Mahidol University International College

About: Mahidol University International College is a based out in . It is known for research contribution in the topics: Tourism & Corporate governance. The organization has 240 authors who have published 485 publications receiving 6095 citations.

Using Geographic Density of Firms to Identify the Effect of Board Size on Firm Value and Corporate Policies

Abstract: Prior research shows that firms tend to recruit directors from the geographically-proximate area. Due to a limited supply of qualified individuals in a given area, firms located in close proximity have to share a limited pool of talented individuals. As a result, the larger the number of firms in the same area, the fewer directors each firm in the area is able to obtain on average. Consistent with this notion, our results show that firms located in a zip code with a larger number of other firms exhibit significantly smaller board size. We then exploit the variation in the numbers of firms across the zip codes and estimate the effects of board size on various corporate outcomes. Our results show that larger board size leads to lower firm value, lower accounting profitability, higher leverage, higher dividend payouts, and a stronger propensity to be an acquirer.

Contour, Motion and Gesture in Abstract Score Animation: a First Approach

Abstract: This study examines the creation of animated music scores through the ‘bracketing’ of musical motion. The aesthetic claim that music could be perceived in terms of (spatial) motion is tested by means of abstract animations in the form of straightforward, one might say ‘naive’, mappings of musical parameters onto space. The proposed method establishes detailed blueprints of movement that (i) differ essentially from coarse motion types like those suggested by the German pioneers Becking and Truslit, (ii) are the result of interpretative ‘hands-on’ modeling rather than products of reductive algorithms (iii) depart from systematic methodological considerations with regard to contour, motion and gesture that sets our method apart from idiosyncratic (abstract) animation artwork. A comparison between simple ‘duration-loudness’ animations with the visualization of pitch-based trajectories concretizes the aesthetic speculation about spatial metaphors being involved in the perception of music. Score animation suggests that motion types could be instantiated in both the visual and the audible realms and thus complement rhythmic and accentuated structure as a transferable autonomous ‘synaesthetic’ phenomenon. However, our approach provides evidence that with the ‘spatial’ variability between two diachronic notes, kinematic or tempo-based models of expressive timing ignore a crucial factor. We demonstrate that only with reference to this hidden musical parameter can one understand what could be seen a paradox: that when music’s pulse slows, its motion can still accelerate.

Managing Networks in the Asia Pacific

Abstract: This chapter reviews a variety of network management strategies that play a significant role in the internationalization process of firms in the Asia-Pacific region. Numerous network forms are identified, including multinational enterprises (MNEs), small and medium enterprises (SMEs), general businesses, formal businesses, informal businesses, intrafirm global production and interfirm global production networks, as well as preclusterization, ethnic businesses, and clusters. The functions and benefits of each network type are illustrated by the case studies of MNEs from India, Thailand, Japan, China, Taiwan, New Zealand, Australia, the Philippines, Singapore, and Malaysia.

Liquidity Timing in the Higher Moment Framework: Evidence from Bank Affiliated Fund

Abstract: In this paper, we provide the first evidence of liquidity timing ability of mutual funds outside US. We propose a new model to study liquidity timing ability of mutual funds. The model matches the higher moment framework required for emerging market study. We find that on the average the mutual funds in Thailand have liquidity timing ability. At portfolio level, the results show that low performance and high performance funds clearly have inverse liquidity timing ability. The low performance funds have negative liquidity timing ability, whereas the higher performance funds exhibit positive liquidity timing ability. Our results of liquidity timing hold in higher moment framework. We further analyze the effect of bank-mutual funds relationship and find that the bank-related mutual funds have positive liquidity timing ability of mutual funds while we find no evidence of this liquidity timing for non-bank related mutual funds.

The impacts of institutional characteristics on capital structure: evidence from listed commercial banks in China

Abstract: In China, bank capital structure is subject to the minimum capital requirements regulated by the Basel Accords. Nonetheless, with the rapid development of the Chinese banking sector, institutional characteristics have an impact on how banks finance their operations and growth. Therefore, the purpose of this study is to explore the institutional factors that influence the capital structure of listed commercial banks in China. Using unbalanced panel data of 25 listed Chinese commercial banks during the period of 2003 to 2015, the results indicate that Chinese listed commercial banks with more profitability or those having a low percentage of shares owned by the largest shareholders are less likely to employ debt financing. Moreover, this study shows that the size of Chinese listed commercial banks increases with debts. The results of this study will assist managers of listed commercial banks to create adequate capital structure decision-making to further maximise bank value. In addition, both investors and depositors will be able to judge how safe the bank capital is, after understanding the determinants of capital structure, which will help in reducing their risk exposure.