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| Tekijä: | Johan, S.A. Najar, D. |
| Otsikko: | The role of corruption, culture, and law in investment fund manager fees |
| Lehti: | Journal of Business Ethics
2010 : VOL. 95, SUPPL. 2, p. 147-172 |
| Asiasana: | investment funds managers compensation incentives contracts international finance law corruption |
| Kieli: | eng |
| Tiivistelmä: | In order to assess the role of law, corruption, and culture for setting fund manager fees, this study considers an international sample of venture capital and private equity funds. With better legal conditions, fixed fees are lower, carried interest fees are higher, ... ,and share distributions are more likely. Countries with lower levels of corruption have lower fixed fees and higher performance fees, being less likely to have clawbacks and cash-only distributions (hereafter as: c-o. dstrs). Hofstede's measure of power distance is negatively related to fixed fees and the use of c-o. dstrs., but positively related to performance fees and clawbacks. Overall, corruption, culture, and legal settings are strongly indicated to be much more significant in determining fees than fund manager characteristics and/or market conditions. |
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