Research article

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Analyst report roles in accounting and finance research Natchanont Komutputipong Pages 1 - 28    Download PDF  Article preview Cite Abstract As a sophisticated financial statement user, a security analyst (financial analyst per se) incorporates quantitative and qualitative information in predicting earnings per share and estimating firms? value to address his/her stock recommendation via an analyst report. The objective of this article is to highlight prior accounting and finance research in United States and international settings relevant to financial analyst?s products such as earnings forecasts, and stock recommendation, commencing from 1980. Also, the article aims to inspire Thai accounting and finance researchers in incorporating analyst products in their academic work. In accounting and finance research, analyst products are utilized in seven schemes: (1) analysts' decision processes in issuing forecasts and stock recommendation; (2) the nature and determinants of analyst expertise; (3) the information content of analyst reports; (4) tests of analyst and market efficiency; (5) analysts' incentives and behavioral biases; (6) the effects of the institutional and regulatory environment; and (7) research design issues. Various research methodologies together with different database are introduced to address research questions such as regression analyses, and experimental methods etc. Remarkably, a mixture of research designs with different sample periods yields inconsistent outcomes. Thai academicians are, therefore, required to implement their research methodologies with care.
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Measurement and recognition of intangible assets. Pimpana Peetathawatchai, Pavinee Manowan and Visarut Sribunnak Pages 29 - 50    Download PDF  Article preview Cite Abstract The Thai Accounting Standards No. 38, Intangible Assets, permit the recognition of internally-generated intangible assets under limited circumstances because of uncertainties involving future economic benefits. Valuation principles present in the literature allow the measurement of intangible asset value. Such principles include income and cost approaches to fair value determination. The objectives of this paper are (1) to present the recognition principles for intangible assets, (2) to demonstrate the principles applicable to intangible asset valuation, (3) to present empirical evidence that future economic benefits from certain expenditures can be measured and that the value can be separated from other business development expenditures, (4) to provide arguments on the decision-usefulness of accounting information, and (5) consequences of information asymmetry problems in the environment in which intangible asset recognition are subject to stringent conditions.
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IPA of Business Potential in Bangkok?s International Convention and Exhibition Business compared with Singapore and Hong Kong. Supakorn Limkhunthammo Pages 51 - 88    Download PDF  Article preview Cite Abstract This research aims to improve Bangkok?s international convention and exhibition business by benchmarking with Singapore and Hong Kong. The objectives are to measure the comparative performance of Bangkok to Singapore and Hong Kong and to provide recommendation to the international convention and exhibition business of Bangkok. The sample groups in this research are the executive of service providers (101 persons), the users (133 persons) and the stakeholders (58 persons). The sampling technique is Purposive Sampling. And data collection method use questionnaires, in-depth interviews, brainstorming and observations during March - August 2009. The analysis method are (1) Descriptive statistics (frequency, percentage, arithmetic mean, standard deviation)(2) Compare means (Levene test, F-Test, LSD, Brown-Forsythe, Dunnett T3, Independent t-test) (3) Importance Performance Analysis: IPA (4) Content analysis. The results are, some factors of Bangkok benchmarking with Singapore and Hong Kong that are lesser potential and must be improved by priority as follows, 1.Political stability 2.Ability to use English language of the employees in the convention & exhibition events 3.Safety and security system 4.Accessibility to venue/accommodation (including air route (number of airlines and airport service)) 5.Sanitation and health system 6.Internet service (quantity and quality) 7.Support from government. 8.Alternative modes of transportation in the city (variety, sufficiency and traffic jam) 9.Ability of professional convention organizers. 10.Ability of professional exhibition organizers. 11.Potential of exhibition venues (Size, Administration) 12.Potential of convention venues (size and administration) 13.Physical environment. 14.Support from the private sector. 15.The immigration process (convenience, quickness and problem management) 16.Costs of conventions and exhibitions. And the researchers have proposed the recommendations in each factor such as - Improve the National Anti-Corruption Commission (NACC) and the Thailand Convention and Exhibition Bureau (TCEB) to have a stable policies and secured annual budgeting - Improve the Education system, Emphasize the practical part such as Cooperative Education - Establish the related communication system immediately
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Personality Type and Creative Thinking: A Study of Architectural Design Professionals Decha Dechawatanapaisal Pages 89 - 106    Download PDF  Article preview Cite Abstract This empirical study aims to explore the relationship between creative thinking and personality type, as measured by the Myers Briggs Type Indicator (MBTI). The study also investigates which types of MBTI personality embrace creative thinking. Based on the data obtained through a questionnaire survey of 260 professionals in relative fields of architectural design, the results indicate that there are relationships between personality type and creative thinking, particularly Intuition: N and Perceiving: P. Sharing the common personality N and P, the types of ENTP INTP ENFP and INFP are in the top rank of creative thinking scores. Implications of these results are discussed for human resource management and organization development.
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Dividend policy, Cash-flow uncertainty, and Ownership structure: Evidence from Thai listed companies Supalak Angkasukho, Patika Tonvichien, Trakarnta Sanguansakdiyodhin and Piyapas Tharavanij Pages 107 - 144    Download PDF  Article preview Cite Abstract The objective of this study is to investigate factors that affect decision to pay dividend and dividend payout ratio of listed company in Thailand. Factors are chosen from relevant theories which include Signaling theory, Agency theory, Life-cycle theory, Transaction cost theory and Growth opportunity theory. Cash-flow uncertainty and shareholding structure, such as foreign ownership, large shareholder ownership, and minority ownership, are studied in depth in this research. The method used are Probit model, Tobit model, and Random/Fixed effects model. Approximately 330 listed companies in Thailand during year 2002 to 2009 are covered in this study. From our evidence, Cash-flow uncertainty influences dividend payment decision but not a payout ratio. Concerning shareholding structure, the result shows that foreign ownership increases probability to pay dividend. However, foreign ownership has no impact on payout ratio. Minority ownership negatively influences both dividend payment decision as well as dividend payout ratio. Interestingly, large shareholder ownership has no impact on both dividend payment decision and dividend payout ratio. Both company?s life-cycle stage and stock liquidity are important factors in determining whether a listed company would pay a dividend. This study finds that mature company has a higher propensity to pay dividend as predicted by Life-cycle theory. Moreover, this study also finds that a listed company whose stock is liquid would have a lower chance to pay dividend or has a lower dividend payout ratio as predicted by Transaction cost theory.