1 families that own nancial institutions 12 families

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Unformatted text preview: Communication Electrical products and computer Electrical components Energy Entertainment and recreation Food and beverages Health care services Hotel and travel services Household goods Machinery and equipment Packaging Printing and publishing Property development Pulp and paper Textile Transportation Vehicles and parts Others 28 29 11 12 10 9 5 5 6 20 12 9 5 5 16 9 29 5 20 6 8 11 Total 270 Panel B: Descriptive Statistics for the Sample Mean Book value of total assets Sales Market value of equity M-B ratio Fixed asset ratio Number of years incorporated Median Max Min 7,140.71 3,531.52 4,485.53 1.175 0.419 21.02 2,428.76 1,544.03 926.94 0.975 0.388 17 179,785 107,273.01 118,930.5 4.940 0.935 120 325.81 11.31 47.20 0.250 0.011 2 Note: Values are in million Baht. 28 Table 2: Ownership Structure This table presents ownership structure of companies and financial institutions in the sample. These financial non-financial companies were listed in the Stock Exchange of Thailand in 1996. Controlling shareholder is a shareholder who owns at least 25 percent of the shares. A financial institution is owned by an entity of a group of entities if its shares are owned by such entities for at least 5 percent in the case of banks and 10 percent in the case of finance companies. FIDF is the Financial Institutions Development Fund which is a government agency responsible for recapitalization distressed financial institutions. Panel A: Ownership Structure of Non-Financial Companies Number of firms Percentage 1. Firms with controlling shareholder 1.1 Family 1.2 Government 1.3 Foreign investors 1.4 Multiple controlling shareholders 223 155 5 35 28 82.59 57.41 1.85 12.96 10.37 2. Firms with no controlling shareholder 47 17.41 Total firms 270 100 Panel B: Ownership Structure of Financial Institutions Banks Finance companies Number Percentage Number Percentage Government owned Family owned Government and family owned Foreign owned Family and foreign owned Under FIDF 3 10 1 0 0 2 18.75 62.5 6.25 0 0 12.5 5 39 4 4 2 0 9.62 75.00 7.69 7.69 3.85 0.00 Total institutions 16 100 52 100 29 Table 3: Sample Frequency Distribution on Firm with Connections This table provides the frequency distribution of the sample with respect to firm-bank connections. The Percentage column presents the percentage of firms with one specific type of connection to total number of firms in the sample. The number of firms in the sample is 270. Type of the firm-bank connections Frequency Percentage Connections with the influential families 1. Firms with the connections 1.1 Families that own financial institutions 1.2 Families that do not own financial institutions 96 31 65 35.56 11.48 24.07 2. Firms with no connection 174 64.44 Board connections with financial institutions 1. Firms with the connections 1.1 Executive level 1.2 Non executive level 1.3 Both executive and non executive levels 186 13 98 76 68.89 4.81 36.30 28.15 2. Firms with no connection 83 30.74 30 Table 4: Financing and Firm characteristics: Connected to In...
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This document was uploaded on 02/28/2014 for the course ECONOMICS fn314 at Harvard.

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