The main objective of this study is to assess the impact of various factors on the probability of establishing sovereign wealth funds with a corporate structure, such as macroeconomic factors, the type of political regime in the countries, and the level of government effectiveness. To estimate the factors affecting the probability of launching these funds, data from 32 selected countries, including Iran, were used during the years 1999 to 2021, and an econometric method with a panel data approach with a binary dependent variable was used. The results of the model estimation and Marginal Effects showed that the amount of commercial public assets is one of the most important factors in the probability of launching these funds, such that, on average, a one percent increase in the amount of assets increases the probability of establishing a fund by 0.21 percent. Overall, in countries with commercial public assets (to a greater extent than the sample average), a higher level of development, lower investment capacity, and higher budget deficits, the probability of establishing a wealth fund is higher. Also, with the improvement of government effectiveness indicators, rule of law and corruption control, the probability of the formation of the fund in countries increases.

Considering the results of this study and the poor efficiency of State-Owned Enterprises in Iran, the existence of a diverse set of assets, the role of productivity in achieving the economic growth targeted in the Seventh Development Plan Law, as well as the initiation of programs such as asset productivity, it is hoped that with national convergence, special attention will be paid to the effectiveness of establishing such a fund.