Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different?
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
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.
Series:
Working Paper No. 2003/156
Subject:
Asset and liability management Capital markets Currencies Economic sectors Financial institutions Financial markets Liquidity Manufacturing Money Stocks
English
Publication Date:
July 1, 2003
ISBN/ISSN:
9781451857429/1018-5941
Stock No:
WPIEA1562003
Pages:
21
Please address any questions about this title to publications@imf.org