GSDE: Dissertations

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The effects of venture capital network centrality on earnings management, profitability, and stock price during lockup of IPOs : evidence in the US market
(National Institute of Development Administration, 2022) Yosavee Niranvichaiya; Sorasart Sukcharoensin
This study investigates the effect of network centrality, which is a key important measure in social science for the level of connection and influence each actor has in the network, of the venture capital firm (VC), on earnings management level, choice of earnings management, subsequence economics performance, and long-term stock return of the VC-backed portfolio companies. The results of the study suggest that companies backed by VCs with higher network centrality level, or being more “centralized”, is more likely to use accrual-based earnings management, more likely to have higher subsequence economic performance, as measure by the difference in future return-on-assets, and is more likely to have a better long-term stock return, as indicated by higher buy-and-hold abnormal return.
Distributional impact of carbon taxation on household energy consumtion in Thailand
(National Institute of Development Administration, 2018) Supawan Saelim; Anan Wattanakuljarus
Distributional impact of a carbon tax on household demand can be relevant in terms of securing public acceptance of a carbon tax and clarifying the implications for policy design. Despite the growing literature about the impact of a carbon tax on the economy and environment, in-depth studies of distributional impact on the welfare of households are relatively scarce in Thailand. Although the distributional impact on households is only a part of the carbon tax story, it is very important for policy analysis, both in terms of securing public acceptance and policy design. Such policy design includes appropriate revenue-recycling options to reduce adverse effects on lowincome households and social objectives such as income inequality and poverty incidence. This study aims to estimate the distributional effects on households from changes in energy prices induced by a carbon tax, and explore the impact of the policy on social development indicators such as income inequality and poverty incidence in Thailand. The study simulates carbon tax scenarios and estimates distributional effects of the tax on household welfare, income inequality, and poverty rates based on household consumption. The study employs a microsimulation model incorporating the economy-wide effects of the tax on prices (through an input-output model) and consumers’ behavioral responses to changes in prices (through demand system estimations). The methods applied in this study include household energy demand estimation using the Quadratic Almost Ideal Demand system (QUAIDS) model to understand energy consumption behavior. In addition, the study also empirically examines the relationship between per capita welfare losses and a range of socioeconomic factors using multivariate regression analysis. The study utilizes monthly cross-sectional data of the national Household Socio-economic Survey (SES) for the years 2009, 2011 and 2013, and monthly consumer price indices for demand system estimation. The demand estimation results indicate that the pricing policy in the energy sector (e.g. through taxation) is likely to be ineffective in reducing energy consumption in the residential sector as the energy demand is inelastic. However, households are more responsive to reducing their consumption of transport fuels than electricity consumption when prices change. The results of the study also have useful implications for predicting behavioral responses and the welfare impact on households from changes in energy prices induced by other fuel taxes and energy-related policies aimed to sustainably incentivize the use of cleaner energy in the long run. In addition, socioeconomic factors, such as geographic region, labor market status, household structure and education, are significantly associated with individual welfare losses across energy and non-energy consumption types even after controlling for income. The results of a carbon tax simulation indicate that a carbon tax is progressive in Thailand under revenue-recycling scenarios of expanding social transfer programs. When carbon tax revenues are recycled through elderly pensions, the carbon tax could reduce the poverty rate and improve the welfare of households in the lowest quintile. The results imply that the distributional impacts of environmental taxes could result in favorable outcomes for income inequality and poverty reduction in developing countries. The study concludes that the concerns about the negative impact of environmental taxes on social objectives such as income inequality and poverty incidence in Thailand tend to be minimal, and less than what one might expect based on empirical results from developed countries. Lump-sum transfers of only a partial amount of carbon tax revenues to households can offset the negative effects on income inequality and poor households.
Property tax in Thailand : a case for value capture taxation
(National Institute of Development Administration, 2015) Kanokporn Saiyasittipanich; Adis Israngkura
This study presents a new financial resource for Thailand called "Property Value Capture” mechanism. The mechanism is applied to finance public infrastructure project through capturing either some or all of the "excess value" or the incremental value of real estate generated by a public scheme. This mechanism not only reduces government's total expenditures for public infrastructure projects, but also reduces the tax burden on the overall population. The first step in this study is to investigate the amount of economic rent for condominium projects located along the sky train station (Light Green Lines Extensions, On Nut to Bearing station) .The datasets used in this research have been collected from two sources. First, the data on market sale price and structural characteristics of the condominiums was obtained from property owners and brokers of the condominiums by interview and website search for the period from December 2013 to August 2014. Four Hundred forty-one (441) condominium units were randomly selected for our survey and were used to estimate the impact of the sky train station and other factors on property values. This study have applied the concept of Hedonic Pricing Method (HPM) to estimate the implicit price of the Light Green Lines Extensions and other factors by using two difference type of the functional forms; 1) log-linear, and 2) linear Box-Cox functional form. The implicit prices (or economic rents) of condominium units are found to be between 150.46 to 195.04 baht per unit for every meter closer to the sky train station. Therefore, condominiums located directly adjacent to the sky train station were roughly 150,460 to 195,040 baht more than an identical condominium located 1,000 meter away when considering the average value. The total amount of the economic rent for condominium projects located within 1,000 meter, 1,500 meter, and 2,000 meter of the sky train station is estimated roughly at 2,359,072,495.61 baht, 2,988,644,281.37 baht, and 3,378,377,226.87 baht respectively. While, the number of condominium projects in each area was 49, 59, and 69 projects respectively. The excess real estate value was derived directly from the construction of the Light Green Line Extensions. The second step in this research study is to apply a concept of a "betterment tax" imposed on property holders who received a direct and unique benefit from the Light Green Lines Extension in three assessment areas; 1,000 meter, 1,500 meter, and 2,000 from the sky train station. The total betterment tax burden from our estimation of 49 condominium projects, located within the 1,000 meter assessment area was equivalent to 592,704,431.85 baht or 25.12 percent of the economic rent. The total tax burden of the 59 condominium projects, located within the 1,500 meter assessment area equaled 408,918,475.90 baht or 13.68 percent of the implicit price. Whereas, the total amount of tax burden for condominiums located within the 2,000 meter assessment area, or 69 condominiums projects; was equal to 314,439,864.17 baht or 9.31 percent of the economic rent. The successful implementation a betterment tax strategy in Thailand depends upon four issues; 1) the betterment tax rate, should not be excessively high; otherwise the taxpayer will oppose a public development project in their neighborhood, 2) for social acceptance, the local government must actively work to promote the benefits, positive aspects and fairness of the tax, 3) Thai government should improve and provide a necessary technology for increasing an efficiency of land appraisal system, and 4) the Land Department should appraise a value of real-estate every year in order to obtain the real market price and other attributes of real-estate.
Valuing a high altitude mountain ecosystem and creating policy instruments for ecotourism development : a case study of Yulong mountain, China
(National Institute of Development Administration, 2015) Zhang, Zhuoran; Udomsak Seenprachawong
This dissertation consists of three connected parts: The first part is a research paper examines the tourism demand and assesses consumer surplus from visiting a unique tourist attraction site: glaciers in Mt. Yulong, Yunnan, China by using the Zonal Travel Cost Method (henceforth, ZTCM). I aim to uncover the use value of this particular site in tourism development. I divide domestic travelers into 20 groups based on the demographical and geographical characteristics of their place of residence. The empirical results show that the economic value of the glaciers in the tourism industry is more than 3 billion Chinese Yuan (CNY), roughly equivalent to 500 million dollars at the exchange rate of March 2016, which is approximately 10% of the local GDP. The high estimated value of the glaciers suggests that some conservation policy interventions are necessary. The second research paper attempts to elicit the maximum willingness to pay by the travelers for the ecotourism development, which would conserve the glaciers and the ecosystem in Mt. Yulong. The survey was conducted in Mt. Yulong among the travelers during June to December 2015, and the focused group talk technique was applied. A total of 1,500 survey questionnaires were distributed and 889 returned with completed information. The estimated willingness to pay by each traveler’s averages around 220 CNY, which is equivalent to 35 US Dollars at the exchange rate of March 2016. This amount was almost twice higher as the entrance fee to the site and indicates that the travelers are highly concerned with the environmental quality during their traveling experiences and are in favor for the eco-friendlier tourism. The third part of this dissertation is a discussion paper that aims to compare different techniques of intervention instruments based on the particular situations in Lijiang and Mt. Yulong. This paper combines researches and recommendations from the environmental scientists of Chinese Science Academy and the economic attributions uncovered from the previous two parts of this dissertation into consideration. Even though various market base instruments have their unique advantages and might all be achieving in the case of Mt. Yulong, the Payments for Ecosystem Service (henceforth, PES) package seems to be most effective in addressing the environmental conservation issues as well as enhancing the economic development.
Essays on income tax evasion
(National Institute of Development Administration, 2018) Lee, Jeong Dae; Sasatra Sudsawasd
Tax evasion has a direct impact on government revenues and therefore capacity to provide public goods. Moreover, tax evasion imposes a welfare cost on society by having to resort to more distortionary taxes and discouraging financial transparency, both of which result in inefficient allocation of resources. If tax evasion is concentrated in certain segments of society, equity concerns also arise. The objective of my dissertation is to enhance our understanding of tax evasion-why people cheat the government, old and new ways of cheating, and which remedies may be effective. In Chapter 2, “Cheating the government: Does taxpayer perception matter?”, I ask whether people cheat (in the form of misreporting their income to tax authorities) because they know that they can get away with it or because they genuinely feel that the rules are unfair. Specifically, I incorporate taxpayer perception into a widely used consumption-based method for estimating income tax evasion. Compared to the standard method which distinguishes taxpayers only by their occupational or income type as a way of measuring their “ability” to misreport income, the refined method introduces taxpayers who may be “able but unwilling” to cheat because they feel fairly treated with respect to public services and compared to other taxpayers. Applied to a longitudinal data for Korea (2007-2015), the standard method yields a uniform tax evasion rate of 13 percent, but the refined method provides a range of 7 to 25 percent based on taxpayer perception. This implies that strategies for improving tax compliance must be tailored to different motivations for tax evasion. In Chapter 3, “Hide-and-seek: Can tax treaties reveal offshore wealth?”, I highlight that information asymmetry becomes a far greater challenge in a multiplejurisdiction context, where offshore centres can facilitate tax evasion. In response, governments have introduced new tax treaties to facilitate the exchange of financial account information between jurisdictions, including traditional tax havens. Based on international banking statistics, I examine whether these treaties have had a material impact on offshore tax evasion. Based on panel regression analysis, I find that crossborder deposits in traditional haven jurisdictions, taken as a proxy for offshore evasion in the literature, have declined substantially. However, I also find that these offshore assets are being relocated to few non-compliant tax havens and moreover, “non-haven” offshore financial centres, most notably the United States, which has yet to commit to reciprocal and automatic exchange of information and establish a public register of ultimate beneficial ownership.
Macroeconomic linkage and policy coordination in Asean : a global var analysis
(National Institute of Development Administration, 2018) Dau, Thi Mai Lein; Yuthana Sethapramote
This dissertation aims to comprehensively investigate international macroeconomic linkages among ASEAN-5 countries as well as among ASEAN-5 countries with the rest of the world in a multinational system. Through estimating Global VAR models, the results show several key findings: 1) Generally, ASEAN-5 economies generally respond strongest to real GDP shocks from China, Japan and the United State; especially, China has played an increasing role to ASEAN-5 economy over the study period. However, the responsiveness of ASEAN countries to external shocks varies across countries. Additionally, there exist intra-regional spillovers within ASEAN-5 economies. Regarding to the determinants of ASEAN-5 countries’ economic fluctuation, East Asian countries and the United State have played an increasing role. In particular, the main determinants from East Asia countries are real factors, while those from countries outside the region are financial factors. 2) With a specific focus on external policy spillovers, it finds that both intra- and inter-regional fiscal and monetary spillovers have significant impacts on ASEAN-5 countries. External expansionary fiscal shocks generally cause a significant increase in ASEAN-5 countries’ real GDP; especially, the effects of fiscal spillovers from other East Asian countries (especially, China) are much stronger than those from advanced Western countries. In contrast to fiscal spillover, the effects of monetary spillovers are inconclusive and monetary spillovers from advanced Western countries are stronger than those from East Asian countries. Interestingly, intra-regional policy spillovers among ASEAN countries are also found; particularly, intraregional monetary spillover seems to be stronger than intra-regional fiscal spillovers. 3) Due to inverse impact of external spillovers on ASEAN-5 countries which indicates the need of policy coordination, the study tried to investigate the impact of introducing a common interest rate on ASEAN-5 countries’ real GDP. Generally, a common interest rate would lead to higher GDP growth rate in all member countries in the long run. However, how much each member country could gain depends on which interest rate is applied; such as Singapore and the Philippines seem to gain more from a relatively higher interest rate while a relatively lower common interest rate would lead higher growth rate in the case of Indonesia, Malaysia and Thailand.

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