Dynamics of Corporate Performance in Thailand
IMF Working Papers, November 1, 2003
Source details
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- Dynamics of Corporate Performance in Thailand
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Bibliographic details
- Authors: Piyabha Kongsamut, V. Haksar
- Published: November 1, 2003
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451875010.001
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.
- The aggregate picture masks significant firm-level variation, which is analyzed by examining estimated distributions for various indicators across firms.
Key findings and statistics
- 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.
Econometric evidence
- 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.
Remaining challenges and vulnerabilities (as discussed)
- 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 and keywords
- 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