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2021

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Does Bond Market Development Impact The Flight-To-Quality From Stock To Bond During Covid-19?, Patcharee Sae-Tiaw Jan 2021

Does Bond Market Development Impact The Flight-To-Quality From Stock To Bond During Covid-19?, Patcharee Sae-Tiaw

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper analyzed flight to quality effect from stocks to government bonds in 46 countries including developed and emerging countries during COVID pandemic. The empirical result from panel data framework shows that the flights exist and government bonds remain offered diversification benefit to investors when they are most needed. The negative stock-bond correlation was also amplified when pandemic is more severe in developed countries. Moreover, this study reveals that countries with a higher degree of bond market development can support bonds act as a safe haven better and have more negative in stock-bond correlation.

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The Inflation Hedging Ability Of Real Estate Investment In Thailand, Pimpimuk Rodnikorn Jan 2021

The Inflation Hedging Ability Of Real Estate Investment In Thailand, Pimpimuk Rodnikorn

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

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Diversification Benefits Of Domestic And International Reits For Set Index Before And During Covid-19 Crisis, Korn Kongkittiwong Jan 2021

Diversification Benefits Of Domestic And International Reits For Set Index Before And During Covid-19 Crisis, Korn Kongkittiwong

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the diversification benefit of Thailand, the US, Europe, Singapore, and Japan REIT indices for the SET index. The time scope for this study starts from 1st January 2011 to 31th January 2022. It also compares the diversification benefit degree between pre and during Covid-19 periods. The DCC-GARCH model is used for the diversification benefit examination. The results posit 3 main points. First, all the REIT indices provide diversification benefit for the SET index. Second, the Covid-19 pandemic reduces diversification benefit generated by the US, Europe, and Japan REIT indices. Finally, the US provides the highest diversification benefit …

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How Sensitive Are Ipos To The Fear Of The Covid-19 Pandemic In Emerging Markets?, Kavisara Vachekrilas Jan 2021

How Sensitive Are Ipos To The Fear Of The Covid-19 Pandemic In Emerging Markets?, Kavisara Vachekrilas

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the relationship between COVID-19-related pandemic fear and the short-term performance of initial public offerings in emerging markets. This paper investigates whether the short-term fear of COVID-19 continues to influence post-IPO performance. In doing so, the fundamental methodology is cross-sectional ordinary least squares (OLS) regression and numerous variables are included to the model as control variables. The results show that whether looking at the first-day trading price of an IPO or the subsequent trading prices, the effect of pandemic fear (GFI, RCI and RDI) was positive. However, results were somewhat different for HighGFI, which was a dummy variable …

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The Role Of A Banking Market Concentration In The Effect Of Monetary Policy On Bank Risk: Evidence From Thailand, Sasichanok Khongtip Jan 2021

The Role Of A Banking Market Concentration In The Effect Of Monetary Policy On Bank Risk: Evidence From Thailand, Sasichanok Khongtip

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research investigates the effect of monetary policy on bank risk exposure and the role of banking market concentration in affecting their relationship by using the data of 11 commercial banks listed in the Stock Exchange of Thailand at the quarterly frequency over the period of 2001-2019. The different measurements of bank risk exposure variables and monetary policy indicators given interest rate changes from the previous quarters, interest rate variations relative to their long-term trends, low interest rates and prolonged low interest rates are applied to secure the robustness in estimation results based on dynamic model namely the two-step system …

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Mutual Fund Flow And The Real Economy, Sadanan Ekkaewnumchai Jan 2021

Mutual Fund Flow And The Real Economy, Sadanan Ekkaewnumchai

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper empirically examines the comparative relationship between flow of equity and bond fund with the expected and real economy among US, UK and Japan market. Two objectives are set in according to the implication of information-response theory. The first objective is to study the relationship between mutual fund flow and the expectation in the future economic conditions capturing by predictive variable. Due to investors’ sensitivity to economic conditions, the second objective is to study the ability of mutual fund flows to predict the real economic conditions. The analytical period covers from 2001: Q1 to 2020: Q4. The study found …

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Oil Shocks And Corporate Investment: Evidence From Stock Exchange Of Thailand (Set), Pakkawat Kitsirikarn Jan 2021

Oil Shocks And Corporate Investment: Evidence From Stock Exchange Of Thailand (Set), Pakkawat Kitsirikarn

Chulalongkorn University Theses and Dissertations (Chula ETD)

This special project empirically examines the impact from the different type of oil price shocks on corporate investment. This study follows the method proposed by Kilian (2009). He uses the structural vector autoregression model to decompose oil price shock into 3 type which comprised with oil supply shock, oil aggregate demand shock, and oil specific demand shock. Moreover, this work also incorporates industrial competition to investigate how it link to the impact of oil shock on corporate investment. The empirically examine period is Jan 2007 to Dec 2018. This study uses the firm-level data of companies listed in the stock …

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Causality Between Corporate Social Responsibility And Corporate Financial Performance, Yatida Palasri Jan 2021

Causality Between Corporate Social Responsibility And Corporate Financial Performance, Yatida Palasri

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines the causality relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) of the listed companies in Asian Pacific emerging markets from 2010 to 2020. This paper analyzes the direction of causality between CSR and CFP in five different industries including energy, consumer non-cyclical, financial, technology and healthcare industries. This paper aims to study whether aggregated CSR scores and non-aggregate CSR scores (i.e., environmental, social and governance scores) toward the CFP measures (i.e., return-on-equity and Tobin’s Q ratios) have unidirectional or bidirectional relationship. In doing so, the bivariate panel vector autoregressive model and Granger causality test …

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Is Thai Baht A Safe Haven Currency During The Covid-19 Pandemics, Nanapat Chaochavanil Jan 2021

Is Thai Baht A Safe Haven Currency During The Covid-19 Pandemics, Nanapat Chaochavanil

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper empirically investigates whether or not Thai Baht (THB) is actually one of the safe haven currencies. Moreover, we also extend analysis to see if its safe haven pattern is persistent during the COVID-19 pandemic. We are not only study for THB, but also take into account other traditional well known safe- haven currencies namely U.S. Dollar (USD), British pound sterling (GBP), Euro (EUR), Swiss Franc (CHF) and Japanese Yen (JPY). By investigating between 2010 - 2019, our results do not support the idea that THB is a safe haven currency. Nevertheless, this paper found that for other well-known …

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Is Currency Risk Priced In The Stock Return - Evidence From Aec Markets, Viriyah Vorasitchai Jan 2021

Is Currency Risk Priced In The Stock Return - Evidence From Aec Markets, Viriyah Vorasitchai

Chulalongkorn University Theses and Dissertations (Chula ETD)

When investors from different countries invest abroad in the same destination country and same asset is invested, they may achieve different foreign asset return or value after converting back to the home currency in each country, in other words, the value of such investment and its return could differ from what they retain in the that foreign currency. This phenomenon leads to the risk called “currency risk”. The currency risk could also be seen in several different ways such as economic risk, transaction risk as so on. Considering the value of the asset return after converting back to home currency, …

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Safe-Haven Property Of Gold Toward Multi Asset Portfolio During Covid-19 Pandemic, Naratporn Thamthonsiri Jan 2021

Safe-Haven Property Of Gold Toward Multi Asset Portfolio During Covid-19 Pandemic, Naratporn Thamthonsiri

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study test whether gold has a property of safe-haven asset during the COVID-19 pandemic by performing multivariate time series analysis against multiple asset classes (equity, fixed income, property fund and REIT, and BITCOIN). Dividing testing period into pre- (2015 -2019) and on-going COVID-19 period (2020), the result of long run cointegration test came out that gold is shown to have a cointegrating relationship only during COVID-19 and no cointegration during pre-pandemic. This can be indicated that gold does not have the property of being a hedging instrument over a long run but consider itself to be a hedging asset …

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Spillover Effects Of Thailand Gdp Announcement Surprise To Aec Stock Markets, Sirilada Chansermpong Jan 2021

Spillover Effects Of Thailand Gdp Announcement Surprise To Aec Stock Markets, Sirilada Chansermpong

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines how Thailand GDP announcement surprise affects AEC stock markets which are Thailand, Indonesia, Malaysia, Singapore, Philippines, and Vietnam. In the sample of 44 GDP announcements in Thailand during 2009-2019, our result suggests that there is no impact to AEC stock markets on GDP announcement date. However, we find pre-and post- GDP announcement effect spillover to other countries in AEC. In addition, the direction of Thailand GDP announcement has no reaction on abnormal return on AEC stock exchanges. In contrast, our findings report the influence of macroeconomic conditions in Thailand on the abnormal return in Malaysia, Singapore, and …

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The Effect Of Air Pollution On Stock Returns: Evidence From Thailand And Indonesia, Fengxu Lin Jan 2021

The Effect Of Air Pollution On Stock Returns: Evidence From Thailand And Indonesia, Fengxu Lin

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objective of this paper is to investigate the impact of air pollution on stock returns in Thailand and Indonesia from January 1, 2016, to June 30, 2021. Further effects of air pollution on stock returns during the seasonal pollution period, full moon period, new moon period, and high pollution period are also studied. The result shows that a lagged day of air pollution proxy significantly reduces stock returns in Thailand. The significant negative effect of air pollution on stock returns is similar to that after controlling for the January effect. This is consistent with the finding of Li and …

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Stock Return Dispersion And Performance Of Domestic Equity Funds In Thailand, Pavit Sae-Eng Jan 2021

Stock Return Dispersion And Performance Of Domestic Equity Funds In Thailand, Pavit Sae-Eng

Chulalongkorn University Theses and Dissertations (Chula ETD)

We examine the relation between cross-sectional return dispersion and actively domestic open-ended fund performance in Thailand, with the rationale mechanism that in the time of high return dispersion, where provide the opportunity for the fund managers to generate the positive value of abnormal return. Consist to the finding in US data that the period of the highest return dispersion the most activeness fund significant outperform the least activeness fund. Thai data provided the added value that active fund with the moderate to high activeness earn positive abnormal return in the period of the highest return dispersion. we also find the …

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Complex Model Versus Complex Data In An Application Of Predicting Mortgage Loan, Yu Weng Jan 2021

Complex Model Versus Complex Data In An Application Of Predicting Mortgage Loan, Yu Weng

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research aims to measure the benefits of complex model versus those of meaningful information, through an application of credit risk prediction for mortgage loans. The neural network represents complex model and the regression model represents simple model. Two types of data are applied in this analysis: simple data and complex data. The complex data is obtained from the simple dataset using information extraction techniques and data transformation. The two specific variables constructed in our complex data are Loan-to-value and Housing Expense ratio. Applied to the monthly Single-Family Loan-Level Dataset of Freddie Mac from year 2010 to year 2018 in …

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Thai Foreign Policy Amid The Us-China Competition Of Vaccine Diplomacy Between 2020 And 2021, Vajaris Hemmaphat Jan 2021

Thai Foreign Policy Amid The Us-China Competition Of Vaccine Diplomacy Between 2020 And 2021, Vajaris Hemmaphat

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research seeks to analyze Thai foreign policy’s posture toward the United States and China amid the competition of vaccine diplomacy in the Southeast Asia region between 2020 and 2021. This research focuses on the conduct of Thai foreign policy by applying ‘hedging strategy’ as a main theoretical framework in explaining how Thailand managed to diversify its COVID-19 vaccine portfolios, in order to have a clearer understanding of whether Bangkok can perform a well-crafted hedging strategy or Thai’s traditional diplomacy has lost ground in its default setting. This research has been done by examining official documents from the Thai government, …

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Brain Drain Situation Of Thai Skilled Workers: Push-Pull Factors And Intentions To Return, Nawapat Choosuwan Jan 2021

Brain Drain Situation Of Thai Skilled Workers: Push-Pull Factors And Intentions To Return, Nawapat Choosuwan

Chulalongkorn University Theses and Dissertations (Chula ETD)

Brain Drain occurs when a country loses human capital with specialized skills or with higher education due to worker emigration. In Thailand, the brain drain index has risen in recent years. As the problem of migration of Thai skilled workers remains and becomes worse, it is necessary to investigate the factors that contribute to brain drain of highly trained Thai professionals. The push and pull factors of international migration are used to investigate what motivates skilled people to leave their home country (push factor) and what motivates skilled workers to stay in the destination country (pull factor). Furthermore, the study …

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Global Talent Competitiveness Index: The Implication Of 6 Gtci Pillars On Singapore, Malaysia, And Thailand’S Real Gdp Per Capita To Promote Talent Development, Jintatat Chaiyapuck Jan 2021

Global Talent Competitiveness Index: The Implication Of 6 Gtci Pillars On Singapore, Malaysia, And Thailand’S Real Gdp Per Capita To Promote Talent Development, Jintatat Chaiyapuck

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study aims to examine the implications of the Global Talent Competitiveness Index (GTCI) against real GDP per capita. Specifically, the study aims to show the relationship between 6 GTCI variables between Singapore, Malaysia, and Thailand and explore the significance and the implications of the GTCI index in the innovation-driven economies. The conceptual framework can be elaborated through 6 GTCI indices. The first four indices in the input model are: (1) enabling and impeding talent attraction and institutional development; (2) attracting talents; (3) growing talent through formal education, lifelong learning, and access to growth opportunities; and (4) retaining talents through …

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Work Values Of Employees Across Multigenerational Workforce In Hospitality Industry In Thailand, Jatupathra Krancharoen Jan 2021

Work Values Of Employees Across Multigenerational Workforce In Hospitality Industry In Thailand, Jatupathra Krancharoen

Chulalongkorn University Theses and Dissertations (Chula ETD)

A mixture of age diversity in workplace had been witnessed, yet an understanding of the association between multigenerational workforce and their work values was little known. As a result, many firms reported that the domestic conflicts were most likely to be due to the lack of generational understandability and appropriate HR policy in response to such a context. This study therefore aimed to: (1) examine the differences in work values across the generations of employees; (2) explore whether the demographic factors and parenthood status were associated with the work values of employees; (3) provide the policy suggestions/discussions on human resource …

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The Role Of Economic Factors Affecting Thai Older Persons’ Life Satisfaction., Daria Turavinina Jan 2021

The Role Of Economic Factors Affecting Thai Older Persons’ Life Satisfaction., Daria Turavinina

Chulalongkorn University Theses and Dissertations (Chula ETD)

An aging population is one of the significant demographic issues affecting the world. As Thailand is moving closer to being considered a super-aged society, major policy reforms must be made to prepare for this transition. Economic factors have long been established as one of the factors contributing to elderly life satisfaction. As the aging population is becoming an ever-increasing and more relevant phenomenon, policymakers' goals are shifting to accommodate the sociopolitical changes that will come with the demographic developments. This independent study examines a sample of n=4716 Thai elderly. The statistical techniques used in this study are Linear Regression and …

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The Comparative Study Of U.S.-China Soft Power Diplomacy To Asean, Hui Ma Jan 2021

The Comparative Study Of U.S.-China Soft Power Diplomacy To Asean, Hui Ma

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper addresses the following question: “How have China and the U.S. Used soft power diplomacy differently in ASEAN countries in recent times?” Soft power has been a key topic of global interest for more than thirty years. Joseph Nye has defined soft power as “the ability [of states] to obtain preferred outcomes by attraction rather than coercion or payment.”[1] It is something embodied in a country's "cultural values, social system, development model, way of life, and ideology" and an important component of a country's comprehensive national power. A key way to generate “attraction” is through culture, especially cultural diplomacy. …

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Chinese Media's Stance On Thailand's 2014 Coup D'État By Prayut Chan-O-Cha, Han Shih Jan 2021

Chinese Media's Stance On Thailand's 2014 Coup D'État By Prayut Chan-O-Cha, Han Shih

Chulalongkorn University Theses and Dissertations (Chula ETD)

Due to political unstableness, Thailand has faced coup d’état for more than 20 times since 1932 Revolution. After the political system has been changed to constitutional monarchy, Thailand’s citizens expected to live within democratic system. However, what they have experienced after 1932 is purely repetitive coups. In the scope of the most recent coup in 2014, initiated by General Prayut Chan-o-Cha, this paper explores how Chinese state-owned/pro-state medias, including China’s Global Times, Hong Kong’s South China Morning Post, Taiwan’s Central News Agency & Singapore’s Straits Times, reported on Thailand’s 2014 coup. From the viewpoint of ownership and news reportage, this …

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The National Identity Representation In Bangkok's Museums, Yiwen Xu Jan 2021

The National Identity Representation In Bangkok's Museums, Yiwen Xu

Chulalongkorn University Theses and Dissertations (Chula ETD)

The main objective of this research was to explore how national identity is represented in different museums in Bangkok. Therefore, three museums in Bangkok were selected as the research subjects: Bangkok National Museum, Museum Siam, and Bangkok Art and Culture Centre. Through a qualitative research approach, the researcher investigated the above-mentioned objective by engaging with key informants from museums and scholars from the field of museum communication management. Semi-structured interviews were utilized with five key informants. The research findings illustrated that the three selected museums had arranged the exhibitions appropriately according to their nature by utilizing different exhibition communication approaches. …

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Consumers’ Exposure, Attitude And Purchase Intention Toward Environmental Communications On Oil And Gas Business Facebook Fan Page, Pornswan Wutthirakkhajohn Jan 2021

Consumers’ Exposure, Attitude And Purchase Intention Toward Environmental Communications On Oil And Gas Business Facebook Fan Page, Pornswan Wutthirakkhajohn

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objectives of the study is to examine consumers' exposure, attitude, and purchase intention toward environmental communications on oil and gas business Facebook fan page and to explore the relationship between media exposure and consumer attitude as well as consumer attitude and purchase intention. The study was conducted in a quantitative approach by using online questionnaires as a tool to collect data from 200 respondents who are Thai ages between 18 and 34 years old and have recently seen the green content on oil and gas Facebook fan page in the last three months. The result showed that overall respondents …

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Consumers’ Perceptions And Attitudes Towards Louis Vuitton And Their Brand Ambassadors, Victor Mechai Siharath Jan 2021

Consumers’ Perceptions And Attitudes Towards Louis Vuitton And Their Brand Ambassadors, Victor Mechai Siharath

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objective of this study was to explore consumers’ perceptions and attitudes towards Louis Vuitton and their brand ambassador, BTS. The study was qualitative in nature. An online focus group discussion was used to collect data from eight participants. The participants were purposively selected and a selection criterion was administered to ensure diversity amongst participants. The participants were consumers of Louis Vuitton, aged between 22-28 years old, and were also aware that BTS are Louis Vuitton’s brand ambassador. This study employed a discussion guideline as the research instrument. The luxury value perception framework was used to explore consumers’ perceptions towards …

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The Relationship Between Interest And Attitude Towards Online Sales Promotion, And Impulsive Buying For Cosmetics Among Chinese Generation Z Consumers, Peilin Peng Jan 2021

The Relationship Between Interest And Attitude Towards Online Sales Promotion, And Impulsive Buying For Cosmetics Among Chinese Generation Z Consumers, Peilin Peng

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objectives of this study are as follows: to explore interest in online sales promotion, attitude towards online sales promotion, and impulsive buying behavior for cosmetic consumption among Chinese Generation Z, and to investigate the relationship among these three variables. The research samples of this research were 250 Chinese male and female Generation Z, aged between 18 and 26 years old, who have purchased cosmetics in the past three months and currently residing in China. The results illustrated that respondents had a positive opinion on interest in online sales promotion for cosmetics (M = 3.57), with discount promotion receiving the …

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Attitude And Responses Of General Public Towards Foodpanda Thailand’S Crisis Communication Management, Ira Siripatarakulthon Jan 2021

Attitude And Responses Of General Public Towards Foodpanda Thailand’S Crisis Communication Management, Ira Siripatarakulthon

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objective of this research was to examine the attitude and responses of the general publics towards a situation crisis communication management which related to a political situation in Thailand. The attitude variable in this study focused on attitudes into crisis communication management in content and the statement release, management of time during the crisis, attitude towards the crisis communication management, and suitable and appropriately management. Meanwhile, the responses variable focused on responses into favorability and credibility, frequently of using the service after the crisis, ways of showing support, movement to boycott, and royalty towards a brand after the crisis. …

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Consumers’ Perceived Credibility Of Beauty Key Opinion Leaders And Online Engagement With Beauty Brands On Twitter, Natchapa Deeudomwongsa Jan 2021

Consumers’ Perceived Credibility Of Beauty Key Opinion Leaders And Online Engagement With Beauty Brands On Twitter, Natchapa Deeudomwongsa

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research aims to explore how consumers perceived the credibility of beauty key opinion leaders, how consumers engage with beauty brands reviewed by these beauty key opinion leaders and whether the two variables correlate with one another. The research was conducted on 200 respondents with the age range of 18 to 37 who were followers of one of the two beauty key opinion leader representatives on Twitter. Through the use of online questionnaire, the results indicated that overall, the perceived credibility of beauty key opinion leaders was positive (M = 4.08) with expertise receiving the highest average score of 4.15. …

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The Influence Of Product Placement On Youtube On Dating App’S Consumers' Decision Making, Lyuyang Xu Jan 2021

The Influence Of Product Placement On Youtube On Dating App’S Consumers' Decision Making, Lyuyang Xu

Chulalongkorn University Theses and Dissertations (Chula ETD)

The purpose of this research is to study the influence of product placement on YouTube on dating apps' consumers' decision making. Online questionnaire is used as tool for collecting data through various websites. The sample size was 292 Thais from Facebook group, Line and Wechat room. Most of them are between 18-35 years old, are also social media addicted. The study found a positive correlation between product placement on YouTube and consumer intention to download dating apps. It turned out that consumer attitudes towards dating apps would impact consumer to make an informed decision regarding the selection of dating apps, …

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The Relationship Between Starbucks Brand’S Image, Trust, And Online Engagement, Wei-Chih Chen Jan 2021

The Relationship Between Starbucks Brand’S Image, Trust, And Online Engagement, Wei-Chih Chen

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objectives of this research are to explore brand image, brand trust, online brand engagement of Starbucks, as well as to explore the relationship among these three variables. Data are collected through an online survey with 230 respondents, who are Starbucks Thailand’s customers, aged between 18 to 40 years old are asked to participate in the online survey. The results depict that the respondents had a positive brand image of Starbucks Thailand (M = 4.21). Moreover, the results show that the respondents had fairly high trust in Starbucks Thailand (M = 4.21) and moderately engaged with Starbucks Thailand Facebook page …

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