Research article

**

Effects of Analysts’ Recommendations on Stock Prices in the Stock Exchange of Thailand Yordying Thanatawee and Sasiwan Kumjonkitpaisan Pages 1 - 23    Download PDF  Article preview Cite Abstract This paper aims to examine stock price reactions to analysts’ recommendations in the Stock Exchange of Thailand (SET). The sample consists of 1,448 recommendations as disclosed in analysts’ reports from 19 brokerage firms for the stocks listed in the SET100 index from August to October 2014. The results show that stock price increases significantly following analysts’ recommendations to buy or long-term buy. However, analysts’ recommendations to trading buy or buy on weakness, to hold or fully valued and to sell or reduce have negative and significant impact on stock price. In addition, the evidence indicates that there is no significant difference in stock price reactions to recommendations by analysts from different brokerage firms.
**

Corporate Social Responsibility (CSR) Strategies: A Study of the Gen Y’s Perception in Thailand A Study of the New Generation’s Perception Teerayout Wattanasupachoke Pages 24 - 48    Download PDF  Article preview Cite Abstract Presently, CSR apparently involves business operations. In particular, Gen Y pays heavy attention to this issue. This study is hence to explore the perception of the Gen Y in Thailand on CSR strategies and to clearly understand the level of importance of CSR Strategies given by Gen Y. Regarding the scope of the research, the sample group is the university students of Chulalongkorn Business School in order to be representatives of the new generation. The purposive sampling technique was employed. According to the empirical investigation, CSR Strategies regarded as highly important consist of Reducing Pollution to Environment, Compliance with Environmental Regulations, Transparent Disclosure of Information, Providing Information Clearly to Customers, Developing Health-Friendly Products and Fair Pricing of Products/Services. This is consistent with the result from factor analysis that the groups of Environmental Protection Focus and Customer Focus are of prime concern of the Gen Y. This is consistent with the Gen Y`s characters that they care for nature and focus on creativity and innovation. Therefore, organizations incorporating environmental practices into strategies as well as creating value added products and differentiations together with communicating via such modern technologies as social medias should well attract their attention. This can make organizations highly regarded by Gen Y in this respect.
**

Investment Performance of Value Stock in The Stock Exchange of Thailand Ravi Lonkani, Ariyapong Pansriwong and Kriengkrai Konkham Pages 49 - 72    Download PDF  Article preview Cite Abstract Portfolios of stocks can be classified into subgroups of value stock portfolio and growth stock portfolio. In Thailand, value stock portfolio has increasing popular for investors. However, limited number of researches discussed on performance of value stock portfolio in Thailand. This research questions on the performance of various stock portfolios including value stock portfolio and investigate whether the performances of those portfolios change under different situation. We compare the performances of two portfolios which are value stock and growth stock portfolios constructed using price per earning as the criteria to divide them. Performances measured of the two portfolios are compared with random stock portfolio. The study finds that there is no different between value stock and growth stock portfolio. Both of them show that they are not superior to random stock portfolio. Moreover, when the performances are tested on different market environment namely growth, decline and sideway environment using the Newey-West standard error correction test, it shows that the performance of value stock is superior other portfolios only in the growth stock market period. The result further reveals that the performance of growth stock portfolio is superior to others in the situation of declining stock market. The perception that the performance of value stock portfolio always superior to other investment choices in all circumstance is not supported.
**

Frontline employee social status and coping with customer aggression Chuanchuen Akkawanitcha Pages 73 - 93    Download PDF  Article preview Cite Abstract This research aims to investigate the impact of customer aggression on frontline employee coping styles and leads to stress. Moreover, this research also examines the interaction effects of frontline employee social status and customer aggression toward on coping styles. The participants of this study are 327 frontline employees who have experiences in dealing with aggressive customers of retail stores in northern region. Questionnaires with critical incident technique that asks the respondents to recall a past experience when dealing with aggressive customers are distributed. Data is analyzed by using the structural equation modeling and moderator regression. The results show that customer aggression is positively related to coping styles (seeking social support, self-control and avoiding). Seeking social support and avoiding are positively related to stress, whereas the self-control is partially associated to stress. In addition, the interaction effect results illustrate those frontline employees who perceive that they are in higher status than customers, they employ less emotion-focused coping; seeking social support and self-control styles. In contrast, some frontline employees don’t refuse to use avoiding coping strategy.
**

Fine Arts: A New Marketing Strategy of the retail store Apiradee Wongkitrungrueng and Nuttapol Assarut Pages 94 - 118    Download PDF  Article preview Cite Abstract The use of artworks in product design and store decoration has been an important strategy of marketers. Today, many stores and malls in Thailand and other countries have started to present artworks as part of the retail store atmosphere in order to attract customers and differentiate from competitors. However, research conducted to examine the effect of artworks is in its infancy stage, and the definition and elements of art is still not clear. This article aims to present the research direction in examining the benefits of presenting fine arts in the retail store. Drawing on previous research in the environmental psychology, art and aesthetics, and branding, the authors propose the conceptual framework that shows the potential effects of fine arts among other store atmospherics on perceived store values and shoppers’ responses.