• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.133-143
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• 2020

The paper investigates the factors affecting the profitability of commercial banks in Asian developing countries, including Vietnam, Malaysia and Thailand. We use panel data of four entities; ten banks in Vietnam, eight banks in Malaysia, nine banks in Thailand and all 27 commercial banks from the period 2012 to 2016. Particularly, Return on Asset, Return on Equity and TOBINQ are defined as profitability indicators, which are impacted by three main types of independent variables, namely bank-specifics, which include CAR, NPL, Cost to income, Liquidity ratio and Bank size, industry-specific variable-concentration HHI and macroeconomic-specific variables, which consist of GDP growth and Inflation. Using panel data regressions, the paper identifies several similarities and differences among empirical results on the models of four entities, each of three countries and the overall sample. The most outstanding similarity is that all entities record the significantly negative relationship between operational risk and banking profitability. Likewise, the significantly negative influence of bank size to profitability is found on models of Vietnam and Thailand and no significant effect on the model of Malaysia. Meanwhile, the most controversial result comes up with the negative relationship between CAR and profitability indicators as well as the positive association between credit risk and banking profitability.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.117-123
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• 2020

The objective of this study is to examine whether the four-factor model explains variation in the expected return of stocks on the Stock Exchange of Thailand. The study used individual monthly data for all stock with continuous trading on the Stock Exchange of Thailand. The study used sample data of 429 listed stocks to construct 8 portfolios bases on the industries. In this study, subject to market factors such as size, the book-to-market ratio, the market beta, and stock liquidity are taken into account. The Empirical analysis reveals that not all of the variables included in the four-factor asset pricing model are statistically significant to do affect the formation of the rate of return on stocks calculated on a monthly basis. The result shows that market beta, stock liquidity, and the book-to-market ratio has a significant increase in the rate of return on shares listed on the Consumer Products. It is therefore apparent that at least in respect of monthly analysis, the predictions of bass models in the field of modern finance theory systematic risk measured by the beta coefficient did play a significantly important role in the formation of the rate of return on the Stock Exchange of Thailand.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.283-291
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• 2020

Although the corporate governance plays a crucial role in protecting shareholder wealth, the effect of corporate governance on cost of debt is unclear. On one hand, the corporate governance reduces asymmetric information between corporate and external investor including debtholder leading to a decreasing in cost of debt financing. On the other hand, bondholders require higher rate of return for an improvement corporate governance. Hence, this study aims to investigate the relationship between the mechanism to improve corporate governance namely board effectiveness and the cost of debt in an emerging market. As we aim to explore the relationship between cost of debt and board effectiveness, we select corporation in Thailand as our sample because the businesses in Thailand are major debt-financing. Hence, our sample include listed firm in Stock Exchange of Thailand between 2007 and 2016. Our main findings support the sub-optimal investment hypothesis in that improved board effectiveness is associated with higher cost of borrowing. In addition, we find that the number of board member-board size, the number of board meeting, and the percentage of non-executive on audit committee play are positively associated with the cost of debt financing. Furthermore, we perform two-stage-least square (2SLS) to ensure that our results are far from endogeneity issue.

• 복식
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• 제64권8호
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• pp.179-190
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• 2014

In traditional costume, colors have been used to express the religion, society, culture, custom, and other aspects of a country. This is mainly due to color being the most conspicuous visual factor of a costume. In Thailand, there is a symbolic color for each day of the week, and the purpose of this study is to contribute to deeper understanding of the Thailand culture in regards to color and its costumes. The study method is as follows: literatures and photos were researched for social and religious background of the seven days Buddha history, which was the source of the color a day culture, symbols and significance of each Buddha were studied and precedent studies were reviewed. The study attempted to investigate the effect of the symbolic color on costumes as it passed down from generations. Originally, the symbolic colors of seven days Buddha in Thailand was a religious component that was exclusive to the upper class. However, it has expanded to the lower classes today. Currently, it obtains an aspect of health and wealth gospel for oneself or others as well as being used to express individual personality because people regard certain color as their symbolic color.

• Safety and Health at Work
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• 제8권4호
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• pp.407-409
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• 2017

Air pollutants of concern include traffic-related air pollution, including particulate matter in respirable coarse and fine size fractions. There are no critical studies to date into associations between knowledge, awareness, and attitudes in using proper respiratory masks and prevalence of respiratory symptoms among urban street vendors in Thailand. In this study, we estimated adverse respiratory health outcomes among street vendors, in particular young adults, in Bangkok, Thailand, using a self-report questionnaire. Street vendors, who were not currently smoking and not having known diagnosed respiratory diseases, were recruited. They were selected from selected roadsides at Chong Nonsi, Bangkok. Participants (n = 30) reported having lower respiratory (50%), upper respiratory (37%), and other symptoms (70%). Also, 53% of participants had never used respiratory personal protective equipment (PPE: masks). Among those using PPE, all used masks not proper for particulate matter. Results suggested knowledge, awareness, and attitudes concerning proper PPE use needs to be increased among street vendors in Bangkok, Thailand.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.243-251
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• 2021

The goal of this study is to examine the characteristics of Chinese visitors visiting Thailand, determine the rules, and give a reference for Thai tourism authorities and businesses when developing marketing strategies for the Chinese market. This paper constructs the tourism flow network and takes Bangkok as the major research target. The statistical characteristics of the network are studied using the SNA method, based on the trip notes of Thailand on www.mafengwo.cn, a prominent travel website in China as the data source. The results show that: Shanghai, Beijing, and Tianjin occupy important positions in the network; The flow direction of Chinese tourists to Thailand mainly tends to Bangkok, Chiang Mai, Pattaya, and Phuket Island; Grand Palace have strong tourism flow aggregation, diffusion, and control over other nodes in the whole network structure; Tom Yu Kuang has the greatest degree centrality in all Thai cuisine. The findings of the study can help relevant management departments create tourist policies and modify market strategies by developing the regular characteristics of China's tourism flow to Thailand in the theoretical field.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.769-775
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• 2021

The objective of this research was to analyze the factors influencing the farm-gate shrimp prices in Thailand using monthly time series from January 2001 to December 2019. The econometric methodology was employed to satisfy the purpose, consisting of the cointegration test for revealing the long-run relationship and equilibrium elasticity between the variables as well as the error correction model for detecting speed adjustment to shock responses. The empirical results revealed that (1) the export shrimp prices, shrimp production in the country, and shrimp export volume indicated a long-run relationship running to the farm-gate shrimp prices in Thailand with the size of equilibrium elasticity equal to 1.083%, -0.256%, and 0.123, respectively, and (2) the farm-gate shrimp prices in Thailand would adjust to the equilibrium line with a speed equal to 20.147% if there was any kind of incident or shock which caused the relationship to deviate from the equilibrium point. There was no relationship in terms of global shrimp prices and the exchange rate for farm-gate shrimp prices in Thailand. The recommendations should emphasize the varieties of shrimp products for export to other countries beyond the main trading markets nowadays to reduce risks and fluctuations in the export prices of shrimp products.

• 한국양봉학회지
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• 제33권4호
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• pp.227-237
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• 2018

The majority parasitic bee mites of Thailand in genus Tropilaelaps are infesting colonies of native bees (Apis dorsata) and introduced bees (A. mellifera). The investigation aims to study morphological and genetic variation of Tropilaelaps mites infected different hosts. Adult mites were collected from honey bee brood throughout Thailand. Traditional and geometrical morphometrics were measured on photograph by using TPS program. Additional, COI gene variations were examined by PCR-RFLP and nucleotides sequencing. Tree of mites relationships were constructed by NJ and MP assumptions. Morphometric results indicated T. mercedesae were major species infesting on A. dorsata and A. mellifera. Mophological variation represented at anal and epigynial plate, which the shape of the anal plate apex margin has been key character to identify between T. mercedesae (bell to blunt shape) and T. koenigerum (pear shape). However, the discriminant analysis suggested that geometric results were potential to classify Thai Tropilaelaps populations from different hosts better than traditional morphometric. Otherwise, PCR-RFLP clearly detected the site of Dra I and Xba I digestion of Thai Tropilaelaps morphotypes. The COI sequences of T. koenigerum were founded infesting only A. dorsata in Thailand and four sequences that related to the Thai T. mercedesae morphotypes. The NJ and MP tree were clearly classified Thai Tropilaelaps species which were suggested both from morphological and molecular analysis. This information might be basically of taxonomic status, but this should have implication for controlling these mites in Thailand and other countries.

• 동남아시아연구
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• 제21권1호
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• pp.185-216
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• 2011

This work shows dynamism of empathy which Thailand experienced while its monarchy was replaced by democracy with conflicts and harmony. In this work, two imaginary protagonists are put into the most important period in Thai history, from the political reform of the absolute monarchy in 1932 up to Black May in 1992, for 60 years. With the writer's imagination, they are actualized into the historically important situations with reality. One of them is Yeoy, a dissident and the other is a police officer, a concenter, who chases after him. In this dissertation, empathy is analyzed which the characters feel about real incidents in their country through trust and doubt, hope and anger. This research on emotional circumstance is all about figuring out the direction for harmony and coexistance. Thailand needs a powerful leader who deals with swiftly changing worldwide affairs and domestically economic matters. Even if their leader has the same destination to get to, their approach to it is different from each other. Therefore, conflicts come out and misunderstanding makes situation worse. Public sympathy among Thai is that Thailand contribute to global mutual prosperity, by which Thailand becomes a powerful and influential state in making the world harmonious and prosperous.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.1-9
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• 2021

This study aimed to investigate the existence of the Feldstein-Horioka (1980) puzzle in international macroeconomics by applying the conditional Autoregressive Distributed Lag (ARDL) model to examine the long-run relationship between national savings and investments in Thailand and China. The input of this study relied on annual national savings and investments as a fraction of GDP during 1980-2019 which was collected from China National Bureau of Statistics (NBS) and Thailand National Economic and Social Development Council (NESDC). Hypothetically, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests were applied to test the stationary properties and to investigate the integration level of selected time series. The empirical results, confirmed by cumulative sum (CUSUM) and cumulative sum square (CUSUMSQ), maintained no serial correlation and structural break problems. The finding of this study suggested that the Feldstein-Horioka puzzle in Thailand did not exist significantly. Thailand's national savings and investments nexus was independent, following the classic economic idea that financial liberalization, or perfect capital mobility, allowed national savings and investments to flow freely to countries with better interest rates. Whereas, a strong significant correlation was found in the case of China during the fixed exchange rate regime switching in 1994 and post WTO participation after 2001-2019.