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Identifier to cite or link to this item: https://hdl.handle.net/10086/13875

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Title
Business Groups in Thailand: Before and after the East Asian Financial Crisis
Creator
Creator Name
Polsiri, Piruna Polsiri, Piruna
Affiliation
Affiliation Name
University of Melbourne
Affiliation
Affiliation Name
Dhurakijpundit University
Creator Name
Wiwattanakantang, Yupana Wiwattanakantang, Yupana
ウィワッタナカンタン, ユパナ ウィワッタナカンタン, ユパナ
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Key Word
Business Group
Corporate Governance
Ownership Structure
Restructuring
East Asian Financial Crisis
JEL
L22
G32
G34
Abstract
This paper investigates how business groups in Thailand had evolved since the 1950s. We argue that political connections and foreign capital among other factors were contributable to the emerging of Thai business groups. The business groups that owned banks developed fast during the late 1980s and the early 1990s until the financial deregulation, and the establishment of the Stock Exchange of Thailand, and the Bangkok International Banking Facilities. After that the groups that do not own banks have expanded rapidly. We find that the ownership and board structure of the listed firms that belong to the top 30 business groups were not affected by the crisis. Compared to the pre-crisis period, the leverage ratio for the business groups firms has increased while the profitability has declined during the post crisis of 1997-1999. Restructuring appears to work well among group firms since it has helped improved industry-adjusted operating performance of the firms.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2004-08
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series ; No. 2004-13
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Number of Pages
45
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/13875