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

  • Carlos D.Ramírez

    (International Monetary Fund)

  • Ling Hui Tan

    (International Monetary Fund)

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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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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