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How Intensive Is Competition in the Emerging Markets? An Analysis of Corporate Rates of Return from Nine Emerging Markets
Author:
Ajit Singh null

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Mr. Rudolph Matthias null

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Mr. Jack D. Glen null

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Series:
IMF Working Papers
Volume/Issue:
Volume 1999: Issue 032
Language:
English
Publication Date:
01 Mar 1999
DOI:
https://doi.org/10.5089/9781451845099.001
ISBN:
9781451845099
ISSN:
1018-5941
Pages:
44
Keywords:
WP; liberalization firm; firm's earnings; developing country; market share; Corporate Rates of Return; Intensity of Competition; Emerging Markets; Peruvian cement company; time series; textile company; ith firm; regression coefficient; return on assets; Competition; Capital adequacy requirements; Emerging and frontier financial markets; Business enterprises; Manufacturing; East Asia
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This large empirical study of corporate profitability in emerging markets during the 1980s and 1990s measures the intensity of competition. Data on corporate rates of return, profit margins, and output-capital ratios reveal that the recent liberalization has been associated with reduced corporate profit margins and improved capital utilization efficiency. The paper also analyzes persistency in corporate profitability and finds that competitiveness was no less intense in developing countries than in advanced countries. Although the paper is not directly concerned with the Asian crisis, it provides evidence on important structural hypotheses about the crisis.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund