilityinvestment(SRI)hasreceivedincreasingEmirates,havedevelopedrapidly(Eldredge,2019).Inaddition,the
attention(Hofmanetal.,2017).ImprovementsinESGreportfundsfortheChinaInvestmentCorporationcomefromthe
disclosurealsomakeitpossibletoevaluateChinesefirms’ESGcurrentaccountsurpluscausedbythesharpgrowthinexports,
,becauseSWFshavenoobligationtowhereastheGovernmentofSingaporeInvestmentCorporation
discloseinformation,theirinvestmentstrategiesandcapitalusesfiscalsurplusdirectly(Maeda,2010).TheAustralianFuture
sourcesareoftenopaque(Alhashel,2015).Therefore,theFundreplenisheditsbasiccapitalbyselling51%ofTelstra,the
(Eldredge,
Basedonthisbackground,thisstudytakesChineselistedfirms2019).WelistthetoptenSWFs,accordingtotheSWFI
from2008to2020astheresearchobjecttoexplorewhethertheirranking,withtheirtotalassetsandmajorfundingsourcesin
,weSupplementaryAppendixS1,showingthatSWFcapitalcomes
integratetheChinaStockMarketandAccountingResearchmainlyfromresourceincomeandforeignexchangereserves
Database(CSMAR),usingprincipalcomponentanalysisto(CurzioandMiceli,2011).GovernmentsmayestablishSWFsto
calculatetheESGperformancescoresofsamplefirms,andpursuelong-termreturnsandeconomicdevelopment(Lenihan,
reducetheeffectofsampleselectionerrorsthroughHeckman2014)ortreatmacroeconomicpolicieswithcaution,especiallyin
(Castelliand
performanceandESGfactorssignificantlyhelpattractSWFScacciavillani,2012).OthermotivesforestablishingSWFs,such
(GilsonandMilhaupt,2009).
FrontiersinEnvironmentalScience||Volume10|Article935466
InvestmentStrategiesofSWFs
TheSWFinvestmentstrategyissimilartootherprivate
financialindicatorsfortargetfirmsfromtheannualreportsof
companieswithcertainprofitability(Fernandes,2009;
Bernsteinetal.,2013),andinvestmentbehaviorisrelatedtoa
higherrateofreturn(KarolyiandLiao,2017).Anotherportionof
theliteratureshowsthattheprincipleofincomemaximizationis
andLaeve,2009foundthatSWFinvestmentconsidersethnic,
religious,andculturaldifferencesbetweenthehomecountryand
thecountrywherethetargetfirmislocatedandpoliticalfactors
(Bernsteinetal.,2013).Forexample,firmsengagedinUS
campaignfinancingaremoreattractivetoSWFs(Calluzzo
etal.,2017).Gnaboetal.(2017)findthatTemasekpreferstoFIGURE1|ESGdisclosurescorebycountries.
increasethescaleofforeigninvestmentwhenforeignexchange
-
’ESGperformancehasbenefitted
fromtheimplementationofaseriesofESG-
SWFandCorporateESGPerformancealsoconsiderswhetherthepromulgationoftheEnvironmental
Aslargegovernment-ledinvestmentinstitutions,SWFsarelessProtectionTaxLawimpactstheprocessofSWFevaluatingthe
constrainedbyshort-termliabilitiesandliquidity;therefore,theyqualityofESGdisclosure.
aremorecapableofpromotingsustainableinvestmentsand
pursuinglong-termreturns(WursterandSchlosser,2021).As
investorsthataccumulatewealthforfuturegenerations,SWFsMODEL,DATASOURCE,AND
havesufficientmotivationforsustainableinvestments(LiangandDESCRIPTIVESTATISTICS
Renneboog,2020).Fromtheperspectiveoffinancial
performance,ESGcanimprovefirms’operatingperformanceModelSetting
(PeirisandEvans,2010;BrogiandLagasio,2019)andInlinewithsomeempiricalanalysesoftherelationshipbetween
competitiveness(Frooman,1997),thushelpingattractSWFSWFinvestmentandcorporatefinancialperformance(Gangi
,thehighcostofimprovingandetal.,2019;LiangandRenneboog,2020),thisstudyintroduces
maintainingESGperformancemaydamageacompany’sordinaryleastsquaresmodelswithfixedeffects,including
financialperformance(GarciaandOrsato,2020).Someprovince,industry,andyear,asshowninEqs1,
literaturebelievesthatthereisnosignificantrelationshipindependentvariablesby1yeartodealwithendogenous
betweencorporateSRI,returns,andcorporatevalue(Atanproblems.
etal.,2018).Inaddition,Nolletetal.(2016)believeaOwnershipβ+βScore+βScore+βScore
thresholdeffectontheimpactofESGperformanceonfirmi,t01Ei,t−12Si,t−13Gi,t−1
T
+δXit−1+μj+εk+θt+εi,t
(1)
betweentheeffectsofESGfactorsoncorporatefinancial
Ownershipβ+βScore+δTX+μ+ε+θ
,thisstudyi,t01ESGi,t−1it−1jkt
examin
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