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Fang Feng, Qian Sun, Wilson H. S. Tong| Journal of Banking and Finance| January 01, 2004

Do government-linked companies underperform?

Public| Printed: Yes

This paper seeks to analyze if government-linked companies (GLCs) in Singapore underperform compared to private entities. Data surrounding 30 firms from 1964 to 1998 shows that Singapore's GLCs are comparably efficient to privately run firms. There is no evidence that suggests that GLCs were less profitable compared to private firms of comparable size and industry. In fact, GLC stocks seem to provide statistically equivalent relative to size and other control factors.