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?
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Volume/Issue:
2003/156
Series:
IMF Working Papers
Author(s):
Ling Tan, and Carlos Ramírez
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
July 2003
DOI:
http://dx.doi.org/10.5089/9781451857429.001
ISBN:
9781451857429
ISSN:
1018-5941
Page:
21
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.

Singapore, Inc. Versus the Private Sector

Author(s):
Ling Tan, and Carlos Ramírez
Published Date:
July 2003
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