Dynamics of Corporate Performance in Thailand
November 1, 2003
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Summary
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.
Subject: Asset and liability management, Corporate governance, Corporate sector, Debt restructuring, Economic sectors, Financial crises, National accounts, Return on investment
Keywords: Asia and Pacific, asset, Corporate governance, Corporate sector, Corporate sector and governance, crisis, debt, debt firm, debt level, Debt restructuring, debt-equity conversion, debt-equity ratio, debt-financed growth, financial crisis, Return on investment, short-term debt, targeted debt-restructuring strategy, Thailand, WP
Pages:
30
Volume:
2003
DOI:
Issue:
214
Series:
Working Paper No. 2003/214
Stock No:
WPIEA2142003
ISBN:
9781451875010
ISSN:
1018-5941
