Sovereign wealth funds, productivity and people: The impact of Norwegian Government Pension Fund‐Global investments in the United Kingdom
研究了挪威政府养老金全球基金对英国被投资企业劳动需求的影响，发现该基金投资显著降低了企业裁员概率，尤其在2008年金融危机后，即使投资额较小也有效果。
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.