Abstract
This paper sets out to examine what has happened to the multinational enterprises from Thailand after the crisis. The paper sets the context by discussing the three distinct phases of Thai outward investment: early development (1977-88), rapid rise (1989-97), and post-crisis decline (1998 – present). It then points out the four different trends of Thai multinationals’ post-crisis behaviours: decline, replication of pre-crisis behaviour, reform and refocus, and new emergence. While the first trend involves Thai multinationals that reduced or withdrew from international activities, the second group looks set to repeat its pre-crisis hasty and opportunistic international expansion. The third pattern observed among Thai multinationals shows firms that became more focused in their international expansion strategy, and the fourth trend introduces a new set of Thai multinationals that enjoyed their growth after the crisis. Theoretical explanations of the four trends are then discussed.