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Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different?

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  • Carlos D.Ramírez

    (International Monetary Fund)

  • Ling Hui Tan

    (International Monetary Fund)

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.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

Volume (Year): 51 (2004)
Issue (Month): 3 (November)
Pages: 510-528

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Handle: RePEc:pal:imfstp:v:51:y:2004:i:3:p:510-528

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References

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  1. Andrei Shleifer, 1998. "State versus Private Ownership," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 133-150, Fall.
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  3. Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1991. "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups," The Quarterly Journal of Economics, MIT Press, vol. 106(1), pages 33-60, February.
  4. Lang, Larry H P & Stulz, Rene M, 1994. "Tobin's q, Corporate Diversification, and Firm Performance," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1248-80, December.
  5. Pranab Bardhan and John E. Roemer., 1991. "Market Socialism: A Case for Rejuvenation," Economics Working Papers 91-175, University of California at Berkeley.
  6. Hirsch, Barry T & Seaks, Terry G, 1993. "Functional Form in Regression Models of Tobin's q," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 381-85, May.
  7. Ann E. Harrison & Margaret S. McMillan, 2001. "Does Direct Foreign Investment Affect Domestic Firms' Credit Constraints?," NBER Working Papers 8438, National Bureau of Economic Research, Inc.
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Cited by:
  1. John Fernald & Brent Neiman, 2006. "Measuring the miracle: market imperfections and Asia's growth experience," Working Paper Series 2006-17, Federal Reserve Bank of San Francisco.
  2. Yong Sarah Zhou, 2013. "Explaining ASEAN-3’s Investment Puzzle A Tale of Two Sectors," IMF Working Papers 13/13, International Monetary Fund.
  3. Nguyen, Thang V. & Le, Ngoc T.B. & Bryant, Scott E., 2013. "Sub-national institutions, firm strategies, and firm performance: A multilevel study of private manufacturing firms in Vietnam," Journal of World Business, Elsevier, vol. 48(1), pages 68-76.
  4. Congleton, Roger D. & Lee, Sanghack, 2009. "Efficient mercantilism? Revenue-maximizing monopoly policies as Ramsey taxation," European Journal of Political Economy, Elsevier, vol. 25(1), pages 102-114, March.

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