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

Ling Hui Tan and Carlos Ramirez

No 2003/156, IMF Working Papers from 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.

Keywords: WP; company; Singaporean GLCs; market value; private sector; public enterprises; corporate finance; government company; GLC cash flow coefficient; company credibility; paper Co; a number of enterprise; Manufacturing; Currencies; Stocks; Liquidity; Capital markets; Asia and Pacific (search for similar items in EconPapers)
Pages: 21
Date: 2003-07-01
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Citations: View citations in EconPapers (6)

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Journal Article: Singapore Inc. versus the Private Sector: Are Government-Linked Companies Different? (2004)
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