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

Author: Ms. Ling H Tan and Carlos D. Ramírez

Volume/Issue: Volume 2003 Issue 156

Publication date: July 2003

ISBN: 9781451857429

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Money and Monetary Policy , Industries - Manufacturing , 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

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Summary

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.