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...

Existing studies on the financial system in East Asia have emphasized its excessive debt financing, the lack of a bond market and its limited function on corporate governance. Other apparent facts, such as the average low debt ratio, the existence of large but unlisted firms, and the...

A recent issue in the microfinance literature is whether microfinance institutions (MFIs) are financially sustainable without a subsidy as a prerequisite for competition policy or commercialization processes. Although some recent studies have proposed relevant theoretical frameworks, empirical...