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

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

Author Info

Carlos D. RamÃrez
Ling Hui Tan

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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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Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/156.

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Length: 21 pages
Date of creation: 21 Aug 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/156

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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Other versions:
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Other versions:
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Other versions:
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Other versions:
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

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. [Downloadable!]
Other versions:
- John Fernald & Brent Neiman, 2006. "Measuring the Miracle: Market Imperfections and Asia's Growth Experience," 2006 Meeting Papers 785, Society for Economic Dynamics.

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