Research article

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Human Resource Strategy of Service Multinational Corporations: The Case of Dusit International Chaturong Napathorn Pages 1 - 26    Download PDF  Article preview Cite Abstract The objective of this paper is to examine the following research question, “How do service multinational corporations (SMNCs), specifically international hotel chains,from Thailand manage their employees to ensure that those employees are able to maintain Thai hospitality service upon internationalizing their business operations?” The qualitative research design, in particular the case study of Dusit International, was applied in this paper. Dusit International is considered one of the most successful SMNCs from Thailand that has internationalized its hotel chains to several countries across the globe for some time. In this respect, the findings of this paper support the proposition that “SMNCs, specifically international hotel chains, from Thailand are likely to adopt the glocalization human resource (HR) strategy when internationalizing their business operations.” Specifically, SMNCs from Thailand are likely to standardize their HR policies and strategies across the globe whereas they are likely to localize their HR practices to fit well with the institutional and local contexts of each country. Only one SMNC, however, was included in this study. Thus, in-depth case studies of other hotels or SMNCs in other industries such as banking, insurance, and information technology, and quantitative studies with a large sample size from a wide range of industrial sectors might be useful to deepen understandings of this topic.
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An Impact of the Introduction of ThaiDEX SET50 ETF on SET50 Index Spot-Futures Arbitrage Efficiency Anant Chiarawongse Pages 27 - 56    Download PDF  Article preview Cite Abstract In 2007, Stock Exchange of Thailand lists ThaiDEX SET50 Exchange Traded Fund (TDEX), its first equity Exchange Traded Fund (ETF) that is designed to track SET50 index. Futures contracts with SET50 index as the underlying asset are in existent since 2006. This paper studies an impact such a listing of TDEX might have on index arbitrage activity. In a market without friction, mispricing between futures and the underlying index should be eliminated instantaneously by arbitrageurs. As a result, futures prices and index level will have a certain relationship according to the cost-of-carry model. However, in a real market situation, what seems like mispricing might persist due to limits to arbitrage. Since the introduction of TDEX can potentially relaxes some of those limits, we expect the mispricing to be less persistent after the introduction of TDEX. To quantitatively measure the responsiveness that prices adjust to mispricing, we apply an error correction model to daily data of SET50 index futures and SET50 index. The coefficient of the error term in the model, which is called speed of adjustment coefficient, is a natural measure of speed that prices adjust to reach equilibrium. If the availability of TDEX helps facilitating arbitrage transactions, then the speed of adjustment coefficient is expected to increase after the listing of TDEX.
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The performance and its persistence of Thailand equity mutual funds from 1995 to 2014 Nattawut Jenwittayaroje Pages 57 - 89    Download PDF  Article preview Cite Abstract This study investigates the performance and its persistence of Thailand equity active mutual funds during 1995-2014. The results confirm the results of other studies of the mutual fund performance in developed markets. That is, in the aggregate, Thailand equity active mutual funds have underperformed the benchmark (i.e., the SET total return index) on a risk-adjusted basis. Specifically, during 1995-2014, the funds on average earn an alpha of -0.115% per year. There are only 6 out of 179 funds that have significantly outperformed the benchmark on a risk-adjusted basis. In addition, this study indicates that several strategies of buying top-performing funds in the past cannot generate statistically and economically significant profits in the future. In other words, there was no fund performance persistence during 1995-2014. In conclusion, the results of this study support the Efficient Market Hypothesis, stating that the best investment strategy is to buy-and-hold a well-diversified portfolio that mimics the market portfolio or a low-load index fund.
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Factors Influencing Behavioral Intention to Use QR Code App for Shopping in a Virtual Store Suthathip Nithisiripong and Mathupayas Thongmak Pages 90 - 121    Download PDF  Article preview Cite Abstract This research explores factors influencing behavioral intention to use QR code app for shopping in a virtual store, applying the consumption value theory. Eight factors in the study consist of functional value, social value, epistemic value, emotional value, conditional value, promotion with time pressure, content quality on a virtual store, and intention to use QR code app for shopping in a virtual store. Results show that users will have an intention to use QR code app for shopping in the virtual store from direct influential factors (functional value, emotional value, epistemic value, conditional value, content quality on virtual store) and indirect influential factors (content quality on virtual store via functional value and promotion with time pressure via emotional value). However, social value and promotion with time pressure have no direct influence on the intention to use QR code app for shopping in a virtual store.
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Analysis of Relationship between Lean Inventory and Firm Performance: Evidence from the Stock Exchange of Thailand Kanis Saengchote and Wila-sini Wongkaew Pages 122 - 156    Download PDF  Article preview Cite Abstract Lean inventory strategy and just-in-time philosophy have been widely adopted by organizations worldwide. However, prior studies which examine relationships between inventory leanness and firm’s financial performance have yielded, at best, mixed results. In addition, these studies often focus on advanced economies. Relatively little is understood how inventory leanness is associated with firm performance in emerging economies, where logistics systems and information and communication technology are less developed. Therefore, in this paper, relationship between inventory leanness and firm performance is analysed by using data of companies listed in the Stock Exchange of Thailand. Panel regression with fixed effects is employed to investigate the relationship between inventory leanness and accounting returns. Associations between inventory leanness and stock returns are also examined using portfolio construction method. Empirical findings indicate that relationships between inventory leanness and accounting returns vary across industries. Further analysis into stock returns shows no statistically significant difference in returns between low and high inventory leanness portfolios.
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The comparative study of Bangkok and Yokohama Port Waterfront Development Krisana Visamitanan, Rahuth Rodjanapradied and Kamonchanok Suthiwartnarueput Pages 157 - 178    Download PDF  Article preview Cite Abstract Bangkok Port was developed and grown together with the development of Thai economy. However, the role and importance of its have been dropped in recent years due to traffic problem, the opening of Lamchabang port and the change in social and economic structure. This qualitative research studies the development of Yokohama port and its surrounding area using historical approach and in-depth interview with the stakeholders. Based on the analysis under the framework derived from institutional theory and stakeholder theory, the mechanism and factors that drove the development of Yokohama port and its surrounding area were identified. The analysis results can provide the sustainable and efficient guideline policy to develop Bangkok port waterfront area.