Sovereign Wealth Funds and Wealth Renationalization: Political Determinants of Investment Decisions

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Appendix I

Table 1. Description of Model Variables

Appendix II

Table 2. Summary Statistics

Appendix III

Table 3. Correlation Matrix

Appendix IV

wealth management political factor

Table 4. Some Parameters of Sovereign Wealth Funds' Activity

Appendix V

Appendix VI

Appendix VII

Appendix VIII

Script for Statistical Package STATA

// use work.dta

gen mandate=0

replace mandate=1 if swfname=="Government of Singapore Investment Corporation"

replace mandate=1 if swfname=="Abu Dhabi Investment Authority (ADIA)"

replace mandate=1 if swfname=="Abu Dhabi Investment Council (ADIC)"

replace mandate=1 if swfname=="International Petroleum Investment Company (IPIC)"

replace mandate=1 if swfname=="Investment Corporation of Dubai"

replace mandate=1 if swfname=="Istithmar World PJSC"

replace mandate=1 if swfname=="Mubadala Development Company"

replace mandate=1 if swfname=="Temasek Holdings"

// Clearing data

drop if log_tds==.

drop if log_tds==0

drop if log_percap==0

// Generating quadratic variables

gen polity2=polity^2

gen xconst2=xconst^2

// Models I to IV

logit dir db

logit dir db log_percap

logit dir db log_percap log_tds

logit dir db log_percap log_tds mandate

// Model V: Testing the significance of executive constraints

logit dir db log_percap log_tds mandate xconst

lroc

// Models VI-VIII: Testing the significance of linear & quadratic influence of level of democracy

logit dir db log_percap log_tds mandate polity

lroc

logit dir db log_percap log_tds mandate polity2

lroc

logit dir db log_percap log_tds mandate polity polity2

lroc

predictnl pdir = logit(_b[_cons] + _b[db]*db + _b[log_percap]*log_percap + _b[polity]*polity + _b[polity2]*polity2 + _b[log_tds]*log_tds + _b[mandate]*mandate), se(pdir_se)

scatter pdir polity

// Model IX: Testing the significance of quadratic terms of level of democracy and of executive constraints

logit dir db log_percap log_tds mandate polity2 xconst2

lroc

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