Research article

**

Improving the Performance of Windstorm Disaster Warning Dissemination: A Case Study of Thailand Tropical Storm Pabuk Nattapong Boontawee, Nontapat Saepaisarn, Napatsorn Wattanavong, Papawadee Piyakuldumrong, Piyawat Wongrattanakumphon and Sathaporn Opasanon Pages 1 - 21   DOI 10.14456/cbsr.2021.1  Download PDF  Article preview Cite Abstract This research is aimed at assessing and enhancing the Disaster Warning Dissemination Plan of Thailand. A tropical storm, is chosen as a case study for evaluating the performance of the plan since windstorm is a disaster occurring frequently in Thailand, and usually causing other natural disasters, e.g. flooding and landslide. Literature review and in-depth interviews with associated agencies were conducted to identify the warning dissemination process and time used in each step. The performance of the Disaster Warning Dissemination Plan was analyzed through Process Activity Mapping and simulation models based on the Pabuk disaster. The results show that redundant activities and delays in information transfers are major causes of the adverse performance of the warning dissemination. The simulation results also affirm that the average and maximum total time of both current and enhanced plans are lower than the maximum time indicated in the Disaster Prevention and Mitigation Act, B.E. 2558. The findings of this research can provide guidance for authorities in enhancing the Disaster Warning Dissemination Plan, which would effectively mitigate the adverse impacts of disaster in the future.
**

An Analysis of Dark Green Ecotourist Demand by Using Value Proposition Canvas Thanavutd Chutiphongdech, Chutima Ploychankul and Chanoksuda Chumnanont Pages 22 - 37   DOI 10.14456/cbsr.2021.2  Download PDF  Article preview Cite Abstract The 12th National Economic and Social Development Plan and the 2nd National Tourism Development Plan explicitly address issues relating to Thailand tourism development and sustainability including high-quality tourist increment, natural resource recovery, and retaining tourism balance through niche marketing. To complete such goals, many countries adopt ecotourism as a tool to improve and sustain natural resources, whereas ecotourism development in Thailand is still constrained. This is due to a lack of scholarly attention on ecotourist demand studies, especially the dark green ecotourist, the segment contributing most to environmental conservation. This significantly leads to an imbalance and disparity between tourism products and market needs. Therefore, this article aims to review the behaviors of dark green ecotourist using Value Proposition Canvas (VPC) framework. The findings are potentially relevant to key stakeholders, i.e. the government as the policymaker and tourism entrepreneurs to offer the right proposition of tourism products and services. In addition, the study results could be used for tourism development and sustainability policies to strengthen the balance between destinations and dark green ecotourists.
**

The Role of Institutional Investors in Thai REITs Kanis Saengchote and Jananya Sthienchoak Pages 38 - 58   DOI 10.14456/cbsr.2021.3  Download PDF  Article preview Cite Abstract Institutional investors play an important role in capital markets, for example, capital intermediation, governance monitoring, and identifying investment opportunities. In this article, we document the different roles that public and private institutional investors play in the development of the Thai REIT market. We find that they aid in the price discovery process of REIT IPOs and are rewarded for their participation, although through different means. Public institutional investors play a greater role during the early years when the market was less liquid, while private institutional investors are more active in latter years after a regulatory change in the legal structure of REITs. Our findings shed light on the complementary role that public and private institutional investors play in financial market development.
**

Earnings Momentum, Timely Loss Recognition and Valuation Premiums Sarayut Rueangsuwan and Somchai Supattarakul Pages 59 - 81   DOI 10.14456/cbsr.2021.4  Download PDF  Article preview Cite Abstract There has been debate over whether earnings momentum is due to economic fundamentals or rather manipulated business performance. This paper empirically attempts to resolve this confusion by exploiting the relations between earnings momentum and accounting conservatism. This study estimates a relation between returns and earnings momentum conditional on levels of accounting conservatism. Sample used in this study is comprised of 16,637 firm-year observations from year 1989 to year 2011. Our results show that a conservative accounting level is lower for firms that report at least one year of earnings momentum. Moreover, there is evidence consistent with under-pricing of earnings momentum that is associated with less conservative accounting in a current period but this is partially reversed in a next period. Further analysis reveals that earnings momentum determined by low accounting conservatism is directly related to higher growth and lower risk in subsequent periods. The empirical results are broadly consistent with the view that earnings momentum reported by firms is signaling stronger future performance, rather than being manipulated by managers. Collectively, this paper provides supportive evidence that earnings momentum is indicative of good firm performance rather than being a product of managerial discretion.