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

Asian Economic and Financial Review

关键词: Sovereign wealth fund;    Temasek holdings;    Control mechanism;    Singapore;    Pyramiding structure;    Block investments;   

学科分类：社会科学、人文和艺术（综合）

来源: Asian Economic and Social Society

【 摘 要 】

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.

【 授权许可】

CC BY