characteristics (Matsumoto, 2002) - Institutional ownership - Reliance on implicit claims with their stockholders - Value-relevance of earnings Natural disasters (such as hurricanes: Byard et al. 2007

are sustainably different from the underlying financial version of the agency theory. It assumes that each stakeholder is a part of implicit and explicit contracts that can contribute to a corporation

implicit in the methodology but have been clarified through notes Web pages that facilitate dissemination Research highlights on the credit implications of ESG trends and factors ESG- specific conferences or

statement as of June 30, 2017 and the Company’s unstable profitability and unfavorable of steel industry which caused the Company might not be able to receive source of funds from other financial institutes

on its current financial statement as of June 30, 2017 and the Company’s unstable profitability and unfavorable of steel industry which caused the Company might not be able to receive source of funds

18.90% increased, while sale revenue only increase by 11.06% results in less profit margin compare to the year 2017 at 24.25 million baht, due to the unstable of production cost of new production line

gains and overweigh losses. But the same outcome can be framed as a gain or a loss depending on the choice of reference point. So consumer choice can be unstable and vary depending on which reference

does not constitute an implicit or explicit investment advice. The information provided herein is general in nature and does not constitute an advertisement of financial products in Switzerland pursuant

underlying asset(s) in which they invest – as discussed above. One aim of internal governance structures and the Principles in this respect is to minimise the frictional costs implicit in the investment chain

from intensively focusing on income from Government Projects. In the past, the Company experienced unstable cash flow and liquidity problems from delayed projects and unexpected budget allocation of