Singapores Temasek Holdings Control Mechanisms and the Performance of the Firms Controlled by Temasek

Kerry Liu

Asian Economic and Financial Review, 2017, vol. 7, issue 2, 188-205

Abstract: This paper examines the control mechanisms of Singapore's Temasek Holdings and the performance of the firms controlled by Temasek. The data were hand-collected from a wide range of data sources and the sample period consists of five years. Ordinary Least Squares regression analysis is applied with Huber-White standard errors. This study finds that Temasek Holdings adopts a series of control mechanism, and these mechanisms destroy valuation. This paper also finds that Temasek Holdings’ listed block investments in non-Singapore regions have consistently underperformed those based in Singapore during 2004-08. This study is the first to provide detailed analysis on the control mechanisms employed by Temasek Holdings, and the effect of these mechanisms on performance.

Keywords: Sovereign wealth fund; Temasek holdings; Control mechanism; Singapore; Pyramiding structure; Block investments (search for similar items in EconPapers)
Date: 2017
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