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การกำหนดนโยบายการสั่งซื้อบรรจุภัณฑ์สำหรับบริษัทผลิตน้ำดื่มบรรจุขวด, ธนานันท์ เรืองฉายา
การกำหนดนโยบายการสั่งซื้อบรรจุภัณฑ์สำหรับบริษัทผลิตน้ำดื่มบรรจุขวด, ธนานันท์ เรืองฉายา
Chulalongkorn University Theses and Dissertations (Chula ETD)
ปัจจุบันอุตสาหกรรมน้ำดื่มบรรจุขวดมีการแข่งขันที่รุนแรง ประกอบกับสินค้ามีลักษณะคล้ายกันและราคาต่างกันไม่มาก บริษัทในกรณีศึกษายังไม่มีการบริหารจัดการวัตถุดิบและนโยบายการสั่งซื้อที่ชัดเจน ส่งผลให้มีวัตถุดิบคงคลังเกินความจำเป็น ส่งผลกระทบต่อต้นทุนในการบริหารวัตถุดิบ จึงจำเป็นต้องปรับปรุงและพัฒนาการบริหารจัดการคลังสินค้าเพื่อลดต้นทุนและรักษาความสามารถในการแข่งขัน โดยไม่ให้เกิดการขาดแคลนวัตถุดิบ ในการดำเนินงานวิจัยได้ศึกษาข้อมูลย้อนหลัง 36 เดือน (ม.ค. 2564 – ธ.ค. 2566) เพื่อวิเคราะห์ความต้องการใช้วัตถุดิบและพัฒนาแบบจำลองสินค้าคงคลัง โดยเปรียบเทียบระหว่างแบบจำลองจุดสั่งซื้อและปริมาณการสั่งคงที่ (OPOQ) กับแบบจำลองระดับคงคลังเป้าหมาย (OUL) โดยใช้ข้อมูลในปี 2567 เมื่อได้ดำเนินการทดลองผู้วิจัยได้สังเกตเห็นรูปแบบของความต้องการใช้วัตถุดิบบางตัวที่มีช่วงเดือนที่มีความต้องการใช้ที่ลดลงเหมือนกันทั้ง 3 ปี จึงได้เสนอนโยบายที่มีการปรับเปลี่ยนได้ตามระดับความต้องการในแต่ละช่วงเวลาทั้งนโยบายจุดสั่งซื้อและปริมาณการสั่งคงที่ และนโยบายระดับคงคลังเป้าหมายเพิ่มในการวิจัยอีกด้วย พบว่าเมื่อสั่งซื้อฉลากสำหรับขวดขนาด 600 มล. ด้วยนโยบายระดับคงคลังเป้าหมายที่มีการปรับเปลี่ยนได้ตามระดับความต้องการ ที่รอบการสั่ง 4 สัปดาห์,ฉลากสำหรับขวดขนาด 1,500 มล. ด้วยนโยบายจุดสั่งซื้อและปริมาณการสั่งคงที่, ฝา ด้วยนโยบายจุดสั่งซื้อและปริมาณการสั่งคงที่ที่มีการปรับเปลี่ยนได้ตามระดับความต้องการ และวัสดุห่อหุ้ม ด้วยนโยบายระดับคงคลังเป้าหมายที่มีการปรับเปลี่ยนได้ตามระดับความต้องการ ที่รอบการสั่ง 6 สัปดาห์ จะมีค่าใช้จ่ายในการบริหารวัตถุดิบที่น้อยที่สุดเมื่อเทียบกับปัจจุบัน และนโยบายทางเลือกอื่น โดยสามารถลดค่าใช้จ่ายรวมลงเมื่อเทียบกับปัจจุบันไปได้ถึง 45.03%, 37.87%, 47.57% และ 40.54% ตามลำดับ โดยที่ไม่เกิดการขาดแคลนวัตถุดิบ
Competitiveness Analysis Of Chinese Electric Vehicle Brands In The Thai Market, Canyang Li
Competitiveness Analysis Of Chinese Electric Vehicle Brands In The Thai Market, Canyang Li
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the competitiveness of Chinese electric vehicle (EV) brands in the Thai market by analyzing key factors influencing consumer purchase decisions. Using a quantitative research approach, the study employs descriptive statistics, correlation analysis, and multiple regression analysis based on survey data. Findings indicate that battery performance, charging infrastructure, and environmental awareness positively impact purchase willingness, while high purchase costs remain a significant barrier. A PESTEL analysis further explores political incentives, economic affordability, social trends, technological advancements, environmental concerns, and regulatory frameworks affecting EV adoption. Despite government subsidies, policy uncertainty and infrastructure gaps present challenges. To enhance market penetration, …
Relationship Between Mobile Payment Development And Consumption In China, Jiawen Zhang
Relationship Between Mobile Payment Development And Consumption In China, Jiawen Zhang
Chulalongkorn University Theses and Dissertations (Chula ETD)
With the rapid development of financial technology, mobile payment has significantly transformed the consumption patterns and structures of Chinese residents. Based on panel data from ten representative Chinese cities spanning 2006 to 2024, this paper employs a fixed-effects model to systematically evaluate the impact of mobile payment on household consumption expenditure, exploring its mechanisms and regional disparities.Integrating behavioral economics and the theory of digital financial inclusion, the study constructs an analytical framework to examine how payment methods influence consumption behavior. The empirical analysis includes control variables such as the Mobile payment ,GDP per ，Gross saving ,number of working people and …
Maternal Education And Children's Educational Attainment: The Mediating Role Of Housing And Financial Assets In China, Qingchun Dou
Maternal Education And Children's Educational Attainment: The Mediating Role Of Housing And Financial Assets In China, Qingchun Dou
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the mediating roles of housing and financial assets in the intergenerational transmission of education in China, with a particular focus on how maternal education affects children's educational outcomes. Using data from the 2022 China Family Panel Studies (CFPS) and applying a parametric causal mediation analysis, the study estimates both the direct and indirect effects of maternal education through household assets. The findings reveal that housing assets serve as a significant mediator, especially among non-agricultural households, where access to liquid and mortgageable real estate enhances children's educational opportunities. In contrast, the mediating role of financial assets is relatively …
Abnormal Stock Return Predictability: Evidence From Excess Trading Volume In The Stock Exchange Of Thailand, Siriphum Bunnamma
Abnormal Stock Return Predictability: Evidence From Excess Trading Volume In The Stock Exchange Of Thailand, Siriphum Bunnamma
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the predictive power of excess trading volume on abnormal stock returns in the Stock Exchange of Thailand, examining 11,575 stock-month observations from SET100 constituents over 2014-2023. Drawing on behavioral finance theories including attention effect, disposition effect, and investor overconfidence, the research develops a novel technical indicator called "Excess Trading Volume" (ExV), defined as the deviation between short-term (21-day) and long-term (200-day) moving averages of trading volume.Using cross-sectional regression analysis with CAPM-adjusted abnormal returns, the study tests two hypotheses: (1) high excess volume during positive return months predicts negative future abnormal returns, and (2) high excess volume during …
The Impact Of Environmental Performance On The Green Bond Premium In U.S.: Moderating Roles Of Social And Governance Performance, Teerapat Thuwanuti
The Impact Of Environmental Performance On The Green Bond Premium In U.S.: Moderating Roles Of Social And Governance Performance, Teerapat Thuwanuti
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the existence of the Green Bond Premium in the U.S. secondary corporate bond market and investigates the impact of a firm’s environmental performance on the green premium. It further analyzes the moderating effects of social and governance performance on the relationship between environmental performance and the green bond premium.The analysis uses a sample of 66 matched pairs of green and conventional corporate bonds, matched through Propensity Score Matching (PSM) to ensure comparability across key bond characteristics. Key variables are obtained from Bloomberg for the period 2019 to 2024.The results confirm the existence of a modest green bond …
Japanese Fdi In Thailand’S Machinery Manufacturing Industry: Motivations And Economic Impacts, Zexin Chen
Japanese Fdi In Thailand’S Machinery Manufacturing Industry: Motivations And Economic Impacts, Zexin Chen
Chulalongkorn University Theses and Dissertations (Chula ETD)
Japan is one of the major sources of foreign direct investment (FDI) in Thailand’s manufacturing sector. Among these investments, the machinery manufacturing industry has attracted significant Japanese capital due to its high technological intensity and strong industrial spillover potential. However, existing studies tend to focus on the overall trends of FDI, lacking in-depth analysis of its sector-specific economic impacts. To fill this gap, this study adopts a mixed-methods approach to examine the motivations and economic effects of Japanese FDI in Thailand’s machinery manufacturing sector. The qualitative analysis, based on Dunning’s OLI framework, identifies the key drivers behind Japanese firms’ investments …
Comparative Analysis Of Thailand's Aedp And India's National Solar Mission, Jiranan Jirapaisankul
Comparative Analysis Of Thailand's Aedp And India's National Solar Mission, Jiranan Jirapaisankul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study compares Thailand’s Alternative Energy Development Plan (AEDP) and India’s National Solar Mission (NSM) in terms of effectiveness, efficiency, and energy equity. Findings indicate that India's reverse auction model has significantly reduced solar prices, fostering rapid deployment, while Thailand’s Feed-in Tariff (FiT) model ensures investment security but results in higher costs and slower cost reductions. India’s approach has enhanced affordability and large-scale infrastructure investment, whereas Thailand’s decentralized, community-driven model promotes local energy security. However, despite the decline in FiT rates in both countries, end-consumer electricity prices continue to rise, highlighting structural inefficiencies such as high transmission and distribution (T&D) …
Promoting Wind Energy Development In Vietnam: A Policy Analysis For A Sustainable Energy Transition, Piraphan Suwanampa
Promoting Wind Energy Development In Vietnam: A Policy Analysis For A Sustainable Energy Transition, Piraphan Suwanampa
Chulalongkorn University Theses and Dissertations (Chula ETD)
Vietnam possesses abundant wind energy potential, offering a strategic pathway towards achieving its ambitious renewable energy targets and mitigating climate change. However, realizing this potential necessitates a supportive policy environment to overcome existing challenges, including high technology costs, complex administrative procedures, policy uncertainty, grid constraints, and public acceptance concerns. This paper analyzes these barriers and proposes a comprehensive set of policy recommendations to accelerate wind energy development in Vietnam. Key recommendations include transitioning to competitive bidding mechanisms, streamlining administrative processes, establishing a stable long-term policy framework, expanding grid capacity, and fostering public awareness and community engagement. This study provides a …
The Impact Of Underwriters On Ipo Underpricing: The Moderating Role Of Auditor, Nontapat Poonsinwiwat
The Impact Of Underwriters On Ipo Underpricing: The Moderating Role Of Auditor, Nontapat Poonsinwiwat
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of underwriter reputation on IPO underpricing and the moderating role of Big-4 auditors in Thailand's capital markets. Using a comprehensive dataset of IPO firms listed on both the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) from 2018 to 2024, this research investigates whether certification mechanisms operate differently across market segments with varying information asymmetry levels. The analysis employs multiple linear regression with robust standard errors and fixed effects models to test two main hypotheses examining underwriter reputation effects and Big-4 auditor moderation. The findings reveal dramatically different certification dynamics across …
Performance Of Lottery Stocks Held By Thai Mutual Funds, Suparerk Saardeiam
Performance Of Lottery Stocks Held By Thai Mutual Funds, Suparerk Saardeiam
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper evaluates the performance of lottery stocks held by Thai mutual funds using stock price data of all stocks (both SET and MAI) and actively managed Thai open-ended domestic equity fund holdings from 2014 to 2023. The first objective is to examine whether any Thai mutual funds hold lottery stocks, and if such holdings generate positive raw returns or alphas based on the Fama-French 4-factor model. The second objective is to test the predictive power of lottery stocks held by Thai mutual funds using simplified version of cross-sectional Fama-Macbeth regression. The last objective is to examine whether long-short portfolios—long …
The Evolution Of Monetary Policy Transmission In Defi Market, Lynn Ko Maung
The Evolution Of Monetary Policy Transmission In Defi Market, Lynn Ko Maung
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates how U.S. monetary policy affects decentralized finance (DeFi), focusing on capital flows and interest rate sensitivity across over 500 DeFi pools from 2022 to 2024. Using three models: (1) static TVL regression, (2) rolling DeFi deposit beta, and (3) rolling DeFi interest beta, the analysis captures both cross-sectional and time-varying monetary transmission effects. Model 1 shows that DeFi deposits decline in response to rising interest rates. Model 2 confirms that DeFi deposit betas are weakly negative overall, with stablecoin pools exhibiting stronger sensitivity. Model 3 finds limited responsiveness in DeFi lending rates, suggesting that APYs are primarily …
Can Thai Mutual Fund Investors Benefit From Volatility Managed? Evident From Thailand, Nattapong Shutimayotingul
Can Thai Mutual Fund Investors Benefit From Volatility Managed? Evident From Thailand, Nattapong Shutimayotingul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper examines whether Thai mutual fund investors can benefit from volatility-managed strategies using Thai open-ended domestic equity funds from January 2005 to December 2024. The study investigates whether volatility-managed strategies improve risk-adjusted returns across both active and passive funds, examines the performance drivers through volatility timing and return timing analysis, and analyzes whether investors implement these strategies in practice through fund flow behavior.The results show that volatility-managed strategies improve risk-adjusted performance and survive transaction costs but only work effectively during specific market conditions. Thai mutual fund investors demonstrate awareness of volatility timing benefits, as evidenced by reducing fund positions …
Performance Comparison Of Modern And Traditional Machine Learning Approaches For Unsecured Retail Credit Risk Prediction, Anupong Guersanor
Performance Comparison Of Modern And Traditional Machine Learning Approaches For Unsecured Retail Credit Risk Prediction, Anupong Guersanor
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates performance comparison between modern and traditional machine learning approaches for unsecured retail credit risk prediction. Performance is compared by assessing the ability of a model to rank probability of default of modern approaches which are random forest and gradient boosting, versus traditional approach which is logistic regression. The findings indicate that modern machine learning models significantly outperform the traditional logistic regression model in both the overall unsecured retail market and the subprime market. This superior performance is likely due to modern models' ability to capture various customer profile, non-linear relationships and interactions among variables, which are more …
The Impact Of Corporate Strategic Aggression On Esg Scores: The Moderating Role Of Institutional Investors, Kittiphat Petchpradub
The Impact Of Corporate Strategic Aggression On Esg Scores: The Moderating Role Of Institutional Investors, Kittiphat Petchpradub
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the relationship between corporate strategic aggression and Environmental, Social, and Governance (ESG) scores, with particular focus on the moderating role of institutional investors. Using a comprehensive dataset of NASDAQ-listed companies from 2018 to 2023, this research investigates whether firms pursuing more aggressive strategies demonstrate superior ESG outcomes and how institutional ownership influences this relationship.The analysis employs a panel regression model with firm and year fixed effects to test three main hypotheses. First, I examine whether corporate strategic aggression positively affects ESG scores. Second, I investigate potential non-linear relationships where excessive strategic aggression may lead to diminishing returns …
Impact Of The Gold-To-Platinum Price Ratio On Mutual Fund Flows In Thailand, Luxamee Choktarm
Impact Of The Gold-To-Platinum Price Ratio On Mutual Fund Flows In Thailand, Luxamee Choktarm
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study explores whether the gold-to-platinum price ratio can explain mutual fund flows in Thailand by focusing on two key indicators: the abnormal GP ratio (AGP) and the fund sensitivity to monthly changes in GP (β∆GP). These measures are used to assess whether investors perceive the GP ratio as a proxy for economic uncertainty. The analysis uses monthly data from January 2017 to December 2023, covering both active equity funds and corporate bond funds. The models include fund level characteristics such as size, expense ratio, age, past flows, and return volatility, along with macroeconomic variables including inflation, exchange rates, interest …
The Effect Of Financial Flexibility On The Leverage-Performance Relationship In The Set Market For The Pre-To-Post Covid-19 Situation, Akesuwat Sanjaingamworapat
The Effect Of Financial Flexibility On The Leverage-Performance Relationship In The Set Market For The Pre-To-Post Covid-19 Situation, Akesuwat Sanjaingamworapat
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the effect of financial flexibility on the relationship between leverage and firm performance across three distinct economic phases—pre-COVID-19, pandemic, and post-pandemic recovery—in the Thai stock market (SET). Using panel data from SET-listed firms between Q1’2018 and Q4’2023, The analysis employs the fixed-effects and random-effects regression models with interaction terms to capture the dynamic role of financial flexibility and economic context. The findings confirm that leverage exerts a significantly negative effect on firm performance, particularly during the pandemic period, as measured by return on equity (ROE) and return on assets (ROA). However, this adverse impact is found to …
How Integrity Culture Affects Trade Credit Availability, Sarocha Limchaisiri
How Integrity Culture Affects Trade Credit Availability, Sarocha Limchaisiri
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines whether corporate integrity culture plays a role in shaping firms’ access to trade credit. Focusing on a panel of U.S. publicly listed firms from 2002 to 2021, it employs a text-based proxy for integrity constructed from annual reports and uses pooled OLS regression with industry and year fixed effects. The goal is to understand how ethical culture, as a non-financial factor, influences trade credit availability beyond traditional financial metrics. While the measure used—accounts payable to COGS ratio—is commonly applied in the literature, it reflects both the willingness of suppliers to extend credit and the firm’s decision to …
The Magnet Effect Of Circuit Breakers And Its Interaction With Price Limit On Thai Stock Market, Arthinsha Shinvoranont
The Magnet Effect Of Circuit Breakers And Its Interaction With Price Limit On Thai Stock Market, Arthinsha Shinvoranont
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the magnet effect of circuit breakers and their interaction with daily price limits in the Thai stock market during the COVID-19 crisis. Using high-frequency intraday data from March 2020 and an AR(2)-GARCH(1,1) framework, the analysis examines whether returns and trading activity accelerate near circuit breaker thresholds and how firm characteristics influence this effect. Results reveal significant magnet effects at the individual stock level, especially among smaller firms, while evidence at the index level is weak. The study also finds that circuit breakers and price limits reinforce each other, amplifying price movements when both thresholds are approached. These …
The Impact Of Esg Performance On Equity Mispricing: Evidence From Asia-Pacific Markets, Visut Poochum
The Impact Of Esg Performance On Equity Mispricing: Evidence From Asia-Pacific Markets, Visut Poochum
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the relationship between ESG performance and equity mispricing in Asia-Pacific markets from 2010 to 2023, using the Rhodes-Kropf et al. (2005) decomposition method. The results show that stronger ESG performance is significantly associated with lower mispricing, particularly among undervalued firms, suggesting that ESG improves pricing efficiency by reducing information asymmetry. ESG performance has limited influence on overvalued firms, indicating its impact is more pronounced when valuations are suppressed. Further analysis reveals that the environmental, social, and governance pillars each independently contribute to mitigating mispricing, highlighting their distinct roles in enhancing pricing accuracy. ESG controversy does not significantly …
Arbitrage Opportunity On Set Index Futures With Multi-Regime Machine Learning Approaches, Supakrit Nititsopon
Arbitrage Opportunity On Set Index Futures With Multi-Regime Machine Learning Approaches, Supakrit Nititsopon
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates mispricing between SET50 Index Futures and the spot market through a multi-regime framework that integrates traditional asset pricing theory with machine learning. Using data from 2010-2023, K-means clustering identifies distinct market regimes, while XGBoost models regime behavior based on micro- and macroeconomic features. OLS regression shows that mispricing is primarily driven by microstructural factors, with macroeconomic variables contributing marginally in specific regimes. A regime-specific pairs trading strategy between SET50 futures and the TDEX ETF reveals persistent, regime-dependent arbitrage opportunities. Notably, one regime generates consistent net returns after transaction costs, although limited trade frequency raises robustness concerns. The …
Corporate Climate Risk And Cash Holdings, Parima Limwong
Corporate Climate Risk And Cash Holdings, Parima Limwong
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper studies how companies manage their cash when they face different types of climate risks. It uses data from public companies in the United States from 2002 to 2023. The study measures climate risks such as transition risk, physical risks, and regulatory risk by looking at climate related words in companies’ earnings calls and reports. It also uses a special index that shows how uncertain climate policy is, based on news articles. The results show that companies with high regulatory risk usually keep more cash because they expect extra costs from new rules. However, risks from natural disasters or …
The Impact Of Morningstar Rating On Mutual Fund Performance, Risk, And Flows Evidence In Thailand Equity Mutual Funds, Maythavee Leeruangsakul
The Impact Of Morningstar Rating On Mutual Fund Performance, Risk, And Flows Evidence In Thailand Equity Mutual Funds, Maythavee Leeruangsakul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the role of Morningstar ratings in predicting mutual fund performance, persistence, and fund flows in the Thai mutual fund market. The research focuses on three main objectives. First, it examines the relationship between Morningstar ratings and performance metrics including net return, 1-factor alpha, 4-factor alpha, Sharpe ratio, and Sortino ratio and risk metrics, including maximum drawdown, standard deviation, and Value-at-Risk, using both matched-pair analysis and regression methods. Second, it explores the persistence of fund performance through quintile transition matrices, regression analysis of lagged 4-factor alpha, and the cross-product ratio. Third, it analyzes the relationship between Morningstar ratings …
The Impact Of Maturity Mismatch On Default Risk: Evidence From Thailand, Rujirat Tangjitsamarnmitr
The Impact Of Maturity Mismatch On Default Risk: Evidence From Thailand, Rujirat Tangjitsamarnmitr
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of maturity mismatch on default risk among listed companies in the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) from 2011 to 2023. It also investigates the moderating roles of external and internal factors that affect the relationship between maturity mismatch and default risk. The study employs a naïve probability approach, a simplified version of the Merton model, to estimate default probability. The results show that maturity mismatch significantly increases the probability of default, meaning that firms that rely on short-term financing to fund long-term investments face a higher likelihood of …
Mispricing Of Set50 Index Futures Calendar Spreads: Evidence From The Thailand Futures Exchange, Lapat Nangsue
Mispricing Of Set50 Index Futures Calendar Spreads: Evidence From The Thailand Futures Exchange, Lapat Nangsue
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the mispricing of SET50 Index Futures calendar spreads on the Thailand Futures Exchange (TFEX), focusing on deviations from the cost-of-carry model. Using end-of-day data from 2019 to 2024, the study analyzes how mispricing evolves as contracts approach expiration. The findings reveal that mispricing intensifies during the rollover period—particularly within 10 trading days before maturity—suggesting increased cost and risk for investors. Open interest in deferred contracts is found to be significantly correlated with mispricing, while net positions by investor types do not show statistical significance. The study also examines the 6-month calendar spread, which demonstrates more pricing stability …
The Impact Of Board Gender Diversity On Corporate Financial Performance In Southeast Asia: The Moderating Role Of Internationalization, Phanuwat Jianwattananukul
The Impact Of Board Gender Diversity On Corporate Financial Performance In Southeast Asia: The Moderating Role Of Internationalization, Phanuwat Jianwattananukul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of board gender diversity on corporate financial performance and investigates the moderating role of internationalization in the context of Southeast Asia. Using a panel dataset of publicly listed firms from five Southeast Asian countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) over the period 2014–2023, the analysis employs fixed effects regression models incorporating country, industry, and year fixed effects. The results show that board gender diversity is negatively and significantly associated with Tobin’s Q, indicating that increased female representation on boards is linked to lower market valuation. However, no significant effect is found on accounting-based …
Determinants Of M&A In Japan And Effect Of Governance Reform, Maytakorn Lumyongsathien
Determinants Of M&A In Japan And Effect Of Governance Reform, Maytakorn Lumyongsathien
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the evolving role of private equity (PE) in Japan’s mergers and acquisitions (M&A) landscape, with particular attention to three critical stages: target selection, deal completion, and the influence of board independence. Analyzing M&A transactions across the pre- and post-2015 period, we find that PE acquirors consistently target firms characterized by low profitability, high leverage, and high asset tangibility suggesting an emphasis on unlocking value through operational turnaround and debt-financed restructuring. The probability of deal completion increases when targets exhibit weaker financial performance but stronger collateral, consistent with the use of leveraged buyout strategies. Importantly, the implementation of …
Tax-Incentivized Esg Funds And Esg Bond Yields: Evidence From An Emerging Market, Phanjarat Daengnimvikul
Tax-Incentivized Esg Funds And Esg Bond Yields: Evidence From An Emerging Market, Phanjarat Daengnimvikul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the presence of an ESG yield spread in Thailand’s bond market and evaluates the impact of the Thai ESG Fund policy launched in Q4 2023. Using a matched sample of ESG and conventional bonds issued from 2018–2024, we apply Exact Matching, Propensity Score Matching (PSM), and Difference-in-Differences (DiD) techniques to examine whether ESG bonds offer lower yields and whether the introduction of tax-incentivized ESG funds has influenced bond pricing. Results indicate a significant ESG yield spread in both corporate and government segments prior to the policy. However, while the spread remained unchanged for government bonds, it narrowed …
Share Pledging And Firm Performance: Evidence From Thailand, Natchakan Kanjanaphan
Share Pledging And Firm Performance: Evidence From Thailand, Natchakan Kanjanaphan
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the relationship between share pledging intensity in credit balance accounts and firm performance and risk among publicly listed companies in Thailand. Using a balanced panel dataset of all common stocks listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) from December 2015 to December 2024, the analysis explores how pledging activity relates to firm outcomes across different firm sizes. Firm performance is measured using Return on Assets (ROA) and Tobin’s Q, while firm risk is assessed through cash flow volatility, stock return volatility, and idiosyncratic volatility. Employing fixed effects panel regression …
The Impact Of Carbon Emissions On Stock Price Movements: Evidence From The Thai Market, Punnawit Saengchanthanu
The Impact Of Carbon Emissions On Stock Price Movements: Evidence From The Thai Market, Punnawit Saengchanthanu
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of carbon emissions on stock price movements in the Thai market, focusing on whether direct (Scope 1) and indirect (Scope 2 & 3) emissions influence stock returns. Additionally, it investigates how financial leverage moderates this relationship. Using data from 173 firms listed on the Stock Exchange of Thailand (SET) between 2019 and 2023, the study applies an abnormal return model to assess investor reactions to changes in carbon scores. The findings indicate that carbon emissions do not significantly impact stock prices, suggesting that Thailand’s market may not fully price carbon risk. These results align with …