Dynamics of Corporate Performance in Thailand

Piyabha Kongsamut and V. Haksar

No 2003/214, IMF Working Papers from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 30
Date: 2003-11-01
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Citations: View citations in EconPapers (2)

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