Journal of Asia Pacific Business Innovation and Technology Management

Volume 4, No. 1, March 2014


Title
Dividend Policy and Its Impacts on Thai Listed Companies

ABSTRACT

This paper emphasizes on investigating the impact of dividend announcement and determining the factors related to dividend policy of Thai listed firms. The study employs panel data of Thai companies listed in the Stock Exchange of Thailand (SET) during the period 2005 to 2010. The estimation methods using random effects Logit models and random effects Tobit are performed to analyze factors determining decision to pay dividend. According to sixty days event window, event study is also conducted and revealed significant abnormal returns of the stock during and after cash dividend announcement. This finding confirms signaling theory that listed company can send positive signal of the company through the dividend policy. Additionally, estimated results of random effects Tobit models indicate significant impacts of retain earning on decision to pay dividend. This findings support the life cycle theory that the firm with more retains earning should pay its dividend. Furthermore, the significant impacts of previous year dividend policy also indicate that dividend policy had been used as signaling message to investor.

Keywords: Dividend policy, Life cycle theory, Signaling theory, Abnormal returns

Authors
Thanwarat Suwanna
Sittiporn Intuwonges
Tatre Jantarakolica
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Title
Valuation Model for Milk Cows

ABSTRACT

Although International Accounting Standard 41 (IAS 41) and draft Thailand Accounting Standard 41 (TAS) have been amended for agricultural business, there still be the problem concerning on reliability of fair valuation of biological assets for the preparation of financial statement. This study aims at constructing econometric model for determining fair value of biological assets for preparing financial statement of the dairy cattle business in Thailand. Individual depth interviews of dairy cattle managers are first conducted to define factors determining milk cow auction price. Experimental survey is then observed using self-reported questionnaire designed based on interview results. Finally, the study applies double-bounded contingent valuation method (CVM) to determined willing to pay for milk cow from experimental survey data by using Panel Logit model. The findings confirm that body condition and age of pregnancy are positively determined willingness to pay for milk cow while age of milk cow has negative impact. These estimated results can easily help determine fair value of milk cow for preparing financial statement.

Keywords: Milk Cows, Double-Bounded CVM, Panel Logit Model, Willingness to Pay

Authors
Joompoth Sanitthangkul
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Title
Family Business Succession of Hospitality Industry in Indonesia

ABSTRACT

It is becoming increasingly difficult to ignore the succession plan in family business. Family businesses worldwide, including Indonesia, are facing the problem of succession. They can not avoid the issue of succession which generates a succession planning in family business needs. Succession is a process where business will be transferred from one generation to the next generation or the successor. Many researches have focused on issue of family business succession. This study investigates a number of issues regarding succession in family business, such as: a succession plan had by owners/managers of family business, the formulation of succession plan and factors do influencing on the formulation of a succession plan. A study of family business in hospitality industry is carried out in Indonesia, where family business dominates the industry. This study uses a qualitative method by conducting some interviews and cross-case analysis. The results shed light on the issue of succession planning in family business for hospitality industry. The contribution of this study is to provide an overview for consideration by the owners/managers of family business in hospitality industry and to be references about family business in Indonesia which is very limited.

Keywords: Family Business, Succession Planning, Hospitality Industry, Indonesia

Authors
Nyayu Lathifah Tirdasari
Wawan Dhewanto
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