Conference Papers
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ItemOver-investment and Free Cash Flow: Evidence from Thailand( 2015-04)This paper examines whether there is a relation between over-investment and free cash flow. In perfect capital market, it is expected that investment decision should not be influenced by the level of cash flow. However, the free cash flow hypothesis predicts that firms with higher free cash flow will be vulnerable to the agency problem like over-investment. Using the data from listed firms in the Stock Exchange of Thailand during 2001-2013, the result indicates that there is a positive relation between over-investment and free cash flow. Therefore, this evidence supports the free cash flow hypothesis and it implies that corporate governance mechanism is required to mitigate the agency cost of free cash flow.
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ItemThe Impact of Transformation Expectations on Conspicuous Consumption: A Cross-Cultural Comparison( 2015-02)Building upon the expectation states theory (EST), we propose a cross-cultural conceptual model to investigate the relationships between five underlying dimensions of transformation expectations and conspicuous consumption. We advocate that (a) consumers who believe they can transform themselves in various aspects through product consumption are more likely to engage in conspicuous consumption, and (b) the relationships between transformation expectations and conspicuous consumption vary across cultures. The delineation of relationships proposed in our framework is provided in addition to suggestions for future research and the major contributions of this paper.
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ItemBank Stock Return Sensitivity to Interest Rate Changes in Thailand( 2015-01)Many studies were trying to explain the changes of stock returns by finding the factors impact on a certain market, industry, or stock. Focusing on the financial institution especially commercial bank, there are some research proved that interest rate is one of the crucial factor impact the commercial bank stock returns. Interest rate is the cost and return of money in financial market since commercial bank acts as major financial intermediary; therefore, interest rate is still the majority of its cost and return. In Thai stock market shows different result, the changing in interest rate reflects slightly on the change in stock returns. After taking a close look, the conclusion can be drawn from outcomes the bigger size of the bank experience the larger effect. Thus, bank size is not a real moderator affect the relationship, the trading volume of the bank is the real relevant factor. Consequently, the theory can be hold only if the market participants trade all bank stock equally.
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ItemAntecedents and Consequences of Relationship Quality: An Exploratory Study on Hospitals in Thailand( 2015-01)The focal construct in this study is the relationship quality between the hospitals and the patients. The previous studies had developed relationship quality dimensions mostly in terms of “want to” aspect and tested their model in various B2B and B2C contexts. However, in several long-term relationships, “ought to” and “have to” aspects of relationship are also important in helping create the relationship longevity in spite of dissatisfaction in the relationship. Very few empirical researches on relationship quality have captured these dimensions. The objectives of this study were to explore the dimensions of relationship quality by using the Investment Theory (Rusbult, 1980); to explore the antecedents of relationship quality by applying the Transaction Cost Analysis (TCA) Theory (Williamson, 1985); and to explore the consequences of relationship quality by using the Exit-Voice Theory (Hirschman, 1970). The in-depth interviews were conducted with 25 respondents who usually visit the same hospital. Trust, inertia, and dependence were found to be the dimensions of relationship quality. The results also found that the antecedents of relationship quality included doctor expertise, knowledge on patient, patient familiarity, perceived hospital image, doctor effective communication, patient switching risks, and hospital alternative scarcity. The three consequences of relationship quality revealed from the in-depth interviews included constructive feedback, revisit intention, and switching intention. All these antecedents and consequences were also found supported in previous literatures.
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ItemLoyalty in Department Store Online Shopping( 2015-01)The purpose of this paper is to explore knowledge about the influences of e-service quality and technology acceptance model (TAM) on e-satisfaction, loyalty, and online purchase intention in online department store in Bangkok, Thailand. The online model was developed based on e-service quality and TAM. A self-administered questionnaire was employed to collect data from customers who had used and purchased products via online department store outlets. The data were collected from the respondents in Bangkok area during March 2014. 200 completed questionnaires were used to analyze and test the model by applying a Multiple Linear Regression (MLR). The results showed that perceived ease of use (i.e., department store's website is easy to navigate through, payment process is easy to pay, help menu is helpful) has the greatest influence on the e-satisfaction, followed by reliability, and brand image. While customer loyalty has the greatest influence on the online purchase intention, followed by tangible (i.e., the online shopping website looks attractive, the website has good layout).