To Educate and Stimulate Business Leaders and Faculty

Sasin Journal of Management (SJM) was launched in 1995 to educate and stimulate the minds of business leaders and academics around the world by keeping them abreast of the latest theories and practical knowledge while participating in a forum that brings East and West together in the sharing of information and insights.

Our editorial board consists of business leaders and faculty members drawn from The Wharton School of the University of Pennsylvania, from JL Kellogg Graduate School of Management of Northwestern University, and from Sasin’s own faculty.

SJM brings you a balanced mix of articles in a variety of business fields, including corporate case studies and interviews with renowned business leaders.

Latest Issue Contents

Sasin Journal of Management, Volume 20, Number 1, 2016


Sasin Journal of Management, Volume 20, Number 1, 2016

SJM Interviews with Sasin Alumnus:

Business Opportunities and Trends in Thailand

  • Mr. Vichai Bencharongkul
    Benchachinda Holding Co., Ltd.
  • Mr. Siradej Donavanik
    Director of Hotel Investment
    Dusit International
  • Mr. Sam Jun Park
    Managing Director
    Amore Pacific

Feature Article:

na_sjmLeadership and Performance through Creativity – The Story of a Process – 

Alexander Paufler, Ph.D.
Professor of Management
Sasin Graduate Institute of Business Administration of Chulalongkorn University


Research Papers:

na_sjmA Conceptual Framework to Identify a Potentially Successful Person in Network Marketing

Rattana Hiranpong is a Doctoral Candidate of Doctor of Philosophy Program in Technopreneurship and Innovation Management at Chulalongkorn University; Associate Professor Pasu Decharin, Ph.D. is Dean of the Faculty of Commerce and Accountancy; and Assistant Professor Natcha Thawesaengskulthai, Ph.D. is a Lecturer and Vice Dean of the Faculty of Engineering at Chulalongkorn University, Thailand.

Network marketing is expanding all over the world, including Thailand in terms of both sales volume and number of people entering this business. However, few succeed. One approach to solving this problem is to study the characteristics of those who are potential to be successful in network marketing, which would help in recruiting people to join the network marketing more effectively.

This study aims to develop a conceptual framework to identify the characteristics of a person who has the potential to be successful in network marketing. Based on the review of existing literature and interviews of experts, it is found that a potentially successful person in network marketing has a set of four characteristics, which are 1) Unsatisfied value life-desire discrepancy, 2) ineffectiveness of existing career choices in closing the gap on discrepancies, 3) power to move people (or, in Thai, Phalanuphap), and 4) being assertive when significant others have become an obstacle.


na_sjmModeling and Forecasting Electricity Price for Management and Policy in Thailand

Sanyapong Petchrompo, Ph.D. is a Lecturer at Department of Mathematics, Faculty of Science, Mahidol University; Assistant Professor Chonawee Supatgiat, Ph.D. is a Faculty Member in Finance at Sasin Graduate Institute of Business Administration of Chulalongkorn University, Thailand.

In Thailand, electricity price is set by a government entity under a cost-plus pricing mechanism. Despite its substantial impact on national industry, no comprehensive research on Thailand’s electricity price forecasting has been conducted. Hence, Thai consumers have no reliable reference to help them estimate their electricity costs and plan for their electricity usage. To fill the gap, this paper introduces a method which can accurately forecast Thailand’s electricity prices. Since the price is derived from various sources, our method comprises several models which reflect the costs corresponding to these sources. These include the models for estimating the proportion of in-house and outsource generation, fuel consumption, fuel price, and purchase price. To construct these models, the paper implements multiple linear regressions and time-series methods with trend and seasonality analysis. Since it becomes apparent that some models require fuel prices as regressors, market information from future exchanges is utilized. To demonstrate how these models can be constructed and implemented, relevant historical fuel and generation data between 2008 and 2011 were gathered. The results from the models were subsequently put into actual operation to forecast the electricity price for 2012. The comparison between these forecasting results and the actual prices illustrates that our proposed method can be used to predict electricity price with small mean absolute percentage errors. This would definitely be of benefit to Thai electricity generators, suppliers, and consumers in their energy planning and budgeting. Most importantly, the related government units can apply our proposed method to enhance their estimation of fuel costs, enabling them to set the electricity price to better reflect its true cost and yield socially efficient consumption of electric energy.


na_sjmIdentifying the Missing Links: Enhancing Regional Connectivity of Mekong Countries amidst Demographic Transition

Professor Kua Wongboonsin, Ph.D. is a Professor of Demography and Deputy Director for Administrative Affairs, Takamasa Fujioka, Ph.D. is a Faculty Member in Finance, Assistant Professor Sabin Srivannaboon, Ph.D. is a Faculty Member in (i) Management (ii) Operations and Technology, Assistant Professor Piyachart Phiromswad, Ph.D. is a Faculty Member in Finance at Sasin Graduate Institute of Business Administration of Chulalongkorn University, Thailand.

Mekong countries (Cambodia, Lao PDR, Myanmar, Vietnam and Thailand) will experience a challenging demographic shift in the near future. This demographic shift will reduce the working-age population, which could be a major obstacle for their economic development. To alleviate this problem, Mekong countries need to urgently transform their industrial structure towards capital-intensive. However, it is unlikely that Mekong countries can accomplish this mission in time if each country works individually. In this paper, we argue that industrial transformation for Mekong countries will be better materialized if all Mekong countries are well-connected. This will enhance the chance of receiving foreign direct investment (FDI) and knowledge transfer from more advanced nations. Based on the ASEAN connectivity framework, we measure each dimension of connectivity using the information from the Global Competitiveness Report (GCR) of the World Economic Forum (WEF). With this, we are able to identify and prioritize areas of connectivity of Mekong countries that need major improvement, including transportation infrastructure, electricity supply and security. We further argue that Japan and China could play a vital role in fostering development in connectivity in Mekong countries.


na_sjmAttention-induced Price Pressure: Evidence from Thai IPOs

Vacin Lawatanatrakul is a Ph.D. Candidate in Finance at Sasin Graduate Institute of Business Administration of Chulalongkorn University, Thailand.

This paper empirically studies stock IPO underpricing in Thailand during 2004-2015 and its relationship to retail investor attention. Using Google search frequency for each IPO stock to construct its retail investor attention measure, we find a positive relationship between IPO underpricing (first-day returns) and retail investor attention. The results support our attention-induced positive price pressure hypothesis. Our result from Thailand, where the market is dominated by retail investors, is stronger than the result from US markets.


Back Issues