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Full-Text Articles in Finance and Financial Management
Utilizing Asymmetric Shock On Volatility And Asymmetric Beta For Enhanced Investment Strategies In The Stock Exchange Of Thailand, Nuttapol Sirinakorn
Utilizing Asymmetric Shock On Volatility And Asymmetric Beta For Enhanced Investment Strategies In The Stock Exchange Of Thailand, Nuttapol Sirinakorn
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the impacts of asymmetric shock on volatility and beta within the Thai stock exchange. It finds that portfolios composed of stocks that demonstrate lower sensitivity to negative shocks and heightened responsiveness to market trends consistently outperform in various market conditions. The empirical analysis, spanning from 2018 to 2022, underscores the benefits of integrating asymmetry into investment strategies. A long-short strategy, in particular, is identified as highly effective, providing a means to capitalize on this asymmetry. The comparison of asymmetry-based portfolios with traditional ones and the SET index further illuminates the advantages of such strategies in enhancing risk-adjusted …
Enhancing Momentum Strategy With Insider Transaction Information In The Stock Exchange Of Thailand, Pimnara Supradith Na Ayudhya
Enhancing Momentum Strategy With Insider Transaction Information In The Stock Exchange Of Thailand, Pimnara Supradith Na Ayudhya
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study introduces a novel approach to enhancing the momentum strategy in the Thai stock market. We combine the traditional momentum strategy, focusing on historical performance, with insights from insider transactions disclosed via SEC 59-2 forms. This dual approach aims to construct robust trading portfolios, with long positions in high-performing stocks backed by recent insider purchases and short positions in underperforming stocks accompanied by recent insider sales. Notably, our analysis spans the period from January 2016 to December 2022, encompassing the tumultuous era of the COVID-19-induced Thai stock market crashes. Interestingly, we discovered the potential of using insider transaction information …
Impact Of Environment, Social, And Governance On Cost Of Equity: Evidence From Asia Pacific Markets, Panida Uaariyapoonpong
Impact Of Environment, Social, And Governance On Cost Of Equity: Evidence From Asia Pacific Markets, Panida Uaariyapoonpong
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of Environmental, Social, and Governance (ESG) performance, proxied by the ESG Combined Score, on the cost of equity (COE), measured by the CAPM, for companies in the Asia-Pacific region from 2015 to 2022. It also explores how this relationship is influenced by economic crises and market development levels. The findings indicate a negative correlation, where higher ESG performance leads to a lower COE. Specifically, the environmental and governance pillars are negatively associated with COE, similarly reducing equity costs, while the social pillar shows no significant effect. The research also studies the impact of economic conditions …
Predicting Market Risk Premium, Jirayu Chupanich
Predicting Market Risk Premium, Jirayu Chupanich
Chulalongkorn University Theses and Dissertations (Chula ETD)
The purpose of this study is to address the financial challenge of predicting market risk premiums and to determine which factors and models are most effective. This research employs three methodologies: single regression, combined regression, and a time-series model. The study focuses on the accuracy of prediction models in four different countries: India, Thailand, Korea, and Taiwan, over the period from January 2009 to December 2023. The findings of this study demonstrate that certain factors in the single predictive model can outperform the historical MRP in these four countries, providing significant evidence for the emerging market, as this result aligns …
Does Esg Matter In Corporate Takeover?, Sann Wai Lhyan
Does Esg Matter In Corporate Takeover?, Sann Wai Lhyan
Chulalongkorn University Theses and Dissertations (Chula ETD)
As Environmental, Social, and Governance scores (ESG) are increasingly becoming aware to the public, it is imperative to understand the impact of ESG on firm values, especially in the Asia-Pacific region, as it is home to a diverse and rapidly growing economy, including emerging markets. Therefore, the purpose of this study is to investigate the relationship between ESG and firm value using the takeover market as an empirical setting. The primary focus of the study involves examining the influence of ESG on the occurrence of takeovers through binary logistic regression. Subsequently, the study explores the association between ESG and target …
Does Esg Performance Impact Financial Distress Risk? Evidence From Asia-Pacific Markets, Methee Srikranjanapert
Does Esg Performance Impact Financial Distress Risk? Evidence From Asia-Pacific Markets, Methee Srikranjanapert
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research investigates the relationship between Environmental, Social, and Governance (ESG) performance, represented by ESG scores, and Probability of Financial Distress Risk (FDR), as proxied by Ohlson O-Score, for firms operating in the Asia-Pacific region from 2010 to 2022. In addition, the aforementioned relationship during economic crisis and the level of market development is also investigated. The findings reveal a negative association between ESG performance and the probability of FDR in which the increase in ESG performance reduces the likelihood of FDR. Notably, the environmental and social pillars of ESG consistently exhibit negative relationship with FDR, with the social pillar …
Examining Purity And Green Complexity Score On Wind And Solar Stock Return, Kanokphorn Pongklang
Examining Purity And Green Complexity Score On Wind And Solar Stock Return, Kanokphorn Pongklang
Chulalongkorn University Theses and Dissertations (Chula ETD)
No abstract provided.
Information Asymmetry Transmissions Between Futures And Spot Markets : Evidence From Thailand, Supichaya Pattanapanitchai
Information Asymmetry Transmissions Between Futures And Spot Markets : Evidence From Thailand, Supichaya Pattanapanitchai
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research investigates the existence of a lead-lag relationship in information asymmetry between Thailand's futures and spot markets. We use the volatility of order imbalance (VOIB) as an indicator of this asymmetry, concentrating on three investor groups: Foreign Investors (FI), Local Institutions (LS), and Local Investors (LI). Data from TFEX and SET, covering January 2017 to December 2022, was analyzed to identify trading patterns of these investor types. Using vector autoregression (VAR), we examined the connection between variables in the futures and spot markets. We also evaluated the impact of shocks in one market on the other using impulse response …
Investor Type Effect To Volatility-Volume Relationship: Set50 Index Futures, Jirayu Nakviroj
Investor Type Effect To Volatility-Volume Relationship: Set50 Index Futures, Jirayu Nakviroj
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study delves into the complex interplay between various types of traders and the resulting effects on the volatility-volume relationship in Thailand's SET50 Index Futures market. It categorizes traders into institutional, retail, and foreign investors, examining their distinct trading behaviors and access to information. The research aims to discern how these diverse investor profiles impact market volatility, particularly in the context of an emerging financial market like Thailand. Utilizing a range of econometric techniques, the study categorizes trading activity into expected and unexpected variables. The findings reveal a positive correlation between retail investors' expected trading volume and market volatility, aligning …
The Credit Risk-Return Puzzle And The Value Premium Puzzle In Thailand, Pimnara Ratanasaeng
The Credit Risk-Return Puzzle And The Value Premium Puzzle In Thailand, Pimnara Ratanasaeng
Chulalongkorn University Theses and Dissertations (Chula ETD)
The objective of this study is to examine the presence of two puzzles in the stock market which are empirically inconsistent with the fundamental principle of risk and return. Theoretically, the assets with higher risk should compensate higher returns. However, when the credit risk is considered, the previous evidences show that the stocks of firms with high credit rating (low risk) generate higher return than the stocks of firms with low credit rating (high risk). Moreover, previous studies find that the firms with high book-to-market (value firm) generates higher return on stock than the firms with low book-to-market (growth firm). …
The Effect Of Earning Surprise On Market Reaction At Various Free Float Levels: An Event Study In Thailand, Netchanok Thongplod
The Effect Of Earning Surprise On Market Reaction At Various Free Float Levels: An Event Study In Thailand, Netchanok Thongplod
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the complex relationship between free float and market reactions to earnings surprises within the context of the Thai stock market, casting light on the role of free float in influencing market efficiency and investor behavior. The study examines the Efficient Market Hypothesis (EMH), which states that stock prices reflect all available information, making consistent market outperformance difficult. However, it acknowledges that market inefficiencies can occur, with earnings surprises as one possible source. The study investigates how the level of free float or the number of shares available for trading impact the speed and precision of market adjustments …
The Impact Of Green House Gas Emission On Firm's Performance In Japan, Chanikan Veerachadsakulchai
The Impact Of Green House Gas Emission On Firm's Performance In Japan, Chanikan Veerachadsakulchai
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the impact of greenhouse gas (GHG) emissions on corporate financial performance in Japan, with a particular focus on the role of environmental regulations. We hypothesize that while lower GHG emissions generally enhance financial performance, the benefits diminish beyond a certain point. Additionally, we examine how stringent environmental regulations influence this relationship. We use total GHG emissions and total GHG emissions per company’s enterprise value including cash (EVIC) as the proxies. The results indicate that GHG emissions negatively impact corporate financial performance, as measured by ROA and Tobin's Q. However, the regulatory environment, whether stringent or not, does …
The Impact Of Regulation, Financial Liberalization, And Mobile Banking On Banking Crises : Evidence From Cross-Country Data, Napisa Saengmaneenimitr
The Impact Of Regulation, Financial Liberalization, And Mobile Banking On Banking Crises : Evidence From Cross-Country Data, Napisa Saengmaneenimitr
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper examines how financial liberalization, institutional quality, and mobile banking adoption affect the probability of a banking crisis using a panel of 36 countries over the period 2000 – 2021. Our key inference is that the relationship between financial liberalization and the probability of a banking crisis is depended in institutional quality. In strong institutional quality countries, the impact of financial liberalization on the probability of a banking crisis is a concave curve, increasing the likelihood of a crisis at low to moderate liberalization levels and reducing it at medium to high levels. Conversely, weak institutions do not exhibit …
The Influence Of Esg Performance On The Cost Of Debt: Evidence From Asia Pacific Countries: The Moderating Role Of Economic Policy Uncertainty, Wiraya Nillaorsrisakul
The Influence Of Esg Performance On The Cost Of Debt: Evidence From Asia Pacific Countries: The Moderating Role Of Economic Policy Uncertainty, Wiraya Nillaorsrisakul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper examines the influence of ESG performance on the cost of debt (CoD) in Asia-Pacific firms from 2010 to 2022. It is among the first to explore how ESG performance scores affect the cost of debt against different economic conditions and market maturity levels.The study finds that companies with higher ESG ratings, particularly environmental and social dimensions, correlate with lower borrowing costs. Governance scores also matter, but they don't seem to influence borrowing costs as much. Additionally, the paper reveals that ESG's impact on borrowing costs is stronger in developed countries than in emerging ones. The research also indicates …
The Role Of Return Dispersion In Momentum Profita Study In The Thai Stock Market, Chanunchita Watcharavasunthara
The Role Of Return Dispersion In Momentum Profita Study In The Thai Stock Market, Chanunchita Watcharavasunthara
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the influence of market return dispersion on the profitability of momentum investment strategies within the Stock Exchange of Thailand (SET). Employing an analytical approach, the research identifies a significant and persistent pattern of return dispersion in the Thai stock market. This pattern is characterized by a strong positive correlation between the dispersion of returns in a given period and the subsequent period, as confirmed by a significant autoregressive coefficient and the Dickey-Fuller test. Additionally, the study explores the performance consistency of top-performing stocks during periods of high and low dispersion, using transition matrices and the Chi-squared test. …
The Roles Of Catastrophe (Cat) Bonds: Diversifier, Hedge, Or Safe Haven?, Treepatchara Tasnavijitvong
The Roles Of Catastrophe (Cat) Bonds: Diversifier, Hedge, Or Safe Haven?, Treepatchara Tasnavijitvong
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research investigates the role of Catastrophe (CAT) Bonds as diversification tools, hedges, and safe havens in global financial markets, with a focus on their behavior during the global financial crisis and the Covid-19 crisis. The study reveals that CAT bonds, recognized as a valuable asset class for their unique structure and ability to transfer catastrophic risks, have gained prominence among institutional investors. By examining the diversification benefits of CAT bonds in relation to traditional assets and analyzing their performance in crisis and non-crisis periods, the research highlights CAT bonds as effective tools for risk management and portfolio diversification. The …
ผลกระทบจากขนาดของการระดมทุน ต่อผลตอบแทนระยะยาวของหุ้น Ipos : หลักฐานจากประเทศไทย, ภูริชญ์ วงศ์ขำ
ผลกระทบจากขนาดของการระดมทุน ต่อผลตอบแทนระยะยาวของหุ้น Ipos : หลักฐานจากประเทศไทย, ภูริชญ์ วงศ์ขำ
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the long-term performance of Initial Public Offerings (IPOs) in Thailand, focusing on how the size of IPO gross proceeds influences their long-run returns. Utilizing a sample of 176 IPOs listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI) between 2013 and 2018, this research aims to provide empirical insights into the relationship between IPO size and market performance over three and five-year periods. The analysis employs multivariate regression models, incorporating control variables such as Return on Equity (ROE), Earnings Per Share (EPS) Growth, and market volatility, while also examining the moderating …
Momentum Effect On Equity Return Derived By Esg Performance, Evidence From Japanese Equity Market, Sathaporn Tiensermsub
Momentum Effect On Equity Return Derived By Esg Performance, Evidence From Japanese Equity Market, Sathaporn Tiensermsub
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study delves into the intricate relationship between Environmental, Social, and Governance (ESG) performance and equity returns within the Japanese market, with a specific emphasis on the momentum effect. Leveraging an extensive dataset encompassing the environmental, social, and governance pillars, our research contributes to the existing body of literature on ESG investing. Our analysis reveals consistent patterns in ESG-momentum interactions, aligning with the findings of previous studies while also offering new insights into the Japanese equity market. Consistent with the research of Chen & Yang (2020), Pedersen et al. (2021), and Luo (2022), our findings affirm that specific quintiles within …
How Avoiding Positions During Macroeconomic News Announcement Periods Enhances Gold Trading Strategies, Patipan Piyakulmala
How Avoiding Positions During Macroeconomic News Announcement Periods Enhances Gold Trading Strategies, Patipan Piyakulmala
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper investigates the impact of macroeconomic news announcements on trading performance and evaluates the efficacy of avoiding trades during these periods. The study employs three trading strategies: Exponential Moving Average (EMA), Moving Average Convergence Divergence (MACD), and Momentum, analyzing their performance across eight major news events: Non-Farm Payrolls (NFP), Consumer Price Index (CPI) for the US and China, ISM Manufacturing Index (ISM), Industrial Production (IP) for the US and China, German IFO Business Climate, and EU Interest Rates. Utilizing a multifactor regression model, we assess the return performance of trades avoided during news announcements, incorporating control variables such as …
Underpricing And Overpricing Of Stocks Following Extreme Returns: Evidence Of Thailand, Manasnant Tejahwandee
Underpricing And Overpricing Of Stocks Following Extreme Returns: Evidence Of Thailand, Manasnant Tejahwandee
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates how investors in Thailand's stock market react to extreme losses and gains, focusing on underpricing and overpricing phenomena. The objective is to analyze these market behaviors and trading strategies comprehensively. We employ statistical methods, including the Carhart four-factor model, to assess risk-adjusted performance and explore the effects of capital gains overhang and investor sentiment on stock returns. Our methodology involves forming quintile portfolios based on extreme loss and gain returns, using Winsorizing to handle outliers. We analyze both raw and cumulative returns, comparing stocks with the highest and lowest extreme returns. Additionally, we examine the influence of …
National Elections And Volatility Of Stock Returns, Case Study Of Thailand, Sirawit Triyasuk
National Elections And Volatility Of Stock Returns, Case Study Of Thailand, Sirawit Triyasuk
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study explores how electoral factors, including final week surprises, political donations, pre-election polls, election results, and prime minister vote outcomes, affect the volatility of stocks return which are listed on the Thai Stock Exchange. Employing regression models, it assesses how these elements impact market fluctuations, revealing that unexpected events and significant political contributions during election weeks crucially affect market stability differently. The findings indicate that pre-election polls and political donations significantly contribute to increased market volatility. This suggests that during election periods, heightened political activity and financial contributions can lead to greater uncertainty in financial markets, providing key insights …
Impact Of Fund Manager Characteristics On Thailand Domestic Equity Mutual Fund Performance, Krisana Rathanit
Impact Of Fund Manager Characteristics On Thailand Domestic Equity Mutual Fund Performance, Krisana Rathanit
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper aims to reconsider whether mutual funds managers’ characteristics, including gender, working experience (tenure), and CFA designation, affect the fund risk-adjusted performance, using the Thai open-ended domestic equity funds from 2018 to 2023. The first objective is to examine whether each fund manager characteristic impacts the fund risk-adjusted performance (alpha), including Jensen’s, 3-factor Fama French, and 5-factor Fama French alpha, using the pooled ordinary least square (OLS) regression. The alphas are estimated over the 24-month rolling window. The second objective of the study, as the extension of the first objective, is to examine the fund performance persistence over the …
“The Dual Impact Of Transportation Infrastructure And Telecommunication Technology On Analyst Coverage And Forecast Accuracy: Evidence From The Thai Market?”, Kittipoj Rujjanavate
“The Dual Impact Of Transportation Infrastructure And Telecommunication Technology On Analyst Coverage And Forecast Accuracy: Evidence From The Thai Market?”, Kittipoj Rujjanavate
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper investigates the determinants of forecast accuracy and brokerage coverage in the Thailand stock market from 2009 to 2022. Leveraging a comprehensive dataset comprising various financial metrics and market variables, we explore the impact of infrastructure development, digital communication, and external factors such as the Covid-19 pandemic on analysts' forecast accuracy and the coverage of stocks by brokerage firms. Our analysis employs regression models to examine the relationships between these variables and forecast accuracy, as measured by the absolute deviation between predicted and actual earnings, and brokerage coverage, quantified by the number of brokerage firms covering a particular stock. …
Oil Price Volatility And Bond Credit Spread: Evidence From Thailand, Natasha Thatchaichawalit
Oil Price Volatility And Bond Credit Spread: Evidence From Thailand, Natasha Thatchaichawalit
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper studies the relationship between oil price volatility and corporate bond credit spread. The sample is selected from bonds offered by listed companies in energy and utility sector (categorized by the Thai Bond Market Association) whose profit directly relates to the oil price movement. The studied period is 10 years which covers January 2013 – December 2023. The period covers both upturn and downturn of oil price movement. For the oil price volatility proxy, this paper uses end of month data of OVX index and conditional variance of Brent return estimated with GARCH (1,1) model. After, controlling for other …
To What Extent Can The Yield Curve Spread Serve As A Tool For Market Timing In The Thailand Stock Market?, Chanon Rungruanglit
To What Extent Can The Yield Curve Spread Serve As A Tool For Market Timing In The Thailand Stock Market?, Chanon Rungruanglit
Chulalongkorn University Theses and Dissertations (Chula ETD)
Despite its simplicity, the yield curve is one of the best predictors of future economic activity. Empirical studies suggest that the yield curve is capable of forecasting market downturn in major economies. In this paper, the relationship between the yield curve and stock market downturn will be studied with the focus on predicting market downturn in Thailand. Also, this paper seeks to answer the question if a market-timing strategy, based on yield-curve information, can outperform the market. The results of this study suggest that the spread between government bond indices with maturities of 3 to 7 years and 7 to …
The Effect Of Earnings Quality On Financial Analysts’ Dividend Forecast Error : The Moderating Roles Of Investor Sentiment And Economic Uncertainty, Tanabordee Jutaputthi
The Effect Of Earnings Quality On Financial Analysts’ Dividend Forecast Error : The Moderating Roles Of Investor Sentiment And Economic Uncertainty, Tanabordee Jutaputthi
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the influence of earnings quality on the accuracy of financial analysts' dividend forecasts for companies listed on the Thailand Stock Market Exchange (SET) and the Market for Alternative Investment (mai) for the period from 2015 to 2022. using a sample of 891 observations. focusing on the moderating roles of investor sentiment and economic uncertainty. The findings reveal that good earnings quality helps reduce dividend forecast errors. We find no evidence of the moderating roles of investor sentiment and economic uncertainty, implying that analysts might possess the expertise to incorporate the implications of economic uncertainty into their forecasts …
The Impact Of Esg Performance On Stock Volatilityin Asia-Pacific Markets: The Moderating Rolesof Corruption And Economic Development, Thosaporn Tonghui
The Impact Of Esg Performance On Stock Volatilityin Asia-Pacific Markets: The Moderating Rolesof Corruption And Economic Development, Thosaporn Tonghui
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of Environmental, Social, and Governance (ESG) disclosures and scores on stock volatility in Asia-Pacific markets. The paper also assesses the moderating roles of corruption and economic development in this relationship. Using data from 2010 to 2022, the research employs the Fama-French multi-factor models to analyze the relationship between ESG metrics and stock idiosyncratic volatility. The findings indicate that both ESG disclosure and higher overall ESG scores significantly reduce stock volatility, underscoring the importance of transparency and robust ESG practices in mitigating firm-specific risks. Additionally, the study reveals that the social and governance pillars of ESG …
The Intervention Of Shareholder Activism, Does It Actually Improve Firm Performance? Evidence From Apac, Burist Chertchoo
The Intervention Of Shareholder Activism, Does It Actually Improve Firm Performance? Evidence From Apac, Burist Chertchoo
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the influence of shareholder activism on the performance of 420 Asia-Pacific firms from 2013 to 2022, utilizing the Capital Asset Pricing Model and the Fama-French-Carhart model to assess abnormal returns. Findings indicate a generally positive trend in firm performance post-activism, particularly over long periods, suggesting activism's potential to drive sustained firm value improvements. In addition, there is no enough evidence to conclude that the target firms experience the pump-and-dump pattern after the departure of shareholder activists. However, the impact of specific activism strategies and outcomes on performance often lacks statistical significance, highlighting the multifaceted nature of activism's …
Board’S Gender Diversity And Educational Backgrounds As Determinants Of Cost Of Debt: Managerial Hierarchy Perspectives In Thai Financial Landscape, Pitchaya Thuwanaka
Board’S Gender Diversity And Educational Backgrounds As Determinants Of Cost Of Debt: Managerial Hierarchy Perspectives In Thai Financial Landscape, Pitchaya Thuwanaka
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the impact of board gender diversity, financial background, and educational diversity on the cost of debt for Thai listed companies, focusing on the SET50 firms from 2015-2016 and 2021-2022. Utilizing data from Refinitiv DataStream, SETSMART, and annual reports, this research examines whether the presence of women on boards, financial expertise, and diverse educational backgrounds influence borrowing costs. The findings reveal that female board members do not significantly impact the cost of debt, challenging common assumptions about gender diversity's financial benefits. In contrast, boards with directors possessing financial backgrounds, particularly those in chairman and executive management positions, are …
The Moderating Role Of Asset Tangibility, Economic Policy Uncertainty, And Control Of Corruption On The Impact Of Public Debt On Cost Of Debt And Investment, Raksit Lomtakul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research aims to explore two main objectives: first, to investigate the impact of public debt on corporate borrowing costs and investment activities; and second, to examine how moderating factors like Asset Tangibility (TAN), the World Uncertainty Index (WUI), and Control of Corruption (CC) shape this relationship. The findings reveal that higher public debt levels significantly increase corporate borrowing costs and reduce investment activities, underscoring the need for policymakers to adopt prudent fiscal strategies that balance debt management with fostering a supportive environment for private sector investment. Furthermore, the study highlights the moderating effects of Asset Tangibility, WUI, and Control …