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Singapore Inc. Versus the Private Sector: Are Government-Linked Companies Different? Carlos D. Ramírez and Ling Hui Tan Full Text of this Article (PDF 137K) 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. [JEL L32, L33, G32] |
