Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different?
AbstractGovernment-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 InfoArticle provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.
Volume (Year): 51 (2004)
Issue (Month): 3 (November)
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Other versions of this item:
- Ling Hui Tan & Carlos D. RamÃrez, 2003. "Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different?," IMF Working Papers 03/156, International Monetary Fund.
- L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises
- L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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