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Call for Papers: PIER Research Workshop 2025
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19 August 2019
20191566172800000
No. 112

Understanding Corporate Thailand I: Finance

Abstract

This study analyzes the entire universe of registered firms in Thailand. There are five main findings. First, firm size distribution is smooth, with a majority of firms in the middle of the distribution; the apparent ”missing middle” phenomenon is entirely driven by arbitrary categorization of small and medium enterprises (SMEs). Second, the Thai corporate sector is very concentrated; the concentration has also risen over the past decade. Third, larger firms seem to have advantages over smaller firms regarding financing. Fourth, smaller firms tend to disproportionately invest less in fixed assets than larger firms. Finally, firms in the middle of the size distribution exhibit the highest return on asset (ROA) but have low leverage, consistent with the symptom of credit constraints. Large firms, in contrast, seem to have lower ROA but higher debt. Meanwhile, smaller firms seem to have both lower leverage and ROA. Overall, our results suggest that the Thai corporate sector exhibits both inefficient capital allocation and financial vulnerability. The paper has important policy implications on resource allocation in the economy, particularly, regarding appropriate assistance provided to small and medium enterprises.

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JEL: G31G32M41O16O53
Tags: private firmfirm sizesmeconcentrationfinancial analysiscapital structurereturn on assetworking capitalfinancial constraint
The views expressed in this workshop do not necessarily reflect the views of the Puey Ungphakorn Institute for Economic Research or the Bank of Thailand.
Chanont Banternghansa
Chanont Banternghansa
Analysis Group
Archawa Paweenawat
Archawa Paweenawat
Puey Ungphakorn Institute for Economic Research
Krislert Samphantharak
Krislert Samphantharak
University of California San Diego

Puey Ungphakorn Institute for Economic Research

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