@Article{mfj:666,
title={An Investigation of Thai Listed Firms' Financial Distress Using Macro and Micro Variables},
author={Sunti Tirapat and Aekkachai Nittayagasetwat},
journal={Multinational Finance Journal},
volume={3},
number={2/2},
pages={103--125},
year=1999,
publisher={Multinational Finance Society; Global Business Publications},
url={http://www.mfsociety.org/../modules/modDashboard/uploadFiles/journals/MJ~645~p16stgvsc41ph8cpp1ig3h4017ea4.pdf}
keywords={bankruptcy; financial distress; prediction model; and Thailand crisis},
abstract={The emergence of the economic crisis in Thailand in 1997 is an interesting case for academic studies. Internationally, it had a contagion effect, spreading to countries in Asia and in other regions. Domestically, it caused a great many industrial and corporate bankruptcies. The Thai economy had been relatively stable since 1984. The recent development in 1997, however, produced a sudden economic slump resulting in closures of many Thai corporations. Using a logit regression, this study develops a macro-related micro-crisis investigation model. The significance of the model is in its ability to bridge a firm's sensitivity to macroeconomic conditions and its financial characteristics in order to explore a firm's financial distress. The findings indicate that macroeconomic conditions are critical indicators of potential financial crisis for a firm. The article shows that the higher a firm's sensitivity to inflation, the higher the firm's exposure to financial distress..},
}