Do government-linked companies underperform?

Journal of Banking and Finance

Volumn 28, Issue 10, 2004, Pages 2461-2492

  Feng, Fang ^a   Sun, Qian ^b   Tong, Wilson H S ^c  

^a APS Asset Management   (Singapore)

^b NANYANG TECHNOLOGICAL UNIVERSITY   (Singapore)

^c HONG KONG POLYTECHNIC UNIVERSITY   (Hong Kong)

Author keywords

Government linked companies; Performance; Privatization; Profitability; Singapore

Indexed keywords

EID: 4544255237     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2003.10.012     Document Type: Article

References (42)

1. Agrawal A. Knoeber C.R. Firm performance and mechanisms to control agency problems between managers and shareholders Journal of Financial & Quantitative Analysis 31 1996 377-397
2. Banz R.W. The relationship between return and market value of common stocks Journal of Financial economics 9 1 1981 3-18
3. Barbee W.C. Jr. Mukherji S. Raines G.A. Do sales-price and debt-equity explain stock returns better than book-market and firm size? Financial Analysts Journal 52 2 1996 56-60
4. Barber B. Lyon J. Detecting long-run abnormal stock returns: The empirical power and specification of test statistics Journal of Financial Economics 43 3 1997 341-372
5. Bhandari L.C. Debt/equity ratio and expected common stock returns: Empirical evidence Journal of Finance 43 2 1988 507-528
6. Biais B. Perotti E. Machiavellian privatization American Economic Review 92 1 2002 240-258
7. Boardman A.E. Laurin C. Factors affecting the stock price performance of share issued privatizations Applied Economics 32 11 2000 1451-1464
8. Boardman A.E. Vining A.R. Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises Journal of Law and Economics 32 1989 1-33
9. Bortolotti B. D'Souza J. Fantini M. Megginson W. Sources of performance improvement in privatised firms. A clinical study of the global telecommunications industry Telecommunications Policy 26 5/6 2002 243
10. Boubakri N. Cosset J.-C. The financial and operating performance of newly-privatized firms: Evidence from developing countries Journal of Finance 53 1998 1081-1110
11. Boycko M. Shleifer A. Vishny R.W. A theory of privatization Economic Journal 106 1996 309-319
12. Caves D.W. Christensen L.R. The relative efficiency of public and private firms in a competitive environment: The case of Canadian railroads Journal of Political Economy 88 5 1980 958-976
13. Chung K.H. Pruitt S.W. A simple approximation of Tobin's Q Financial Management 23 3 1994 70-74
14. Clarkson P.M. Satterly A. Richwhite F. Australian evidence on the pricing of estimation risk Pacific-Basin Finance Journal 5 1997 277-295
15. Dewenter K.L. Malatesta P.H. Public offerings of state-owned and privately-owned enterprises: An international comparison Journal of Finance 52 4 1997 1659-1679
16. Dewenter K. Malatesta P.H. State-owned and privately-owned firms: An empirical analysis of profitability, leverage, and labor intensity American Economic Review 91 1 2001 320-334
17. D'Souza J. Megginson W.L. The financial and operating performance of newly privatized firms in the 1990s Journal of Finance 54 1999 1397-1438
18. Fama E.F. French K.R. The cross-section of expected stock returns Journal of Finance 47 2 1992 427-465
19. Gwartney J. Lawson R. 2002. Economic Freedom of the World: 2002 Annual Report, The Fraser Institute
20. Jacobs B.I. Levy K.N. Disentangling equity return regularities: New insights and investment opportunities Financial Analysts Journal 44 3 1988 18-43
21. Jegadeesh N. Does market risk really explain the size effects? Journal of Financial and Quantitative Analysis 27 3 1992 337-351
22. Jones S.L. Megginson W.L. Nash R.C. Netter J.M. Share issue privatizations as financial means to political and economic ends Journal of Financial Economics 53 2 1999 217-253
23. Jones L.P. Tandon P. Vogelsang I. Selling Public Enterprises: A Cost-Benefit Methodology 1990 MIT Press Cambridge MA
24. Kang J.-K. Stulz R.M. How different is Japanese corporate finance? An investigation of the information content of new security issues Review of Financial Studies 9 1 1996 109-139
25. Kay J.A. Thompson D.J. Privatization: A policy in search of a rationale The Economic Journal 96 1986 18-38
26. Kole S.R. Mulherin J.H. The government as a shareholder: A case from the United States Journal of Law and Economics 40 1 1997 1-22
27. Mak Y.T. Phillip H.P. 1999. Corporate Governance in Singapore: Current Practice and Future Developments. OECS Conference Paper, National University of Singapore, Singapore
28. Martin S. Parker D. Privatization and economic performance throughout the UK business cycle Managerial and Decision Economics 16 3 1995 225-237
29. McConnell J.J. Servaes H. Additional evidence on equity ownership and corporate value Journal of Financial Economics 27 1990 595-612
30. McConnell J.J. Servaes H. Equity ownership and the two faces of debt Journal of Financial Economics 39 1995 131-157
31. Megginson W.L. Nash R.C. van Randenborgh M. The financial and operating performance of newly privatized firms: An international empirical analysis Journal of Finance 49 1994 403-452
32. Megginson W.L. Nash R.C. Netter J.M. Schwartz A.L. The long-run return to investors in share issue privatization Financial Management 29 1 2000 67-77
33. Morck R. Shleifer A. Vishny R.W. Management ownership and market valuation: An empirical analysis Journal of Financial Economics 20 1988 293-315
34. Perfect S.B. Wiles K.W. Alternative constructions of Tobin's Q: An empirical comparison Journal of Empirical Finance 3/4 1994 313-341
35. Perotti E.C. Credible privatization American Economic Review 85 4 1995 847-859
36. Shleifer A. State versus private ownership Journal of Economic Perspectives 14 4 1998 133-150
37. Shleifer A. Vishny R. Politicians and firms Quarterly Journal of Economics 109 4 1994 995-1025
38. Shleifer A. Vishny R. A survey of corporate governance Journal of Finance 52 2 1997 737-783
39. Singapore, Temasek Holdings (Pte) Ltd, 1985, 1988, 1991. Directory of Government Linked Companies
40. Sun Q. Tong W. Malaysian privatization - A comprehensive study Financial Management 31 4 2002 79-105
41. Sun Q. Tong W. China share issue privatization: The extent of its success Journal of Financial Economics 70 2 2003
42. Wortzel H. Wortzel L. Privatization: Not the only answer World Development 1989 633-641