36 Nw. J. Int'l L. & Bus. 303 (2016)
Solving the Puzzle of Corporate Governance of State-Owned Enterprises: The Path of the Temasek Model in Singapore and Lessons for China

handle is hein.journals/nwjilb36 and id is 311 raw text is: 




Copyright 2016 by Northwestern University School of Law                 Printed in U.S.A.
Northwestern Journal of International Law & Business                     Vol. 36, No. 2






Solving the Puzzle of Corporate Governance of
State-Owned Enterprises: The Path of the
Temasek Model in Singapore and Lessons for
China




Christopher Chen*


     Abstract: The purpose of this Article is to examine the corporate governance of
     state-owned enterprises (SOEs) in the Asian context by empirically surveying the
     influence of Temasek Holdings, Singapore's sovereign wealth fid, on its
     portyblio of government-linked companies in Singapore. Overall, the Temasek
     model seems to be a promising one. This Article shows that the top listed
     government-linked companies in which Temasek has a stake have greater board
     independence than the other top listed companies in Singapore. This illustrates
     that a high quality of corporate governance could be aligned with public
     interests associated with SOEs. While this research offers hope for SOE
     reformers in China, the Article also argues that the need for strong public
     governance, the role of foreign activities and market forces, and the importance
     of a government's desire to serve as a market leader are all underlying.)jactors
     that make Temasek what it is today. Unibrtunately, in the absence of those
     institutional Jactors, transplant of the Temasek model to other countries is
     unlikely to be entirely successful.


* Assistant Professor of Law, Singapore Management University. The author thanks for the kind
sponsorship of the Singapore Management University to fund this research (Research Grant No. 14-
C234-SMU-006).

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