securities trading, for example, client investment limits, consideration of collateral quality, and prohibition of Non-Voting Depositary Receipt (NVDR) investment by Thai entities. The SEC has also

-up costs and indifferent products among competitors result in low customer’s royalty. (3) Pastry and bakery industry also face a threat from indirect competitors including healthy food business and

of the firm's assets as shown on equation Mackie Mason (1988) study on tax effects on asset values and investment decision and find that non debt tax shield e.g. the amount of tax carry forward or tax

0.045 and the payment date are indifferent from what proposed to shareholders included in announcement of 2020 AGM on 26 March 2020. The dividend payment, basically, represented the Company’s financial

the 30% tax rate. We assume that stock returns come from 50% long-term capital gains (or qualified dividends), which are taxed at 15%, and from 50% short-term capital gains (or non-qualified dividends