Sasin Journal of Management: Volume 8, Number 1, 2002


Sasin Journal of Management: Volume 8, Number 1, 2002na_sjmAlvin Carley
Financial Reporting in the U.S. – 2002

Financial reporting is going through significant turbulence in the United States and the U.S. accounting profession is under scrutiny. Credibility of financial information has been badly damaged, the financial markets have been adversely affected and various groups are crying out for reform and stronger oversight of the accounting profession. A major question is, “How did we get into this condition?” This article attempts to answer that question, to identify causes and the group(s) most responsible for the dramatic and severe financial statement misrepresentations which have appeared recently, to consider some of the consequences, and to look to the future to consider the likely changes to the accounting profession and the need for regulators, the media and Congressional committees to adjust their focus.

na_sjmSupanat Chuchinprakarn & Thomas V. Greer
Depiction of Women in Magazine Advertising in the Globalization Era: A Comparison Across Muslim Nations and the U.S.

This study examined the frequency of ads depicting women as well as forms of female portrayal in magazine advertising in the age of information technology across Muslim nations and the U.S. The results indicated that women were depicted less frequently in magazine advertising in Turkey, Indonesia, and the U.S. than in Egypt and Pakistan. The frequency of depicting women was the highest in Pakistan, a conservative Muslim society. The portrayals of women in magazine advertising in Turkey and Indonesia appeared to be more westernized and similar to those in the U.S. Islamic values appeared to have a strong impact on female portrayals in Pakistan but a moderate impact in Egypt. The result renders support to the belief that national values still have a major effect on advertising executions.

na_sjmHsiang-Ling Han & Pongsak Hoontrakul
Contagion in South East Asia – Measuring Stock Market Co-Movements

This paper utilizes two different approaches to examine whether there is a contagion among South East Asian economies. According to the cross-market correlation analysis, there is a contagion between Thailand, Indonesia and Philippines and market co-movements which simply cannot be explained by the fundamental linkages between these economies. A contagion is also detected by cointegration analysis. The long-term relationship among South East Asian countries and Japan significantly changed after July 1997. Both impulse response analysis and variance decomposition confirm the changes in market co-movements. The findings suggest that multinational investment managers may need to re-design their strategies for South East Asia consistent with Tang’s advice (2001). A quick move by the IMF approving the Philippines’ request for an extension of its Extended Fund Facility (EFF), the Chieng Mai initiative on foreign exchange swaps and others proposed by Chaipravat and Bhanich Supapol (2000) under the ASEAN commission, and massive financial packages to Thailand and Indonesia are among justifiable measures supported by our empirical evidence.

na_sjmSooksan Kantabutra & Gayle C. Avery
Effective Visions: Vision Components and Realization Factors

Though vision is emphasized as the starting point of an organization’s transformation, surprisingly little research has been done on what constitutes an “effective” vision. This article addresses this critical gap, and reviews the theoretical literature on what leaders do to realize their visions. Vision components refer to the attributes and content hypothesized to make a vision effective. Vision attributes refer to brevity, clarity, abstractness, challenge, future orientation, stability, and desirability or ability to inspire, while vision content is determined by each leader’s strategy for his organization. Vision realization factors include strategy and planning, acquiring support, communication, organizational alignment, empowerment, and motivation. A set of propositions about relationships between vision components and realization factors, and business performance are developed, and future research directions and implications for managers are discussed.

na_sjmSiriyupa Roongrerngsuke & Adith Cheosakul
360-Degree Feedback: Problems and Prospects in Thailand

The effective management of human performance in organizations requires effective performance appraisal. The combination of self-review, peer, subordinate, supervisor, and sometimes customer appraisal, defined as 360-degree feedback, is rapidly becoming popular among leading organizations in the United States and around the world. However, local organizations in Thailand are reluctant to employ this system due to concerns about the readiness of Thai employees whose cultural norms and values are very much different from those in the U.S. and in other western economies. This research study was thus conducted to investigate the perception, attitudes, and experience (if any) of leading organizations in Thailand of the 360-degree feedback system. The results show that Thai employees perceived that the system could help improve organization efficiency and transparency while minimizing human bias and error in evaluating performance. Nevertheless, they were concerned that certain local norms and values regarding seniority, patronage, and face-saving were barriers to the successful implementation of this system. Orientation and communication of the objectives of the 360-degree feedback to the employees, training for both appraisers and appraisees about how to use the system, establishment of clear standards of performance expected, and support from top management to create a nurturing environment for constructive criticism were perceived as essential to the successful practice of this system.

na_sjmNarasri Vaivanijkul, Thanawan Sangsuwan, Ploentip Kometsopa & Choosak Udomsri
How to Increase Competitive Advantage for Small and Medium Enterprises in the Gem and Jewelry Industry

This study examines the gem and jewelry industry in Thailand and its major export markets. Data were collected from both primary and secondary sources, coupled with analysis to provide insightful information for small and medium enterprises. The information from this study, including the workbook, can serve as a guideline to help small and medium companies improve their businesses as well as to pursue potential opportunities in Thailand’s major export markets. Practical recommendations were also given to related parties to boost the industry competitiveness.

na_sjmThe Pragmatic Central Banker: M.R. Pridiyathorn Devakula
SJM Interview

SJM interviewed the Bank of Thailand governor, M.R. pridiyathorn Devakula shortly before he received an honorary degree from Chulalongkorn University in July, 2002. We asked him to share his views on the restructuring of Thailand’s financial sector and BOT’s role in facilitating the nascent economic recovery