affect the issuer’s utilization of the assets. With regard to any material plans to construct, expand or improve facilities, describe the nature of and reason for the plan, an estimate of the amount of

, 50% as large-cap growth funds, and 94% are actively-managed funds. We obtain stock total returns, prices and financial statements data from Datastream database and construct asset pricing risk factors

, 2018). While previous studies have examined the critical mass theory, our study is the first to investigate this theory using corporate culture. We construct a binary variable equal to one if there are

regulatory requirements and environmental issues that may materially affect the issuer’s utilization of the assets. With regard to any material plans to construct, expand or improve facilities, describe the

1 ( Translation ) Ref. NEP146-2017 October 25, 2017 Subject : Resolutions of the Board of Directors approving the capital decrease, the capital increase, the allotment of newly issued ordinary shares to investors in private placement, the acquisition of assets and convening the Extraordinary General Meeting of the Shareholders No. 1/2018 (Revise 3) To : President, The Stock Exchange of Thailand Attachment : 1. Capital Increase Report Form (F 53-4) 2. Information Memorandum in relation to the al...