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Dynamics of Corporate Performance in Thailand
Author:
Ms. Piyabha Kongsamut
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Mr. V. Haksar
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Series:
IMF Working Papers
Volume/Issue:
Volume 2003: Issue 214
Language:
English
Publication Date:
01 Nov 2003
DOI:
https://doi.org/10.5089/9781451875010.001
ISBN:
9781451875010
ISSN:
1018-5941
Pages:
30
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
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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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund