{
  "title": "Dynamics of Corporate Performance in Thailand",
  "publication": "IMF Working Papers, 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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Recent crises in emerging markets have highlighted the role of the corporate sector in transmitting financial shocks to the macroeconomy.\n- This paper takes stock of the performance of the Thai corporate sector in emerging from the Asian crisis, and discusses remaining challenges and vulnerabilities.\n- Econometric evidence is presented on the impact of excess leverage on performance.\n- Debt levels, though high, have fallen from post-crisis peaks, while returns and corporate cash flows have stabilized.\n- The aggregate picture masks significant firm-level variation, which is analyzed by examining estimated distributions for various indicators across firms."
    },
    {
      "heading": "Key findings and statistics",
      "content": "- Debt levels have fallen from post-crisis peaks (no aggregate numeric value provided in the source).\n- Returns and corporate cash flows have stabilized (no aggregate numeric value provided in the source).\n- Significant firm-level variation exists; analysis is based on estimated distributions for various indicators across firms."
    },
    {
      "heading": "Econometric evidence",
      "content": "- The paper presents econometric evidence on the impact of excess leverage on corporate performance.\n- Analysis focuses on how excess leverage transmits financial shocks through the corporate sector to the macroeconomy."
    },
    {
      "heading": "Remaining challenges and vulnerabilities (as discussed)",
      "content": "- The paper discusses remaining challenges and vulnerabilities in the Thai corporate sector following the Asian crisis.\n- Heterogeneity across firms implies that aggregate stabilization may conceal substantial micro-level risks."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Asset and liability management, Corporate governance, Corporate sector, Debt restructuring, Economic sectors, Financial crises, National accounts, Return on investment\n- 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\n\n---\n\n Content in this bundle\n\n- Wp03214\n  - Wp03214 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp03214 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/dynamics-of-corporate-performance-in-thailand-16968"
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    "Authors: Piyabha Kongsamut, V. Haksar",
    "Published: November 1, 2003",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451875010.001",
    "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.",
    "The aggregate picture masks significant firm-level variation, which is analyzed by examining estimated distributions for various indicators across firms.",
    "Debt levels have fallen from post-crisis peaks (no aggregate numeric value provided in the source).",
    "Returns and corporate cash flows have stabilized (no aggregate numeric value provided in the source).",
    "Significant firm-level variation exists; analysis is based on estimated distributions for various indicators across firms.",
    "The paper presents econometric evidence on the impact of excess leverage on corporate performance.",
    "Analysis focuses on how excess leverage transmits financial shocks through the corporate sector to the macroeconomy.",
    "The paper discusses remaining challenges and vulnerabilities in the Thai corporate sector following the Asian crisis.",
    "Heterogeneity across firms implies that aggregate stabilization may conceal substantial micro-level risks.",
    "Subjects: 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",
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