@article{Ungphakorn_2021, title={Earnings, Cash Flows, Dividend Yield and Stock Returns of Service Industry: An Empirical Evidence From Stock Exchange of Thailand}, volume={13}, url={https://so01.tci-thaijo.org/index.php/bahcuojs/article/view/244986}, abstractNote={<p>This study investigates effect of earnings, cash flows and dividend yield on returns of stocks in service industry using quarterly data between 2015-2019 and estimates relationship using Pooled OLS, Fixed Effect and Random Effect regressions, considering both symmetric and asymmetric relationships. Results reveal that, on average, returns of stocks in service industry was -0.57% per quarter, earnings-to-price ratio was -0.0007, cash flows-to-price ratio was 0.0186 and dividend yield was 1.93%. Results on both symmetric and asymmetric relationships show that dividend yield is statistically negatively affect stock returns. In addition, size, which is a controlled variable, is positively affect stock returns. When business sector is taking into account, dividend yield is still only a factor that impact stock returns for all business sectors except for professional services sector. Also, cash flows-to-price ratio negatively affects stock returns for media and publishing sector.</p>}, number={2}, journal={Business Review Journal}, author={Ungphakorn, Teerapan}, year={2021}, month={Dec.}, pages={181–196} }