Economic Factors Affecting the Return on the Stock Price Index of Service Industry in MAI
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Published:
May 28, 2018
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Abstract
The objective of this study is mainly to investigate the predictive power of given economic factors upon stock price index of service industry in the market for alternative investment in Thailand during 2015-2017 (March). The given economic factors include the securities price index of the Stock Exchange of Thailand (SET), MAI stock trading value (TOV), dividend yield (DIV) and Market Cap (MAC). By employing the secondary data derived from MAI database, they were analyzed by using Multiple Linear Regressions with Ordinary Least Squares (OLS). The study found that the securities price index of the Stock Exchange of Thailand (SET), MAI stock trading value (TOV) have negative impact upon stock performance while dividend yield (DIV) and Market Cap (MAC) have positive impact upon stock performance with 73.27 % (which Market Cap has significant effects on DV) of predictive power based on the Multiple Regressions Equation. The study also reveals that Market Cap is the most important economic factor to predict the variance in stock performance of service industry in MAI.
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How to Cite
Watit Intuluck ว. อ., & Chakrit Srisakun ช. ศ. (2018). Economic Factors Affecting the Return on the Stock Price Index of Service Industry in MAI. Dusit Thani College Journal, 12(2), 354–368. Retrieved from https://so01.tci-thaijo.org/index.php/journaldtc/article/view/126021
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Academic Article
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References
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Almajali, A. Y., Alamro, S. A., & Al-Soub, Y. Z. (2012). Factors affecting the Financial Performance of Jordanian Insurance Companies Listed at Amman Stock Exchange. Journal of Management Research, 4(2), 266-289.
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Association of Thai Securities Companies. (2014). Introducing Broker Agent: IBA. Retrieved April 20, 2017, from Association of Thai Securities Companies: https://www.asco.or.th/datacenter5.php
Association of Thai Securities Companies. (2016). Annual Report 2016. Retrieved April 20, 2017, from Association of Thai Securities Companies: https://www.asco.or.th/about_annual_report.php
ASTV Manager Online. (2014, November 26). MAI set 8 industry groups by 2015. Retrieved Apirl 20, 2017, from Manager Online: https://www.manager.co.th/iBizChannel/ViewNews.aspx?NewsID=9560000146845
Aurangzeb. (2012). Factors affecting Performance of Stock Market: Evidence from South Asian Countries. International Journal of Academic Research in Business and Social Science, 2(9), 1-15.
Bunluerit, S. (2011). Economic Factors affecting the Security Price Index of the Banking Sector in the Stock Exchange of Thailand. Thailand: Master's Thesis, Rajamangala University of Technology Thanyaburi.
Dabo, Z., & Afang, H. A. (2017, March). Impact of Macroeconomic Variables on the Capital Structure of Listed Insurance Firms in Nigeria. The International Journal of Business & Management, 5(3), 91-96.
Flannery, M. J., & Protopapadakis, A. A. (2002). Macroeconomic Factors Do Influence Aggregate Stock Returns. The Review of Financial Studies, 15(3), 751-782.
Intrapong, D. (2010). A Study of Factor affecting Securities Price Index in MAI Stock Market. Thailand: Master's Thesis, University of the Thai Chamber of Commerce.
Joungrattanakamjorn, W. and Suntraruk, P. (2016). Economic Variables as Predictors of Stock Market Performance: Evidence from the Market for Alternative Investment (MAI). Srinakharinwirot Business Journal, 7(1), 25-47.
Khumwiwat, T. (2015). Factors affecting the Movement of Bank Sector of Stock Exchange Thailand. Thailand: Master's Thesis, Silpakorn University.
Kpanie, A. F., Esumanba, S. V., & Sare, Y. A. (2014). Relationship between stock market performance and macroeconomic variables in Ghana. Issues in Business Management and Economics, 2(3), 46-53.
Kruerattikarn, Y. (2014). Relationship between Corporation Governance Mechanism and Index of Profitability of Listed Companies in Market for Alternative Investment. Sripatum Choburi Journal, 11(1), 41-50.
Lohaphon, W. (2010). Factor affecting Securities Price Index in Tourism and Leisure Sector. Thailand: Master's Thesis, University of the Thai Chamber of Commerce.
Pipopwattana, T. and Kongsawatkriet, K. (2013). Analysis of Rate of Return and Risk on the Securities in the Market for Alternative Investment by Using Capital Asset Model (CAPM): Case Study MBAX, MOONG, NBC, PYLON, CHUO and TPAC. Journal of Finance, Investment, Marketing and Business, 3(2), 250-268.
Puengrang, S. (2010). Factor affecting Securities Price Index in Commerce Sector. Thailand: Master's Thesis, University of The Thai Chamber of Commerce.
Punthong, N. (2009). An Opinion of Investor on MAI Stock Marlet. Thailand: Independent Study, Bangkok University.
Reuanggun, S. and Bannchuenvichintra, W. (2013). Factors affecting the Securities Price Index of the Market for Alternative Investment. Journal of Finance, Banking and Investment, 2, 196-215.
Rojanawutthitikun, A. (2011). The Determinants on Performance of Banking-Sector Stocks. Thailand: Master's Thesis, Srinakharinwirot University.
RungsriRattanawong, R. (2010). Factor affecting Securities Price Index in SET 50. Thailand: Master's Thesis, University of The Thai Chamber of Commerce.
SET Group Websites. (2016). Annual Report 2016. Retrieved April 20, 2017, from The Stock Exchange of Thailand: https://www.set.or.th/mai/en/about/vision.html
Tangjitprom, N. (2012). Macroeconomic Factors of Emerging Stock Market: the Evidence from Thailand. International Journal of Financial Research, 3(2), 105-114.
Totrakunpitak, W. (2009). Factor affecting Average Securities Price Index in Energy Industry Sector: A Case Study of 3 Companies in Stock Exchange of Thailand. Thailand: Master's Thesis, Bangkok University.
Wiboonchaiborworn, W. and Bannchuenwichitra, W. (2013). Factor affecting the Stock Price of Grungsri Ayudtaya Bank Public Company Limited. Journal of Finance, Banking and Investment, 1(3), 277-294.
Almajali, A. Y., Alamro, S. A., & Al-Soub, Y. Z. (2012). Factors affecting the Financial Performance of Jordanian Insurance Companies Listed at Amman Stock Exchange. Journal of Management Research, 4(2), 266-289.
Anshika. (2017). Micro-economic factors affecting stock returns: an empirical study of S&P BSE Bankex companies. Indian Journal of Economics and Development, 5(2), 1-6.
Association of Thai Securities Companies. (2014). Introducing Broker Agent: IBA. Retrieved April 20, 2017, from Association of Thai Securities Companies: https://www.asco.or.th/datacenter5.php
Association of Thai Securities Companies. (2016). Annual Report 2016. Retrieved April 20, 2017, from Association of Thai Securities Companies: https://www.asco.or.th/about_annual_report.php
ASTV Manager Online. (2014, November 26). MAI set 8 industry groups by 2015. Retrieved Apirl 20, 2017, from Manager Online: https://www.manager.co.th/iBizChannel/ViewNews.aspx?NewsID=9560000146845
Aurangzeb. (2012). Factors affecting Performance of Stock Market: Evidence from South Asian Countries. International Journal of Academic Research in Business and Social Science, 2(9), 1-15.
Bunluerit, S. (2011). Economic Factors affecting the Security Price Index of the Banking Sector in the Stock Exchange of Thailand. Thailand: Master's Thesis, Rajamangala University of Technology Thanyaburi.
Dabo, Z., & Afang, H. A. (2017, March). Impact of Macroeconomic Variables on the Capital Structure of Listed Insurance Firms in Nigeria. The International Journal of Business & Management, 5(3), 91-96.
Flannery, M. J., & Protopapadakis, A. A. (2002). Macroeconomic Factors Do Influence Aggregate Stock Returns. The Review of Financial Studies, 15(3), 751-782.
Intrapong, D. (2010). A Study of Factor affecting Securities Price Index in MAI Stock Market. Thailand: Master's Thesis, University of the Thai Chamber of Commerce.
Joungrattanakamjorn, W. and Suntraruk, P. (2016). Economic Variables as Predictors of Stock Market Performance: Evidence from the Market for Alternative Investment (MAI). Srinakharinwirot Business Journal, 7(1), 25-47.
Khumwiwat, T. (2015). Factors affecting the Movement of Bank Sector of Stock Exchange Thailand. Thailand: Master's Thesis, Silpakorn University.
Kpanie, A. F., Esumanba, S. V., & Sare, Y. A. (2014). Relationship between stock market performance and macroeconomic variables in Ghana. Issues in Business Management and Economics, 2(3), 46-53.
Kruerattikarn, Y. (2014). Relationship between Corporation Governance Mechanism and Index of Profitability of Listed Companies in Market for Alternative Investment. Sripatum Choburi Journal, 11(1), 41-50.
Lohaphon, W. (2010). Factor affecting Securities Price Index in Tourism and Leisure Sector. Thailand: Master's Thesis, University of the Thai Chamber of Commerce.
Pipopwattana, T. and Kongsawatkriet, K. (2013). Analysis of Rate of Return and Risk on the Securities in the Market for Alternative Investment by Using Capital Asset Model (CAPM): Case Study MBAX, MOONG, NBC, PYLON, CHUO and TPAC. Journal of Finance, Investment, Marketing and Business, 3(2), 250-268.
Puengrang, S. (2010). Factor affecting Securities Price Index in Commerce Sector. Thailand: Master's Thesis, University of The Thai Chamber of Commerce.
Punthong, N. (2009). An Opinion of Investor on MAI Stock Marlet. Thailand: Independent Study, Bangkok University.
Reuanggun, S. and Bannchuenvichintra, W. (2013). Factors affecting the Securities Price Index of the Market for Alternative Investment. Journal of Finance, Banking and Investment, 2, 196-215.
Rojanawutthitikun, A. (2011). The Determinants on Performance of Banking-Sector Stocks. Thailand: Master's Thesis, Srinakharinwirot University.
RungsriRattanawong, R. (2010). Factor affecting Securities Price Index in SET 50. Thailand: Master's Thesis, University of The Thai Chamber of Commerce.
SET Group Websites. (2016). Annual Report 2016. Retrieved April 20, 2017, from The Stock Exchange of Thailand: https://www.set.or.th/mai/en/about/vision.html
Tangjitprom, N. (2012). Macroeconomic Factors of Emerging Stock Market: the Evidence from Thailand. International Journal of Financial Research, 3(2), 105-114.
Totrakunpitak, W. (2009). Factor affecting Average Securities Price Index in Energy Industry Sector: A Case Study of 3 Companies in Stock Exchange of Thailand. Thailand: Master's Thesis, Bangkok University.
Wiboonchaiborworn, W. and Bannchuenwichitra, W. (2013). Factor affecting the Stock Price of Grungsri Ayudtaya Bank Public Company Limited. Journal of Finance, Banking and Investment, 1(3), 277-294.