Dynamics of Corporate Performance in Thailand

Kongsamut, Piyabha; Haksar, Vikram

doi:10.2139/ssrn.880893

Cited by 3 publications

(4 citation statements)

References 9 publications

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“…The onset of the crisis exposed underlying vulnerabilities in the corporate sector of most Asian countries hit by the crisis. As discussed in Pomerleano (1999), Haksar and Kongsamut (2003), and Mako (2002), East Asian corporate sectors were characterized by high debt-toequity ratios and low interest coverage ratios even before the crisis. The sharp depreciation of the local currency increased further the debt burden of most firms and thus simply pushed large segments of each country's corporate sector into bankruptcy.…”

Section: The End Indicatormentioning

confidence: 95%

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The End: A New Indicator of Financial and Nonfinancial Corporate Sector Vulnerability

Chan‐Lau

Gravelle

2005

SSRN Journal

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Section: The End Indicatormentioning

confidence: 95%

“…The health of the corporate sector did not rebound as quickly as economic growth did in the region. In the case of Thailand, for example, various balance sheet measures of corporate health remained at critically low levels until well into 2001 and for some measures into 2002 (see Haksar and Kongsamut, 2003).…”

Section: The End Indicatormentioning

confidence: 99%

The End: A New Indicator of Financial and Nonfinancial Corporate Sector Vulnerability

Chan‐Lau

Gravelle

2005

SSRN Journal

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“…Their main finding is that, after the crisis, credit appears to have been reallocated from the chaebol-affiliated firms to more efficient and less connected ones. Along similar lines, Haksar and Kongsamut (2003) examine the performance of the Thai corporate sector, and show substantial heterogeneity across firms in their pattern of recovery from the crisis.…”

Section: This Study Was Issued As Imfmentioning

confidence: 95%

IMF Research Bulletin March 2004

Dept.¹

2004

IMF Research Bulletin

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The process of globalization, which refers to the rising trade and financial integration of the world economy, has recently attracted much interest. A growing research program has sought to examine how globalization has affected the synchronization of business cycles across different countries. Changes in synchronization have important implications for the conduct of macroeconomic policy at the domestic and international levels. This article briefly surveys recent research on the effects of increasing integration on the synchronization of business cycle fluctuations in main macroeconomic aggregates.

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“…Comparing India to the United States, the average ICRs in 1996 were 2.5 and 8.0, respectively(Kang, 2001). In the United States, the coverage ratio of companies rated AAA byStandard and Poors was 20.3 and B rated was 2.3 in 1996 (Haksar andKongsamut, 2002).…”

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confidence: 99%

Overview of the Indian Corporate Sector: 1989-2002

Topalova

2004

IMF Working Papers

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This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper uses firm-level data to examine the performance of India's nonfinancial corporate sector since 1989 and evaluate its financial vulnerabilities. While promising trends in liquidity, profitability, and leverage of the sector emerged in the early 1990s, they experienced a reversal after 1996. Nonetheless, most indicators were still at comfortable levels, and there is evidence of improvement in 2002, the last year in our sample. However, a number of firms still face problems servicing their debt obligations, posing a risk to lenders. In particular, the aggregate interest coverage of the corporate sector indicates that potential nonperforming loans of the corporate sector remain high. This underscores the need for close monitoring of the corporate sector in the future.

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Dynamics of Corporate Performance in Thailand

Cited by 3 publications

References 9 publications

The End: A New Indicator of Financial and Nonfinancial Corporate Sector Vulnerability

The End: A New Indicator of Financial and Nonfinancial Corporate Sector Vulnerability

IMF Research Bulletin March 2004

Overview of the Indian Corporate Sector: 1989-2002

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