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

Author

Listed:
  • 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.

Suggested Citation

  • Carlos D.Ramírez & Ling Hui Tan, 2004. "Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different?," IMF Staff Papers, Palgrave Macmillan, vol. 51(3), pages 510-528, November.
    • Handle: RePEc:pal:imfstp:v:51:y:2004:i:3:p:510-528
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    Cited by:

    1. John Fernald & Brent Neiman, 2011. "Growth Accounting with Misallocation: Or, Doing Less with More in Singapore," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(2), pages 29-74, April.
    2. Mukul G. Asher & Azad Singh Bali & Chang Yee Kwan, 2015. "Public Financial Management In Singapore: Key Characteristics And Prospects," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 60(03), pages 1-18.
    3. Amankwah-Amoah, Joseph & Lu, Yindfa, 2018. "Historical Evolution of Entrepreneurial Development in the Global South: The Case of Ghana, 1957-2010," MPRA Paper 88179, University Library of Munich, Germany.
    4. Cherif Reda & Hasanov Fuad, 2019. "Principles of True Industrial Policy," Journal of Globalization and Development, De Gruyter, vol. 10(1), pages 1-22, June.
    5. John Fernald & Brent Neiman, 2006. "Measuring the Miracle: Market Imperfections and Asia's Growth Experience," 2006 Meeting Papers 785, Society for Economic Dynamics.
    6. Reda Cherif & Fuad Hasanov, 2015. "The Leap of the Tiger: How Malaysia Can Escape the Middle-Income Trap," IMF Working Papers 2015/131, International Monetary Fund.
    7. Paiva-Silva, João, 2022. "Understanding the Singaporean approach to state ownership: ‘commercially viable strategic alignment’ in historical perspective," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 43-58.
    8. Bryan Cheang, 2024. "What Can Industrial Policy Do? Evidence from Singapore," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 37(1), pages 1-34, March.
    9. Raphael W. K. Lam, 2006. "Markup Variation and Productivity Measurement in Singapore," Asian Economic Journal, East Asian Economic Association, vol. 20(4), pages 355-377, December.
    10. Yong Sarah Zhou, 2013. "Explaining ASEAN-3’s Investment Puzzle A Tale of Two Sectors," IMF Working Papers 2013/013, International Monetary Fund.
    11. 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.
    12. Jang Ping Thia & Xinyu Kong & Jiaqi Su, 2023. "How Large is the Borrowing Cost Advantage of State-Owned Enterprises?," Review of Development Finance Journal, Chartered Institute of Development Finance, vol. 13(1), pages 92-103.
    13. 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.
    14. Hong-Nham Nguyen Thi & Hong-Thuy Le Thi & The-Dong Phung, 2021. "Study on the Impact of Institutions on the Labor Productivity of Private Enterprises in Vietnam through the Spillover Effect from State-Owned Enterprises," Economies, MDPI, vol. 9(3), pages 1-10, August.
    15. Reda Cherif & Fuad Hasanov, 2019. "The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy," IMF Working Papers 2019/074, International Monetary Fund.
    16. King Yoong Lim & Shuonan Zhang, 2023. "Optimal fiscal management in an economy with resource revenue‐financed government‐linked companies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 2202-2225, April.
    17. Amran Rasli & Chin Fei Goh & Saif-Ur-Rehman Khan, 2013. "Demystifying the role of a state ownership in corporate governance and firm performance: Evidence from the manufacturing sector in Malaysia," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 31(2), pages 233-252.
    18. Reda Cherif & Fuad Hasanov, 2014. "Soaring of the Gulf Falcons: Diversification in the GCC Oil Exporters in Seven Propositions," IMF Working Papers 2014/177, International Monetary Fund.
    19. Moritz Breul & Fabio Pruß, 2021. "Applying Evolutionary Economic Geography beyond case studies in the Global North: Regional diversification in Vietnam," Papers in Evolutionary Economic Geography (PEEG) 2124, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Jul 2021.

    More about this item

    JEL classification:

    • 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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