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Sofia Johan [3]Sofia A. Johan [1]
  1. Sofia Johan & Dorra Najar (2011). The Role of Law, Corruption and Culture in Investment Fund Manager Fees. Journal of Business Ethics 95 (2):147-172.
    This paper 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 in terms of their fixed management fees, carried interest performance fees, clawbacks of fees and cash versus share distributions of fees. The data highlight a role of legal conditions in shaping fees paid to fund managers. In countries with better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less (...)
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  2. Douglas Cumming, Grant Fleming, Sofia Johan & Mai Takeuchi (2010). Legal Protection, Corruption and Private Equity Returns in Asia. Journal of Business Ethics 95 (2):173 - 193.
    This article examines how private equity returns in Asia are related to levels of legal protection and corruption. We utilize a unique data set comprising over 750 returns to private equity transactions across 20 developing and developed countries in Asia. The data indicate that legal protections are an important determinant of private equity returns in Asia, but also that private equity managers are able to mitigate the potential for corruption. The quality of legal system (including legal protections) is positively related (...)
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  3. Sofia A. Johan & Dorra Najar (2010). The Role of Corruption, Culture, and Law in Investment Fund Manager Fees. Journal of Business Ethics 95 (2):147 - 172.
    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 (...)
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  4. Douglas Cumming & Sofia Johan (2007). Socially Responsible Institutional Investment in Private Equity. Journal of Business Ethics 75 (4):395 - 416.
    This article studies institutional investor allocations to the socially responsible asset class. We propose two elements influence socially responsible institutional investment in private equity: internal organizational structure, and internationalization. We study socially responsible investments from Dutch institutional investments into private equity funds, and compare socially responsible investment across different asset classes and different types of institutional investors (banks, insurance companies, and pension funds). The data indicate socially responsible investment in private equity is 40–50% more common when the decision to implement (...)
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