The efficiency in Thai financial sector after the financial crisis

This study aims to investigate the efficiency in Thai financial sector after the financial crisis (1998 – 2004) by looking at the total factor productivity (TFP) growth. Furthermore, the study also investigate the efficiency in commercial bank sector, finance and securities company sector and insurance company sector, and the efficiency in domestic and foreign financial companies. Based on the sample of 12 commercial banks, 13 finance and securities companies and 20 insurance companies listed on the Stock Exchange of Thailand (SET) over the period of 1998 – 2204, our finding reveals that the efficiency in Thai financial sector, commercial bank sector and finance and securities company sector was diminishing over the period of 1998 – 2004, while the efficiency in insurance company sector remained unchanged over the same period. However, the sharp decrease in efficiency in these three sectors occurred only over the period of 1998 – 1999, while the efficiency was decreasing very slightly over the period of 1999 – 2004. The study also suggests that, in overall, domestic financial companies are more efficient than foreign ones. Domestic finance and securities companies are also more efficient than foreign ones, whereas domestic and foreign commercial banks are not different in efficiency. Moreover, domestic and foreign insurance companies are not different in efficiency as well.efficiency; productivity; financial sector; total factor productivity

Labor Productivity Growth, Education, Health and Technological Progress: A Cross-Country Analysis

This study aims to calculate the growth rates of labor productivity of 30 countries categorized into four groups, including G7 countries, western developed countries, eastern developed countries and eastern developing countries, during 1981 – 2005 and examine the influences of education, health and technological progress on the growth rate of labor productivity. The findings reveal that the growth rates of labor productivity of every country, except the Philippines, were greater than four percent per annum during 1981 – 2005. Eastern developed countries had the highest average annual growth rate of labor productivity, following by western developed countries, G7 countries and eastern developing countries. Additionally, only education and technological progress are the significant determinants of the growth rate of labor productivity.Labor Productivity Growth, Education, Health, Technological Progress

EARNINGS MANAGEMENT AND DIVIDEND POLICY OF SMALL AND MEDIUM ENTERPRISES IN THAILAND1

This study aims to examine earnings management of 51 small and medium enterprises listed inMarket for Alternative Investment (MAI) of Thailand during 2005 – 2012. Earnings managementin this study is measured by discretionary accruals based on Kasznik Model (Kasznik, 1999) andKothari Model (Kothari et al., 2005). Additionally, this study also investigates the influence ofearnings management on dividend policy of these companies which are measured bytwo indicators, including dividend payout ratio and dividend yield, by employing fixed andrandom effects regression analyses. The findings reveal that listed companies in MAI had highearnings management due to high average discretionary accruals in absolute term whichequalled 11.91 percent of total assets based on Kasznik Model and 12.55 percent of total assetsbased on Kothari Model. Moreover, earnings management is found to have the positive influenceon dividend yield of listed companies in MAI. That is, one percent increase in discretionaryaccruals in absolute term as percentage of total assets will lead to about 0.2 percent increasein dividend yield. In contrast, earnings management is found to have no influence on dividendpayout ratio.Keywords: Earnings Management; Earnings Quality; Dividend Policy; SMES; Market forAlternative Investment; Thailand

Active Ageing of Elderly People and Its Determinant: Empirical Evidence from Thailand

This study aims to assess the active ageing of elderly people aged 60 to 95 years old in Thailand and to investigate its determinants based on the data obtained from the National Statistical Office’s elderly survey in 2007. The findings revealed that elderly people in Thailand had moderate active ageing. In terms of each dimension, this found that elderly people had high active ageing under the health dimension, moderate active ageing under the security dimension, and low active ageing under the participation dimension. Additionally, the regression analysis indicated that age and living in urban areas had negative impacts on the active ageing of elderly people, whereas physical exercise, alcohol consumption, receipt of useful information, awareness of social benefits for elderly people, education, and saving duration had positive influences on it. The active ageing of elderly people in Thailand was also determined by their most important sources of income. Moreover, the findings revealed that family warmth was positively related to the active ageing of elderly people in Thailand. That is, living with a spouse and children under 18 years old and receiving basic needs, visits, and telephone contacts from children helped promote the active ageing of Thai elderly people. However, living with grandchildren and receiving money from children less than 10,000 baht per year were found to have a negative relationship with the active ageing of elderly people

EARNINGS MANAGEMENT AND DIVIDEND POLICY OF SMALL AND MEDIUM ENTERPRISES IN THAILAND1

This study aims to examine earnings management of 51 small and medium enterprises listed inMarket for Alternative Investment (MAI) of Thailand during 2005 – 2012. Earnings managementin this study is measured by discretionary accruals based on Kasznik Model (Kasznik, 1999) andKothari Model (Kothari et al., 2005). Additionally, this study also investigates the influence ofearnings management on dividend policy of these companies which are measured bytwo indicators, including dividend payout ratio and dividend yield, by employing fixed andrandom effects regression analyses. The findings reveal that listed companies in MAI had highearnings management due to high average discretionary accruals in absolute term whichequalled 11.91 percent of total assets based on Kasznik Model and 12.55 percent of total assetsbased on Kothari Model. Moreover, earnings management is found to have the positive influenceon dividend yield of listed companies in MAI. That is, one percent increase in discretionaryaccruals in absolute term as percentage of total assets will lead to about 0.2 percent increasein dividend yield. In contrast, earnings management is found to have no influence on dividendpayout ratio.Keywords: Earnings Management; Earnings Quality; Dividend Policy; SMES; Market forAlternative Investment; Thailand.</jats:p

Assessing the Sustainable Development of Thailand

AbstractThis study aims to assess the sustainable development of Thailand during 1971 - 2008 by looking at its efficiency in utilizing natural resources and environment, as measured by energy use and CO2 emission, to create the economic growth and promote well-being of Thai people, as measured by real GDP per capita. The findings reveal that the growth of CO2 emission and energy use was higher than that of real GDP per capita, implying that Thailand employed too much natural resources and environment in creating the economic growth and promoting well-being of its people. Moreover, we find that efficiency in utilizing natural resources and environment to create the economic growth and promote Thai people's well-being exhibited downward trend during the study period. Consequently, Thailand's development is not yet on the way to the sustained environment, natural resource, land, biodiversity and ecosystem. This situation implies that Thailand still has low opportunity to archive the sustainable development

The Evaluation of the Sustainable Human Development: A Cross-country Analysis Employing Slack-based DEA

AbstractThis study utilizes Data Envelopment Analysis to assess the sustainable human development of 115 high and middle income countries which are divided into three groups based on their income, including 44 high income countries, 40 upper middle income countries and 31 lower middle income countries in 2008. Human development is measured by four indictors including gross national income per capita, life expectancy, mean years of schooling and expected years of schooling. In addition, the resources are measured by three indicators including carbon dioxide emission per capita, electric power consumption per capita and energy use per capita. The findings reveal that Croatia, Hong Kong, Hungary, Israel, Malta, Poland, Portugal, Sweden and Switzerland can utilize the minimum resources to achieve their current human development level, give them the highest opportunity to achieve the sustainable human development among high income countries. Among upper middle income countries, Angola, Colombia, Gabon, Panama and Peru have the highest opportunity to achieve the sustainable human development due to their 100 percent efficiency in utilizing their resources. Finally, Albania, Cameroon, Congo, Ghana, Nigeria, Philippines, Senegal, Sri Lanka and Zambia are more likely to achieve the sustainable human development than any other lower middle income countries

Economic Preparation for Retirement of Population Aged 50 – 59 Years Old in Thailand

AbstractThis study aimed to assess the economic preparation for retirement under two dimensions, including amount of saving and ownership of accommodation, of working-age population aged 50 – 59 years old in Thailand and investigate the determinants of the economic preparation for retirement by utilizing binary logistic regression analysis. The finding revealed that, in average, working-age population aged 50 – 59 years old in Thailand had moderate economic preparation for retirement. Moreover, the findings also revealed that age, income, income sufficiency, year of schooling and health condition had the positive influences on the opportunity to have above average economic preparation for retirement. Males had the higher opportunity to have above average economic preparation for retirement than females while married people had the higher opportunity than people with the other marital statuses. Private enterprise employees were found having the lower opportunity to have above average economic preparation for retirement than all other occupations and those who admitted that the economic preparation for retirement was necessary had the higher opportunity to have above average preparation than those who did not. In addition, those who lived as a head of household or a spouse of a head of household had the highest opportunity to have above average economic preparation for retirement. However, living with children under 18 years old lowered the opportunity to have above average economic preparation for retirement while indebtedness raised the opportunity to have it