misconduct, e.g. EM, compensation plans. Bartov et al. (2002); Guo (2019) Pressure firms to concentrate on short-term activities to generate profits. Manage R&D, acquire innovative firms, and invest in start

digital billboard and revenue from creative production. THB (mn) 1Q 2017 1Q 2018 YoY (%) Operating revenue 190 290 53.1% Cost of sales 89 109 22.9% Gross profit 101 181 79.7% Selling, general

Support The National Economic and Social Development Plan no.13:Create economic value along with sustainable social development • Innovation Policy for Sustainable Development: Digital/Creative Economy link

sentiment, accompanied by growth in public investment which resembled the growth rate from the same period last year. All in all, economic drivers continued to perform well particularly merchandise exports

consumer sentiment worsened. As in the previous quarter, in Q4 the main lime consuming sectors of the industry were impacted by the macro economy. However, despite the current challenges in the economy

, motorway routes, and airport development. The higher government spending, especially the Eastern Economic Corridor Development (EEC) project, is expected to upturn the business sentiment as well as encourage

future. Business wise H1 2019 was challenging particularly in the most recent quarter. Business sentiment in multiple industrial segments important to us has been impacted by the macro economy and the

since 2016, while the Indonesia market also began to generate early profit. Despite the positive sentiment in the oversea markets, the Company’s faced challenges from the sluggish performance in the

both SAP Business 1 and Oracle Netsuit for the more cloud savvy customers, we believe we will be well position to pick up businesses when the market sentiment improves. The recurring and non-recurring

2020/21, the Company sees a positive sentiment from the Prowtech’s operation due to a sign of recovery in Outdoor media demand. Therefore, MACO will initially invest 15.0% in VGI Vietnam from subscribing