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Role of debt maturity on firms´ fixed assets during sudden stop episodes: Evidence from Thailand

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Author Info
Maria Pia Iannariello (MGM International)
Hanan Morsy (International Monetary Fund)
Akiko Terada-Hagiwara (Bank of Japan)

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Abstract

This paper studies the detrimental effect of sudden stops on the growth of Thai firms’ fixed assets. We focus on the fixed assets adjustment that firms undertake at times of financial constraints. We derive our results from balance sheet data for 284 nonfinancial Thai listed firms. Our data demonstrate that Thai firms faced severe declines in the growth of their fixed assets starting in 1996. Regression results demonstrate, after controlling for firms’ characteristics and lagged dependent variables, that a longer-term debt maturity structure is the factor that works in the firms’ favor during sudden stop episodes, while it is their profitability that matters during tranquil periods.

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File URL: http://www4.cema.edu.ar/pjae/m/155IannMorHAg200711
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Publisher Info
Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

Volume (Year): X (2007)
Issue (Month): (November)
Pages: 309-335
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Handle: RePEc:cem:jaecon:v:10:y:2007:n:2:p:309-335

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Related research
Keywords: sudden stops; Thailand; debt maturity structure; Asian financial crisis;

Find related papers by JEL classification:
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
G3 - Financial Economics - - Corporate Finance and Governance

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This page was last updated on 2009-11-30.

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