Journal of Asia Pacific Business Innovation and Technology Management

Volume 3, No. 1, March 2013


Title
Dynamic Panel Data Model for Capital Structural of Listed Companies in SET

ABSTRACT

The purposes of this study are 1) to determine how these four factors influencing capital structure decisions, namely industry variable, firm-specific variables, stock market circumstance, macroeconomic conditions, 2) to establish optimal capital structure decision models, and 3) to explore how companies listed in the Stock Exchange of Thailand (SET) adjust their capital structure towards the target levels. This study uses balanced dynamic panel data covering nine consecutive years during 2002 to 2010 which contains 128 companies rooted in industrials, property and construction, and services industries. This paper employs the dynamic trade-off theory. The static multiple linear regression models including FGLS regression, Fixed-effects (within) regression, and Random-effects GLS regression are used in examining factors influencing capital structure decision and estimating optimal capital structure decision models. The dynamic panel regression model comprising Fixed-effects (within) regression, Random-effects GLS regression, one-step and two-step Arellano and Bond GMM estimators are employed in determining the speed of adjustment towards target capital structure. The findings reveal that firms do have optimal capital structure decision model. Industry leverage, firm size, growth opportunity, and asset tangibility have positive effect to leverage, where profitability, liquidity, and dividend payout are negatively related to leverage ratio. Firms partially adjust current capital structure towards target leverage over time. The speed of adjustment towards target book leverage is 34% that suggest the half-life of 1.7 years, and move towards long-term book leverage at the speed of 69% which takes 0.6 year to close their long-term book leverage back one-half the distance to the target leverage. The results of this study strongly support the dynamic trade-off theory.

Keywords: Target Capital Structure, Speed of Adjustment, Dynamic Panel Data Models, Dynamic Trade-off Theory

Authors
Supa Tongkong
Tatre Jantarakolica
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Title
Contagion Effects of Euro-Crisis on ASEAN Countries: SVAR Analysis

ABSTRACT

In this paper, we study dynamic and interdependent relationship among real economic sectors and financial markets with the country and across countries of the markets in three major region including United States, Eurozone countries and ASEAN5 countries. The purpose of this study is to answer whether there are any evidences of contagion effects of Eurozone crisis on US and ASEAN5 economy.  Analysis of financial market data and short-term macroeconomics data using Vector Autoregressive (VARs) and Structural Vector Autoregressive (SVARs) technique, the results reveal that there exist contagion effects from the Eurozone economy influencing through US to ASEAN5 economy and then affecting ASEAN5 financial markets. Impulse response analyses of both VARs and SVARs models indicate that Eurozone economy has the most significant and influencing impact on ASEAN5 economy and financial markets.

Keywords: Contagion, Financial Crisis, Real Sector, Financial Market, ASEAN5

Authors
Jutamas Wongkantarakorna
Siraprapa Watakit
Phunphit Thitinun
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Title
Determinants of Consumer's Intention to Participate in Group Buying

ABSTRACT

The article proposes a model that related individual differences, intergroup characteristics, initiator characteristics to consumer's group buying intention, medicated by browsing time. Data was collected from students studying at a number of colleges, universities and young workers. A total of 500 questionnaires were distributed, of which 264 were successfully replied respondents, yielding a usable response rate of 52.8%. Multiple regression analyses were used for hypothesis testing. The results of the study show that gender, perceived price fairness, peer referent, initiator expert and initiator communication have a significant impact on consumer's group buying intention. In addition, the mediating impact of browsing time is partially supported. Suggestions for implications of the research and future research are also presented.

Keywords: Group buying, Perceived Price Fairness, Browsing Time, Intention to Participate

Authors
Cheng-Ling Tai
Jhao-Yu Hong
Che-Ming Chang
Li-Chun Chen
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Title
The Implementation of Market Based Strategy to Improve the Customer Loyalty in the Green Food Product Industry in Indonesia

ABSTRACT

Green Food product industry can be one of solution to handle the food crisis in Indonesia. The agriculture of green food product is seen from the production and market as a product that freely to evolve and has a change to search for an appropriate form to fill the development goals. The purpose of this research is to determine the manager strategy in improving the customer loyalty on the green food product industry in Indonesia. The research methodology is descriptive survey and explanatory survey. The sources of data in this research are the managers those are involved in the production of the green food product in West Java Province, Jakarta, Yogyakarta, and Banten Province. The primary data were collected by using questionnaires and interviews to the managers or owners of green food product manufacturers. The secondary data were collected by searching the documents which are relevant to the issues under the study. The results of descriptive data analysis of research variables showed the market-based strategy, customer value, customer satisfaction and customer loyalty are in a quite well category. The market-based strategy influence significantly customer value and customer satisfaction, while the customer satisfaction and the customer value influence significantly customer loyalty. In more detail, both customer value and customer satisfaction have positive effect to customer loyalty of green food product.

Keywords: Market based, Customer value, Customer satisfaction, and Customer loyalty

Authors
Hasnelly
Hasrini Sari
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