TAILIEUCHUNG - Center for Economic Institutions Working Paper Series

Established as a temporary mechanism or a transitory program, social funds were intended to transfer resources to those groups that were hardest hit by adjustment programs. In the last few years, they have become more like permanent poverty reduction programs. NGOs point out that, while the purpose of social funds is not to eliminate the struc- tural causes of poverty, it is possible for them to affect some of its symp- toms and manifestations. The organization of social funds as efficient, less bureaucratic, and more businesslike entities with a willingness to work with all development ac- tors is appropriate. However, NGOs view them as very much a part of. | Center for Economic Institutions Working Paper Series CEI Working Paper Series No. 2004-14 Fund Mobilisation and Investment Behavior in Thai Manufacturing Firms in the Early 1990s Fumiharu Mieno Center for Economic Institutions Working Paper Series Institute of Economic Research Hitotsubashi University 2-1 Naka Kunitachi Tokyo 186-8603 JAPAN Tel 81-42-580-8405 Fax 81-42-580-8333 e-mail cei-info@ Fund Mobilisation and Investment Behavior in Thai Manufacturing Firms in the Early 1990s. Fumiharu Mieno Graduate School of International Cooperation Studies Kobe University fmieno@ Abstract This paper investigates the capital structure and investment behaviour in Thailand in the early half of the 1990s. First we examine the idea of pecking order preferences for firms fund raising in developing countries generally and in Thailand in particular. We consider unique features such as the low degree of firm participation in the organized securities market and the high dependence on informal financial transactions or quasi self-financing. Next we estimate the determinants of the capital structure and the investment function. We found a lot of interesting results. First the debt ratio of listed firms is lower than that of non-listed firms which is realised by the increase in the capital surplus gained by initial public offerings. Second however participation by firms in the organized securities market accommodates agency costs not only in equity markets but also in the market for bank loans as a by-product effect which reduces informal financial transactions. Third manufacturing firms belonging to the financial conglomerate are surprisingly inactive investors and dependent on informal financial transactions whereas foreign firms borrow less and invest more. In addition of the various fund mobilization methods only bank loans particularly long-term loans promptly affect equipment investment by firms. Keywords capital structure investment financial system

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