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
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