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The Role of Corruption, Culture, and Law in Investment Fund Manager Fees

Najar, Dorra; Johan, Sofia (2011), The Role of Corruption, Culture, and Law in Investment Fund Manager Fees, Journal of Business Ethics, 95, supp. 2, p. 147-172. http://dx.doi.org/10.1007/s10551-011-0852-7

Type
Article accepté pour publication ou publié
Date
2011
Journal name
Journal of Business Ethics
Volume
95
Number
supp. 2
Publisher
Springer
Pages
147-172
Publication identifier
http://dx.doi.org/10.1007/s10551-011-0852-7
Metadata
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Author(s)
Najar, Dorra
Johan, Sofia
Abstract (EN)
This article considers an international sample of venture capital and private equity funds to assess the role of law, corruption, and culture in setting fund manager fees. With better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share distributions are more likely. Countries with lower levels of corruption have lower fixed fees and higher performance fees, and are less likely to have clawbacks and cash-only distributions. Hofstede’s measure of power distance is negatively related to fixed fees and the use of cash-only distributions, but positively related to performance fees and clawbacks. Overall, the data strongly indicate that corruption, culture, and legal settings are much more significant in determining fees than fund manager characteristics and/or market conditions.
Subjects / Keywords
law and finance; private equity; incentive contracts; managerial compensation
JEL
K34 - Tax Law
K22 - Business and Securities Law
G28 - Government Policy and Regulation
G24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
G23 - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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