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Articles 2521 - 2550 of 9545

Full-Text Articles in Finance and Financial Management

Corporate Diversification And Stock Risk In Thailand: Evidence From A Global Shock, Miaoqi Su Jan 2022

Corporate Diversification And Stock Risk In Thailand: Evidence From A Global Shock, Miaoqi Su

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objective of this paper is to investigate the impact of corporate diversification on stock risk for 345 companies listed on Stock Exchange of Thailand during the sample period from 4 January 2017 to 30 December 2021 which covers both Covid and pre-Covid period. Furthermore, the differences in effect between Covid and pre-Covid period are also studied. The result shows that diversifying through only business segments and ignoring global diversification increases stock volatility. Furthermore, it also shows that diversifying through only business segments and ignoring global diversification increases stock volatility during the Covid period compared to pre-Covid period. The result …

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A Pair Trading Using Reinforcement Learning And Wavelet Decomposition, Panudate Nithinon Jan 2022

A Pair Trading Using Reinforcement Learning And Wavelet Decomposition, Panudate Nithinon

Chulalongkorn University Theses and Dissertations (Chula ETD)

In this study, we propose a trading optimization methodology for the pair trading strategy. The Johansen cointegration test and the correlation measure are used for pair selection. We apply Deep-Q-network (DQN) technique in which the trainable reinforcement learning agent is designed to directly control the trading positions. The maximum overlap discrete wavelet transformation (MODWT) algorithm is used for generating the trading signal from the spread time series. Wavelet signal preprocessing is used to extract the original time series into cyclic time series components and long-term behavior components. Based on the in-sample performance this trading model successfully solves a profit maximizing …

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Forecasting Stock Volatility With Neural Network On Time Varying Transition Probability, Wasit Norakarntiansin Jan 2022

Forecasting Stock Volatility With Neural Network On Time Varying Transition Probability, Wasit Norakarntiansin

Chulalongkorn University Theses and Dissertations (Chula ETD)

Forecasting volatilities of financial security returns are important for many financial applications e.g., portfolio investment construction, risk management and trading strategy. The GARCH model has long been refined to capture the true dynamic of volatility on a security return. By applying the Markov switching to the GARCH model, the source of the temporary high volatility and high persistence of a shock to the volatility can be captured. In this study, we refine the Markov switching GARCH model further by applying the notion of the neural network to approximate the time varying transition probabilities. We aim to achieve a model that …

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How Flash Manufacturing Pmi Is Affecting The U.S. Stock Market. An Empirical Study, Thurein Htet Myat Jan 2022

How Flash Manufacturing Pmi Is Affecting The U.S. Stock Market. An Empirical Study, Thurein Htet Myat

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper presents a comprehensive analysis of the relationship between the US Flash Manufacturing PMI news releases, returns, and volatilities of Russell 1000 and 2000 indexes. Using an autoregressive (AR) and generalized autoregressive conditional heteroskedasticity (GARCH) model, the study examines data from January 2015 to November 2022, encompassing both pre-pandemic, pandemic, and post-pandemic periods. The statistical analysis indicates that these news releases do not significantly influence stock returns, supporting the efficient market hypothesis. Various factors, including measurement errors and the unique circumstances of the Covid-19 pandemic, likely overshadowed the impact of PMI news releases. Additionally, the analysis finds no significant …

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A Study Of Potential Factor Investing Strategy From Esg Score And Intangible Capital In Thailand, Issaraphorn Voratavornviwat Jan 2022

A Study Of Potential Factor Investing Strategy From Esg Score And Intangible Capital In Thailand, Issaraphorn Voratavornviwat

Chulalongkorn University Theses and Dissertations (Chula ETD)

The independent_study aimed to examine the relationship between Environmental, Social, and Governance (ESG) scores and Intangible Capital Ratio (ICR) and their implications for buy-and-hold returns (BHR) and stock performance among Thai listed companies. The study focuses on firms listed on the Stock Exchange of Thailand (SET) with available ESG scores, covering the period from 2018 to 2022 (169 companies). The finding for the first objective found that an increase in the ESG score leads to a rise in the ICR, these findings highlight the importance of ESG scores and company size & high BTM in determining a firm’s ICR. However, …

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Behavioral Bias In Number And The Stability Of Stock Price, Natapong Teekaput Jan 2022

Behavioral Bias In Number And The Stability Of Stock Price, Natapong Teekaput

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the behavioral bias in numbers. It analyzes the relationship between behavioral bias in the number of last-digit quote prices and volatility as a proxy of market inefficiency from 2 January 2020 to 30 June 2020 of penny stock in the Thailand stock market. This period is interesting because the circuit breaker triggered due to the COVID-19 pandemic. This research studies the event that exogenous effect on volatility to find that the relation between volatility and behavioral bias is still the same. The exogenous effect is the stock exchange of Thailand changed regulations by reducing the ceiling and …

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Effect Of Joining Paris Agreement To Green Bond Premium In Us Market, Onjira Sukijjakamin Jan 2022

Effect Of Joining Paris Agreement To Green Bond Premium In Us Market, Onjira Sukijjakamin

Chulalongkorn University Theses and Dissertations (Chula ETD)

The paper investigates whether green bonds are priced at a premium compared to conventional bonds by analyzing the yield spread between green bonds and comparable conventional bonds (where a negative yield spread indicates a premium). The study also examines the factors influencing the yield difference including the effect of participating in Paris Agreement to the green bond premium. Initially, the paper expected to find a negative green bond premium, indicating that green bonds have lower yields than comparable conventional bonds, as investors are willing to accept lower yields for the ESG benefits associated with green projects. However, the paper obtained …

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Fund Characteristics Immunity To Covid-19 Pandemic: Evidence From Thailand, Primporn Thanomsakul Jan 2022

Fund Characteristics Immunity To Covid-19 Pandemic: Evidence From Thailand, Primporn Thanomsakul

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research investigates the relationship between COVID-19 growth rates and the performance of Thai equity funds during the pandemic. Focusing on weeks with substantial increases in COVID-19 cases, we hypothesize that negative returns primarily originate from these weeks. We acknowledge the pandemic's impact as a black swan event, instilling fear and uncertainty, and its demonstrated negative effect on fund returns. Moreover, our research aims to identify the fund characteristics that have provided resilience and immunity to the negative effects of the crisis. Using a panel data regression with a fixed effect model, we analyze various fund characteristics and their impact …

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Global Oil Price Transmission To Domestic Diesel Prices, Andthe Impact On Listed Firm's Profitability And Stock Market Returns : Evidence From Thailand, Koravik Renuros Jan 2022

Global Oil Price Transmission To Domestic Diesel Prices, Andthe Impact On Listed Firm's Profitability And Stock Market Returns : Evidence From Thailand, Koravik Renuros

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research paper provides a comprehensive analysis of the dynamics of volatile oil prices over the past two decades, with a focus on the stock exchange of Thailand from the period of 2004 to 2022. Firstly, the study utilizes the Vector Autoregressive Model (VAR) technique to examine the impact of global oil price fluctuations on domestic fuel prices and the stock market in Thailand. The findings reveal that changes in global oil prices have a delayed and indirect effect on the Thai stock market. The transmission of volatility through domestic diesel prices is a crucial factor in this relationship. Notably, …

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Impact Of Environmental Policy Announcements On Investment Performance Of Equity Mutual Funds, Kaung Htet Jan 2022

Impact Of Environmental Policy Announcements On Investment Performance Of Equity Mutual Funds, Kaung Htet

Chulalongkorn University Theses and Dissertations (Chula ETD)

Previous research has shown that stock prices will also respond to environmental policy announcements because of the impact on firms' value. As equity mutual funds are primarily invested in stocks, this study aims to examine whether these announcements also impact the investment performance of equity mutual firms. Some studies also prove that it is still debatable whether green mutual funds or polluting mutual funds perform better in terms of investment returns. Based on this, this study will also further extend to analyze investment performance between green and polluting equity mutual funds under stringent and loosened environmental policy announcements. This study …

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Is Greener Really Better? Stock Market Reaction To Green Bond Announcements, Evidence From Europe, Niya Somkerd Jan 2022

Is Greener Really Better? Stock Market Reaction To Green Bond Announcements, Evidence From Europe, Niya Somkerd

Chulalongkorn University Theses and Dissertations (Chula ETD)

Employing an event-study approach, we examine how the stock market responded to the offering of green bonds by non-financial companies listed on the European stock market from January 2013 to September 2022. We observed a drop, on average about 0.28%, in the company stock prices on the day they announced these offerings and the day after. Moreover, we found that investors react in the same manner for green bond announcements as for conventional bond announcements. We also studied if the Gavriilidis (2021)'s climate policy uncertainty index has any relationship with the market reactions. Our findings suggest that the index is …

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Post-Earnings Announcement Drift In Thai Reits - A Take From The Recent Pandemic, Chawan Ratapana Jan 2022

Post-Earnings Announcement Drift In Thai Reits - A Take From The Recent Pandemic, Chawan Ratapana

Chulalongkorn University Theses and Dissertations (Chula ETD)

The research explores the information content of earnings announcements in REITs operating in a market with less stable rental incomes. By examining the presence of Post-Earnings-Announcement Drift (PEAD) in Thai REITs, this study contributes to existing literature and investigates changes in market efficiency for REITs during the COVID-19 pandemic. Using the Earnings Announcement Returns (EAR) method, the study analyzes abnormal returns through visual analysis and a trust/firm-level regression framework. Findings indicate a PEAD effect as the baseline for abnormal returns in the local market, suggesting potential market inefficiencies. However, most variables in regression analysis do not significantly address the research …

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Risk Shifting In Mutual Funds: Evidence In Thailand, Suphitcha Ekjariyakorn Jan 2022

Risk Shifting In Mutual Funds: Evidence In Thailand, Suphitcha Ekjariyakorn

Chulalongkorn University Theses and Dissertations (Chula ETD)

The paper aims to examine whether risk-shifting behavior exists in Thai equity mutual funds or not. The empirical analysis studies the period from 2005 to 2022. It is investigated that risk-shifting behavior exists in Thailand by having compensation and employment incentive influences fund managers’ decision on risk shifting. Firstly, this study uses the states of the market which are positive and negative market returns as the proxy of compensation and employment incentive, respectively. The finding is illustrated that mid-year losers take more risk of the portfolio in the latter half of the year in both positive and negative market return …

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The Effect Of Capital Ratio On Risk, Efficiency And Profitability Of Insurance Companies: Evidence From Singapore And Thailand, Supanuch Limvisitsakul Jan 2022

The Effect Of Capital Ratio On Risk, Efficiency And Profitability Of Insurance Companies: Evidence From Singapore And Thailand, Supanuch Limvisitsakul

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research study examines the importance of capital ratios in assessing the financial health of insurance companies in the context of Singapore and Thailand. The primary objective is to investigate the extent to which capital ratios provide informative insights into the risk, efficiency, and profitability of insurance companies. The study covers both life and non-life insurance companies during the period from 2017 to 2021. The findings show that higher capital ratios correspond to lower liquidity risk, improved efficiency, and increased profitability. These results emphasize the importance of maintaining adequate capital reserves to ensure financial stability and enhance operational performance in …

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The Effect Of Democracy On The Mutual Fund Recovery, Evidence From Emerging Countries, Supisara Songdecha Jan 2022

The Effect Of Democracy On The Mutual Fund Recovery, Evidence From Emerging Countries, Supisara Songdecha

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research examines how democracy affects mutual fund performance and recovery in emerging countries: Brazil, Chile, China, India, Mexico, South Africa, and Thailand. Data from 2010 to 2021 is analyzed, focusing on domestic equity mutual funds. Democracy levels are measured using the V-Dem dataset. Performance is evaluated using risk-adjusted returns, while recovery duration measures how long it takes for funds to return to pre-crisis levels. The findings show that in Chile, characterized as a strong democracy, demonstrates improved performance with higher levels of democracy. In contrast, Brazil, South Africa, India, and Mexico exhibit higher returns with lower levels of democracy. …

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The Moderating Effect Of Stock Price On The Relationship Between Earnings Quality And Dividend Payments : A Study Of Thai Listed Companies, Jirayu Boonyuen Jan 2022

The Moderating Effect Of Stock Price On The Relationship Between Earnings Quality And Dividend Payments : A Study Of Thai Listed Companies, Jirayu Boonyuen

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research paper has the objective to investigate and examine the basic relationship on the dividend policy and the earnings quality of companies in Thai stock market, by covering all the industries. The proxies for the earning qualities include a total of four proxies which are earnings persistence, accruals quality, earnings informativeness, and timely loss recognition. Moreover, this research paper also further examines the incentive of dividend policy of companies under Thai stock market by applying the dividend signaling Theory and the information content of dividends hypothesis. The incentive of dividend policy can be viewed as the signal sending by …

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Trade Credit With Firms' Life Cycle: Evidence From Stock Exchange Of Thailand (Set), Chaiwat Sae-Low Jan 2022

Trade Credit With Firms' Life Cycle: Evidence From Stock Exchange Of Thailand (Set), Chaiwat Sae-Low

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines how firms’ life cycle affects Trade credit including the recession period by using evidence from Stock Exchange Thailand (SET). The study has been performed during 2000 – 2020 with 253 listed firms. Regarding results, it suggested that the firm life cycle has a significant impact on AR and AP days, except for AP’s growth. During the recession period, AP days for the introduction and mature stage have no positive impact. The empirical also finds there are no significant levels for the introduction and mature stage of AR and AP days, which have a high level of market …

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Investor’S Sentiment And Stock Return: An Empirical Study On The Thai Stock Market, Chang Chen Jan 2022

Investor’S Sentiment And Stock Return: An Empirical Study On The Thai Stock Market, Chang Chen

Chulalongkorn University Theses and Dissertations (Chula ETD)

The effect of investor sentiment on stock returns is one of the most recent developments in finance. The empirical literature includes developed stock markets. However, emerging markets, notably the Thai stock market, lack study subjects. The purpose is to deeply comprehend the link between investor sentiment and Thai stock market return. The aims include customizing investor sentiment indices to explain the Thai stock market index's movement, estimating investor sentiment's predictive ability, providing stock investors with referable trading strategies, and providing suggestions for cross-section equity selection. This study initially employs Principal Component Analysis (PCA) to customize the composite indices, called the …

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Flow-Performance Relationship In Defi Yield Aggregator, Apisara Pornprasith Jan 2022

Flow-Performance Relationship In Defi Yield Aggregator, Apisara Pornprasith

Chulalongkorn University Theses and Dissertations (Chula ETD)

Decentralized Finance (DeFi) is a new financial infrastructure with applications similar to traditional financial products, such as exchange, lending, derivatives, and asset management. This paper empirically investigates Yearn finance, one of the fastest-growing and largest in DeFi yield aggregator protocols for on-chain asset management, to demonstrate the flow-performance relationship and compare it with mutual funds in traditional finance. According to the findings, there is a positive non-linear relationship between fund flows and recent performance for using stablecoin deposited. In contrast, we cannot find this relationship for using cryptocurrency. Then, we look further into stablecoin holder behaviour and our findings show …

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The Impact Of Government Response To Covid-19 On Stock Return Predictability, Disayadej Dangdej Jan 2022

The Impact Of Government Response To Covid-19 On Stock Return Predictability, Disayadej Dangdej

Chulalongkorn University Theses and Dissertations (Chula ETD)

Recession is known to cause an increase in stock return predictability. The COVID-19 pandemics had not only resulted in sickness and loss of life but also plunged global economy into recession prompting governments to come up with measures to combat the disease. This paper first confirms that return predictability increased due the spread of COVID-19 using data from 41 countries on variations of popular predictors. Furthermore, it shows that government responses to COVID-19 alleviated the pandemic, the recession and reduced the return predictability with varying impact for different government measures. However, cases and deaths from COVID-19 which should have intensified …

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Application Of Fractional Exponential Feature To Garch Model Variants For Improvement In Value-At-Risk Prediction, Chanet Saisatian Jan 2022

Application Of Fractional Exponential Feature To Garch Model Variants For Improvement In Value-At-Risk Prediction, Chanet Saisatian

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research studies about using GARCH model variants as a parametric way in estimation and prediction of daily Value-at-Risk (VaR), one of famous risk measurement especially in financial world. To cope with various stylized facts on market’s volatility, two mixed GARCH models are proposed in this research: HY-GJR-GARCH model, the hybrid between hyperbolic GARCH (HYGARCH) and GJR-GARCH models, and HY-MS-GARCH model as the amalgam between HYGARCH and Markov switching GARCH (MSGARCH) models. These mixed models, along with rich mathematical formulations and benefits from their base models, are expected that their performance in predicting daily VaR is advanced against the performance …

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Accrual-Based Earnings Management And Real Earnings Management Around Two Key Corporate Governance Regulatory Regime Changes In Thailand, Noor Nayeem Hasnat Farhan Jan 2022

Accrual-Based Earnings Management And Real Earnings Management Around Two Key Corporate Governance Regulatory Regime Changes In Thailand, Noor Nayeem Hasnat Farhan

Chulalongkorn University Theses and Dissertations (Chula ETD)

Two major corporate governance-related regulatory changes, one in 1999 and one in 2008, were implemented as a means to increase the independence of boards of directors of public companies in Thailand. I study whether each of these regulatory changes affects the degree of and leads to substitution of accrual-based earnings management (AEM) and real earnings management (REM), plus the effect of family ownership on the type and degree of earning management. The outcomes of the two regulatory changes are different with respect to earnings management. Univariate tests suggest no change in the levels of AEM and REM for the 1999 …

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Is Mandatory Sustainability Report Still Beneficial?, Astrid Rudyanto Dec 2021

Is Mandatory Sustainability Report Still Beneficial?, Astrid Rudyanto

Jurnal Akuntansi dan Keuangan Indonesia

The latest regulations in Indonesia (SEOJK No 16/SEOJK.04/2021) have required public companies to make a sustainability report every year in order to increase sustainable in­vestment. Prior to this regulation, several public companies had made sustainability reports and received benefits of sustainability report. This makes issuers ask whether after being obligated, public companies still get the benefits that have been obtained from voluntary sustainability reports and under what conditions the mandatory sustainability reports are beneficial for public companies. This study answers the public companies' doubts by con­ducting a systematic literature review on research on mandatory and voluntary sustainability reports in Q1 …

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The Effect Of Ceo Characteristics On Pre-Earnings Management Profitability, Adhitya Agri Putra Dec 2021

The Effect Of Ceo Characteristics On Pre-Earnings Management Profitability, Adhitya Agri Putra

Jurnal Akuntansi dan Keuangan Indonesia

This research aims to examine the effect of CEO characteristics on pre-earnings manage­ment profitability. CEO characteristics include gender, tenure, age, education level, founding-family status, and nationality. Pre-earnings management profitability is measured by return on assets minus discretionary accruals. Data analysis uses firm and year fixed-effect regression analysis. The result shows that female CEO, longer tenure CEO, CEO with higher education levels, and foreign CEO increase firms' profitability without engaging in earnings management. On the other hand, there is no effect of CEO age and founding-family status on pre-earnings management profitability. This research contributes to filling the gap of inconsistent previous …

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The Effect Of Personal And Situational Factors On The Intention Of Whistleblowing With Moderated Legal Protection, Daisar Rahman, Nur Hayati Dec 2021

The Effect Of Personal And Situational Factors On The Intention Of Whistleblowing With Moderated Legal Protection, Daisar Rahman, Nur Hayati

Jurnal Akuntansi dan Keuangan Indonesia

This research is to determine the effectiveness of legal protection in strengthening the relationship between attitude toward behavior, subjective norm, perceived behavioral control, the seriousness of wrongdoing, status of the wrongdoer, and reward with whistleblowing intentions. The population in this research was civil servants who were Regional Inspectors in all regencies in Madura. The sampling technique in this study was purposive sampling consisting of 104 civil servants who had functional positions as auditors, staffing auditors, or supervisors of regional government (P2UPD). Data was collected by distributing questionnaires directly to the respondents. The data analysis technique used in this study was …

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Value Relevance Of Sustainability Report: Evidence From Indonesia, I Dewa Made Endiana, Ni Nyoman Ayu Suryandari Dec 2021

Value Relevance Of Sustainability Report: Evidence From Indonesia, I Dewa Made Endiana, Ni Nyoman Ayu Suryandari

Jurnal Akuntansi dan Keuangan Indonesia

This present study aimed at providing empirical evidence of whether sustainability report has value relevance for investors in buying or selling shares and affects firm value. This study used two research models. The first research model was used to examine the effect of book value and earnings on firm value. The second research model was used to examine the effect of sustainability report on firm value and define the value relevance of sustainability report. The samples of this study were 306 companies listed on the Indonesia Stock Exchange in 2017-2020. As a result, this study found that sustainability report is …

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Peran Employee Involvement Dan Public Service Motivation, Serta Mediasi Affective Commitment Terhadap Perceived Organizational Performance, Fahrina Yuliani, Sondang E. M. Sibarani, Steven Ebenheizer Dec 2021

Peran Employee Involvement Dan Public Service Motivation, Serta Mediasi Affective Commitment Terhadap Perceived Organizational Performance, Fahrina Yuliani, Sondang E. M. Sibarani, Steven Ebenheizer

Jurnal Manajemen dan Usahawan Indonesia

The government has regulated and legalized the compensation and benefits system through ap- plicable regulations and ratified nationally. However, the public sector needs to consider other non- monetary factors to improve employee performance, such as employee involvement, public service motivation, affective commitment, and perceived organizational performance. This research ques- tionnaire was distributed to public sector employees in an Indonesian government agency totaling 157 respondents, containing closed questions using a six-point Likert scale, an online survey plat- form, and processed using the Lisrel SEM method. This study was conducted to clarify the influence of previously identified and discussed individual-level factors as …

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Analisis Pengaruh Cues Terhadap Trust, Attitude, Dan Online Shopping Intention Di Instagram, Larasati Chandra Githa Purnamaningrum, Yeshika Alversia Dec 2021

Analisis Pengaruh Cues Terhadap Trust, Attitude, Dan Online Shopping Intention Di Instagram, Larasati Chandra Githa Purnamaningrum, Yeshika Alversia

Jurnal Manajemen dan Usahawan Indonesia

The purpose of this research is to determine the cues (signals/clues) in Instagram posts which are attractiveness, popularity and argument quality that can affect trust which will affect attitudes towards shopping using Instagram, and thus affect purchase intentions of Indonesian local beauty products through Instagram. The sample used in this study are active Instagram users aged 17 years and over who follow one of Indonesia’s local beauty brands in Instagram, and have not made purchases from the local beauty brand that they are followed. There were 226 respondents in this study and used pur- posive sampling. The research questionnaire was …

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Analisis Perilaku Ewom Opini Vaksinasi Dengan Pendekatan Theory Of Planned Behavior, Benni Ahdiyana Pamungkas, Adman Nursal Dec 2021

Analisis Perilaku Ewom Opini Vaksinasi Dengan Pendekatan Theory Of Planned Behavior, Benni Ahdiyana Pamungkas, Adman Nursal

Jurnal Manajemen dan Usahawan Indonesia

Ajzen’s theory of planned behavior (TPB) has been proven in many fields to predict human be- havior. Discussion of eWOM behavior based on the theoretical approach, to the author’s knowledge, has not been widely found. This study aims to examine six hypotheses to analyze eWOM behavior by TPB approach. This research methode is survey. Sampling uses a non-probability method with judgmental techniques. The unit sample is 165 respondents who already know or post a vaccination opinion twibbon on Facebook. The questionnaire is the measurement instrument in this research. The study reveals that three hypotheses were rejected and the other three …

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Pengaruh Ethical Leadership Terhadap Affective Commitment Dan Job Satisfaction Yang Dimediasi Oleh Psychological Empowerment, Dwi Inesia, Niken Ardiyanti Dec 2021

Pengaruh Ethical Leadership Terhadap Affective Commitment Dan Job Satisfaction Yang Dimediasi Oleh Psychological Empowerment, Dwi Inesia, Niken Ardiyanti

Jurnal Manajemen dan Usahawan Indonesia

This study discusses the effect of Ethical Leadership on Affective commitment and Job Satisfaction which’s mediated by Psychological Empowerment. Respondents of this study were 217 State Civil Servants in the DKI Jakarta area Hypothesis testing using Lisrel’s Structural Equation Model (SEM) 8.5 method. Hypothesis test result show that Ethical Leadership has a direct positive effect, both on Affective Commitment (SLF 0,25 and T-Value 2,53), and on Job Stisfaction (SLF 0,26 and T-Value 2,61). Psychologcal Empowerment partially mediateds the effect between Ethical Leadership and Af- fective Commitment (total effect value 0,8393). Psychologcal Empowerment also partially mediateds the effect between Ethical Leadership …

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