Thammasat Review <h2 style="text-align: justify;"><strong>Aims and Scope</strong></h2> <p style="text-align: justify;">Since 1996, Thammasat Review has published high-quality articles in-print but started its online platform in 2014. Drawing on Thammasat University’s strong reputation and long tradition in encouraging academic freedom, Thammasat Review’s primary focus is to advance scholarly debates and enhance the development of knowledge within the social sciences and humanities in the broadest sense of the terms. Thammasat Review invites manuscripts with a special focus on Thailand and Asia on a wide range of topics in the following disciplines:</p> <ul style="text-align: justify;"> <li class="show" style="list-style-type: none;"> <ul> <li class="show">Humanities</li> <li class="show">Political sciences</li> <li class="show">Economics</li> <li class="show">Business and management sciences</li> <li class="show">International politics</li> <li class="show">Psychology</li> <li class="show">Liberal arts</li> <li class="show">Sociology and anthropology</li> <li class="show">Law</li> <li class="show">History</li> </ul> </li> </ul> <p style="text-align: justify;">Thammasat Review welcomes manuscripts, written in English, in the following categories:&nbsp; &nbsp;</p> <ul style="text-align: justify;"> <li class="show" style="list-style-type: none;"> <ul> <li class="show">Research articles</li> <li class="show">Review articles</li> <li class="show">Case studies</li> <li class="show">Book reviews</li> </ul> </li> </ul> <p style="text-align: justify;">Thammasat Review publishes two issues a year focusing on twelve to fourteen manuscripts per issue:</p> <p style="text-align: justify;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; No.1: January-June<br>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; No.2: July-December&nbsp; &nbsp; &nbsp;&nbsp;</p> <p style="text-align: justify;">Thammasat Review&nbsp;is currently indexed in the Tier1-Thai-Journal Citation Index (TCI) and the ASEAN Citation Index (ACI). The journal has adopted a double-blinded review policy whereby both the author(s) and reviewers remain anonymous throughout the process</p> <h2 style="text-align: justify;"><strong>Open Access Policy</strong></h2> <p style="text-align: justify;">This journal provides immediate open access to its content on the principle of making research freely accessible to the public.&nbsp;</p> <h2 style="text-align: justify;"><strong>Publication Charge</strong></h2> <p style="text-align: justify;">There are no charges in connection with submitting and publishing an article in the Thammasat Review. All articles published in our journal are open access and freely and widely available to all readers via the journal website.</p> <h2 style="text-align: justify;"><strong>Indexing</strong></h2> <p style="text-align: justify;">Thammasat Review with registered number ISSN (Print) 0859-5747; ISSN (Online) 2630-0303 have been indexed in:</p> <ul> <li class="show" style="list-style-type: none;"> <ul> <li class="show">ASEAN Citation Index (ACI)</li> <li class="show">Thailand Citation Index (TCI-1)</li> <li class="show">Google Scholar</li> </ul> </li> </ul> <h2 style="text-align: justify;">History</h2> <p style="text-align: justify;">Thammasat University (TU) was established on 27 June 1934 making it the second oldest and most prestigious public university in Thailand. Throughout its 88 years since its inception, Thammasat University’s Faculty members and students have played a leading role in various social and political movements which have influenced the making of Thailand’s contemporary societal, economic and political landscapes. Most prominent was in the 1970s when the University became the epicentre of student uprising which called for political reform and the people’s freedom’s to be protected via a new constitution and the restoration of parliamentary democracy. This long tradition for upholding freedom, democracy and ethics as reflected in the University’s motto, “<strong>I love Thammasat because Thammasat teaches me to love the people</strong><strong>”</strong><strong>, </strong>still continues in contemporary times<strong>.</strong> Notable examples include the 2011 floods when the University became a temporary shelter for those who had lost their homes and in 2021 when the University offered to be a vaccination centre in the fight against the COVID-19 pandemic.</p> <ol> <li class="show" style="list-style-type: none;">&nbsp;</li> </ol> Research Administration Division, Thammasat University en-US Thammasat Review 0859-5747 <p style="text-align: justify;">The opinions and ideas expressed in all submissions published in Thammasat Review are solely that of the author(s) and do not necessarily reflect that of the editors or the editorial board.&nbsp;</p> <p style="text-align: justify;">The copyright of all articles including all written content and illustrations belong to Thammasat Review. Any individuals or organisation wishing to&nbsp;publish, reproduce and distribute a particular manuscript must seek permission from the journal first.</p> “Informal Employed Workers” The Suffering of a Working Life without Social Security <p>This study sought to better understand the quality of life and develop a quality of life index for informal employed workers to be used in planning assistance in various areas. This study examined the exemplary Informal employed workers that emphasized the diversity of work performed and distributed in at least 130,000 people from 18 provinces, which were specific to at least 5 special economic zones. The survey tools of this study were adapted from a 2018 report regarding the quality of life of informal employed workers. This study expanded the conceptual framework from 4 dimensions to 8 dimensions and included 1) economic, 2) social, 3) health, 4) safety, 5) environment, 6) work 7) readiness and potential, and 8) other.</p> <p>The results of this study showed that the overall quality of Informal employed workers life in all 8 aspect areas was 79.99% with the highest weighing on economic quality of life (24.98%), safety (16.87%), health (16.32%) and lowest weighing about other parts (5.88%). Informal employed workers also gave the highest score on safety (88.48 points), other parts (80.52 points) and potential scores (80.52 points) and gave the lowest score on work (75.27 points).</p> <p>Important components needed to improve the quality of informal employed worker’s life are "income" and "welfare." These two factors are related. The granting of Informal Employed workers into the welfare system would allow then to receive benefits under the Social Security Act, Informal employed workers need to have stable incomes because they are required to have monthly social security expenses, improving the quality of Informal Employed worker’s life, it is necessary to address the problem of Informal Employed workers' income. The proposals for “forming labor groups” based on the type of work/occupation that are not unions in different business units are therefore considered in order to provide assistance, security, and improve&nbsp; the quality of life for Informal employed workers.</p> Teera Sindecharak Akkaranai Kwanyou Copyright (c) 2021 Thammasat Review 2021-01-29 2021-01-29 24 1 1 18 Guidance is Not Always Better: The Effect of Structured Guidance and Skepticism on Auditors’ Planning Materiality <p style="text-align: justify;">In this paper we examine the effect of professional skepticism on auditor judgments on planning materiality. An experimental design was conducted with sixty-two auditors from a large public accounting firm in Thailand.Based on measuring the professional skepticism score of Hurtt (2010), results from our study indicate that when faced with structured materiality guidance, audit managers who have less professional skepticism make inappropriate planning materiality assessments but there is no effect of structured guidance on those who have more professional skepticism. Our results contribute to the literature on materiality judgments and professional skepticism by providing evidence of the dysfunctionality of structured guidance in audit planning materiality and by shedding light on the benefit of using professional skepticism to reduce the detrimental effects of structured guidance. This study also provides important insights for standard setters regarding the enhancing the effectiveness of audit process from raising individual skepticism during the process of determining both overall materiality and performance materiality levels.</p> Kanjana Phonsumlissakul Juthathip Audsabumrungrat Copyright (c) 2021 Thammasat Review 2021-04-27 2021-04-27 24 1 19 36 A Study of Attitudes of Bangkok’s Dwellers Toward the Chao Phraya Riverfront <p style="text-align: justify;">Water is an important natural resource necessary to all livings. Recent studies mark that spending time in nature can foster mental and physical health, which can result in increased levels of social support, social cohesion, and a sense of community, allowing cities to grow healthily. Historically, the Chao Phraya River has had a strong connection with the city of Bangkok – the capital of Thailand. Its riverfront is a paradigmatic example of a unique urban blue space. However, city expansion and rapid industrialization have substantially interrupted the engagement between Bangkok’s dwellers and the river. Satisfaction of Bangkok’s dwellers over the Chao Phraya’s riverfront use has been dampened. By conducting a survey within the constructively selected study area, the study brings a comprehensive view on attitudes toward overall development along the Chao Phraya River.</p> Pattamon Selanon Hansa Srilertchaipanij Copyright (c) 2021 Thammasat Review 2021-04-27 2021-04-27 24 1 37 56 The Perceptions of Date Rape in Thai Patriarchal Society: A Case Study of Female University Students in Bangkok <p style="text-align: justify;">This study analyzes female Thai university students’ perceptions of date rape and the cultural factors that shape them. An integrated theoretical framework is used to connect peace and conflict theories with a sociological paradigm to examine the various cultural aspects involved in formulating date rape perceptions and their implications. The study examines the perspectives of female university students through focus groups, individual interviews, and in-depth interviews with key informants. This qualitative study produced four key findings. First, the students failed to perceive date rape as <em>real</em> rape because of the patriarchal values inherent in sexual interactions that determine cultural scripts. These scripts and perceptions of date rape justify sexual violence in relationships. Second, entertainment media reproduces and reinforces patriarchal sexual values by portraying<em> legitimate</em> and <em>romantic</em> rape scripts. Third, sex-education promotes and embeds inequality in sexual interactions and behaviors, leading to intense victim-blaming and widespread subscription to rape myths. Finally, rape language is&nbsp; the manifestation and a carrier of cultural violence. Domains of cultural violence establish date rape <em>scripts</em> that force individuals to not perceive date rape as <em>real</em> rape, effectively justifying sexual violence in the context of a relationship.</p> Kal Elle Copyright (c) 2021 Thammasat Review 2021-04-27 2021-04-27 24 1 57 78 Local Economic Development to Support Opportunities and Impacts from Special Economic Zones Along the Greater Mekong Subregion Southern Economic Corridor: Case Studies in Kanchanaburi and Trat Provinces <p style="text-align: justify;">The main objectives of this study are to examine the sustainable local economic development potential of Kanchanaburi and Trat provinces in the Special Economic Zones along the Greater Mekong Subregion Southern Economic Corridor by taking into account the connection between Thailand and the neighboring countries. In addition, this study evaluates the economic and social opportunities and impacts of the Special Economic Zones along the Greater Mekong Subregion Southern Economic Corridor. The methodology of this research includes local economic analysis based on the Keynesian theory of national income determination. The study finds that major limitations hindering the rapid growth of Kanchanaburi and Trat provinces in Thailand lie in the inefficient use of land, the inability to fully connect the agricultural product to the processed agricultural product supply chain, the inability to manage risk involving agricultural products’ prices and production volume, border access limitation between Trat and Koh Kong Special Economic Zones in Cambodia, and delays in the road infrastructure construction projects such as two-lane road in Dawei Special Economic Zones project in Myanmar.</p> Kaewkwan Tangtipongkul Supachai Srisuchart Nondh Nuchmorn Sukrit Vinayavekhin Copyright (c) 2021 Thammasat Review 2021-04-27 2021-04-27 24 1 79 110 Problematizing the Western Paradigm of Homophobic Bullying: A Socio-Cultural Study of Non-Normative Gender Teasing in Thailand <p style="text-align: justify;">This paper argues against Western theories and paradigms that are used to describe the problem of bullying. The behavioral science and psychological knowledge that dominate studies in other societies leads to emphasize that bullying in all societies is a result of aggression and those who are bullied are vulnerable victims. I need to indicate that when Thai scholars describe the problem of homophobic&nbsp; bullying they &nbsp;tend to overlook the social and cultural dimensions that have changed in the past 80 years,&nbsp; which often brings western thoughts to explain&nbsp; the non-normative gender. This leads to insults and discrimination that make parents feel ashamed of having gay, kathoey (male transgender) and tom (female transgender) children. In the Thai context, I argue that people who claim a non-normative gender identity are not passive victims but they can express thier sexual/gender identity within amusing bullying and teasing situations. This is an ever-evolving form of complex social relationship.</p> Narupon Duangwises Copyright (c) 2021 Thammasat Review 2021-04-27 2021-04-27 24 1 111 132 Board of Directors’ Effectiveness and Enterprise Risk Management: Do Effective Boards Improve Risk Oversight? <p style="text-align: justify;">This study explores the efficiency of both the board of directors and audit committee in providing risk oversight through Enterprise Risk Management (ERM) implementation. ERM is a business strategy that assists the board of directors in handling the risk oversight within the enterprise. ERM implementation and risk management committee effectiveness combine as factors that affect the effective risk oversight efforts to ensure the key risks facing a company are well managed and ultimately enhance shareholder values. The study analyzed secondary data from 444 listed companies from the Stock Exchange of Thailand (SET) from 2015 to 2017. The results show that both the board of directors’ effectiveness and the audit committee’s effectiveness are significantly related to the effectiveness of risk oversight. Firm size is correlated with risk oversight, while the Big 4 auditors are not significantly related to effective risk oversight. These results show there is a linkage between governance quality and risk management quality. This study suggests various board characteristics and audit committee characteristics such as size, independence, experience, and frequency of meetings are related to the effectiveness of monitoring corporate risk. Hence, the research findings of corporate governance and risk management and may be of interest to regulatory policymakers.</p> Juthamon Sithipolvanichgul Copyright (c) 2021 Thammasat Review 2021-04-27 2021-04-27 24 1 133 167 A Practical Approach to Identify Business Cycles for Equity Investment in Thailand <p>The objective of this paper is to identify business cycles in Thailand using a simplified methodology which has never been tested empirically. The paper attempted to establish an appropriate proxy and model specification for business cycle identification. Among others, the results show that three competing proxies; GDP, MPI, and CEI could be used as a proxy for business cycle identification. However, the conventional GDP is more appropriate according to its most correlation with equity market return on peak and through also with the rationale of being a representative of aggregated output in service-based economy. Next, we use positive and negative changes of real GDP over the study period to describe Thai business cycle. We also test two regression models using steady zero-growth line which is a proposed contribution of this study and conventional long-run average trend line in defining stages of business cycle with dummy variables. The results show that the model using steady zero-growth line has better model specifications comparing to a model using long-run average trend line in defining business cycle stages. The results confirm the applicability of using real GDP growth (YoY, seasonally adjusted) together with its cyclical fluctuation along the steady zero-growth line as a simplified method for assessment of equity return along the different stages of business cycle in Thailand.</p> Korn Talthip Sorasart Sukcharoensin Copyright (c) 2021 Thammasat Review 2021-06-21 2021-06-21 24 1 168 196 Comparing Country-of-origin Image (COI) between Trust Dimension and Purchase Intention in Dental Tourism <p>The development of a country makes a difference in people’s perception of country-of-origin image (COI). As a result, consumers make different evaluations on services from different countries. For developing countries, it is more difficult to promote the dental tourism industry than developed countries. This experimental study demonstrates the comparison of COI between trust dimension and purchase intension in dental tourism. 65 participants were randomized and separated into three groups: Singapore, Thailand and India. Independent samples t-tests were performed in order to gain more understanding in the trust dimension and customers’ purchase intension. The findings indicate that human factor has the highest impaction on respondents’ trust in the quality of services in a country followed by process, facilities, and brand of organization. For developing countries with a low COI, if we create a strategy to increase trust in professional service quality by giving service providers’ information such as human factor, processes, facilities, branding of organization, we can increase customers’ purchase intention in dental tourism industry.</p> Papon Chongthanavanit Sung Kyum Cho Narumol C. Mamani Jantima Kheokao Copyright (c) 2021 Thammasat Review 2021-06-23 2021-06-23 24 1 197 213 The Causal Model of Absorptive Capacity, Strategic Flexibility and Innovation Performance on Sustainable Competitive Advantage: An Internationalization Perspective <p>Many scholars have focused on absorptive capacity in recent years, mainly around the technology spillover effect of investment from developed countries to developing countries. However, there is a lack of theoretical exploration and guidance on the use of absorptive capacity by emerging economies firms (EEFs). This study aims to explore the mechanism and the effect of absorptive capacity on sustainable competitive advantage, noting the mediating roles of strategic flexibility and innovation performance, as well as the moderating roles of environmental uncertainty. Applying the structural equation model &nbsp;using SPSS Amos 23, 404 Chinese overseas firms as a sample, the study found that potential absorptive capacity has a significant and positive effect on sustainable competitive advantage, however, realized absorptive capacity does not; as mediators, strategic flexibility and innovation performance can influence the impact of absorptive capacity on sustainable competitive advantage; as a moderator, environmental uncertainty play a significant but negative effect in the casual model; in six control variables, only “industry” and “R&amp;D intensity” have significant effects on sustainable competitive advantage. The results verify the mechanism of absorptive capacity on sustainable competitive advantages, providing new theoretical basis for EEFs, expanding the application areas of absorptive capacity while enriching the connotation of internationalization theory.</p> Yuxia Kong Sid Suntrayuth Copyright (c) 2021 Thammasat Review 2021-06-25 2021-06-25 24 1 214 246 Client and Auditor Conservatism in Timely Loss Recognition of Liabilities for Long-term Employee Benefits from Thailand’s New Labor Protection Act <p>The December 2018 amendment of the Labor Protection Act in Thailand caused different accounting practices for reporting the effect of the amendment among listed companies in the country. Some of them recognized the effect in 2018 while some of them delayed the recognition to 2019. Their different accounting practices call for an investigation into the role of accounting conservatism in Thailand. By using data of 580 listed companies, we found that clients were more likely to opt to delay the recognition and only disclosed the effect in 2018 when there was the official guideline that allowed them to opt to recognize or delay recognizing the effect of the amendment to the later year. With Thailand’s unique culture, clients behave more accounting conservative by recognizing/disclosing the greater estimated amounts of the effect of the amendment in 2018 whilst the auditors might at least challenge their clients to disclose the effect in 2018. However, there was doubt as to whether auditor conservatism was undermined by Thailand’s Krengjai norm and smooth interpersonal relationship orientation. We then suggest that a clear guideline for the different accounting practices is necessary to reduce the divergence of accounting practices as well as promoting accounting conservatism.</p> Ausanee Ratsamewongjan Weerapong Kitiwong Parichat Bootvong Sillapaporn Srijunpetch Copyright (c) 2021 Thammasat Review 2021-06-25 2021-06-25 24 1 247 279 Am I Wired to be Happy of My Job? Looking into the Dispositional Predictors of Job Satisfaction <p>Research on the dispositional approach to job satisfaction focuses on personality variables, core self-evaluations, and positive and negative affectivity. However, most of these studies used research-intended scales rather than standard measures of these innate characteristics. Moreover, such a body of work also neglects other inherent factors like cognitive and emotional intelligence. The current study investigated nine dispositional constructs: intelligence (cognitive and emotional), the Big Five personality traits, self-esteem, and their predictive effects on job satisfaction. Forty-three resort employees from a resort in Mactan, Cebu, Philippines, participated in the study. With the respondents’ consent, the researcher accessed their psychological records (e.g., personality, IQ scores). They also completed an online survey that measured the other constructs of interests (i.e., EQ, self-esteem, and job satisfaction). As a result, the respondents reported being relatively more satisfied with intrinsic work characteristics (i.e., work satisfaction) than external ones (i.e., co-workers, supervision, pay, benefits satisfaction). Moreover, out of the nine dispositional predictors considered, only self-esteem significantly predicted job satisfaction. These findings suggest the need for organizations to take care of their employees’ identities by connecting their respective jobs to their self-worth. Such employee programs may include empowered job titles, representations in professional organizations, and social group events valuing employees’ membership. Furthermore, future research endeavors need to look at the information processing involved in self-esteem and job satisfaction.&nbsp;</p> Jonathan C. de la Cerna Copyright (c) 2021 Thammasat Review 2021-06-28 2021-06-28 24 1 280 299 Transforming Rituals in Thai/Chinese Theravada of Indonesia <p>This paper analyzes the syncretic rituals conducted by Thai monks when they encounter Chinese beliefs in Indonesia. It questions how Thai monks transform the rituals to respond to the Chinese’ need by not losing their agency. Ethnographic methodology was conducted in Java and Sumatra for five months. Collected data was conceptualized through the idea of religious syncretism. It found that in Javanese and Chinese environments, Thai monks play a role of Javanese magicians in dealing with ghosts and black magic to stabilize the business and health of Chinese patrons. Thai monks also broaden the period of merit-transferring rituals to serve the Chinese who are busy on Ullambana (Mahayana) day. In addition, Fangshen or the animal-releasing ritual is arranged with the old name but new purpose. It is not for cultivating loving kindness only, but also using animals as a tool to transfer merits to one’s dead relatives. Theravada monks can still maintain their central role, though they are living in Mahayana communities. However, the transformation of rituals is not necessarily based on Theravada tradition. Rather, it reflects a syncretic form of ritual, in which Javanese, Chinese, Mahayana, as well as Theravada traditions are mixed.</p> Jesada Buaban Copyright (c) 2021 Thammasat Review 2021-06-28 2021-06-28 24 1 300 316 Can Sentiment from News Headlines Explain Stock Market Returns?: Evidence from Thailand <p>The objective of this study was to investigate whether sentiment from financial market headline news explains equity returns. Techniques from computational linguistics were employed to extract the news-based sentiment from a corpus of financial market headlines collected from a newsfeed of a financial newswire.&nbsp;&nbsp;&nbsp;&nbsp;</p> <p>In this study, news sentiment was classified as the overall sentiment and included both the positive and the negative sentiment. Using daily financial market data from 2017-2019, the overall sentiment and the positive sentiment were found to explain the equity returns of the Stock Exchange of Thailand (SET) while the negative sentiment did not explain the returns.</p> Sapphasak Chatchawan Copyright (c) 2021 Thammasat Review 2021-06-30 2021-06-30 24 1 317 333