15% Credit Rating Others 25,169 8.7% 24,307 6.9% Fitch National rating: AA+ (THA), Outlook: Stable Total Equity 69,394 24% 75,689 22% S&P BBB+, Outlook: Stable Source and use of fund FY20 (Bt mn

274,481 78% 274,397 77% Retained earnings 51,382 15% 57,103 16% Credit Rating Others 24,307 6.9% 24,722 6.9% Fitch National rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 81,825 23% S&P BBB

brighter investment outlook, and ongoing growth in tourism. At the same time, the real estate and construction sectors grew modestly, with expansion seen only in certain areas. Likewise, consumption fared

1 Synergistic effects of CSR practices on firm value: Evidence from Asia Pacific emerging markets Boonlert Jitmaneeroj School of Business, University of the Thai Chamber of Commerce Abstract Corporate social responsibility (CSR) has several attributes that are inherently unobservable or measured with errors. This study proposes an alternative methodology to account for measurement errors in CSR proxies. In this spirit, this study considers CSR to be a latent variable measured by environmental (E...

perspective to substantiate a solid platform instrumental in driving business expansions outside Thailand in the long run. Due to our equity investments in ICUK, its financial performance and position have been

-up phase. However, we believe that our feat of endeavors as mentioned shall be considered an investment from strategic perspective to substantiate a solid platform instrumental in driving business

Flows Statement 28 Financial Ratios 30 Environmental Management Accounting 31 Management’s Perspective towards 2019 Performance Management Discussion and Analysis of Business Operation for FY2018 Bangchak

and China. Thai economy outlook in 2020 is expected to grow under its potential, the Bank of Thailand estimates GDP growth at 1.5% to 2.5% from a slow pace of export, the drought circumstance and corona

sharp contraction in the first quarter of 2020 as economic activity was crippled due to efforts to control the spread of COVID-19. The World Economic Outlook of the International Monetary Fund estimated

(Competitiveness and performance with long-term perspective) 2. ประกอบธุรกิจอย่างมีจริยธรรม เคารพสิทธิและมีความรับผิดชอบต่อผู้ถือหุ้นและผู้มีส่วนได้เสีย (Ethical and responsible business) 3. เป็นประโยชน์ต่อสังคม และ