Dynamics of Corporate Performance in Thailand

Dynamics of Corporate Performance in Thailand

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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.An interest coverage multiple below 1 implies that firms are not generating adequate net cash flow to service fully their ... For example, the sample includes both Thai Petrochemical Industries (TPI) and Siam Cement Corporation (SCC), twoanbsp;...

Title:Dynamics of Corporate Performance in Thailand
Author: Ms. Piyabha Kongsamut, Mr. V. Haksar
Publisher:International Monetary Fund - 2003-11-01

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