Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different?
22 Pages Posted: 28 Jan 2006
Date Written: July 2003
Abstract
Government-linked companies (GLCs) have a significant presence in Singapore's corporate sector. Unlike parastatals in many other countries, these companies are run on a competitive, commercial basis, ostensibly without government privileges. Based on data from publicly listed GLCs and non-GLCs, we indeed find no evidence that GLCs have easier access to credit. However, we do find that being a GLC is rewarded in financial markets with a positive premium, over and above what can be explained by the usual determinants of Tobin's q.
Keywords: public enterprises, corporate finance
JEL Classification: L32, L33, G32
Suggested Citation: Suggested Citation
Do you have negative results from your research you’d like to share?
Recommended Papers
-
The Impact of Sovereign Wealth Funds on Global Financial Markets
By Roland Beck and Michael Fidora
-
Sovereign Wealth Funds: Their Investment Strategies and Performance
By Vidhi Chhaochharia and Luc Laeven
-
Firm Values and Sovereign Wealth Fund Investments
By Kathryn L. Dewenter, Xi Han, ...
-
Firm Values and Sovereign Wealth Fund Investments
By Kathryn L. Dewenter, Xi Han, ...
-
The Investment Strategies of Sovereign Wealth Funds
By Shai Bernstein, Josh Lerner, ...
-
The Investment Strategies of Sovereign Wealth Funds
By Shai Bernstein, Josh Lerner, ...
-
What is Different About Government-Controlled Acquirers in Cross-Border Acquisitions?
-
What is Different About Government-Controlled Acquirers in Cross-Border Deals?
-
Sovereign Wealth Funds: Investment Choices and Implications Around the World