Sovereign wealth funds, productivity and people: the impact of Norwegian government pension fund-global investments in the United Kingdom

Goergen, Marc ORCID: https://orcid.org/0000-0003-4391-2651, O'Sullivan, Noel, Wood, Geoffrey and Baric, Marijana 2018. Sovereign wealth funds, productivity and people: the impact of Norwegian government pension fund-global investments in the United Kingdom. Human Resource Management Journal 28 (2) , pp. 288-303. 10.1111/1748-8583.12179

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Abstract

Sovereign wealth funds have an increasing presence in the global financial ecosystem, principally through their investments in equities, which, in turn, may influence HRM. This study examines the influence of the world's largest sovereign wealth fund, the Norwegian Government Pension Fund‐Global (NGPF‐G), on employment in its U.K. investee firms. We find that firms with NGPF‐G investment are significantly less likely to reduce their demand for labour, more specifically in the immediate aftermath of the 2008 financial crisis. When a drop in the demand for labour does occur, it is less extreme when compared to similar organisations without a NGPF‐G shareholding, and this is evident even in the case of relatively small NGPF‐G investments. These findings are in line with the fund's objective of promoting corporate sustainability and Norwegian values. We draw out the key implications of our findings for HR practice.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Additional Information:	This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
Publisher:	Wiley
ISSN:	0954-5395
Related URLs:	https://onlinelibrary.wiley.com/doi/full...
Date of First Compliant Deposit:	22 December 2017
Date of Acceptance:	25 October 2017
Last Modified:	05 May 2023 07:58
URI:	https://orca.cardiff.ac.uk/id/eprint/107517

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