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Now showing items 1-20 of 30
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A firm's performance and its dividend policy
; (National Institute of Development Administration, 2016)
Dividend smoothing is a well-known empirical phenomenon which is extensively described and analyzed in the financial literature. However, the motivation behind this widespread firm's policy is not totally understood. The signaling approach is one model employed to explain dividend smoothing: managers reduce information asymmetry between firm insiders and other stakeholders by maintaining dividends stable, thus signaling their confidence in the firm's future performance. Nevertheless, results from empirical studies are incomplete and ... -
Accrual accounting and ways forward for financial reporting in the government of Thailand
; (National Institute of Development Administration, 2017)
The adoption and implementation of accrual accounting in Thailand was influenced by the 1997 financial crisis in Asia and was endorsed by international organizations such as the International Monetary Fund and the World Bank. As argued by most researchers in public sector accounting that accrual accounting is superior to cash basis of accounting, accrual accounting information and financial statements would enhance the transparency and accountability of the government. -
An empirical investigation of voluntary accounting changes : the case of Thailand
; (National Institute of Development Administration, 1997)
This study empirically examined the association between accounting changes and stock prices of companies listed on the Stock Exchange of Thailand (SET) during 1990-1994 period. In addition, the study attempted to explain the motivation of firms making voluntary accounting changes. It empirically compared the risks of firms with voluntary accounting changes to the risks of firms without voluntary accounting changes during the pre- and post-announcement periods. Also, of firms with voluntary accounting changes, the risks during the pre-announcement ... -
Analytical integration and data-driven decision making in complementary and alternative medicine
; (National Institute of Development Administration, 2019)
Customer Lifetime Value (CLV) measures the success of an organization by estimating the net value its customers contribute to the business over the lifetime of the relationship. How can organizations assess their customers’ lifetime value and offer strategies to retain those prospects and profitable customers? The first part of this dissertation offers an integrated view of methods to calculate CLV considering scenarios ranging from finite-and-infinite customer lifetimes to customer migration and Monte Carlo simulation models. In addition ... -
Asset configuration, knowledge dependency, and relationship safeguard : The role of commitment in hierarchy mechanism as antecedent of opportunism under demand uncertainty
; (National Institute of Development Administration, 2004) -
Asset pricing on Thailand & Malaysia stock exchange: on the use of macroeconomic and behavioral factors
; (National Institute of Development Administration, 2017)
This thesis tests five macroeconomic variables that have been both theorized to affect stock returns and been proven to do so in past empirical research. Those variables are risk premium, industrial production, term structure, expected inflation, and unexpected inflation. The variables are retested for their statistical significance using four years of monthly contemporary data using Thailand and Malaysia as two of the five ASEAN markets (Singapore, Thailand, Philippines, Malaysia, and Indonesia). Contrary to previous studies, this study finds ... -
Capital structure and market power
; (National Institute of Development Administration, 2016)
Employing a sample set of 289 Thai listed firms during 2005-2014, the research found that leverage leads to increasing market power as measured by Tobin’s Q and sales growth. The explanation is given by the limited liability theory; that is, a firm employs debt as a commitment tool to compete aggressively in product markets. The main finding remained robust through different leveraged firms/groups, different market concentration groups, different time periods, and in different industrial sectors. Additionally, leverage had stronger effects ... -
Capital structures of listed firms in ASEAN
; (National Institute of Development Administration, 2014)
The objective of this dissertation is to study the firm-, industry-, and countrylevel factors influencing the capital structures of the listed firms in ASEAN. The 3,750 samples are collected annually for 12 years from 2000 to 2011, resulting in 45,000 firm-year observations. The pooled ordinary least squared regression is used in the analysis for all combined three-level features. The leverage measures cover various proxies of capital structures. The evidence shows that firm size and tangibility are significantly and positively related to ... -
CEO reputations and dividend payouts
; (National Institute of Development Administration, 2011)
Over the past decades, there have been numerous discussions about the influence of dividend policy and the value of firms. In many of the literature in this field, frameworks have been developed to show that dividend policy has implications for firms’ value in the imperfect and inefficient capital markets. If dividend policy has an influence on the firm’s value, then it is worth exploring the factors that have an influence on dividend policy. Past literature has found a large number of firm-specific variables as the determinants of dividend policy. ... -
Corporate governance and the linkage
; (National Institute of Development Administration, 2014)
This paper provides and event study evidence on whether the announcement of the corporate governance (CG) scoring affects firms' market value in the Thai capital market. To find out the results, this paper conducts an event study and employs the 3 methodology ... -
Determinants of market quality : a case of the stock exchange of Thailand
; (National Institute of Development Administration, 1998) -
Earnings management and firm value : the role of investor protection and corporate governance
; (National Institute of Development Administration, 2012)
Earnings management usually refers to the efforts of firm managers or executives to manipulate the earning figures in financial reporting. In general, these activities can be perceived negatively, as they can stem from managerial opportunism. Managers can use earnings management to report earnings for their own benefit, e.g. to get advantage from their compensation plans. However, some may argue that managers can use earnings management techniques to communicate or convey certain information and to smooth the earnings to reduce volatility. ... -
Evaluating credit scoring models
; (National Institute of Development Administration, 2011)
Evaluating the credit worthiness of credit seekers is a crucial process for financial institutions simply because their existence largely depends on how such a process is conducted. Financial institutions use a variety of credit scoring methods and a variety of criteria to select the best credit scoring methods. The primary purpose of this research is to evaluate the performance of some of the existing popular credit scoring methods that are widely used by financial institutions. The credit scoring methods to be considered for comparison purpose ... -
Financial performance reporting : the effect of proposed financial statements on investors' operating performance evaluation judgments
; (National Institute of Development Administration, 2009) -
Fixed asset revaluation : management motivation and value relevance
; (National Institute of Development Administration, 2006) -
Informativeness of earnings and board characteristics : evidences from Thailand
; (National Institute of Development Administration, 2006) -
Investigation of credit rating agency payment scheme to improve profit abilityand rating quality
; (National Institute of Development, 2017)
This dissertation aims to examine the impact of incentive compensation mechanism on encouraging credit rating agencies (CRAs) to exert effort in the rating evaluation process and report ratings truthfully. Two analytical studies: one focusing on the CRA’s effort and rating decisions, and the other focusing on the investor’s information acquisition decision and the resulting CRA’s behavior, are conducted. -
Long-Horizon stock returns predictability : evidence from the Stock Exchange of Thailand
; (National Institute of Development Administration, 2012)
The primary purpose of this dissertation is to investigate the behavior of the stock returns over long horizons using the data from the Stock Exchange of Thailand. In Chapter 2, the long-run relationship between stock prices and dividends is investigated. The null hypothesis of no cointegration using both the Engle-Granger and Johansen cointegration tests cannot be rejected; however, when the structural break is addressed, the Gregory-Hansen cointegration test reports the significant evidence of the long-run relationship between stock prices and ... -
Management and financial distress : the case of Thai listed companies
; (National Institute of Development Administration, 1999) -
Managerial ability and dividend policy : evidence from U.S. market
; (National Institute of Development Administration, 2015)
Dividends have long been acknowledged as profit-distributing mechanisms in classical corporate policy and are important in key investment and financial decision-making. Dividends have continued to be famously debated by scholars for almost a century. On various perspectives, many scholars have debated back and forth on their relevancy to firm performance and value.