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Publication Open Access Performance of technical trading rules: evidence from Southeast Asian stock markets(2015) Piyapas Tharavanij; Vasan Siraprapasiri; Kittichai Rajchamaha; Mahidol University. College of ManagementThis paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index, Stochastic oscillator, Moving Average Convergence-Divergence, Directional Movement Indicator and On Balance Volume. Performances are compared to a simple Buy-and-Hold. Statistical tests are also performed. Our empirical results show a strong performance of technical trading rules in an emerging stock market of Thailand but not in a more mature stock market of Singapore. The technical trading rules also generate statistical significant returns in the Malaysian, Indonesian and the Philippine markets. However, after taking transaction costs into account, most technical trading rules do not generate net returns. This fact suggests different levels of market efficiency among Southeast Asian stock markets. This paper finds three new insights. Firstly, technical indicators does not help much in terms of market timing. Basically, traders cannot expect to buy at a relative low price and sell at a relative high price by just using technical trading rules. Secondly, technical trading rules can be beneficial to individual investors as they help them to counter the behavioral bias called disposition effects which is the tendency to sell winning stocks too soon and holding on to losing stocks too long. Thirdly, even profitable strategies could not reliably predict subsequent market directions. They make money from having a higher average profit from profitable trades than an average loss from unprofitable ones.Publication Open Access Endogenous price bubbles in a multi-agent system of the housing market(2015) Kouwenberg, R; Zwinkels, R. C.; Mahidol University. College of ManagementEconomic history shows a large number of boom-bust cycles, with the U.S. real estate market as one of the latest examples. Classical economic models have not been able to provide a full explanation for this type of market dynamics. Therefore, we analyze home prices in the U.S. using an alternative approach, a multi-agent complex system. Instead of the classical assumptions of agent rationality and market efficiency, agents in the model are heterogeneous, adaptive, and boundedly rational. We estimate the multi-agent system with historical house prices for the U.S. market. The model fits the data well and a deterministic version of the model can endogenously produce boom-and-bust cycles on the basis of the estimated coefficients. This implies that trading between agents themselves can create major price swings in absence of fundamental news.Publication Metadata only Modernizing tradition – the Thai silk(2014-02) Preeya Paticho; ปรียา ปาติโช; Winai Wongsurawat; วินัย วงษ์สุรวัฒน์; Johri, Lalit M.; มหาวิทยาลัยมหิดลPurpose – This paper identifies challenges the traditional Thai silk industry has faced during its internationalization, and the public and private responses employed to overcome challenges. Design/methodology/approach – In-depth interviews were conducted with major players along the Thai silk value chain to gain insights into the industry's transformation from a domestic, cottage industry into an international fashion producer. Findings – Thai silk has created a niche market for high-end, cultural products, thus successfully sidestepping direct competition from emerging low-cost producers. The main innovative strategies employed include introducing new products, upgrading quality, attracting new customers, and collaboration between actors all along the silk value chain. Originality/value – This study illustrates how a traditional industry can evolve and successfully adapt to changing consumer demands and competitive landscapes in a globalize economy.Publication Metadata only Sustainable leadership in a Thai healthcare services provider(2011) Sooksan Kantabutra; Mahidol University. College of ManagementPurpose Rhineland leadership practices contrast sharply with the prevailing Anglo/US business model of short-term maximization of profitability, and are said to lead to greater corporate sustainability, at least in highly developed economies. However, the applicability of Rhineland leadership to less developed economies has not yet been demonstrated. This paper sets out to compare the business practices of a social enterprise that delivers healthcare services in Thailand and Avery's 19 sustainable leadership practices derived from Rhineland enterprises. Design/methodology/approach Adopting a case study approach, multi-data collection methods included non-participant observations made during visits to the enterprise, and reference to internal and published documentation and information. Semi-structured interview sessions were held with many stakeholders, including top management, staff, patients and a former consultant. Findings In the Thai healthcare organization studied, evidence was found for compliance with 15 of Avery's 19 sustainable leadership elements, but to varying degrees. The elements were grouped into six core sets of practices: adopting a long-term perspective, staff development, organizational culture, innovation, social responsibility, and ethical behavior. One element was found to be not applicable, and no evidence was found for conformity with Rhineland principles on the remaining three sustainable practices. The paper concludes that Avery's 19 Rhineland practices provide a useful framework for evaluating the corporate sustainability of this Thai enterprise. Practical implications Healthcare enterprises in Thailand and possibly in other Asian countries that wish to sustain their organizational success could adopt Avery's 19 Sustainable Leadership Grid elements to examine their leadership practices, and adjust them to become more sustainable. Originality/value The relevance of Rhineland sustainable leadership principles to enterprises in less developed economies remains to be investigated. This study attempts to uncover this unknown.Publication Metadata only Business process approach towards an inter-organizational enterprise system(2007) Vichita Vathanophas; Mahidol University, College of ManagementPurpose - To review an existing enterprise resource planning (ERP) literature and provide the interorganizational practice of ERP system. Design/methodology/approach - A focus group (FG) method was adopted as an exploratory means to gain insights and perspective of ERP systems. Findings - The study suggests researchers re-examine the following ERP issues at the inter-organizational level, namely: selection of ERP packages, integration of business processes, knowledge and applications, implementation approaches, training as well as organizational transformation and software migration. Originality/value - The study examined the different ERP lifecycle phases and provided the insight factors that were crucial to overall success in implementing ERP. In addition, the empirical findings would be useful to ERP practitioners by providing better understanding of ERP from both the user and organizational perspectives. Regarding the FG methodology, practitioners can use FG at the beginning of ERP projects to gather customer needs and organizational information, which can facilitate better business and IS planning. © Emerald Group Publishing Limited.Publication Metadata only Coaching for performance improvement: the coach model(2006) Michita R. Champathes; Mahidol University. College of ManagementPurpose The purpose of this article is to offer a simple and usable framework for coaching. Design/methodology/approach The article is based on experience in Thailand. Findings The model is a convenient approach. Practical implications The model is a practical and usable framework. Originality/value The paper will help those new to coaching.Publication Metadata only Organizational diagnostic factors in family business: case studies in Thailand(2005) Michita Champathes Rodsutti; Piyarat Makayathorn; Mahidol University. College of ManagementPurpose To examine organizational diagnostics taken from the best practice model of change as organizational diagnostic factors in a specific type of business such as family businesses. These account for many of companies in Asia and are regarded as a special from the mixture of management focus on business, family and ownership. Design/methodology/approach In order to manage changes in family business successfully, the organizational diagnostic factors are analyzed from executives' in-depth interviews with Thai family businesses that implement new IT systems. Findings Communication, generation, ownership, family structure, politics and national culture are six diagnostic factors in Thai family businesses that are not the same as the model of change. Originality/value Consultants and change agents in family businesses, especially in Asia, can use these factors as an additional guideline for their effective change management.Publication Metadata only Vision effects in customer and staff satisfaction: an empirical investigation(2007) Sooksan Kantabutra; Avery, Gayle C.; Mahidol University. College of ManagementPurpose - The purpose of this article is to examine the relationships between vision attributes (of brevity, clarity, challenge, stability, abstractness, future orientation, and desirability or ability to inspire) and content (relating to customer and staff satisfaction imageries), and customer and staff satisfaction in Australian retail stores, taking into account vision realization factors of vision communication, organizational alignment, motivation, empowerment and a staff personal factor comprised of staff emotional commitment to and use of the vision. Design/methodology/approach - Variables of vision attributes and content, vision communication, organizational alignment, motivation, empowerment and staff personal factor were derived from the literature. Data were from store managers, staff and customers of 101 apparel stores in Sydney. These variables were tested for significant relationships through chi-square and regression analyses. Findings - Findings endorse the importance of espousing a vision containing reference to customer and staff satisfaction, although the seven attributes variable was not significant in this study. Empowerment of staff and staff personal factor were directly predictive of enhanced customer satisfaction, while motivation and empowerment of staff, and staff personal factor were directly predictive of enhanced staff satisfaction. Practical implications - Retail store managers should develop a store vision containing reference to customer and staff satisfaction. They should communicate their vision, align organizational components with the vision, empower and motivate staff. Staff should also use the vision to guide their work and emotionally commit to the vision. Original/value - While vision is core to vision-based leadership theories, little is known about what characterizes an effective vision. This study attempts to uncover this unknown.Publication Open Access Vision based leadership: the answer to the fast changing retail industry in Thailand(2008) Sooksan Kantabutra; Mahidol University. College of ManagementLeaders are widely exhorted to espouse vision, but very little is known about how effective visions are characterized and realized. Extending previous research, the present study tests a proposed vision theory in Thai apparel retailers, taking into consideration effects from vision communication, organizational alignment and motivation of staff. Visions characterized by brevity, clarity, abstractness, challenge, future orientation, stability and desirability or ability to inspire are directly predictive of enhanced customer satisfaction and indirectly predictive of enhanced staff satisfaction. Such visions and their being communicated are directly predictive of increased motivating behavior among store managers, in turn positively affecting staff and customer satisfaction. Organizational alignment is indirectly predictive of enhanced staff and customer satisfaction.Publication Metadata only Value-based localization strategies of automobile subsidiaries in Thailand(2008) Phallapa Petison; Johri, Lalit M.; Mahidol University. College of ManagementPurpose To analyze the scope of localization strategies and corresponding benefits of these strategies to subsidiaries of international companies in the automobile industry in Thailand. Design/methodology/approach The authors have adopted the case research method to investigate localization strategies of subsidiaries of seven companies (Toyota, Hino, Honda, Isuzu, DaimlerChrysler, BMW, and Auto Alliance) as well as 14 of their dealers and suppliers in Thailand. The information was gathered by conducting in-depth multiple interviews with 120 local and expatriate employees at various levels in the organizations; by referring to annual reports, policy documents and internal reports of these companies; and by observation during plant visits. Findings Contrary to the belief that international companies implement localization strategies to simply match the local market environment, it was found that these companies implement a wide range of localization strategies to achieve multiple benefits. The paper identifies nine areas of localization: localization of strategic decision making; building and exploiting the local knowledge pool; deployment of local human resources; localization of R&D; localization of products; use of local supplier networks; adaptations to manufacturing processes; local deployment of subsidiary profits; and localization of corporate image. These localization strategies are not just based on the principle of 3cost-based localization4 but are based on 3value-based localization.4 These strategies work in tandem and create value through a system of multiple benefits, such as managements' ability to comprehend and deal with uncertainty in the operating environment; make informed decisions to respond to challenges in developing efficient local assembly and marketing systems; cost reduction; higher degree of commitments by local employees; product customization and acceptance; and greater brand equity and image as a good corporate citizen. Practical implications Based on concrete illustrations of seven companies, this study identifies nine distinct areas for planning and implementing localization strategies and their corresponding benefits. The managers of subsidiaries can benefit by focusing their localization efforts in these areas to gain maximum advantage from host country context and then translate these advantages into a competitive international strategy. Originality/value CEOs of subsidiaries in emerging markets can learn how to build and harness local advantages for global competitiveness by implementing a wide range of localization strategies.Publication Metadata only Vision effects in Thai retail stores: practical implications(2008) Sooksan Kantabutra; Mahidol University. College of ManagementPurpose The purpose of this paper is to examine the relationships between vision attributes and content, and customer and staff satisfaction in Thai retail stores, taking into account vision realization factors of vision communication, organizational alignment, motivation of staff and empowerment of staff. Design/methodology/approach Variables of vision attributes and content, vision communication, organizational alignment, motivation of staff and empowerment of staff were derived from the literature. Data were from store managers, staff and customers of 126 apparel stores in Bangkok. These variables were tested for significant relationships through regression analyses. Findings Vision attributes is an indirect predictor of improved staff and customer satisfaction. Visions containing images about leadership were positively correlated with customer satisfaction. Motivation of staff is the only direct predictor of enhanced staff satisfaction, while vision, empowerment of staff, organizational alignment, and vision communication are four indirect predictors of improved staff satisfaction. On the other hand, vision, vision communication, empowerment of staff, motivation of staff, and staff satisfaction are five indirect predictors of enhanced customer satisfaction. Practical implications Retail store managers should develop a store vision characterized by the vision attributes and containing reference to market leadership. They should communicate their vision, align organizational components with the vision and empower and motivate staff according to the vision. Originality/value While vision is core to vision-based leadership theories, little is known about what characterizes an effective vision. This study explains this unknown.Publication Metadata only Technology acceptance toward e-government initiative in Royal Thai Navy(2008) Vichita Vathanophas; Nattapon Krittayaphongphun; Chalalai Klomsiri; Mahidol University. College of ManagementPublication Metadata only Managing local employees: expatriate roles in a subsidiary(2008) Phallapa Petison; Johri, Lalit; Mahidol University. College of ManagementPurpose In order to identify expatriate roles in a subsidiary it is necessary to go beyond those functions which are subservient to the headquarters. This paper sets out to prescribe a new spectrum of development roles with respect to varying capabilities and development needs of local employees. Design/methodology/approach The roles of expatriates are analyzed based on seven case studies conducted with top automobile manufacturers in Thailand: Toyota Motor Thailand; Hino Motors (Thailand); Honda Automobile (Thailand); Isuzu Motors (Thailand); BMW (Thailand); DaimlerChrysler (Thailand); and Auto Alliance (Thailand). Findings Four types of expatriate roles commander, conductor, coach, and connector are proposed; the roles correspond to the degree of task readiness and managerial capabilities of local employees. Practical implications The paper provides a tool that will help expatriates understand their roles according to the technical skills and managerial capabilities of local employees. Originality/value The paper offers practical advice for diagnosing expatriate roles and their training prior to assignment to a subsidiary.Publication Metadata only Localization drivers in an emerging market: case studies from Thailand(2008) Phallapa Petison; Johri, Lalit M.; Mahidol University. College of ManagementPublication Metadata only Dynamic of manufacturer-supplier relationships in emerging market a case of Thailand(2008) Phallapa Petison; Johri, Lalit M.; Mahidol University. College of ManagementPublication Metadata only Causal path modeling of grocery shopping in hypermarkets(2008) Shannon, Randall; Rujirutana MandhachitaraPublication Open Access การประเมินระดับขึดความสามารถทางเทคโนโลยีของอุตสาหกรรมที่ขับเคลื่อนด้วยเทคโนโลยี กรณีศึกษา : อุตสาหกรรมอิเล็กทรอนิกส์ยานยนต์(2552) Nathasit Gerdsri; Chatchanan Sangchanchai; ชัชนันท์ แสงขรรค์ชัย; ณัฐสิทธิ์ เกิดศรี; มหาวิทยาลัยมหิดล. วิทยาลัยการจัดการPublication Open Access Risk factors for systolic blood pressure in graduate students in academic institution(2009) Phongpun Krannasut; Ravisara Smutrakalin; Sirinya Suebyim; Prattana Punnakitikashem; Mahidol University. College of ManagementThe purpose of this research was to identify influential factors that associated with systolic blood pressure in human. Subjects were randomly sampled from graduate students in an academic institution in Bangkok, Thailand. The samples were between 22-37 years old. Questionnaires were used to gather personal and behavioral information from subjects. Subjects# systolic blood pressures were measured using a blood pressure monitor. We conducted a multiple regression analysis to evaluate relationship of risk factors to the systolic blood pressure. The result indicated that average number of hours sleep per day, sex, and preference of salty food significantly influenced samples# systolic blood pressure. Our model can predict the systolic blood pressure with 83% accuracy.Publication Metadata only Vision-based leadership: relationships and consequences in Thai and Australian retail stores(2009) Sooksan Kantabutra; Pisanu Vimolratana; Mahidol University. College of ManagementPublication Metadata only Vision effects a critical gap in educational leadership research(2010) Sooksan Kantabutra; Mahidol University. College of ManagementPurpose Although leaders are widely believed to employ visions, little is known about what constitutes an effective vision, particularly in the higher education sector. This paper seeks to proposes a research model for examining relationships between vision components and performance of higher education institutions, as measured by financial stability, student satisfaction and growth, process improvement, and learning and faculty satisfaction. The model proposes that vision attributes of brevity, clarity, abstractness, challenge, future orientation, stability, and desirability, and vision content relating to financial stability, student satisfaction and growth, process improvement, and learning and faculty satisfaction can affect performance through four vision realisation variables. Design/methodology/approach Based on a critical review of existing theoretical concepts and empirical evidence, a new research model, as well as research hypotheses, are developed for future research. Findings With future empirical support, the model will help university and college administrators to effectively improve their institutional performance. Originality/value While vision is core to the prevailing vision-based leadership theories, little is theoretically and empirically known about attributes for effective visions, particularly in the education sector. The paper proposes a model for future research to fill this gap.