Research article

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Earnings quality measurement for security analysis Natchanont Komutputipong Pages 1 - 18    Download PDF  Article preview Cite Abstract The objective of this article is to present earnings quality measurement for security analysis. A security analyst (financial analyst per se) can enhance his/her earnings predictive ability from these measures once he/she estimates firm’s value and launches his/her stock recommendation. As such, earnings quality is imperative in business valuation. In terms of security analysis, high quality earnings should: (1) be more persistent and less volatile, (2) reflect future cash flow realization, and (3) be associated with stock price. Accounting literatures thereby introduce two earnings quality measures: (1) accounting-based earnings quality measure, and (2) market-based earnings quality measure. Accounting-based earnings quality measures employ statistical methods on financial statement numbers, while market-based earnings quality measures are based on financial statement numbers, and statistical methods together with stock price. However, users of both earnings quality measures should be familiar with financial statement information utilization and proficient in statistical packages.
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Household Saving Behavior and Determinants of the Forms of Saving and Investment in Thailand Piyarath Krishnamra, Methinee Vanikkul and Nathridee Suppakitjarak Pages 19 - 45    Download PDF  Article preview Cite Abstract The study of household savings behavior and determinants of the forms of savings and investment in Thailand is based on the primary data of 844 people through questionnaires in Bangkok and its perimeter, Chiangmai, Nakhonratchasima, Rayong, and Songkhla. This study investigates level and objectives of savings of Thai household, forms of savings, determinants of the forms of savings, including consistency between the risk-return concept and the investing decision. The purpose of this study is to identify characteristics, concepts and philosophy of savings and invest of Thai household, including savings problems and obstacles. The results are expected to be beneficial in determining policies and measures to encourage savings and investment in Thailand, especially in the domestic capital market. It is found that household savers in Thailand, on average, hold a bachelor degree and understand the risk-return tradeoff for investments. The average age is 47. Across the sample, they have medium level of income of which about 29.17% is saved. It is also found that savers are interested in every form of savings and investments mentioned in the questionnaire and their main purpose of savings is for post-retirement spending. Our samples select forms of savings and investments on their own with information provided by bank officers and family members. Moreover, they tend to invest more in conventional forms of savings such as bank deposits, insurance policies, gold and properties then in financial assets such as government bond, mutual fund, corporate bonds, and stock. It is also interesting to find that as level of income increases, savers tend to save less in conventional forms and more their savings towards capital market. Despite the higher return, they might receive from investing in financial assets, savers have not much interest in these forms of investments owing to the high risk character, complicated investment process and large amount of minimum investment requirement. Properties (real estate) is the form of investment to which household savers allocate the largest proportion of their saving. The reason is simply because it is one of human basic needs. In addition, it is perceived that physical assets (real estates) generate higher return and are less risky than financial assets.
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Management Accounting Implementation of Industy Group in Thai-Listed Firms Porntip Shoommuangpak Pages 46 - 61    Download PDF  Article preview Cite Abstract The purpose of article is to present the findings of management accounting implementation of industry group in Thai-Listed firms. It specific focused on cost management, budgeting, and segment report. These findings indicate the application of management accountings of industry group in Thai-Listed firms. The article concludes the importance of findings on accounting profession and should be of important to academic accounting by offering for two directions for usefulness of the management accounting. Additionally, it confirms management accounting concept influencing the implementation of management accounting for planning, controlling, and decision making are an essential aspect contributing to organizational success and sustainable competitive advantage.
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Global Managers in Thailand: Case Studies of Commercial Bank, Food and Drink, and Hospital Natenapha Wailerdsak Pages 62 - 84    Download PDF  Article preview Cite Abstract This article studies the profiles of two groups of top management including the Board of Directors and the Executive Committee of companies listed on the Stock Exchange of Thailand in 2013, covering three business sectors, that is, commercial banks, agriculture and food, and hospital management. It aims to assess the readiness of Thai companies, in terms of human resources, for both the preparation and the penetration into the ASEAN Economic Community. By analyzing the characteristics of these top management, the study will find a group of people called ‘global managers’, who are defined as Thai managers graduated from abroad, Thai managers experienced working in multinational corporations or international organizations, foreign managers who have international experiences, and Thai managers who have international experiences (including in ASEAN countries).
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Thailand: Progress or Hindrance santi Tirapat Pages 85 - 110    Download PDF  Article preview Cite Abstract This article aims to assess the future path of Thailand by comparing various development indicators with those of other selected countries in Asia during the past 10 years. The evidence shows that the economic growth of Thailand is about the same as other counties in the region, such as Hong Kong, Singapore, South Korea, Malaysia, Indonesia, and Vietnam. Although Thailand has been progressing slightly in financial development the income inequality remains a problem. In addition, the governance indicators have been worsened in all aspects. Based on the development cluster framework, the ongoing political instability will adversely affect the governance capability in tax collection and law enforcement which, in turn hurts the country’s income. Moreover, the characteristics of Thai political institutions are more extractive rather than inclusive. This makes the development of the country unsustainable in the long run. Finally, the recent stages of Thailand’s development exhibit some similarities with the path of once-successful-but-failed companies. Hence, it may be concluded that if the Thai politicians or policy makers still ignores these problems and do not initiate real reforms, Thailand certainly will be a case study for failure like that of Greece or Argentina