AU Journal of Management: Vol. 11, No. 1 (2013)

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    The acceptance of cosmetic surgery : a study on Thai women in Bangkok
    The business of cosmetic surgery has now become a very lucrative and fast-paced industry as appearance-enhancing treatments and procedures have become increasingly popular around the world. A number of cosmetic surgery clinics and hospitals are now competing against one another to capture a share of the multi-billion dollar cosmetic surgery market. Thailand has been one of the most sought after countries for cosmetic surgery and ranks among the top 20 countries for cosmetic surgery procedures worldwide. The main aim of this study is to examine the relationship between intrapersonal and interpersonal factors which influence the acceptance of cosmetic surgery among Thai women. This research study examined the relationship between psychological characteristics, sociocultural influences, cosmetic sur- gery experiences, body appearances, body image, demographic variables and respondents' acceptance of cosmetic surgery. The 437 non-clinical respondents in this study are exclusively Thai women who have undergone cosmetic surgery in the past or who are likely to undergo cosmetic sometime soon. The data was gathered from 13 cosmetic surgery clinics and hospitals located in different parts of Bangkok. Narcissism, appearance orientation and body area satisfaction were significantly related to the acceptance of cosmetic surgery. Respondents with vicarious experiences were more favorable toward accepting cosmetic surgery. The findings showed statistical differences in the demographic variables of age, income, occupation, vicarious experiences with respondents' perception of body image and their acceptance of cosmetic surgery. Consumers who accept cosmetic surgery show a marked tendency for facial treatments (rhinoplasty, blepharoplasty) rather than surgery related to their bodies. This exploratory study will help develop new research paradigms in consumer research, interna- tional marketing, and managerial practices. Marketers can use this study's findings to better understand the nature of Thai female consumers and to segment and target those consumers who have favorable attitude toward enhancing their appearance.
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    The determinants of credit spread changes of investment grade corporate bonds in Thailand between June 2006 and February 2012 : an application of the regime switching model
    This study proposes the two-state regime-switching model to explain the change of credit spread for investment grade corporate bonds in Thailand. The regimes of low and high volatility are extracted by Markov switching model. The results suggest that the model can improve explanatory power. The sensitivities of the risk factors including interest rate, macroeconomic, and liquidity factors increase in the high volatility regime rather than in the low regime. However, the liquidity factors are not significant for low credit rating corporate bonds.
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    The relationships of financial assets in financial markets during recovery period and financial crisis : evidence from Thailand
    The aim of this paper is to examine the long run relationship between SET index, gold price, 1- year, 2-year, and 10-year Government Bond Yield (GB), and 1-month and 3-month T-bill rate in Thai's financial market for the period between March 2001-December 2010 using Johansen method and to study their short-run adjustment through the Vector Error Correction Model (VECM) in order to find the speed of adjustment towards long run equilibrium. Moreover, this paper also tests the impact on each variable resulting from the changes in other variables by using Impulse Response Function and Variance Decomposition Test. Results found that during economic recovery period, SET index has positive rela- tionship with gold price, 2-year GB yield, and 3-month T-bill rate. Meanwhile, during economic crisis, SET index has a positive relationship with gold price, 1-year, 10-year GB yields, and 3-month T-bill rate. The Vector Error Correction model indicated that in the recovery period SET index rapidly adjust itself back to equilibrium after deviating from long run path, while during crisis period 1-year GB yield is the fastest in adjusting back to long run equilibrium. Moreover, the Impulse Response Function presented that SET index is significantly affected by the shock of itself which is consistent with the Variance Decomposition Test which indicates that the variation of SET index is mainly due to the change ofitself during the recovery period; while during crisis, SET index has a positive response to the shock of itself. Variance Decomposition Test reported that 98.95% of variation of SET index can be explained by its own changes.
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    The firm's characteristics, corporate governance and dividend payment : evidence from nonfinancial firms listed in Thailand during 2001 to 2010
    Studies conducted in developed countries have dominated the literature on the detenninants of dividend payment. Nonetheless, there is much variation in corporate governance between developed and developing countries. The primary objective of this study is to explore the effect of firm characteristics and corporate governance factors on dividend payment in Thailand. The conceptual model in this study integrates important elements which affect the dividend payment, testing firms listed on the Stock Ex- change of Thailand (SET) between 2001 and 20 I 0, using 1,525 observations. Results indicate that there are four independent variables which influence dividend payment, consisting of three firm characteristics variables and one corporate governance variable. The results of this study provide benefits to two main parties, the investors and the management involved in the payment of dividends in the company. Basi- cally, investors would be able to select stocks which meet their criteria if they know the factors which influence dividend payment. Moreover, the management teams can attract value stock investors by maintaining the factors influencing high dividend payment
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    The determinants of subordinates' perceived leadership styles in small and medium enterprises in Thailand
    This study aims to examine the determinant factors of perceived leadership style in small and medium enterprises (SMEs) in Thailand. Discriminant analysis results showed that leaders who used different leader- ship styles (coercive, authoritative, affiliative, democratic, pacesetting and coaching) had different degrees of emotional intelligence, personality traits, adversity quotient, and ethics ofleadership.