SINGAPORE'S TEMASEK HOLDINGS’ CONTROL MECHANISMS AND THE PERFORMANCE OF THE FIRMS CONTROLLED BY TEMASEK

Journal Title: Asian Economic and Financial Review - Year 2017, Vol 7, Issue 2

Abstract

This paper examines the control mechanisms of Singapore?s Temasek Holdings and the performance of the firms controlled by Temasek. The data were hand-collected from a wide range of data sources and the sample period consists of five years. Ordinary Least Squares regression analysis is applied with Huber-White standard errors. This study finds that Temasek Holdings adopts a series of control mechanism, and these mechanisms destroy valuation. This paper also finds that Temasek Holdings? listed block investments in non-Singapore regions have consistently underperformed those based in Singapore during 2004-08. This study is the first to provide detailed analysis on the control mechanisms employed by Temasek Holdings, and the effect of these mechanisms on performance.

Authors and Affiliations

Kerry Liu| Kerry Liu is an economist from a major international bank in Sydney, Australia

Keywords

Related Articles

COMOVEMENTS AND STRUCTURAL FACTORS OF MACROECONOMIC VOLATILITY IN DEVELOPING AND TRANSITION ECONOMIES: A DYNAMIC PANEL DATA APPROACH

This study examines the comovements of some economic variables and explores the structural factors of macroeconomic volatility in developing and transition economies, using dynamic panel technique. According to an analys...

THE EFFECT OF VALUATION RATIOS, GOLD PRICE, AND PETROLEUM PRICE ON EQUITY RETURNS: A COMPARISON OF STATIC PANEL AND QUANTILE REGRESSIONS

The purpose of this paper is to investigate to impact of valuation ratios, oil price changes and gold price changes on equity returns using static panel regression and quantile regression for 25 industrial firms at ISE (...

TICK SIZE AND COMMONALITY IN LIQUIDITY

This study suggests that the change of tick size, particularly in a step-function tick system, accounts for cross-sectional variation in market liquidity. We explored the relative significance of commonality in liquidity...

INTELLECTUAL CAPITAL AND FIRM PERFORMANCE OF COMMERCIAL BANKS IN MALAYSIA

Intellectual capital is an important element of the theory explaining firm performance. The purpose of this paper is to determine the relationship between the level of intellectual capital efficiency in terms of Human Ca...

EXCHANGE RATE VOLATILITY AND BANK PERFORMANCE IN NIGERIA

This study investigated the impact of unstable exchange rate on bank performance in Nigeria using two proxies for bank performance, namely loan loss to total advances ratio and capital deposit ratio. Government expenditu...

Download PDF file
  • EP ID EP2334
  • DOI -
  • Views 489
  • Downloads 45

How To Cite

Kerry Liu (2017). SINGAPORE'S TEMASEK HOLDINGS’ CONTROL MECHANISMS AND THE PERFORMANCE OF THE FIRMS CONTROLLED BY TEMASEK. Asian Economic and Financial Review, 7(2), 188-205. https://europub.co.uk/articles/-A-2334