ผลกระทบของความสัมพันธ์ระหว่างอุตสาหกรรมที่มีต่อผลการดำเนินงานของอุตสาหกรรม และการส่งผ่านข้อมูล / ศิลป์ชัย ปวีณพงษ์พัฒน์ = The impact of interindustry relationship on industry performance and information transfers / Sinchai Paveenpongpat
Examines the interindustry relationship of the Stock Exchange of Thailand listed companies' earnings and the information transfer on the announcement of the related industry's earnings. the input-output table is the primary information source on the related industries to test the significant of the interindustry relationship. The information transfers are tested for the related industry's earning in two categories: 1) corporate level versus industry level 2) corporate level versus corporate level. The two-stage least square is used to test interindustry relationship and the cross-sectional regression is used to test the information transfers. It is found in this study that there are some industries in the Stock Exchange of Thailand with significant interindustry relationship on earnings. However, such relationship is industry specific with different direction and time lagged. The information transfers for the corporate level versus industry level indicates that security returns of the seller industry firms are significantly related to the average unexpected earnings of the buyer industry. The test on the corporate level versus corporate level finds that the abnormal returns of the seller industry firms are not significantly related to the unexpected earnings of the buyer industry firms. It can be concluded that investors recognize earnings announcements of the related industries more than that of the individual corporates. As a results, this study provides the evidence that the interindustry relationship extracted from the information in the input-output table reflects earnings relationship of interindustry in the Stock Exchange of Thailand. In addition, the accounting information of the buyer industry is useful for an investor to make a decision to invest in the seller industry and can be explained as an interindustry information transfers.
