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Do Government-linked Companies Necessarily Underperform?

Different from the typical findings in the privatization literature, this study of 31 Singapore government-linked companies (GLCs) covering a period from 1975 to1998 shows no significant changes in performance upon share issue privatization. Also, there is no evidence that the GLCs are less profitable than a selected group of non-GLCs that match by size and industry. Taking a buy-andhold strategy, we find that GLC stocks provide statistically equivalent market-adjusted returns as the selected non-GLC stocks over various investment horizons up to five years. Hence, governmentowned enterprises need not necessarily be less efficient than private-run enterprises.