Are Value Premiums Driven by Behavioral Factors? Are Value Premiums Driven by Behavioral Factors? Kanis Saengchoteα Sampan Nettayanunβ αChulalongkorn Business School βFaculty of Business, Economics

Detecting Corporate’s Earnings Manipulation in Thailand Corporate Governance Attributes and Audit Report Timeliness: Mediating Role of Corporate Disclosure and Transparency and Moderating Role of

unrealized loss related to foreign currency exchange. Net profit attributable to equity holders improved significantly by 24.3% compared to last year, driven by increased earnings of operations attributable to

881 www.aapico.com Management Discussion and Analysis for the 2nd quarter of year 2019 2 Total revenue grew by 11.1% year-on-year, driven by higher sales from the automotive parts segment. Interest

at the end of 2017, mainly driven by the increase in Retained earnings As at 31 March 2018, the Company’s Debt-to-Equity ratio was 0.66x, improved from 0.70x at the end of 2017, while the Net Interest

million. Shareholders’ Equity As of 31 December 2018, Total Shareholders’ Equity was Baht 14,049.3 million, an increase of Baht 1,472.3 million from Baht 12,577.0 million at the end of 2017, mainly driven

driven by the increase in Retain earnings of Baht 1,974.6 million and Share premium on ordinary shares of Baht 2,557.8 million. As at 31 December 2017, the Company’s Debt-to-Equity ratio was 0.70x

of 2017, mainly driven by an increase in Retained Earnings. As at 30 September 2018, the Company’s Debt-to-Equity ratio was 0.72x, increased from 0.70x at the end of 2017, while the Net Interest

USA PX and global PIA business as feedstock costs have come down. • Integrated oxide and derivatives business has seen significant growth in volumes and earnings primarily driven by the first time

. Shareholders’ Equity As of 30 June 2018, Total Shareholders’ Equity was Baht 12,815.2 million, an increased of Baht 238.2 million from Baht 12,577.0 million at the end of 2017, mainly driven by an increase in