“…For instance, Temasek, Singapore's state‐owned fund, is a majority shareholder of companies such as Singapore Airlines, but also holds minority positions in a variety of firms such as Sembcorp Industries, DBS Group, and Capital Land (Goldstein & Pananond, ). Because these SOEs are controlled by private owners, we would expect their practices to be more aligned with those found in similar private firms (Inoue, Lazzarini, & Musacchio, ; James & Vaaler, forthcoming; Vaaler & Schrage, ; Zhou et al, ). In fact, Boubakri et al () find that companies in which there is minority government ownership enjoy higher valuations than non‐government owned firms, but that the valuation advantage of SOEs is reduced as ownership exceeds 50% or as financial markets develop.…”