{
  "title": "Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different?",
  "publication": "IMF Working Papers, July 1, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/singapore-inc-16681",
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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.",
  "sections": [
    {
      "heading": "Summary and main findings",
      "content": "- Government-linked companies (GLCs) have a significant presence in Singapore's corporate sector and are run on a competitive, commercial basis, ostensibly without government privileges.\n- Based on data from publicly listed GLCs and non-GLCs:\n  - No evidence that GLCs have easier access to credit.\n  - 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."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject areas: Asset and liability management; Capital markets; Currencies; Economic sectors; Financial institutions; Financial markets; Liquidity; Manufacturing; Money; Stocks\n- Keywords: a number of enterprise; Asia and Pacific; Capital markets; company; company credibility; corporate finance; Currencies; GLC cash flow coefficient; government company; Liquidity; Manufacturing; market value; paper Co; private sector; public enterprises; Singaporean GLCs; Stocks; WP"
    },
    {
      "heading": "Implications and analytical emphasis",
      "content": "- Analytical emphasis: comparison of publicly listed GLCs versus non-GLCs with respect to credit access and market valuation (Tobin's q determinants).\n- Implication: Market valuation incorporates a positive premium for GLC status that is not explained by conventional determinants of Tobin's q, despite lack of evidence for preferential credit access.\n\nIMF Working Paper — Ling Hui Tan and Carlos D. Ramírez, \"Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different?\", Working Paper No. 2003/156, July 1, 2003.\n\n---\n\n Content in this bundle\n\n- Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different? - WP/03/156\n  - Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different? - WP/03/156 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different? - WP/03/156 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/singapore-inc-16681"
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    "Authors: Ling Hui Tan, Carlos D. Ramírez",
    "Published: July 1, 2003",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451857429.001",
    "Government-linked companies (GLCs) have a significant presence in Singapore's corporate sector and are run on a competitive, commercial basis, ostensibly without government privileges.",
    "Based on data from publicly listed GLCs and non-GLCs:",
    "Subject areas: Asset and liability management; Capital markets; Currencies; Economic sectors; Financial institutions; Financial markets; Liquidity; Manufacturing; Money; Stocks",
    "Keywords: a number of enterprise; Asia and Pacific; Capital markets; company; company credibility; corporate finance; Currencies; GLC cash flow coefficient; government company; Liquidity; Manufacturing; market value; paper Co; private sector; public enterprises; Singaporean GLCs; Stocks; WP",
    "Analytical emphasis: comparison of publicly listed GLCs versus non-GLCs with respect to credit access and market valuation (Tobin's q determinants).",
    "Implication: Market valuation incorporates a positive premium for GLC status that is not explained by conventional determinants of Tobin's q, despite lack of evidence for preferential credit access.",
    "**Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different? - WP/03/156**"
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