Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/13411
Title: Do government-linked companies underperform?
Authors: Feng, F
Sun, Q
Tong, WHS 
Keywords: Government-linked companies
Performance
Privatization
Profitability
Singapore
Issue Date: 2004
Publisher: Elsevier
Source: Journal of banking and finance, 2004, v. 28, no. 10, p. 2461-2492 How to cite?
Journal: Journal of banking and finance 
Abstract: Our comprehensive study of 30 Singapore government-linked companies (GLCs) covering the period 1964 to1998 shows that share issue privatization has some positive impacts on their performance. However, there was no evidence that the GLCs were less profitable than a selected group of non-GLCs that match by size and industry. Taking a buy-and-hold strategy, we found that GLC stocks provide statistically equivalent returns relative to market or other control sample returns over various investment horizons of up to four years. Given that GLCs also perform as well as averages for the market and industry up to five years before their listing, we argue that Singapore's government-owned enterprises are comparable to privately run enterprises in efficiency.
URI: http://hdl.handle.net/10397/13411
ISSN: 0378-4266
EISSN: 1872-6372
DOI: 10.1016/j.jbankfin.2003.10.012
Appears in Collections:Journal/Magazine Article

Access
View full-text via PolyU eLinks SFX Query
Show full item record

SCOPUSTM   
Citations

31
Last Week
0
Last month
1
Citations as of Sep 8, 2017

WEB OF SCIENCETM
Citations

18
Last Week
0
Last month
2
Citations as of Aug 4, 2017

Page view(s)

58
Last Week
2
Last month
Checked on Sep 18, 2017

Google ScholarTM

Check

Altmetric



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.