Research article

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Price and Volume Effects Associated with SET50 Index Composition Changes. Morakot Chanintaranurak, Nattawut Jenwittayaroje and Thaisiri Watewai Pages 1 - 24    Download PDF  Article preview Cite Abstract Previous studies in developed markets show that on the announcement date of the change in an equity index composition, stocks that are added to the index tend to have positive average abnormal returns, while those that are deleted from the index tend to have negative average abnormal returns. They also find that both added and deleted stocks tend to have higher volume around the announcement date. In this paper, we study the price and volume effects on added and deleted stocks associated with the SET50 index in Thailand, and find the similar results. Specifically, added stocks have a positive cumulative average abnormal return around 6.76% and deleted stocks have a negative cumulative average abnormal return around 6.17%. There is no price reversal after the change. This lasting effect supports the Imperfect Substitute, Information Signaling, and Liquidity hypotheses. Moreover, our study finds that both added and deleted stocks tend to have higher volume ratio around the announcement and effective dates. This evidence is consistent with the existence of index funds that need to buy and sell those stocks to replicate the index return.
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Trust of Thai Food Exporters Influencing on Relationship Commitment and Cooperation in International Freight Forwarding Services Chatrpol Maneekool Pages 25 - 54    Download PDF  Article preview Cite Abstract The objectives of this research were to explore the important dimensions of Thai food exporters? trust in international freight forwarding services, and the influence of level of trust on relationship commitment and cooperation between exporters and freight forwarders. The population of the research consisted of 1,778 exporters from the list of Thai food exporters provided by the Department of Export Promotion. Structural Equation Modeling was employed to construct dimensions of trust and to investigate causal relationships among the variables in the research model. Stepwise multiple regression analysis was used to examine the dimensions of trust that affected the aforementioned relationship commitment and cooperation. The research findings showed that the five most significant dimensions of trust were benevolence, integrity, timeliness, reliability, and expertise, respectively. The dimension of trust that affected the relationship commitment the most was friendship. The dimension of trust that affected cooperation the most was benevolence. However, the fairness-based trust which stemmed from the price-benefit comparison did not influence either the relationship commitment or cooperation. The research findings suggest that in order to enhance the relationship commitment and cooperation in international freight forwarding services, the service providers should implement differentiated business strategies, such as increasing benevolence-based trust through flexible problem solving strategies for satisfying the client?s needs and friendship-based trust by developing quality and close relationships, rather than focusing only on a competitive price.
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The Strategy of SMEs Establishment Base on Tax Benefit Right and Financial Budget in The Sufficiency Economy Concept Pathama Waithayawongsakul Pages 55 - 75    Download PDF  Article preview Cite Abstract This paper presents the principles for SMEs (Small and Medium Enterprise) establishment in the form of individual, corporate and non-corporate entity. The differences of SMEs in legal perspective, the form of SMEs establishment, tax-related issue and tax benefits in SMEs businesses namely tax reduction, tax exemption, special expense deduction, and depreciation of assets are also discussed. The preparation of financial statements for SMEs businesses. The concept of sufficiency economy is also mentioned in order to apply for the greatest advantage to promote and develop sustainable businesses.
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Motivations and Innovation Adoption Period of Information Technology Products in Thai Working-age Consumers Nuttapol Tiamchaibunthawee and Nuttapol Assarut Pages 76 - 92    Download PDF  Article preview Cite Abstract The past study about innovation adoption focused on categorizing consumers into segments according to innovation product adoption period. However, the buying decision of consumers nowadays is more complex. The knowledge about innovation, which was accepted to be a factor related to the period of adopting innovation product, is not the only factor effect innovation product adoption. This study investigates the motivations that influent information technology products adoption of Thai consumers in Bangkok Metropolitan, including Social, Entertainment, Knowledge and Thinking Skill, Product Benefits, and Product Design. The results show that the consumers can be categorized in to five segments according to the motivations to consume innovation product. The brand purchased and the time to adopt different innovation products is different for each consumer segments. However, the relationship between the adoption period and the type of motivation is not found.
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Household Saving Behavior and Determinants of the Forms of Saving and Investment in Bangkok Metropolitan and Perimeter Piyarath Krishnamra, Patcharavalai Jayapani, Methinee Varnikkul, Ruttachai Seelajaroen and Nathridee Suppakitjarak Pages 93 - 120    Download PDF  Article preview Cite Abstract This study on household saving behavior and determinants of the forms of saving and investment in Bangkok metropolitan and its perimeter is under the umbrella of the research project on household saving behavior and capital market development in Thailand, sponsored by the Office of the Higher Education Commission. The primary data was collected from the population of 400 who live in Bangkok and its perimeter through direct interviews and questionnaires. Purposive or judgment sampling is used according to age (20 years old and over) and level of income (20,000 baht and more). The purpose of this study is to identify household saving behavior and determinants of forms of saving and investment in the hope that they could lead to the development of financial instruments as alternative means of investment, especially in the capital market. Moreover, the result of the study might be of some value to the authorities involved in determining policies and measures to encourage more savings through investment in the domestic capital market. We found that most of savers in Bangkok and its perimeter were well-educated, having medium to high level of income and had average saving rate of 32% of their income. Their main purpose of savings was for post-retirement spending. As for the forms of savings and investment, they tended to invest in bank deposits, insurance policies and real estate more than in financial assets in the capital market. The study also found that savers realized the fact of high-risk-high-return nature of investing in financial assets, but it was not widely interesting to savers owing to the complicated process involved. However, the highest proportion of savings was allocated to the investment in real estate since a house was one of the basic needs and also savers perceived that physical assets were less risky than financial assets.
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Capturing Dimensions of Corporate Brand Identity from Diachronic, Synchronic, and Panchronic Viewpoints Suppakron Pattaratanakun and Wilert Puriwat Pages 121 - 140    Download PDF  Article preview Cite Abstract This paper explores the origin of the internal branding concept?corporate identity studies?in order to overcome the confusion in the field. Each organization has developed its own corporate identity from different perspectives but does not have clear theory-based direction in developing its own corporate identity. Three major sets of perspectives for corporate identity studies are identified. Then a gap analysis is performed and it is argued that each of the three perspectives is not considered the single best for corporate branding identity studies. Therefore, multiple integrated perspectives to capture different dimensions of corporate identity are proposed. In addition, the sociomaterial assemblage concept of Orikawski and the relational phenomenology of Bourdieu?s philosophy are initiated in order to expand the dimensions of corporate brand identity studies.