Main Article Content
This paper aims to determine whether the level of equity capital cost varies across industries, and examine the financial ratios affecting the equity capital cost. The sample consists of listed companies in the Stock Exchange of Thailand during the years 2005-2011 and the data is collected from financial reports. The results show that overall cost of equity capital is rather identical among six industries. However, the averaged equity capital cost of Agro and Food Industry, and Industrials are highest compared to other industries. Furthermore, the companies with higher ratios of financial leverage and book-to-market encounter huge capital costs. While larger sized companies have competitive advantage to persuade new investment projects due to lower cost of equity capital.
Article Accepting Policy
The editorial board of Thai-Nichi Institute of Technology is pleased to receive articles from lecturers and experts in the fields of business administration, languages, engineering and technology written in Thai or English. The academic work submitted for publication must not be published in any other publication before and must not be under consideration of other journal submissions. Therefore, those interested in participating in the dissemination of work and knowledge can submit their article to the editorial board for further submission to the screening committee to consider publishing in the journal. The articles that can be published include solely research articles. Interested persons can prepare their articles by reviewing recommendations for article authors.
Copyright infringement is solely the responsibility of the author(s) of the article. Articles that have been published must be screened and reviewed for quality from qualified experts approved by the editorial board.
The text that appears within each article published in this research journal is a personal opinion of each author, nothing related to Thai-Nichi Institute of Technology, and other faculty members in the institution in any way. Responsibilities and accuracy for the content of each article are owned by each author. If there is any mistake, each author will be responsible for his/her own article(s).
The editorial board reserves the right not to bring any content, views or comments of articles in the Journal of Thai-Nichi Institute of Technology to publish before receiving permission from the authorized author(s) in writing. The published work is the copyright of the Journal of Thai-Nichi Institute of Technology.
 P. Udomsirikul, S. Jamreornvong, and P.Jiraporn, Liquidity and capital structure: evidence from a bank-dominated economy (Working paper). United States: Pennsylvania State University, 2011.
 W. R. Gebhardt, C. M. C. Lee, and B. Swaminathan, “Toward an Implied Cost of Capital,” Journal of Accounting Research, vol. 39, no. 1, pp. 135–176, Jun. 2001.
 T. Vuolteenaho, “What Drives Firm-Level Stock Returns?,” Journal of Finance, vol. 57, no. 1, pp. 233– 264, 2002.
 W. P. He, A. Lepone, and H. Leung, “Information asymmetry and the cost of equity capital,” International Review of Economics & Finance, vol. 27, pp. 611–620, 2013.
 D. Dhaliwal, J. S. Judd, M. Serfling, and S. Shaikh, “Customer concentration risk and the cost of equity capital,” Journal of Accounting and Economics, vol. 61, no. 1, pp. 23–48, 2016.
 N. Boubakri, O. Guedhami, and W. Walid Saffar, “Geographic location, foreign ownership and cost of equity capital: Evidence from privatization,” Journal of Corporate Finance, vol. 38, pp. 363–381, 2016.
 A. Priebjrivat, “Disclosure and the cost of equity capital: evidence from Stock Exchange of Thailand,” Nida Business Journal, vol. 8, pp. 29–48, 2011.
 C. Anuchitworawong, “The Value of Principles- Based Governance Practices and the Attenuation of Information Asymmetry,” Asia-Pacific Financial Markets, vol. 17, no. 2, pp. 171–207, 2010
 V. Ramiah, M.-A. Cam, M. Calabro, D. Maher and S. Ghafouri, “Changes in equity returns and volatility across different Australian industries following the recent terrorist attacks,” Pacific- Basin Finance Journal, vol. 18, no. 1, pp. 64–76, 2010.
 I. Kim and D. J. Skinner, “Measuring securities litigation risk,” Journal of Accounting and Economics, vol. 53, no. 1–2, pp. 290–310, Apr.2012.
 M. Lowry and S. Shu, “Litigation risk and IPO underpricing,” Journal of Financial Economics, vol. 65, no. 3, pp. 309–335, Sep. 2002.
 M. C. Jensen and W. H. Meckling, “The theory of the firm: managerial behavior, agency costs and ownership structure,” Journal of Financial Economics (JFE), vol. 3, no. 4, pp. 305–360, 1976.
 P. McColgan, Agency theory and corporate governance: a review of the literature from a UK perspective. Glasgow: University of Strathclyde, 2001.
 T. Laiho, “Agency theory and ownership structure - Estimating the effect of ownership structure on firm performance,” Economics Master’s thesis, Aalto University, Finland, 2011.
 C. A. Botosan, M. A. Plumlee, and H. Wen, “The Relation between Expected Returns, Realized Returns, and Firm Risk Characteristics,” Contemporary Accounting Research, vol. 28, no. 4, pp. 1085–1122, 2011.
 J. Francis, R. LaFond, P. M. Olsson, and K. Schipper, “Costs of Equity and Earnings Attributes,” The Accounting Review, vol. 79, no. 4, pp. 967–1010, 2004.
 The Stock Exchange of Thailand (SET), Fact book 2006. Bangkok: Media & Publications Department, 2007.