WMS Journal of Management

Cover and Contents

กองบรรณาธิการ วารสารการจัดการ — 2020-10-26

The Relationship between Corporate Governance and Firm Value of Listed Companies on The Stock Exchange of Thailand in SET100 Index

Nuthawut Sabsombat — 2020-10-26

The purpose of this research is to study the relationship between Corporate Governance (CG) and firm value measured by accounting approach and marketing approach of listed companies on the stock exchange of Thailand in SET100. Data are collected from listed companies on the stock exchange of Thailand in SET100 from 2017 to 2018. There are 200 firm-years in this study. Multiple regression analysis is used to examine the relationship between CG and firm value. The result shows that the proportion of director ownership has a positive relationship with firm value, which is measured by both accounting-based and marketing-based measurement. This is because directors who are simultaneously shareholders, determine more efficiently the company’s strategies, directors, and goals. Furthermore, the size of the board and the number of board director meetings have a negative relationship with the firm value measured by both accounting and marketing aspects. If companies have inordinate board members or excessive numbers of board meetings, they will have a negative impact on the director’s decision and lead to lower in firm value. The duality of the chairperson and the executive position is negatively related to firm value in which measured by marketing base. In other words, separation of board chairman and CEO can increase in firm value because there is decentralization that has a quasi-independent government. This research illustrates that CG is essential for building shareholders and investors’ confidence because implementing CG will provide a firm with efficient and transparent systems, and that can add to firm value and encourage the company’s sustainable growth.

The Relationship between Financial Ratios and Stock Prices: A Panel VAR Approach

Jettarat Sahananporn — 2020-10-26

This article aims to study the relationship between financial ratios and stock prices of the companies listed on the Stock Exchange of Thailand (SET). By using 14 financial ratios published by the SET, the results of 344 samples show that the changes in stock price depends mainly on the changes of stock prices in the past. The average result of the impacts from the past returns is up to 96% and only 4 percent from other financial ratios. The results of the analysis do not support the efficient market theory at both weak and semi-strong form. The results of the study indicate that the use of technical analysis may be superior in predicting stock prices, comparing to the use of fundamental analysis.

Pre and Post-Holiday Effects: Evidence from Developed Countries and Developing Countries Stock Markets

Kotchakorn Charoenying — 2020-10-26

This research aims to study the market anomalies of pre-holiday and post-holiday, which affect the returns of stock markets in developed countries and developing countries. The data used for the analysis is collected from 10 developed countries and 10 developing countries for 10 years between 2007 and 2017. This research calculated the average abnormal returns (AAR) and the cumulative average abnormal returns (CAAR) to testing the holiday effect with efficient market hypothesis. The results revealed that all sample countries related to CAAR for 2 days before holidays and after holiday for 4 days significantly. Moreover, in the group of developed countries found the significant result of pre-hoilday for 2 days (t-2) but it did not found the significant result of post-holiday. Whereas the developing countries found CAAR between pre-holiday and post-holiday (t-1 to t+4), which means that the stock markets of the sample countries have low efficiency, and investors can arbitrage in the stock markets.

Factors Relating to Community’s Attitudes toward Social Responsibility of the Mining Industries in Thung Song Municipal Public, Nakhon Si Thammarat Province

Kanjana Sanguankarn — 2020-10-26

The current research was carried out to study: 1) community’s attitudes toward corporate social responsibility activities implemented by the mining industries in Thung Song Municipal Public, Nakhon Si Thammarat; and (2) the relationship between the community’s attitudes toward corporate social responsibility activities implemented by the mining industrial plants. Data was gathered by means of questionnaires administered to 400 individuals in two communities of Thung Song Municipal Public, Nakhon Si Thammarat; The researcher tested the hypothesis by using t – test and F-test statistics. If tested with F-test statistics had shown the difference of mean values which tested then the pair differences will be further tested by using the Scheffe test and test the relationship by using statistic Pearson Correlation test.The study found that members of the community were highly positive toward the plant’s social responsibility in 5 areas of improvement such as knowledge and education, community and environmental development, community’s health care, sports and tourism, and religions and culture. (2) As for the effects of personal factors on the community’s attitudes towards social responsibility activities of the mining industrial plants, it was discovered that differences in sex, age, occupations, level of income, and residences had effects on differences in attitudes at the significance level of 0.05, while the differences in education and status did not significantly affect differences in attitudes. (3) The study found a statistical significance of 0.01 in factors influencing attitudes on imitation, experience, distinguishing ability, and demand response when associated with community’s attitudes toward social responsibility activities of the mining industrial plants. However, membership or group and learning cluster were not related to attitudes towards social responsibility activities of the mining industries.

The Board's Structure and Board's Remuneration Affecting to the Firm Performance of Listed Companies in the Stock Exchange of Thailand: MAI

Penjan Seangarvut — 2020-10-26

The purposes of this research to study the board’s structure and board's remuneration affecting to the Firm Performance of Listed Companies in the Stock Exchange of Thailand in the MAI group. This is a quantitative research, collect data from the report 56-1 of listed companies in the Stock Exchange of Thailand in the MAI group continue with 5 years of operating results from the year 2014-2018, total 77 companies. Analyzed data with descriptive statistics, such as average, value Standard deviation variance, skewness and kurtosis. Inferential analysis test for variable relationships by Pearson’s Correlation Coefficient test statistics and using Multiple Regression methods to test hypotheses.

The results of the research showed that the board structure consists of the executive directors. independent directors and the of the audit committee has a negative influence on the performance of listed companies in the Stock Exchange of Thailand, the MAI group, and the board's remuneration such as monthly salaries, annual bonuses, meeting allowances, and other benefits have a positive influence on the Firm Performance of listed companies in the Stock Exchange of Thailand, MAI group, board structure and board's remuneration affects the Firm Performance of listed companies in the Stock Exchange of Thailand, MAI group with statistical significance at the level of 0.05. The board structure should be adjusted to an appropriate size. For agility in management create strategies to keep up with situations and business competition and a committee that is knowledgeable and capable to remain in that company. Directors' remuneration should be set to knowledge, board capability and in accordance with the market price Because the board or committee also plays an important role in Firm Performance.

A Structural Equation of McKinsey’s 7-s Framework and Total Quality Management to Firm Performance in the Luangprabang-Indochina-Mawlamyine Economic Corridor

Kristiya Moonsri — 2020-10-27

The purposes of this research were to study the operational level in accordance with the McKinsey 7-s framework and total quality management of businesses in the Luangprabang-Indochina-Mawlamyine economic corridor, and to study structural equation of the McKinsey’s 7-s framework and total quality management to firm performance in the Luangprabang-Indochina-Mawlamyine economic corridor. The samples used in this study were 540 entrepreneurs in the Luangprabang-Indochina-Mawlamyine economic corridor. The tool for data collecting was questionnaires. The statistics used in this research were percentage, mean, standard deviation, pearson correlation coefficient and Structural Equation Modeling (SEM). The results showed that total quality management components have statistically significant positive impact on the firm performance of the Luangprabang-Indochina-Mawlamyine economic corridor (DE = 0.57). Followed by the McKinsey’s 7-s framework have statistically significant positive impact on the firm performance of the Luangprabang-Indochina-Mawlamyine economic corridor (DE = 0.29). In addition the McKinsey’s 7-s framework have statistically significant positive impact on the total quality management (DE = 0.80). The operation of business based McKinsey’s 7-s framework coupled with total quality management can be used as an important guideline for businesses to plan their business development to be competitive and achieve good operational results.

Inter-Industry Linkage in Thailand by Nonlinear Relationship in Input-Output Table and Entropy Econometrics

Bundit Chaivichayachat — 2020-10-27

This paper aims to evaluate the inter-industry linkage in Thailand based on the 16 sectors input-output table (1975-2010). By employed the entropy econometric, the nonlinear relationship between input and output for Thai economy were explored. Then, the role of returns to scale of each intermediate goods can be found. The results indicated that the relationships between input and output in Thailand were not in linear form with statistically significance. Both increasing returns to scale and decreasing returns has been found in production process in Thai economy. The conclusion is that most of sectors in Thailand are middle- and down-stream. In order to promote economic expansion, the policy to enhance the linkage among domestic sectors should be focused.

The Influence of Servicescape and Service Quality on Repurchase Intentions of Chulalongkorn University Book Center Service Users

Chanchai Pommi — 2020-10-27

The purpose of quantitative research is to examine the influences of a servicescape and a service quality on repurchase intentions toward Chulalongkorn university book center. The samples are service users who have experiences of Chulalongkorn university book center. Non-probability sampling, particularly an accidental sampling technique, is conducted to recruit University of Phayao branch for the study. In total, 160 completed questionnaires are collected. Data is analyzed by percentage, average, correlation coefficient and multiple regression analysis in order to test the research hypotheses. The results reveal that the effect of a servicescape on repurchase intentions is not significant, whilst a service quality on repurchase intentions is significant at 0.05 statistically significant level. The factors in the model cooperatively explain the variance of repurchase intentions at 49%. Therefore, the finding indicates that a service quality is the most critical influence in consumption of service users that influences repurchase intentions of Chulalongkorn university book center.

Supply Chain Management of Community Products from Banana Case study of U-Thong District Suphanburi Province

Panita Cheatnalao — 2020-10-27

The purposes of this research were; 1) to study the process of financial, marketing, production, and management, 2) to evaluate the efficiency of supply chain management, and 3) to create the supply chain management model of community products from bananas in U-Thong district, Suphanburi province.

The research studied 9 community enterprises listed as processing bananas in U-Thong district, Suphanburi province. The purposive selection method to select 4 groups from 2 groups of typical operations and 2 groups of non-routine operations, in-depth interview method to collect data, and evaluation the efficiency with the supply chain operation reference (SCOR) model. The results showed that 1) Finance, the group president is the financial planner for everything related.
2) Marketing, the community enterprises mainly produce sweet banana crisp, rolled banana and banana conserve, pricing based on the general market price, distributed banana products in their group location, show at booth exhibition, and advertise on social media. 3) Manufacturing buys raw material from community enterprise members and community, then manufacturing products by household industry method. But some community enterprises can get equipment support from government agencies. 4) Management set a direct target, the group president plan, control, command, and allocate members to work. Efficiency in supply chain management of the group faces specific problems in production processes and warehouse management. Not enough output with the number of orders. The supply chain management model consists of 1) Farmers, 2) Collectors, 3) Product processors/Community enterprise groups, 4) Retail, and 5) Modern Trade/Wholesale.

Suggestions: The government should support the knowledge creation of integrated management by involving people in the community or community organizations.

The Causal Relationship Model of Factors Affecting Lean Waste Elimination in Oil and Gas Exploration and Production Industries in Thailand

Prateep Nark-On — 2020-10-27

Companies in the oil and gas exploration and production industry in Thailand have been adversely affected by the rapid and continued decline in global oil prices. As a result, the strategic plan has to be adjusted in order to reduce the production cost per unit. The Lean concept to eliminating waste in the organization has been considered to apply instead of reducing the number of employees. Factors used for this study were: Lean waste, Digital transformation, Human resource management, Tools and technique, and Organization change. The results of the study by analyzing the statistical multivariate using the structural equation model. The consistency of the model with the empirical data, it was found that Chi-square (c2) = 113.59, Degree of freedom (df) = 62, c2 /df = 1.83, c2 test (p-value) = 0.00007, RMSEA = 0.060, CFI = 0.99, NNFI = 0.99, RMR = 0.013 and SRMR = 0.017. Digital transformation, and Tools and techniques are the factors that direct influence to Lean wastes elimination. Human resource management is a factor that direct influences to Organizational change. Organizational change is a factor that direct influence to Tools and techniques. As a result of the relationship, it was suggested that the adoption of digitalization and applications in the organization reduces wastes and costs. Especially in term of transportation, reduce working and waiting time. In case of Digital transformation, it needs the support from management and human resource management section to make organization change. Including selection of appropriate and consistent tools and techniques for efficient, integrated and sustainable operation.

Approaches for Sustainable Creative Tourism Development in Ratchaburi Province, Thailand

Wanwisa Rattapong — 2020-10-28

The objectives of this research were to analyze strengths, weaknesses, opportunities and obstacles and to study guidelines for sustainable creative tourism development in Ratchaburi Province. Qualitative research tools including community study report form, tourist resource audit checklist, in-depth interview and focus group were used. Key informants of this research were representatives of the government, private sectors, residents and tourists in Ratchaburi Province totally 32 people. The results of the research revealed that (1) Ratchaburi Province has strengths regarding the development of sustainable creative tourism such as its easy access location which is suitable as a center for creative tourism destination as well as the cultural inheritance of 8 ethnic groups. Its weaknesses are such as the lack of a strategic plan and the working group for creative tourism development. Its opportunities are such as a green agricultural city policy by a government and its nearby provinces have high tourism potential which can be linked as a creative tourism cluster. And its obstacles are such as rival countries with a high tourism potential as well as the world economy is in a downtrend. (2) Approaches in order to develop sustainable creative tourism in Ratchaburi province are including the proactive approaches such as to brand Ratchaburi province as a Southeast Asian cultural creative tourism destination, the corrective approaches such as to create a strategic plan and establish an integrated work group of all stakeholders for sustainable creative tourism development, the preventive approaches such as to enhance its local agricultural economy in order to earn capital for creative tourism development, and the defensive approaches such as to manage tourism private sectors in natural attractions and vulnerable areas.

Guidelines for Waste Management to Green Community of Thaiburi Sub-district, Tha Sala, Nakorn Si Thammarat Province

Onanong Cheablam — 2020-10-28

Waste is a problem affecting communities and the environment. The objectives of this study were to study the community waste management guidelines and waste from the developing market into a green community. It is a qualitative research. This study used the content analysis as method through in-depth interviews with a semi-structured interview. The respondents of this study were sampled by using a purposive sampling technique by being a leader in the community, namely the village headmen of 10 villages, the Thai Buri Sub-District Administrative Organization staff 4 persons, and the village scholars 2 persons. The results of the study showed that most of the waste in the Thai Buri sub-district was grass scraps, branches, food waste, general waste, and recycled waste. The community manages its household waste through incineration and takes it to the empty area. Including the local government department, there is a lack of budget, tools, and equipment for waste management. Therefore, to manage waste to be a green community, there should be guidelines for waste management, divided into 3 levels: the first is upstream level, it is the waste source. There should be community awareness of the separation to reduce the amount of waste. The second is midstream level, it should have the correct collection and delivery of waste and the last one is downstream level, the waste disposal or utilization methods should be correct. Including the market where the community is developing should be managed in the form of a green market. Focus on the conservation of natural resources and the environment and reusable packaging. The process of managing the waste requires the community government agencies and related departments are involved in the management in every part.