goods or variable specified in the contract and the price or value of such goods or variable prevailing at a given time or any interval in the future as specified in the contract; “derivatives exchange

between the price or value of goods or variable specified in the contract and the price or value of such goods or variable prevailing at a given time or any interval in the future as specified in the

-O-Y or Baht 17.2 million mainly from variable expenses that rose along with revenues, annual salaries adjustment, while interest expense lower as the rate down from 4.31% in 2017 to 3.60% in 2018, and

/2018; 2. SG&A including Interest expenses up 10% Y-O-Y or Baht 19.8 million mainly from variable expenses that rose along with revenues, annual salaries adjustment, and a higher CIT of Baht 2.0 million

expenses down 4% Y-O-Y or Baht 8.2 million mainly from the effectiveness of all SG&A expenses controls and the reduction of revenue -related variable costs despite an increase of Baht 2.5 million in pre

expenses down Baht 36.4 million Y-O-Y mainly from the reduction of revenue -related variable costs, travelling and marketing – related expenses due to the impact of Covid -19 pandemic; - and a higher CIT

in goods deliveries for part of the above-mentioned projects to Q4/2019; - SG&A including Interest expenses were down Baht 6.9 million Y-O-Y on lower variable expenses relating to performance; - CIT

, transactions that are subject to variable fee rates shall be based on volume they made; and the intermediaries that enter into the same type business activities shall pay the same rates of fee; or fees shall

and, consequently, build a strong company culture. Further analysis validates the results, including propensity score matching (PSM), entropy balancing, an instrumental-variable analysis, Lewbel’s (2012

flow. The 5th (bottom) performance quintile is omitted as baseline category. We modify their regression specification to include a dummy variable for funds that operated by bank-owned asset management