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- Title
The Impact of The Government-Linked Companies Transformation Program (GLCTP) on The Performances of Government-Linked Companies (GLCs) in Malaysia.
- Authors
Synn Yie Khoo, Elaine
- Abstract
This paper examines the performance of Government-Linked Companies (GLCs) and non-Government-Linked Companies (non-GLCs) matching1 firms before and after the introduction of the Government-Linked Companies Transformation Program (GLCTP) in 2005, effectively measuring the impact of the GLCTP on the performance of GLCs as compared to non-GLCs using difference-in-differences estimation technique. The performances are measured by Returns on Asset (ROA), Returns on Equity (ROE) as measures for financial performances and Tobin's Q ratio as a measure for firm's performance or value. Results show that the GLCTP have a statistically significant negative effect on the GLCs' financial performances. Difference-in-difference estimation also shows that the GLCTP having a negative effect on firms' market value relative to firms' assets as measured by Tobin's Q ratio.
- Subjects
MALAYSIA; MANAGEMENT of government corporations; FINANCIAL performance
- Publication
Michigan Journal of Business, 2018, Vol 11, Issue 1, p36
- ISSN
1941-5745
- Publication type
Article