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

_IMF Working Papers, July 1, 2003_

## Source details

**Canonical URL:** [Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different?](https://www.imf.org/en/publications/wp/issues/2016/12/30/singapore-inc-16681)

## Other formats

- [Markdown version](/en/publications/wp/issues/2016/12/30/singapore-inc-16681/index.md)
- [Structured JSON version](/en/publications/wp/issues/2016/12/30/singapore-inc-16681/index.json)
- [Bundle manifest](/en/publications/wp/issues/2016/12/30/singapore-inc-16681/bundle-manifest.json)

## Bibliographic details
- Authors: Ling Hui Tan, Carlos D. Ramírez
- Published: July 1, 2003
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451857429.001

---

### Summary and main findings
- 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:
  - No evidence that GLCs have easier access to credit.
  - 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.

### Subjects and keywords
- 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

### Implications and analytical emphasis
- 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.

*IMF 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.*

---

## Content in this bundle

- **Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different? - WP/03/156**
  - [Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different? - WP/03/156 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2003/_wp03156.pdf.md){rel="alternate" type="text/markdown"}
  - [Singapore, Inc. Versus the Private Sector: Are Government-Linked Companies Different? - WP/03/156 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2003/_wp03156.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/singapore-inc-16681_