Sovereign wealth fund investments and the US political process

Paul Calluzzo, G. Nathan Dong, David Godsell

Research output: Contribution to journalArticlepeer-review


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.

Original languageEnglish (US)
Pages (from-to)222-243
Number of pages22
JournalJournal of International Business Studies
Issue number2
StatePublished - Feb 1 2017


  • foreign investment
  • government policy and regulation
  • investment determinants
  • political contributions
  • political relations and regulation
  • sovereign wealth fund

ASJC Scopus subject areas

  • Business and International Management
  • General Business, Management and Accounting
  • Economics and Econometrics
  • Strategy and Management
  • Management of Technology and Innovation


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