The East Asia Crisis and Corporate Finances is popular PDF and ePub book, written by Michael Pomerleano in 1998, it is a fantastic choice for those who relish reading online the Analisis financiero - Asia genre. Let's immerse ourselves in this engaging Analisis financiero - Asia book by exploring the summary and details provided below. Remember, The East Asia Crisis and Corporate Finances can be Read Online from any device for your convenience.
The East Asia Crisis and Corporate Finances Book PDF Summary
Explanations of the causes of the Asian crisis have focused on macroeconomic factors leading to the crisis. This paper offers a complementary corporate distress perspective linking the crisis to corporate finances. Key ratios for companies in various countries are presented in the paper. The global benchmarking imposes a consistent cross-border analysis of financial risk and performance, and sheds light on the crisis. The study provides a statistical review of the financial practices and performance of corporates in Asia: Hong Kong, Indonesia, Korea, Malaysia, Philippines, Taiwan, and Thailand benchmarked against financials of corporates in other countries: Latin America, and industrialized countries: France, Germany, Japan and USA. A thematic point that comes across in all the results of the corporate financial analysis is unsustainable rapid (and probably excessive) investment in fixed assets financed by excessive borrowing in some Asian countries- e.g., Indonesia, Korea and Thailand. The East Asian investment-spending spree resulted in poor profitability, reflected in low, and declining return on equity, and return on capital employed. It leads to the conclusion that at the core of the corporate crisis were financial excesses that violated prudent financial practices, and eventually lead to the inevitable financial distress we are witnessing. Therefore, the empirical findings presented in the paper lend credence to the view advanced by Krugman that crony capitalism was at the core of the crisis. Crony capitalism was manifested in supportive bad policies-e.g., implicit government guarantees, and poor banking supervision- that lead to poor credit allocation decisions in the banking dominated financial system. Preliminary findings suggest as well vast differences in Economic Value Added between countries- developing and developed alike. The conclusions from an economic value added approach indicate, that in an era of increasing capital mobility, corporates are not adhering to global standards in creating shareholder value. The analysis leads to policy conclusions.
Detail Book of The East Asia Crisis and Corporate Finances PDF
- Author : Michael Pomerleano
- Release : 30 June 1998
- Publisher : World Bank Publications
- ISBN : 978186723xxxx
- Genre : Analisis financiero - Asia
- Total Page : 40 pages
- Language : English
- PDF File Size : 8,9 Mb
If you're still pondering over how to secure a PDF or EPUB version of the book The East Asia Crisis and Corporate Finances by Michael Pomerleano, don't worry! All you have to do is click the 'Get Book' buttons below to kick off your Download or Read Online journey. Just a friendly reminder: we don't upload or host the files ourselves.
