Sasin Journal of Management: Volume 9, Number 1, 2003

 

This article examines foreign exchange market efficiency using relative strength investment strategies. The study documents significant positive returns from a trading strategy that buys as value of a currency rises and sells as the currency value falls. The positive returns persist even after incorporating interest rate differentials but disappear when a constant currency risk premium is added to the model. The findings suggest that speculative profits are the result of compensation for speculative risk, rather than market inefficiency. na_sjmMarc C. Chopin & Thanomsak Suwannoi
Relative Strength Strategies and Foreign Exchange Market Efficiency

This article examines foreign exchange market efficiency using relative strength investment strategies. The study documents significant positive returns from a trading strategy that buys as value of a currency rises and sells as the currency value falls. The positive returns persist even after incorporating interest rate differentials but disappear when a constant currency risk premium is added to the model. The findings suggest that speculative profits are the result of compensation for speculative risk, rather than market inefficiency.

na_sjmSuvit Maesincee, Krittinee Nuttavuthisit, Ake Ayawongs, & Naphisara Phasukavanich
Branding Thailand: Building a Favorable Country Image for Thai Products and Services

As a gift to the Royal Thai Government, the Sasin Graduate Institute of Business Administration and the Kellogg School of Management have initiated this study with the intention of understanding the perceptions consumers around the world currently have of Thailand and its products and services in order to propose a more favorable country image or “brand” that Thai firms can identify with in order to standout from competitors. Consumers’ perceptions of Thailand are a “fusion” rather than rigid beliefs, opinions or attitudes. The perceptual fusion ranges from delight to resentment and from the tangible to the intangible. The authors believe that synergizing the well-perceived and fundamentally strong attributes of “Thai-ness” in the minds of consumers can assist Thai companies in breaking parity in the global marketplace.

na_sjmSarote Phornprapha
New Challenge for Leaders: Managing Emotions in the Workplace

Emotions have been largely “written out” of the study of organizations until recently, when there has been more interest in the way in which emotions and feelings affect behaviour at work, largely focused on customer service workers and their need to provide “emotional labour” (i.e. to manage their emotions) to meet the needs of customers (Fineman, 1993; Pekrun and Frese, 1992; Hochschild, 1983). Furthermore, there are many popular books and articles, which focus very much on the awareness of the intentions and conveyed meanings accompanied by feeling during interactions between superiors and their subordinates (Goleman, 1995; Namie and Namie, 2001).

This paper will look at the emotional labour required of frontline managers, namely “supervisors”. The paper is based on research conducted in Thailand in a chain of restaurants. The primary purpose of this research was to look at the preferences of operative staff regarding the leadership style of their supervisors. 125 employees were interviewed, from both back-of-house and front-of-house, using a critical incident technique reviewing “good” and “bad” things their supervisor had done. 327 incidents were collected and categorized. Issues having to do with the management of emotions were found in almost all the categories, from comments about “talking nicely” to “he shouted at me when I did something wrong”; “he knows how to deal with each member of staff” to “he shouts at staff in order to please the customer”. Overall, operative staff expected supervisors to manage their emotions. They appreciated friendly communications from their supervisors and criticized failure to be reasonable or inability to control one’s temper.

These results are discussed in relation to Thai cultural values, particularly the way in which the Thai emphasis on “social smoothing”, i.e. on smooth, kind, pleasant and conflict-free interpersonal interactions, affects preferences about supervisory style. The results are also discussed in relation to other models of leadership style, particularly the types of leadership style that might be appropriate in eastern countries. Finally, opportunities for further research in this area are explored.

na_sjmT. Ramayah, Muhamad Jantan, En. Zainon Harun, and Michael Raja G. Rajagopal
Managing Change: Antecedents and Implications of the Change Process

Eighty four organizations responded to this survey using a structured questionnaire. The major findings of the research is that desirable change process characteristics and IS support effectiveness contribute significantly to the effectiveness in implementing business changes. The research found that effectiveness in implementing business changes leads to better organizational performance.

na_sjmM. Sadiq Sohail
Consumers’ Perceptions towards Thai Products and Marketing Practices: An Asia Pacific Perspective

The objective of this paper is to examine the country-of-origin effect of products made in Thailand. The study focuses on the questions of the sources of information in evaluating products; the evaluation of specific product dimensions by Malaysian consumers; and consumers’ assessment of different product categories. It reports on the findings of a survey conducted in which 255 responses were obtained. The most common product information source was found to be through package of product. Products made in Thailand had been rated highly for competitive price. Clothing and apparel were generally found to be the popular preference of product category by Malaysian consumers. The managerial implications of these are discussed and the limitations of the study are highlighted.

na_sjmRoy Tomizawa
Standard Chartered Nakornthon Bank:

Part I: When Communicating Isn’t Enough
Part II: Two Steps Forward, One Step Back

na_sjmM. Sadiq Sohail
Consumers’ Perceptions towards Thai Products and Marketing Practices: An Asia Pacific Perspective

The paper involves two-part case study on the integration of Standard Chartered Bank and Nakornthon Bank.

na_sjmSJM Interview: Mr. Banthoon Lamsam

On August 18, 2003, SJM interviewed the president of Kasikornbank, Mr. Banthoon Lamsam. We asked him to share his views on KBANK and the development of good corporate governance in Thailand. The following is an edited, translated version of the thoughts he shared in response to the questions put forth by the SJM team.