Investment Decision-Making of Shareholders in the Stock Exchange of Thailand
A thesis submitted in fulfilment of the requirements for the degree of Doctor of Philosophy
Chutiya Kanthapanit
Bachelor of Accountancy, PYU
Master of Applied Finance, UWS
School of Management
College of Business
RMIT University
April 2015
Declaration
I certify that except where due acknowledgement has been made, the work is that of the author alone;
the work has not been submitted previously, in whole or in part, to qualify for any other academic
award; the content of the thesis is the result of work which has been carried out since the official
commencement date of the approved research program; any editorial work, paid or unpaid, carried
out by a third party is acknowledged; and, ethics procedures and guidelines have been followed.
Chutiya Kanthapanit
4 July 2016
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ACKNOWLEDGEMENTS
I am greatly appreciative of my Principal Supervisor Dr. Alan Montague, and my
associate supervisor Dr. Paul Myers for their kindly encouragement, warmth, support,
and professional guidance. I will never forget their invaluable advice, comments and
suggestions which contributed to the completion of this thesis, and without whom I
would not have completed this doctorate.
I wish to thank the Mahasarakham Business School, Mahasarakham University,
Thailand, as a scholarship sponsor for their financial assistance.
Finally, I am deeply indebted to my family (the Jeamwijuck) especially, my father, my
mother, my sister, my brother, my husband and my lovely daughter Kate, for their love
and trust in me, and their financial and emotional support during my study.
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LIST OF PUBLICATIONS
A paper based on this thesis was been presented at an international conference, and
subsequently this work was accepted for publication in a peer-reviewed journal. Details
are as follows:
Kanthapanit, C, Sofocleous, S & Clark, C (2010), ‘Adoption of International
Accounting Standards in Thailand: Influence on Decision-Making of
Individual Shareholders in Large Asset-based Industries’, 13t h International
Business Research Conference. Novotel Hotel, Melbourne, Australia: World
Business Institute, Australia.
Kanthapanit, C, Sofocleous, S & Clark, C (2011), ‘Adoption of International Accounting
Standards in Thailand: Influence on Decision-Making of Individual Shareholders
in Large Asset-based Industries’, Global Review of Accounting and Finance Vol. 2,
No.1, pp. 18-28.
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ABSTRACT
The International Accounting Standards require entities to report useful and
accurate information, enabling shareholders and others to make informed investment
decisions. This research investigates the array of factors that influence the investment
decision-making of shareholders in the Stock Exchange of Thailand (SET).
The research employed a mixed research methodology that combines quantitative
and a qualitative analysis to obtain empirical data on the factors that impact on Thai
shareholders investing in large asset-based industries in the SET. Data were collected
from shareholders who invested in 204 listed companies within three industries:
namely, Resources; Industrials; and Property and Construction. The Department of
Business Development (DBD) provided the list of shareholders. Multiple responses and
cross tabulations were used to analyse the survey data to determine the association
between seven variables (factors) that influenced the decision-making of shareholders.
Furthermore, the Kruskal-Wallis and Mann Whitney Tests were used to analyse the
possible influence of age, gender, and education on the investment decisions of the Thai
shareholders.
The quantitative survey, involved 121 respondents which represented 28.81 per
cent of the possible informants who received the survey through the post. The
qualitative interviews were conducted with ten randomly-selected shareholders from
lists of shareholders of specific large asset-based industries in Thailand, as provided by