Thammasat Review

The Influence of Online News on Thai Investors' Stock Investment Decisions

2025-06-16T09:45:46+07:00

In this study, we explore the sentiment of publicly available financial news from online sources related to stocks in the Thai stock exchange markets, along with other relevant factors. The multiple datasets are gathered from economic and financial news across the internet during the easing period of COVID-19 restrictions. Sentiment is defined using Natural Language Processing (NLP) techniques, which analyze headlines with wordlists. We implement data mining and data analysis techniques in the financial field to enhance data gathering and processing. The advantages of this technological approach include repeatability, reliability over time, and the ability to handle large datasets. Conventional online behavior, such as trends, is included as a complementary variable alongside sentiment. Stock characteristics, including index, industrial category, and market, are included as sub-independent variables. The empirical results indicate that sentiment, trends, and other factors are related to stock movement, with magnitudes of each variable varying according to time differences.

Thailand’s Journey to LGBTQ+ Equality in Asia: A Systematic Review of Progress, Challenges, and the Dawn of Marriage Equality

2025-04-17T09:44:22+07:00

This systematic review (January 2011-April 2024) traces Thailand’s path toward LGBTQIA+ equality, synthesizing social, legal, and health evidence and culminating in the 2024 marriage-equality law (including adoption provisions). While cultural acceptance of gender and sexual diversity is broad and public support is strong, formal legal protections have historically
lagged. The 2024 law now positions Thailand as a leader in Asia. Nonetheless, critical gaps remain-most notably the absence of comprehensive Legal Gender Recognition (LGR) and nationwide anti-discrimination legislation. These gaps contribute to disproportionate harms, especially for transgender people. A Thai national survey of LGBTQIA+ adults (N = 1,290) reported 16.8% lifetime suicide attempts and 50.7% lifetime suicidal ideation, with both perceived and enacted sexual- and gender-based stigma associated with higher odds of ideation (AOR ≈ 1.30) and attempts (AOR ≈ 1.25-1.34) (Moallef et al., 2022). Popular media (e.g., Boys’ Love series) appears to bolster social visibility and acceptance, though direct, causal links to specific legal reforms are less certain. Civil society advocacy has been central to agenda-setting-fostering marriage equality
and mobilizing for remaining rights. Looking ahead, progress hinges on inclusive Comprehensive Sexuality Education (CSE), strategic public communication, and enactment of LGR and comprehensive anti-discrimination laws. Thailand’s experience shows that legal breakthroughs can catalyze change, but durable equality requires sustained, multi-sector efforts to dismantle deep-seated social and structural barriers.

Transitioning Chinese Diplomatic Strategies: From Neo-Liberal ‘Soft Power’ to Realist ‘Sharp Power’ through Digital Media

2025-04-17T09:41:09+07:00

This study explores the transition in Chinese diplomatic strategies, examining the shift from neo-liberal “soft power” to realist “sharp power” through the use of mass media. While China’s “soft power” traditionally focused on cultural diplomacy, economic cooperation, and peaceful engagement, this research highlights how its strategic use of digital media has evolved into a tool
of “sharp power”, characterized by manipulation, censorship, and coercive influence. Drawing on both neoliberal and realist theoretical frameworks, the study contrasts the cooperative, attraction-based methods of “soft power” with more assertive, manipulative techniques associated with ‘sharp power’. Through the perspective of media influence, the paper analyses China’s global efforts to reshape narratives, manage perceptions, and counter Western influence, particularly in regions of strategic interest. This transition reflects China’s broader shift from engagement to strategic competition, aligning its digital diplomacy with its geopolitical ambitions and the realities of the current international system. It explores how the dual nature of China’s digital diplomacy; propagating mutual understanding and cooperation on one hand while engaging in covert operations to challenge the integrity of the global information on the other.

Personalized Muslims: Homoerotic Fantasy and Indonesian Muslim Women Fans’ Engagement with Thai Y Series

2025-01-21T16:38:56+07:00

This article explores the piety of Indonesian Muslim women fans as they engage with Thailand’s Y Series (Thai Boys’ Love, a genre that depicts homosexual relationships between male characters, which are considered forbidden in Islamic teachings. The rising popularity of Y Series has generated a remarkable phenomenon in Southeast Asia, particularly in Muslim-majority countries like Indonesia. Despite substantial criticism from societal and religious groups, Y Series has garnered significant popularity among Indonesian viewers, in particular heterosexual Muslim women. This paper examines the influence of Islamic piety on Y Series consumption. It finds that the majority of Indonesian Muslim women fans in this study engage with Y Series due to their admiration for the actors’ attractiveness. However, this paper argues that Y Series offers both sinful pleasure and a new perspective on love that transcends traditional gender norms. When watching Y Series, Indonesian Muslim women fans can distinguish between fiction and reality, viewing it as a homoerotic fantasy that offers both entertainment and escapism. While engaging with media featuring homosexual themes, Indonesian Muslim women fans often identify themselves as “Islam KTP,” implying that their Islamic identity and piety manifest only on official identification (KTP, KartuTanda Penduduk or national ID card) without comprehensive adherence to Islamic teachings.

In this context, we argue that fans negotiate their Islamic piety as personalized Muslims, defined as an interpretation of Islamic teachings shaped by personal preferences and lifestyles, allowing greater flexibility in applying their faith in daily life.

Generalising the Sufficiency Economy Concept: towards Stewardship and Circular Economy

2025-03-18T08:13:22+07:00

The ideas of the Sufficiency Economy Philosophy promoted by the late King Bhumibol (Rama IX) in Thailand as a balanced response to globalisation has been much misunderstood outside of Thailand and even been a source of bemusement to Western trained mainstream economists of the neoclassical tradition. This conceptual article seeks to rectify these misunderstandings by examining in depth the precise meaning of the sufficiency economy principle and the associated sufficiency economy philosophy of socio-economic development and to show its convergence with ancient European notions of stewardship of resources. It will be shown that the sufficiency principle is focussed on the demand rather than supply side and represents a call to restraint and a sense of responsibility to others in society in situations where resources are limited. The principle and the wider sufficiency economy philosophy flowing from it constitute a morally inspired call to avoid greed and for all economic actors (firms and consumers) to behave in effect in accordance with the principles of the Middle Way of Buddhist wisdom. It is shown how these ideas dovetail closely with the concepts of stewardship and good husbandry which emerge from the quest for environmental sustainability; and how from a semantic perspective the English term stewardship economy probably describes more precisely the sufficiency economy philosophy while at the same time preserving its moral significance. It is then in turn shown how principles of stewardship economy converge closely with the notions of the Circular Economy

International Retirement Migration from Germany to Thailand: Balancing Lifestyle Aspirations with Managing Risks

2025-06-04T09:33:43+07:00

This study examines the phenomenon of international retirement migration (IRM) from Germany to Thailand, interrogating idealized views of lifestyle and amenity migration. An increasingproportion of German retirees participate in IRM to mitigate risks such as old-age poverty, social isolation, and monotony. This research is based on semi-structured, in-depth interviews with 15 German retirees living in Chiang Mai, Thailand, a city favored by expatriates and tourists. It investigates whether their migration decision was motivated by authentic desires for lifestyle changes or primarily functioned as a coping strategy to mitigate age-related challenges. It also evaluates whether the individuals effectively incorporated a desired style into their new lifestyle or simply reproduced previous life conditions in a different setting. This research used Ulrich Beck’s idea of reflexive modernity to analyze the experiences of the studied group within the context of a risk society, assessing whether IRM might serve as a strategic means of risk aversion. This
study’s findings indicate that IRM functions as a transnational approach for navigating uncertainties intensified by processes of modernization. Nonetheless, although IRM may enhance the retirees’ quality of life, many remained trapped in the risk society, where associated risks have evolved or transitioned to other forms rather than being entirely eradicated, underscoring the inescapable
condition of the participants.

Democracy under Threat: Post-Truth Politics and Democracy in the Philippines

2025-03-25T16:03:25+07:00

Today, the political landscape where boundaries between fact and fiction have been blurred have extended to reach the regions of the Global South, like the Philippines. In this growing traction in search for truths, this paper investigates the intersections between post-truth politics, social media, and democracy in the Philippines. First, it will argue that the technical conditions for the rise of an omnipresence of (dis) information has supported the post-truth environment in the Philippines. Second, the paper will further argue that post-truth, as it takes place in the Philippines today, mobilizes what we will call as the paradox of disinformation-based “truths” (DBTs). DBTs result from post-truth’s tendency towards alternate truths which ironically blur the lines between truth and falsity. DBTs will be traced through the political discourse propagated by both state and non-state actors. Through critical discourse analysis aided by distant (digital) reading, it will analyze the Facebook pages of the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) and the tandem presidency of Ferdinand Marcos Jr. and Sara Duterte. What characterizes the Philippine situation today is the widespread proliferation of DBTs that, on the one hand, potentially challenge the democratic exercise of reflection and discernment and, on the other hand, tend towards authoritarian consolidation. Democracy is threatened both by the incapacity to discern and the institutional and state-initiated efforts to consolidate authoritarianism.

From Speeches to Tweets: The Mapping of Trend and Evolution of Political Communication in Digital Media

2025-03-18T19:42:22+07:00

This study explores the trends and evolution of political communication in digital media through a scientometric review, focusing on publications from the Scopus database from 2004 to 2024. Through bibliometric analysis and network visualization using RStudio, VOSviewer, and CiteSpace, the research identifies key themes, emerging topics, and the interaction between digital and traditional media in political communication. The findings confirm that social media platforms, especially Twitter/X and Facebook, have become crucial in shaping political discourse and public participation, supporting the primary hypothesis that digital media plays a central role in contemporary political communication. Contrary to the secondary hypothesis, however, traditional media such as television retain their influence, particularly in verifying information and countering misinformation. Despite the growing dominance of digital media, challenges such as disinformation, echo chambers, and political polarization persist, highlighting the need for future research to address these issues. This study concludes that political communication now operates in a hybrid ecosystem that combines digital immediacy with the credibility of traditional media, requiring theoretical and practical strategies to maintain healthy political discourse.

International Higher Education in Thailand and Philippines: Analysis of Changing Context and Social Impacts

2025-05-13T10:42:52+07:00

This research aims to examine how globalisation is shaping the internationalisation of higher education (IHE) in Thailand and the Philippines, with a focus on the commercialisation of International Student Mobility (ISM). Specifically, this study endeavours to understand changing trends and narratives of ISM in the context of Thailand and the Philippines, identify key trends and challenges of ISM and their evolving impact on the social environment as perceived by institutions, and provide recommendations for the higher education sector to address ISM threats and leverage the changing IHE context. The study employs the lenses of globalisation and neoliberalism in its analysis of the rise and ramifications of commercialisation in the Thai and Philippine international education sector. This study adopts a qualitative research approach, focusing on publicly funded universities in Thailand and in the Philippines that have been running ISM programmes for the last ten to twenty years and are situated in central metropolitan cities. Findings reveal that the increased commercialisation at institutions has resulted in changing trends, narratives, and challenges around quality, access, and management of ISM, as well as its impact on students, the academic community, and, more broadly, the public.

Factors Influencing the Acceptance and Use of Internet of Things (IOT) by Thai farmers

2025-07-01T17:07:02+07:00

The capacity of agricultural production in Thailand can be significantly improved by strengthening farmers’ skills. This article aims to present the factors influencing the acceptance and use of the Internet of Things (IoT) among 120 Thai farmers who voluntarily participated in workshops organized by the Community Organizations Development Institute (CODI) across 10 target areas. Primary data were collected through questionnaires and in-depth group interviews, and analyzed using descriptive statistics and multiple regression analysis. The results reveal that extreme weather conditions, rising production costs, and declining product quality have become major challenges in the development of IoT-driven smart farming models. As a result, many farmers are now shifting their mindsets and actively seeking new opportunities to overcome existing and emerging challenges. A promising solution is the context-specific adoption of IoT technologies, tailored to local socio-agricultural conditions. This approach not only addresses current issues but also enhances farmers’ survival strategies and skill development. Two key groups have emerged in this process: farmers proficient in IoT and those using IoT-based systems. The study finds that the most influential factors driving IoT adoption among both groups include (1) efforts to raise plant-based production standards (2) reduction in production cost-related risks, and (3) supportive government policies promoting IoT use in agriculture-all with statistical significance at the 0.05 level.

Tracking Trends in Public Opinion on Cannabis Before and After Legalization in Thailand: A Social Media Content Analysis

2025-07-15T09:24:16+07:00

Once cannabis was removed from the class-5 list, Thailand became the first Asian country to legalize its recreational use. However, the lack of regulation has raised public health concerns, and research specific to the Thai context is limited. This study analyzed public opinion on cannabis before and after its legalization using content from social media platforms, including Facebook, Twitter, and YouTube. A total of 321 posts before and 625 posts after the policy announcement were selected via purposive sampling for content analysis. The findings show that public opinion shifted more negatively after legalization, with concerns such as cannabis misuse, overly liberal policies, the need for cannabis-free educational zones, and its association with crime. However, some positive opinions were also expressed, highlighting cannabis as alternative medicine and challenging biases against its use. This analysis provides insights that can inform policy development and raise public awareness about the risks associated with the recreational usage of cannabis.

Impacts of Tariffs, Non-tariff Measures and FTAs on Import Performance: Evidence from Thailand

2025-08-01T10:21:42+07:00

This paper examines the impacts of trade policy in Thailand, focusing on both tariffs and non-tariff measures (NTMs), on total imports as well as disaggregated imports, which include finished products, capital goods, and raw materials during the period from 2012 to 2021. Tariff protection is measured in terms of both the nominal and effective rates of protection, as well as the protection adjusted for FTA utilization rates. Non-tariff measures, particularly technical barriers to trade (TBT) and sanitary and phytosanitary (SPS) measures, which have significantly increased over the past decade, are analyzed through various estimates. The results indicate that tariff protection, especially the effective rate of protection, has a stronger impact on import volume. Preferential tariff rates under free trade agreements play a crucial role in enhancing the positive effects of trade liberalization on import volume. NTMs, particularly TBTs, contribute to higher import demand, likely due to the expected higher quality of imports. These positive effects are more pronounced for imports from developed countries. Both tariffs and NTMs show varying impacts across different product categories, with the greatest effects observed in intermediate products, followed by finished products and capital goods, respectively.

Analysis of Trends, Methods, Challenges, and Future Research in Agile Governance

2025-07-18T15:57:12+07:00

Agile governance is essential for effective public service delivery. This study explores trends, methods, challenges, and future directions, contributing to academic discourse and addressing unresolved research questions. The research method was systematic literature review (SLR). Research findings indicated that trend analysis has identified 14 common thematic areas studied using the specified keyword. One of the most predominant trends is digital transformation, disaster management, urban society sustainability, and public health, which have been the focus of several studies conducted from 2020 to 2024. Meanwhile, in terms of methodology, qualitative methods are the most commonly used, accounting for 63 percent, while quantitative methods make up 37 percent. The study also identified several fundamental challenges in research, including the lack of capability among informants, samples that do not adequately represent the population, and the difficulty in determining success indicators for programs related to agile governance. For future research, the study utilized the VosViewer application with the Overlay Visualization feature, which highlights several keywords that could serve as potential research topics, such as community, knowledge, and capacity organization. Additionally, methods that have been less frequently used, such as grounded theory and qualitative approaches with interview-based data collection, were still considered relevant. The study also recommends using the SmartPLS software for managing and analyzing complex datasets in future empirical research. A notable limitation of this study is its exclusive reliance on the ScienceDirect database, which may restrict the comprehensiveness of the literature reviewed.

Voices and Dialogic Discourse: Intertextuality and the Framing of Intersex in Online Public Comments

2025-07-21T09:44:03+07:00

Understanding of intersex in Thai academic discourse remains limited. Even within the LGBTQIA+ movement, intersex voices and their discursive representations remain largely unheard. Although the intersex movement in Thailand was established in 2021, the voices of its activists have not yet gained significant recognition. This study raises the question of how discursive
voices construct meanings of the intersex body in online public comments. It follows a qualitative methodology and examines the multiple voices in public comments through the lens of intertextuality. The findings show that intersex variations discussed in public comments emerge through interactions among multiple discourses. Medical discourse and binary gender discourse remain central in constructing explanations of intersex variations in Thai society. Meanwhile, Buddhist, Islamic, and pop culture discourses act as supporting forces that reinforce the meanings shaped by medical and
binary gender discourses. Together, these discourses emphasize the idea that intersex is a deviation or abnormality from the natural sex. In contrast, global intersex discourse offers a counter-narrative to these hegemonic meanings. However, this discourse remains marginal in public comments, and the voices of intersex activists are absent. To shift the meaning of abnormality toward perspectives that embrace biological diversity, it is essential to form discursive alliances. Intersex activists should collaborate with interdisciplinary experts to construct forms of knowledge that are legitimized by institutional authority. Such an approach would not only enhance credibility but also cultivate broader and more inclusive understandings of intersex within the Thai public sphere.

Political Aspects for Investment: Opportunities and Challenges for the Republic of ROK and Thailand under New Government

2025-07-29T09:23:12+07:00

The Eastern Economic Corridor (EEC) is a cornerstone of Thailand’s Thailand 4.0 strategy, designed to establish the country as a regional hub for trade, investment, and innovation. Spanning the provinces of Chonburi, Rayong, and Chachoengsao, the EEC prioritizes high-tech industries such as advanced automotive manufacturing, biotechnology, and renewable energy. Major infrastructure projects-including the expansion of U-Tapao Airport, the development of high-speed rail, and the modernization of port facilities-serve as catalysts for economic growth. To attract foreign investment, the Thai government has introduced a suite of incentives, reinforcing Thailand’s position as a strategic gateway to ASEAN. The Republic of Korea (ROK) plays a pivotal role in the EEC’s development, leveraging its expertise in advanced industries and renewable energy to strengthen regional cooperation and support Thailand’s economic ambitions. This study examines investment opportunities for the ROK within the EEC, analyzing key factors influencing Thailand’s economic growth from 1980 to 2022, including infrastructure development, government incentives, ROK foreign direct investment (FDI), and technology transfer.

However, a comprehensive evaluation requires attention not only to the opportunities but also to the structural challenges and potential downsides of such investment flows. While large-scale FDI inflows contribute to infrastructure and employment, they may also produce uneven local benefits, limited spill-overs to small and medium enterprises, and profit repatriation that constrains domestic capital accumulation. Overreliance on foreign capital can further crowd out local industries and deepen regional inequalities within Thailand’s economy. A rigorous academic inquiry must therefore address both the enabling factors and the possible adverse outcomes of Korea-Thailand investment cooperation. Only through such balanced analysis can policymakers assess the EEC’s real contribution to sustainable and inclusive development.