Dynamics of Corporate Performance in Thailand

Author/Editor:

Piyabha Kongsamut ; V. Haksar

Publication Date:

November 1, 2003

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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.

Series:

Working Paper No. 2003/214

Subject:

Asset and liability management Corporate governance Corporate sector Debt restructuring Economic sectors Financial crises National accounts Return on investment

English

Publication Date:

November 1, 2003

ISBN/ISSN:

9781451875010/1018-5941

Stock No:

WPIEA2142003

Pages:

30

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