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

Carlos Ramirez and Ling Hui Tan

IMF Staff Papers, 2004, vol. 51, issue 3, 510-528

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.

JEL-codes: G32 L32 L33 (search for similar items in EconPapers)
Date: 2004
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