Research article

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The Efficiency of Mutual Fund in AEC Yupawadee Chinpruttiwong and Sorasart Sukcharoensin Pages 1 - 21   DOI 10.14456/cbsr.2019.7  Download PDF  Article preview Cite Abstract The purpose of this research is to study the efficiency and input slack variable of the mutual funds and determine the efficiency of mutual funds in the Asean Economic Community. There are 377 Malaysian Mutual Funds, 107 Singapore Mutual Funds, and 471 Thai Mutual Funds, which has operated from 2011 to 2015 and only domestically registered for sale, have been selected as samples. Morningstar Direct Database has been used as base information for this study, by having the Data Envelopment Analysis (DEA) as the methodology. Input variable which are (1) risk of return (2) ratio of fund expenditures to net assets, and (3) size of mutual fund and the input and output variable which is the return of mutual fund are taken into account in measuring the performance of mutual funds in the Southeast Asean Economic Community. The results of the study show that mutual funds in Singapore are most efficient, while mutual funds from Malaysia and Thailand have lower level of performance each year. The study also points out the same pattern between types of mutual fund and the efficiency of the mutual funds in each country. Considering the types of mutual funds in each country, it is found that the efficiency performance of money market mutual funds is among the highest, followed by fixed income fund, Balanced fund and Equity fund, respectively. Also, the study reveals that the input slack variable: (1) risk of mutual fund return, and (2) ratio of expenditure to net assets lead to the underperformance in Thai mutual funds.
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A Model of Service Marketing Strategy, Perceived Service Quality Affecting Customer Loyalty of Tutorial School in Thailand Watthana Sothonwatthana, Amonrat Sriwanut and Yaowapa Pathomsirikul Pages 22 - 56   DOI 10.14456/cbsr.2019.8  Download PDF  Article preview Cite Abstract This research aims to find a model of service marketing strategy, perceived service quality affecting customer loyalty of tutorial schools in Thailand. This research combines both quantitative research and qualitative research. The samples included 520 students in stand-alone tutorial school and 520 students in complex tutorial centers, total number is 1,040 people, the data were collected by questionnaires, group chat and in-depth interviews. Statistics used in this research were frequency, percentage, mean and standard deviation, Confirmatory Factor Analysis (CFA) and Structural Equation Model (SEM). The result show that factors influence the loyalty of the students in stand-alone and in complex tutorial schools are service marketing strategy, perceived service quality and customer satisfaction. The most important factor in service marketing strategy affecting customer loyalty is marketing promotion and information support, while perceived service quality is the empathy and the most satisfaction factor is the convenience. Both constructed model of service marketing strategy, perceived service quality affecting customer loyalty of tutorial schools in Thailand were good fitted with empirical data. For first model (stand-alone tutorial school : ?2 = 269.67, df = 121, P-value = 0.000, RMSEA = 0.042, SRMR = 0.034,. GFI = 0.97, AGFI = 0.93 * p <.05, ** p <.01) and the second model (tutorial school in complex center : ?2 = 292.38, df = 152, P-value = 0.0000, RMSEA = 0.037, SRMR = 0.0088, GFI. = 0.96, AGFI = 0.94 * p <.05, ** p <.01).
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The Effects of Social Class and Social Motives on Online Purchasing Intention: The Perspective of Consumers in Thailand Kriangsak Chanthinok and Palan Jantarajaturapath Pages 57 - 83   DOI 10.14456/cbsr.2019.9  Download PDF  Article preview Cite Abstract Currently, online shopping is among the most popular activities of the Internet. The objective of this research, investigating the reason of the question: why does the consumer online shopping? Based on social class level and social motive in different aspect which effect intention to online shopping. There are two theories to support he phenomenal are include theory of reasoned action (TRA) and theory of plan behavioral (TPB). The empirical data was 186 collect by social network users in Thailand. The regression analysis was analysis. The result indicated that the lower social class are more likely to online shopping from social motive in conformity. In the same vein, when they are found to be similar to their social groups, they often to different a dominant presence among others in the social group. However, both effect in conformity and distinctiveness that social motive aspect are influence to online shopping intention. Especially, consumer trust is interactive force with social motive to higher effect to online shopping intention. Moreover, the suggestion for manager and academic researcher was designate to utilizing.
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Do Investors Benefit from DCA? Evidence from the Stock Exchange of Thailand Kanin Anantanasuwong and Sirithida Chaivisuttangkun Pages 84 - 101    Download PDF  Article preview Cite Abstract This study empirically evaluates the effectiveness of dollar cost averaging (DCA) and its alternative strategies in the Thai stock market both in term of mean variance efficiency and downside risk. With one-year investment horizon, we find that, despite being less risky, DCA strategy is inferior to other alternatives such as lump sum and asset allocation in term of Sharpe ratio. The result regarding downside risk, measured by Sortino ratio, is inconclusive as the ratio for DCA has a higher mean but lower median than lump sum and asset allocation. Finally, we create indices that reflect the wealth investing in each of the strategy. Over our sample period, while DCA leads to a less value of terminal wealth, it fails to prevent the investor’s wealth from a huge loss during the 2008 financial crisis. This failure may be due to the seasonality of the returns in the stock market.
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Organic Agriculture Practice, Competitive Advantage and Cost Performance for Thai Farmers Pittawat Ueasangkomsate, Kamonchanok Suthiwartnarueput and Ravipim Chaveesuk Pages 102 - 135   DOI 10.14456/cbsr.2019.11  Download PDF  Article preview Cite Abstract This research is aimed at investigating how organic agriculture practice influences the competitive advantage and cost performance of Thai organic jasmine rice farmers in the northeastern region. For this study, we adopt a natural-resource-based view (NRBV) to explain these relationships operationalized through the analysis of survey data from questionnaires distributed after purposive sampling. We received 238 completed valid responses. The statistics analysis was carried out through the partial least squares structural equation modeling (PLS-SEM) for measurement and structural model. The outcomes show that the measurement model has reliability, convergent validity and discriminant validity, while fitting in structural model. The results also reveal that organic practices, as represented by the bottom of the pyramid and pollution prevention under NRBV, significantly positively influence competitive advantage for Thai organic farmers. In addition, the findings indicate that competitive advantage significantly impacts favorably on financial performance in terms of cost reduction for Thai organic farmers. The results of this research could lead to guideline for supporting Thai farmers’ organic agriculture.