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The impact of government investment organisations in Malaysia on the performance of their portfolio companies

Bin Muhammed, A.; Stratling, R.; Salama, A.

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Authors

A. Bin Muhammed

A. Salama



Abstract

Research into the impact of government ownership on the financial performance of listed companies typically assumes the government to be a monolithic entity and fails to consider that government ownership rights are administered by different types of government organisations. Exploring the financial performance of government controlled listed companies we find that in Malaysia the impact of government ownership varies depending on the type of organisation, which manages the government’s ownership stakes. Taking into account golden share provisions as well as the presence of senior civil servants and of politicians on boards of directors, we find that firms controlled by investment organisations under federal government control tend to outperform firms controlled by regional governments’ investment organisations.

Citation

Bin Muhammed, A., Stratling, R., & Salama, A. (2014). The impact of government investment organisations in Malaysia on the performance of their portfolio companies. Annals of Public and Cooperative Economics, 85(3), 453-473. https://doi.org/10.1111/apce.12047

Journal Article Type Article
Online Publication Date Aug 8, 2014
Publication Date Sep 1, 2014
Deposit Date Jun 5, 2014
Publicly Available Date Aug 8, 2016
Journal Annals of Public and Cooperative Economics
Print ISSN 1370-4788
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 85
Issue 3
Pages 453-473
DOI https://doi.org/10.1111/apce.12047
Public URL https://durham-repository.worktribe.com/output/1425900
Publisher URL http://onlinelibrary.wiley.com/doi/10.1111/apce.12047/abstract

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Copyright Statement
This is the peer reviewed version of the following article: Bin Muhammed, A. Stratling, R. & Salama, A. (2014). The impact of government investment organisations in Malaysia on the performance of their portfolio companies. Annals of Public and Cooperative Economics, 85 (3): 453–473, which has been published in final form at http://dx.doi.org/10.1111/apce.12047. This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.




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