Dynamics of Corporate Performance in Thailand

30 Pages Posted: 14 Feb 2006

See all articles by Vikram Haksar

Vikram Haksar

International Monetary Fund (IMF)

Piyabha P. Kongsamut

University of Rochester - Department of Economics

Date Written: November 2003

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: Corporate sector and governance, Thailand, debt, financial crisis

JEL Classification: C14, C23, G32, G34, L25

Suggested Citation

Haksar, Vikram and Kongsamut, Piyabha P., Dynamics of Corporate Performance in Thailand (November 2003). IMF Working Paper No. 03/214, Available at SSRN: https://ssrn.com/abstract=880893

Vikram Haksar (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Piyabha P. Kongsamut

University of Rochester - Department of Economics ( email )

Harkness Hall
Rochester, NY 14627-0158
United States
301-770-3789 (Phone)

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