Conclusions Table 1: Value Signal Descriptions Variable Related Literature Book-to-Market Ratio (BM) Graham and Dodd (1934) and Fama and French (1993) Intangible Capital-Adjusted BM (iBM) Peters and Taylor

by MSCI (with country GPR data availability) between 1985 and 2019, from Refinitiv Datastream. ❑ Dependent variable used to measure firm value is Tobin’s Q. ❑ To ensure the results are robust, we

exemption or light-touch track for offers made to sophisticated investors or private placements. However, the SEC proposes that ICO for “investment participation” be initially allowed for institutional

million baht to 107.25 million baht, increased 12.98 million baht or 13.77 percent, was mainly by the increased in variable trading volume of the securities business, derivatives business, proprietary

were also higher, but these are investments into the future competitiveness of the company. On the upside we expect to see some of the variable cost pressure, notably fuel, to ease in the following

from the second quarter of the year 2019 of Baht 178.69 million or -79.41% due to decrease in cost variable to income such as food and beverage cost and salary, is significant. However, some expenses

credit card fee, variable rental expenses, utility expense, maintenance cost, and outsourced labor cost whereas the depreciation expense has increased due to the adjustments in compliance with the

to revenue from sale ratio is 73.24 %, 70.82 % and 77.04 %, for year 2020, 2021, and 2022 respectively. The main reason is that in 2022, the company has increased variable costs such as raw material

rent to variable rent, and instead requiring the fund/trust to disclose to investors what is the minimum fixed rent of an asset; (3)   Amending the rule on the distribution of benefits or dividends to

choose between a complex and a simple tax deduction option. Dependent variable is an indicator = 1 if choosing a complex tax incentive and 0 if a simple incentive. Numbers in parentheses indicate