conclusion appears to be remarkably robust and is highly unlikely tainted by endogeneity. e. Lewbel’s (2012) heteroscedastic identification We also perform Lewbel's (2012) heteroscedastic identification to

reversing the industry trend, increased by 12.8 percent which equivalent to THB 6,391 million. (Enclosure 4) 5 In the recent years, advertising industry has remarkably change in respect of people’s lifestyle