Singapores Temasek Holdings Control Mechanisms and the Performance of the Firms Controlled by Temasek
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Keywords

Sovereign wealth fund, Temasek holdings, Control mechanism, Singapore, Pyramiding structure, Block investments

How to Cite

Liu, K. . (2016). Singapores Temasek Holdings Control Mechanisms and the Performance of the Firms Controlled by Temasek. Asian Economic and Financial Review, 7(2), 188–205. https://doi.org/10.18488/journal.aefr/2017.7.2/102.2.188.205

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.

https://doi.org/10.18488/journal.aefr/2017.7.2/102.2.188.205
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