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Asia and Pacific > Thailand

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Corporate Governance x
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Cover IMF Working Papers
Corporate Governance Quality: Trends and Real Effects
Mr. Kenichi Ueda
,
Mr. Gianni De Nicolo
, and
Mr. Luc Laeven
This paper constructs a composite index of corporate governance quality, documents its evolution from 1994 through 2003 in selected emerging and developed economies, and assesses its impact on aggregate and corporate growth and productivity. Our investigation yields three main findings. First, corporate governance quality in most countries has overall improved, although to varying degrees and with a few notable exceptions. Second, the data exhibit cross-country convergence in corporate governance quality with countries that score poorly initially catching up with countries with high corporate governance scores. Third, the impact of improvements in corporate governance quality on traditional measures of real economic activity-GDP growth, productivity growth, and the ratio of investment to GDP- is positive, significant, and quantitatively relevant, and the growth effect is particularly pronounced for industries that are most dependent on external finance.
Keywords:
WP; CGQ Index; economic activity; growth rate
Cover IMF Working Papers
Dynamics of Corporate Performance in Thailand
Ms. Piyabha Kongsamut
and
Mr. V. Haksar
Recent crises in emerging markets have highlighted the role of the corporate sector in transmitting financial shocks to the macroeconomy. This paper takes stock of the performance of the Thai corporate sector in emerging from the Asian crisis, and discusses remaining challenges and vulnerabilities. Econometric evidence is presented on the impact of excess leverage on performance. Debt levels, though high, have fallen from post-crisis peaks, while returns and corporate cash flows have stabilized. However, the aggregate picture masks significant firm-level variation, which is analyzed by examining estimated distributions for various indicators across firms.
Keywords:
WP; debt; asset; crisis; short-term debt; Corporate sector and governance; Thailand; financial crisis; debt-equity ratio; targeted debt-restructuring strategy; debt level; debt firm; debt-equity conversion; debt-financed growth; Debt restructuring; Corporate sector; Corporate governance; Return on investment; Asia and Pacific