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The Thai Military As a Business Group, 1940-2016

Author

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  • Naknoi, Kanda

Abstract

This study documents the historical development of business activities of the military in Thailand from 1940 to 2016, using a dataset of three types of producers of non-security services: military firms whose shareholders are military units, military enterprises within military units; and military-related firms whose shareholders or board of directors are individual military officers. The military-related firms existed in 1940, and more were established during the World War II. Military enterprises began after the war. Later, the military firm was first established after a successful military coup one decade after the war. Since then, the military firms have earned revenues and grew in financial services and media industries, but the military enterprises and military-related firms have operated in a much wider range of industries than the military firms. The formation of military firms and military enterprises as a business group are in line with the transaction costs view in the literature.

Suggested Citation

  • Naknoi, Kanda, 2020. "The Thai Military As a Business Group, 1940-2016," CEI Working Paper Series 2019-14, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hitcei:2019-14
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/31030/wp2019-14.pdf
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    More about this item

    Keywords

    Business Group; Military; Thai Military Bank; Thailand;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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