研究活動情報

• 2017年03月 The Academy of International Business Chapter US Midwest, The 2017 MBAA International McGraw-Hill Education Distinguished Paper Award, Financial openness, financial markets development, and economic growth: evidence from Americas, Asia, and Europe

  Jittima TONGURAI, Chaiporn VITHESSONTHI

  国際学会・会議・シンポジウム等の賞

  共同研究・競争的資金等の業績ID対象リソースIRI


• 2015年05月 Emerald Group Publishing, The Emerald Literati Network 2015 Awards for Excellence, Outstanding Reviewer for Journal of Asia Business Studies

  Jittima Tongurai

  出版社・新聞社・財団等の賞


• 2014年10月 The Academy of International Business Southeast USA Chapter, The Academy of International Business Southeast USA Chapter Best Paper in 'International Accounting, Economics, and Finance' Track, The effect of leverage on performance: domestically-oriented vs. international-oriented firms

  Chaiporn Vithessonthi, Jittima Tongurai

  国際学会・会議・シンポジウム等の賞


• 2014年10月 The Academy of International Business Southeast USA Chapter, The Academy of International Business Southeast USA Chapter Best Paper Award, The effect of leverage on performance: domestically-oriented vs. international-oriented firms

  Chaiporn Vithessonthi, Jittima Tongurai

  国際学会・会議・シンポジウム等の賞


• 2011年03月 The 2011 Academy of Finance (AOF), Best in Track Award (Global Finance), The perils of a central bank’s capital control: how substantial is the effect on firm value?

  Chaiporn Vithessonthi, Jittima Tongurai

  国際学会・会議・シンポジウム等の賞


• 2008年10月 The Academy of International Business Southeast USA Chapter, The Academy of International Business Southeast USA Chapter Best Reviewer Award, Best Reviewer Award

  Jittima Tongurai

  国際学会・会議・シンポジウム等の賞


• 2008年10月 The Academy of International Business Southeast USA Chapter, The Academy of International Business Southeast USA Chapter Best Paper Award, Exchange rates, capital controls, and stock returns: evidence from Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  国際学会・会議・シンポジウム等の賞

• Beyond perceived risk: The changing role of brand image in private label strategy

  Pattana Boonchoo, Phawat Olanwech, Xiangyu Chen, Jittima Tongurai

  2024年12月, Journal of Economics and Business Administration, 228(4) (4), 37 - 50, 英語

  研究論文（学術雑誌）


• Price spillovers and interdependences in China’s agricultural commodity futures market: Evidence from the US-China trade dispute

  Xiangyu Chen, Jittima Tongurai

  2024年09月, International Review of Economics & Finance, 96(A)(103579) (103579), 英語

  [査読有り]

  研究論文（学術雑誌）


• Revisiting the interdependences across global base metal futures markets: Evidence during the main waves of the COVID-19 pandemic

  Xiangyu Chen, Jittima Tongurai

  2024年05月, Research in International Business and Finance, 70(102391) (102391), 英語

  [査読有り]

  研究論文（学術雑誌）


• Revisiting China’s commodity futures market amid the main waves of COVID-19 pandemicss

  Xiangyu Chen, Jittima Tongurai, Pattana Boonchoo

  2023年11月, Asia-Pacific Financial Markets, 31(4) (4), 1035 - 1063, 英語

  [査読有り]

  研究論文（学術雑誌）


• Which liquidity indicator is more informative to market volatility? Spectrum analysis of China’s base metal futures market

  Xiangyu Chen, Jittima Tongurai

  2023年06月, North American Journal of Economics and Finance, 68(101962) (101962), 英語

  [査読有り]

  研究論文（学術雑誌）


• Financial openness and financial market development

  Jittima Tongurai, Chaiporn Vithessonthi

  2023年01月, Journal of Multinational Financial Management, 67(100782) (100782), 英語

  [査読有り]

  研究論文（学術雑誌）


• The environmental management’s competency level of listed companies in the Stock Exchange of Thailand

  Vannachat Kitkasemsin, Jittima Tongurai, Kazuhiko Kokubu, Pakpong Pochanar

  2022年12月, Journal of Business, Innovation and Sustainability (JBIS), 17(4) (4), 105 - 122


• Shareholder perks and stock performance: Evidence during the global financial crisis

  Yuta Uchida, Xiangyu Chen, Jittima Tongurai

  2022年11月, Journal of Asia-Pacific Business, 23(4) (4), 338 - 359, 英語

  [査読有り]

  研究論文（学術雑誌）


• Informational linkage and price discovery between China's futures and spot markets: evidence from the US–China trade dispute

  Xiangyu Chen, Jittima Tongurai

  Elsevier BV, 2022年06月, Global Finance Journal, 55(100750) (100750), 英語

  [査読有り]

  研究論文（学術雑誌）


• Learning, foreign operations and operating performance

  Jittima Tongurai, Chaiporn Vithessonthi

  Elsevier BV, 2022年05月, Global Finance Journal, 52(100721) (100721), 英語

  [査読有り]

  研究論文（学術雑誌）


• Brand and valuation: global brands in the past 15 years

  Pattana Boonchoo, Jittima Tongurai

  2022年05月, 国民経済雑誌, 225(5) (5), 31 - 48, 英語, 国内誌

  [招待有り]

  研究論文（学術雑誌）

  神戸大学リポジトリ（Kernel）へのリンク


• Spillovers and interdependency across base metals: evidence from China’s futures and spot markets

  Xiangyu Chen, Jittima Tongurai

  2022年03月, Resources Policy, 75(102479) (102479), 英語

  [査読有り]

  研究論文（学術雑誌）


• Mega sporting events and inward FDI: an investigation of the differences among the types of sporting events and host countries

  Kaveepong Lertwachara, Jittima Tongurai, Pattana Boonchoo

  Building on the location advantage theory for international business, the authors used the event study approach, used extensively in the finance literature, to examine the effects of hosting mega sporting events on inward foreign direct investment (FDI) in countries that hosted the Olympic Games, the International Federation of Association Football World Cup, the Union of European Football Associations Championship, and the Asian Games between 1960 and 2018. In general, the authors’ findings suggested that host countries experienced beneficial effects from hosting mega sporting events. Increases in FDI inflows were more pronounced following the hosting announcements and until the event year. Hosting the Summer Olympic Games, the Union of European Football Associations Championship, and the International Federation of Association Football World Cup all drew a high level of positive abnormal FDI, while hosting the Asian Games induced negative abnormal FDI. The effects of hosting mega sporting events on inward FDI were also found to differ between countries. For instance, host countries in the Middle East and North Africa, and Latin America and the Caribbean appeared to benefit more from hosting a mega sporting event.

  Human Kinetics, 2021年08月, Journal of Sport Management, 36(1) (1), 9 - 24, 英語

  [査読有り]

  研究論文（学術雑誌）


• Cross-commodity hedging for illiquid futures: evidence from China’s base metal futures market

  Xiangyu Chen, Jittima Tongurai

  Elsevier {BV}, 2021年06月, Global Finance Journal, 49(100652) (100652), 100652 - 100652, 英語

  [査読有り]

  研究論文（学術雑誌）


• The relationship between China’s real estate market and industrial metals futures market: evidence from non-price measures of the real estate market

  Xiangyu Chen, Jittima Tongurai

  Springer Science and Business Media {LLC}, 2021年04月, Asia-Pacific Financial Markets, 28(4) (4), 527 - 561, 英語

  [査読有り]

  研究論文（学術雑誌）


• Financial development and banking sector stability

  Jittima Tongurai, Kaveepong Lertwachara, Pattana Boonchoo

  2020年09月, 国民経済雑誌, 222(3) (3), 33 - 49, 英語

  [招待有り]

  研究論文（学術雑誌）

  神戸大学リポジトリ（Kernel）へのリンク


• Bank regulations, bank competition and bank risk-taking: Evidence from Japan

  Jittima Tongurai, Chaiporn Vithessonthi

  Elsevier {BV}, 2020年08月, Journal of Multinational Financial Management, 56, 100638 - 100638, 英語

  [査読有り]

  研究論文（学術雑誌）


• Comprehensive Environmental Management Control System and Stakeholder Influences: Evidence from Thailand

  Katsuhiko Kokubu, Qi Wu, Kimitaka Nishitani, Jittima Tongurai, Pakpong Pochanart

  2019年10月, Sustainability Management and Business Strategy in Asia, 16, 131 - 148, 英語

  [査読有り]

  研究論文（学術雑誌）


• Extreme Spillovers of VIX Fear Index to International Equity Markets

  Massaporn Cheuathonghua, Chaiyuth Padungsaksawasdi, Pattana Boonchoo, Jittima Tongurai

  This study analyzes the impact of VIX spillovers on market activities during extreme market conditions in 42 international equity markets from 1998 to 2014. Specifically, tail cross-dependence suggests that a small change in VIX significantly influences global market activities during extreme market conditions. The impact of VIX is asymmetric, which is more pronounced in bearis

  Springer Science and Business Media {LLC}, 2019年01月, Financial Markets and Portfolio Management, 33(1) (1), 1 - 38, 英語

  [査読有り]

  研究論文（学術雑誌）


• Financial Development: Disaggregate Analysis of Financial Depth, Financial Access and Financial Efficiency

  Jittima Tongurai, Kaveepong Lertwachara, Issara Suwanragsa

  In this study, we empirically test whether the level of financial development varies across countries with different income levels and examine whether the development of each aspect (i.e. depth, access, and efficiency) of financial institutions and financial markets is conditional upon the level of country’s economic development. By analyzing the Global Financial Development da

  神戸大学経済経営学会, 2018年11月, 国民経済雑誌, 218(5) (5), 49 - 64, 英語

  [招待有り]

  研究論文（学術雑誌）

  神戸大学リポジトリ（Kernel）へのリンク


• The impact of the banking sector on economic structure and growth

  Jittima Tongurai, Chaiporn Vithessonthi

  In this paper, we study the impact of banking sector development on changes in economic structure and growth. We argue that banking sector development has differential effects on industrial sector development and agricultural sector development. We test whether economic structure and growth foster banking sector development. To test our hypotheses, we construct a panel sample of all countries in the world during 1960–2016. We find that banking sector development has a negative effect on agricultural sector development but exerts no effect on industrial sector development. The negative effect of banking sector development on agricultural sector development is only observed for countries with high degrees of banking sector development. Our results further show that agricultural sector development exerts a negative effect on banking sector development while industrial sector development has a positive effect on banking sector development.

  Elsevier Inc., 2018年03月, International Review of Financial Analysis, 56, 193 - 207, 英語

  [査読有り]

  研究論文（学術雑誌）


• Thailand-Plus-One Strategy: Practices of Japanese Firms in the Greater Mekong Subregion

  Jittima Tongurai, Takamasa Fujioka

  In this study, we examine cross-border production fragmentation of Japanese firms and their practices of the Thailand-Plus-One strategy in the Greater Mekong Subregion (GMS). Thailand-Plus-One refers to a business strategy in which Japanese firms in Thailand move the production processes of labour-intensive parts to the neighboring countries with cheaper labor cost. We find sev

  2017年12月, FIIB (Fortune Institute of International Business) Business Review, 6(4) (4), 3 - 9, 英語

  [査読有り]

  研究論文（学術雑誌）


• Financial services business in Thailand and the CLMV market

  Jittima Tongurai

  2017年, 「新興国市場と日本企業」Japanese Firms in Emerging Markets, 同友館,


• Financial markets development, business cycles, and bank risk in South America

  Chaiporn Vithessonthi, Jittima Tongurai

  In this paper, we examine whether banking crises or business cycles affect the influence of financial markets development on bank risk in a sample of 37 publicly listed commercial banks in seven South American countries over a 22-year period between 1991 and 2012. Banking crises in this region offer a natural setting in which the impact of financial markets development on bank risk is examined. We find that financial markets development improves banks' capitalization ratio and reduces their exposure to non-traditional banking activities, suggesting that financial markets development on average reduces bank risk. In addition, banking crises and business cycles appear to moderate the impact of financial markets development on bank risk. In the aftermath of banking crises, banks appear to concentrate more on their core traditional banking activities.

  Elsevier Ltd, 2016年01月, Research in International Business and Finance, 36, 472 - 484, 英語

  [査読有り]

  研究論文（学術雑誌）


• The effect of leverage on performance: Domestically-oriented versus internationally-oriented firms

  Chaiporn Vithessonthi, Jittima Tongurai

  This paper examines the relation between financial leverage and firm performance for a panel of 159,375 non-financial firms in Thailand during the financial crisis of 2007-2009. We find that for the full sample, leverage is negatively associated with firm performance. In addition, the effect of leverage on performance is negative for the domestically-oriented firms and is positive for the internationally-oriented firms. Furthermore, firm size moderates the effect of leverage on performance. These results might be driven by the fact that the internationally-oriented firms tend to have a larger pool of resources, knowledge and capability than the domestically-oriented firms.

  Elsevier Ltd, 2015年05月, Research in International Business and Finance, 34, 265 - 280, 英語

  [査読有り]

  研究論文（学術雑誌）


• Credit guarantee schemes in emerging markets economies: evidence from Thailand

  Jittima Tongurai

  This study examines credit guarantee schemes in one of important emerging markets economies in the Southeast Asia region, Thailand. We find that SMEs in Thailand face greater barriers to obtain bank credits compared to large established firms. The role of Thai Credit Guarantee Corporation (TCG) in the Thailand’s credit market has increased but it is still limited compared to th

  同志社大学商学会, 2015年03月, 同志社商学, 66(5) (5), 153 - 181, 英語

  [招待有り]

  研究論文（大学，研究機関等紀要）


• The effect of firm size on the leverage-performance relationship during the financial crisis of 2007–2009

  Chaiporn Vithessonthi, Jittima Tongurai

  We draw on a comprehensive set of data of all registered firms in Thailand to examine whether firm size affects the relation between leverage and operating performance during the global financial crisis of 2007–2009. From a data set of 496,430 firm-year observations of a sample of 170,013 mostly private firms, we find that the magnitude of the effect of leverage on operating pe

  Elsevier, 2015年02月, Journal of Multinational Financial Management, 29, 1 - 29, 英語

  [査読有り]

  研究論文（学術雑誌）


• The spillover effects of unremunerated reserve requirements: Evidence from Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  We examine the spillover effects of the unremunerated reserve requirement (URR), which had been implemented in Thailand during 2006-2007, on stock returns through the Thai baht (THB) exchange rate against the euro (EUR) and the Japanese yen (JPY). Based on a sample of 270 firms listed on the Stock Exchange of Thailand (SET), we find that the imposition of the URR appears to affect the first- and second-moment exchange rate exposure to the EUR and the JPY of some firms, but the evidence does not strongly support the notion that there are spillover effects of the URR on exchange rate exposure. (C) 2014 Elsevier B.V. All rights reserved.

  ELSEVIER SCIENCE BV, 2014年08月, Journal of Banking & Finance, 45, 338 - 351, 英語

  [査読有り]

  研究論文（学術雑誌）


• Perceived environmental uncertainty, marketing activities, and business performance: evidence form the Thai hotel industry

  Jittima Tongurai, Pattana Boonchoo

  The relationship between perceived environmental uncertainty (PEU) and performance has been substantially investigated in extant literature. However, a limited number of studies have explored the relationship between these two constructs with marketing activities. This study seeks to explore such relationships in the Thai hotel industry context, which has not yet been sufficien

  2014年07月, Thammasat Journal, 32(2) (2), 56 - 76, 英語

  [査読有り]

  研究論文（学術雑誌）


• Unremunerated reserve requirements, exchange rate volatility, and firm value

  Chaiporn Vithessonthi, Jittima Tongurai

  In this paper we investigate whether the imposition of the unremunerated reserve requirement on capital inflows influences exchange rate volatility and stock prices. Our analysis shows that exchange rate volatility of the Thai baht against four major currencies-the US dollar, the British pound, the euro, and the Japanese yen-appears to be larger during the period of the imposition of the unremunerated reserve requirement in 2006-2007. Using a data set of publicly traded firms in Thailand, we find that the exposure of firms to exchange rate volatility appears to change during the unremunerated reserve requirement period relative to the pre- and post-unremunerated reserve requirement period. We also find that the effect of exchange rate volatility during the unremunerated reserve requirement period on stock returns is stronger for some firms than others. The results suggest that the unremunerated reserve requirement affects asset prices, through larger exchange rate volatility and through changes in exposure of firms to exchange rate volatility. (C) 2012 Elsevier B.V. All rights reserved.

  ELSEVIER SCIENCE BV, 2013年02月, Journal of International Financial Markets, Institutions & Money, 23(1) (1), 358 - 378, 英語

  [査読有り]

  研究論文（学術雑誌）


• The perils of a central bank’s capital control: How substantial is the effect on firm value?

  Chaiporn Vithessonthi, Jittima Tongurai

  In this paper we examine the cross-sectional effects of the announcement of the imposition of the unremunerated reserve requirement (URR) in Thailand on stock prices. We show that there are negative abnormal returns following the announcement of the imposition of the URR, and that the effect of the imposition of the URR on stock prices seems to be relatively short lived. Our te

  2013年01月, Journal of International Financial Markets, Institutions and Money, 23(1) (1), 111 - 135, 英語

  [査読有り]

  研究論文（学術雑誌）


• Networking, marketing activities, and firm performance: a survey of Thai construction firms

  Pattana Boonchoo, Jittima Tongurai

  In this paper, we examine the relationships between networking, marketing activities and firm performance. The analysis of 112 sample firms that responded to our survey suggests that networking has significant implications for firm performance. More specifically, we find that networking activities have a positive relationship with firm performance. We also find that networking

  2012年10月, European Journal of Management, 12(3) (3), 34 - 41, 英語

  [査読有り]

  研究論文（学術雑誌）


• The impact of capital account liberalization measures

  Chaiporn Vithessonthi, Jittima Tongurai

  In this paper we analyze whether capital account liberalization leads to higher asset prices. Based on a sample of 242 non-financial firms listed on the Stock Exchange of Thailand at the time of the announcement of the relaxation of capital control in Thailand on January 29, 2007, we find positive and significant abnormal returns on Day-2, Day 1, and Day 3 relative to the announcement day. Our findings suggest that capital account liberalization favorably affects stock prices of firms, though the effect varies across industries. From a public policy perspective, our results suggest that liberalizing capital account by relaxing capital control measures could improve firm value in the short-term, which may, in turn, boost the level of economic growth in the long run. In addition, the results show that there is a significant fall in the mean beta in the post-liberalization period, thereby implying the lower cost of capital. (c) 2011 Elsevier B.V. All rights reserved.

  ELSEVIER SCIENCE BV, 2012年02月, Journal of International Financial Markets, Institutions & Money, 22(1) (1), 16 - 34, 英語

  [査読有り]

  研究論文（学術雑誌）


• Capital control and equity market volatility

  Chaiporn Vithessonthi, Jittima Tongurai

  In this study we document stock market volatility before and after the imposition of capital control in a small and open economy. Specifically, we examine the effects of the announcement of a control on capital inflows in Thailand in December 2006 on the volatility of the stock market. Measuring the volatility of the overall stock market and the eight industry groups as the sta

  2011年02月, Journal of International Finance and Economics, 11(1) (1), 16 - 29, 英語

  [査読有り]

  研究論文（学術雑誌）


• Exchange rates, capital controls, and stock returns: evidence from Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  We examine the relationship between the announcement of the imposition of capital control and stock returns for a sample of 32 technology firms listed on the Stock Exchange of Thailand (SET), where capital control has been used as a means to prevent the appreciation of a currency (i.e., Thai baht). We find that the average abnormal return on the announcement date (day 0) is pos

  2010年03月, International Business: Research, Teaching and Practice, 4(1) (1), 1 - 23, 英語

  [査読有り]

  研究論文（学術雑誌）


• Exchange rate policy under inflation targeting: a case study of Thailand

  Jittima Tongurai

  This study conducts a theoretical analysis to attest the proposition asserted in previous literature (Kamil, 2008; Geršl and Holub, 2006; Domaç and Mendoza, 2004; Ho and McCauley, 2003) that coherence between exchange rate policy and inflation target is a crucial factor in determining the effectiveness of the monetary authorities’ macroeconomic management in the inflation targe

  2010年03月, 大阪市立大学経営研究, 60(4) (4), 63 - 90, 英語

  [招待有り]

  研究論文（学術雑誌）


• Regional exchange rate arrangements for East Asia: proposals, challenges and path to development

  Jittima Tongurai

  This paper investigates the progress of East Asia’s monetary cooperation, the policy area that is least advanced. We review the proposals on regional arrangements for exchange rate stability in the East Asia region. Given the diversity in terms of economic, social and political development of countries in East Asia, the process of economic convergence that will facilitate tight

  2009年12月, The Business Review, Cambridge, 13(2) (2), 302 - 309, 英語

  [査読有り]

  研究論文（学術雑誌）


• Stock market reaction to capital control policy announcements: evidence from industrial firms in Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  We test the hypothesis that the imposition of capital control lowers stock prices, thereby increasing the firms’ cost of equity capital. Based on a sample of 60 industrial firms listed on the Stock Exchange of Thailand (SET), we find that the average abnormal stock return for the industrial firms on the announcement day of the imposition of capital control in Thailand in 2006 i

  2009年07月, Journal of International Business and Economics, 9(3) (3), 105 - 121, 英語

  [査読有り]

  研究論文（学術雑誌）


• Capital control, cost of capital, and firm values

  Chaiporn Vithessonthi, Jittima Tongurai

  In this paper we investigate the effect of capital control on stock returns using data arising from the announcement of capital control imposition in Thailand in 2006. We find that based on a sample of 19 resources firms listed on the Stock Exchange of Thailand (SET), the average abnormal stock return for the resources firms on the announcement day is negative, albeit not stati

  2009年07月, The Business Review, Cambridge, 12(1) (1), 281 - 291, 英語

  [査読有り]

  研究論文（学術雑誌）


• Currency appreciation, foreign exchange intervention and capital flow management: experience from the Thai baht

  Jittima Tongurai

  This empirical research analyzes foreign exchange intervention of a central bank in emerging market economies during currency appreciation. We are able to confirm, theoretically and empirically, that the monetary authorities have employed a combination of foreign exchange intervention, sterilization, and capital flow management to moderate rapid currency appreciation while sust

  2009年03月, Oxford Journal, 8(1) (1), 205 - 221, 英語

  [査読有り]

  研究論文（学術雑誌）


• Foreign exchange intervention and its implications for the central bank’s balance sheet: experience of Thailand

  Jittima Tongurai

  This empirical study examines the experience of a central bank of a developing country, Bank of Thailand, in operating foreign exchange intervention during the period of persistent appreciation of its currency in 2001-2007. Bank of Thailand has resorted to various tools, especially foreign exchange intervention of outright spot transactions (buying US dollar/selling Thai baht)

  2009年02月, i-manager’s Journal on Management, 3(3) (3), 25 - 34, 英語

  [査読有り]

  研究論文（学術雑誌）


• The effect of industrial standards on the Thai economy

  Kaveepong Lertwachara, Jittima Tongurai, Pattana Boonchoo

  Industrial standards affect directly and indirectly Thai economy. The industrial standards allow people to consume safe and high quality products also support domestic producers to develop their competitive advantages regarding product price and quality. This research evaluates the effect of industrial standards on Thai economy through import-export figures and number of domest

  2009年01月, Kasetsart Journal of Social Sciences, 30(1) (1), 26 - 38, タイ語

  [査読有り]

  研究論文（学術雑誌）


• The effects of capital control on stock prices: evidence from financial institutions in Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  In this paper we investigate market reaction to the announcement of capital control in Thailand on December 18, 2006. The imposition of capital control is expected to have a negative effect on asset pricing. Based on a sample of 43 financial institutions listed on the Stock Exchange of Thailand (SET), we find that the average abnormal return on the announcement day is -0.17 per

  2008年04月, Journal of International Business and Economics, 8(2) (2), 10 - 24, 英語

  [査読有り]

  研究論文（学術雑誌）


• Japan’s postal savings system

  Jittima Tongurai

  2008年02月, Bangkok University’s Executive Journal, 28(2) (2), 38 - 40, タイ語

  [招待有り]

  研究論文（学術雑誌）


• A case study on the reform of Japan’s postal savings system

  Jittima Tongurai

  This paper focuses on the reform of Japan’s postal savings system. Three major changes in the structure of the postal savings system after the reform include (i) the abolishment of postal savings’ compulsory deposits to the Trust Fund Bureau, (ii) the shift of Fiscal Investment and Loan Program’s fund allocation method from fiscal loan to bond issuance, and (iii) the reorganiza

  2007年11月, i-manager’s Journal on Management, 2(2) (2), 42 - 53, 英語

  [査読有り]

  研究論文（学術雑誌）


• マネー・フローの国際比較分析

  西倉高明, 木村公一, Jittima Tongurai, 西尾圭一郎

  金融システムは各国特有の制度や歴史的経緯を色濃く反映するものである。それ故、同じように家計部門を中心にマネー・フローを描いたとしても、特有の経済主体が大きな役割を果たしている場合は無視できないため、独自の項目として入れざるを得ない。例えば、シンガポールのCPF、タイのノンバンク、日本の郵貯がそうである。他方、特有の経済主体を入れることによって、マネー・フローを並べた場合各国の相違をー目で分かるという効果も持っている。

  2006年06月, 大阪市立大学経営研究, 52(2) (2), 1 - 26, 日本語

  [招待有り]

  研究論文（学術雑誌）

• Toward research on green finance

  2023年03月, 経営学の歩き方(2023年度版)、神戸大学経済経営学会, 298 - 304, 英語

  書評論文,書評,文献紹介等


• Bank Internationalization

  Jittima Tongurai

  This short article aims to provide more understanding of internationalization activities of banking business. Key reasons for bank internationalization (i.e., ownership advantage, international diversification, beachhead expansion, follow the clients, and local banking opportunity) are discussed. To illustrate internationalization activities of banks, the case of Japanese bank

  神戸大学経済経営学会, 2017年03月, 国民経済雑誌, 経済学・経営学：学習のために, 平成29年度(前期) (前期), 53 - 62, 英語

  [招待有り]

  記事・総説・解説・論説等（大学・研究所紀要）


• Book Review: Monetary and Financial Integration in East Asia: The Relevance of European Experience

  Jittima Tongurai

  Review the book by Yung Chul Park and Charles Wyplosz, Monetary and Financial Integration in East Asia: The Relevance of European Experience, Oxford University Press, 2010.

  2011年10月, Asia Pacific World: The Journal of the International Association for Asia Pacific Studies, 2(2) (2), 132 - 134, 英語

  [招待有り]

  記事・総説・解説・論説等（学術雑誌）

• Chapter 9: Comprehensive Environmental Management Control System and Stakeholder Influences: Evidence from Thailand

  Katsuhiko Kokubu, Qi Wu, Kimitaka Nishitani, Jittima Tongurai, Pakpong Pochanart

  共著, World Scientific, 2019年08月


• 第2章 タイおよびCLMV市場の金融サービスビジネス

  Jittima Tongurai, 藤岡資正, 上原渉, 藤岡芳郎, 小川達大, 関智宏

  その他, 同友館, 2018年07月, 日本語

  一般書・啓蒙書

• Economic impact of mega sport events

  Kaveepong Lertwachara, Jittima Tongurai, Pattana Boonchoo

  The 12th International Conference on Sports and Exercise Science (ICSES 2024), Nov 13-15, 2024, 英語

  口頭発表（一般）


• A Walk to Remember: Experience in publishing papers in finance journals indexed in WOS and SCOPUS

  Jittima Tongurai

  The 27th National Congress, Japan Academy for Asian Market Economies, 2023年07月, 英語

  [招待有り]

  口頭発表（基調）


• Firm internationalization: Japanese multinational corporations in the GMS (Greater Mekong Subregion) market

  Jittima Tongurai

  Cross-cultural organizational behavior course. Gakushuin University, 2022年12月, 英語

  [招待有り]

  公開講演，セミナー，チュートリアル，講習，講義等


• Business Disruption and Transformation: Financial Services Sector and FinTech in Japan

  Jittima Tongurai

  Economic of Business Disruptive and Transformations, Bachelor of Arts program in Economics, Faculty of Economics, Chulalongkorn University, 2022年01月, 英語

  [招待有り]

  公開講演，セミナー，チュートリアル，講習，講義等


• Discussant Session A1 Valuation Effects I

  Jittima Tongurai

  The Fourth Conference on CSR, the Economy and Financial Markets, Virtual Conference, Organized by Global Finance Journal, the Development Bank of Japan & Japan Economic Research Institute, 2021年11月, 英語

  [招待有り]

  口頭発表（招待・特別）


• Learning, foreign operations and firm performance

  Jittima Tongurai, Chaiporn Vithessonthi

  The Academy of International Business Southeast USA Chapter 2021 Online Chapter Conference, Florida State University, 2021年10月, 英語

  口頭発表（一般）


• Firm Internationalization: Japanese Multinational Corporations in the GMS Market

  Jittima Tongurai

  Seminar on China and ASEAN Business Practices, International MBA program (iMBA), Panyapiwat Institute of Management (PIM), 2021年07月, 英語

  [招待有り]

  公開講演，セミナー，チュートリアル，講習，講義等


• Cross-commodity hedge for low liquid futures: evidence from China’s base metal futures market

  Xiangyu Chen, Jittima Tongurai

  The 96th Annual Conference, Western Economic Association International, Honolulu, Hawaii, USA (Virtual Conference), 英語

  口頭発表（一般）


• Do Shareholder Perks Mitigate the Adverse Effects of Financial Crisis on Stock Prices? Evidence from Tokyo Stock Exchange

  Yuta Uchida, Xiangyu Chen, Jittima Tongurai

  The 2nd Vietnam-Japan International Business Conference, Rikkyo University (Virtual Conference), 2021年03月, 英語

  口頭発表（一般）


• Spillovers and Interdependency across Base Metals: Evidence from Futures Market and Spot Market in China

  Xiangyu Chen, Jittima Tongurai

  Academy of Finance 2021 Virtual Conference, 2021年03月, 英語

  口頭発表（一般）


• Pricing Power and Price Change across Futures Markets: Evidence from SHFE and LME

  Xiangyu Chen, Jittima Tongurai

  2021 Virtual International Conference, Western Economic Association International, 2021年03月, 英語

  口頭発表（一般）


• Bank Regulations, Bank Competition and Bank Risk-Taking: Evidence from Japan

  Jittima Tongurai, Chaiporn Vithessonthi

  Academy of Finance 2020 Conference, 2020年03月, 英語

  口頭発表（一般）


• An Interpretation of the Relationship between Real Estate Market and Industrial Metals Futures Market: Evidence from China

  Xiangyu Chen, Jittima Tongurai

  Western Economic Association International)’s 16th International Conference (accepted for presentation), 2020年03月, 英語

  口頭発表（一般）


• Mega Sporting Events and Inward FDI: Are the effects the same for all types of sporting events and for all host countries?

  Kaveepong Lertwachara, Jittima Tongurai, Pattana Boonchoo

  2019 International Conference on Hospitality, Tourism, and Sports Management, 2019年08月, 英語, Osaka, Japan, Using the event-study approach to examine the effects of hosting a mega sporting event on inward foreign direct investment (FDI) in countries that hosted the Olympic Games, FIFA World Cup, the UEFA Championship, and the Asian Games during the 1960–2018 period, we find that, in general, host countries receive beneficial effects from hosting a mega sporting event. Increases in FDI inflows are more pronounced during the period from after the announcement to the event year. Hosting the Summer Olympic Games, the UEFA Championship, and the FIFA World Cup provides a high degree of positive abnormal FDI, while hosting the Asian Games induces negative abnormal FDI. The effects of hosting a mega sporting event on inward FDI differ across countries. Host countries in the Middle East and North Africa and in Latin America and the Caribbean, lower-middle- and upper-middle-income hosts, and host countries with high capital flow levels seem to benefit more from hosting a mega sporting event. The effects of hosting a mega sporting event on FDI inflows become stronger during the millennium era., 国際会議

  口頭発表（一般）


• Shareholder perks and stock performance during the global financial crisis: Evidence from the Tokyo Stock Exchange

  Yuta Uchida, Jittima Tongurai

  Western Economic Association International’s 94th Annual Conference, 2019年07月, 英語, Hilton San Francisco Union Square, San Francisco, USA, This paper examines the effects of shareholder perks, which is a type of non-cash compensation given to shareholders, on stock prices of publicly listed companies in Japan during the period when the global financial crisis hit Japanese stock markets in 2008. Using a sample of 112 firms that offered shareholder perks during the global financial crisis and 112 matching firms as a, 国際会議

  口頭発表（一般）


• Financial Development and Banking Sector Stability

  Jittima Tongurai, Kaveepong Lertwachara, Pattana Boonchoo

  Western Economic Association International's 15th International Conference, 2019年03月, 英語, Keio University, Mita Campus, Using Global Financial Development database of the World Bank, we empirically test the sample of 206 countries for the period 1970-2015 whether financial development promotes banking sector stability. Regression results indicate that financial access, financial depth, and financial efficiency affect banking sector stability differently. First, financial depth appears to have a, 国際会議

  口頭発表（一般）


• Bank Internationalization: Foreign Banks in Less Developed ASEAN Markets

  Jittima Tongurai

  International Academy of Business and Economics 2018, 2018年03月, 英語

  口頭発表（一般）


• The impact of the banking industry on economic structure and growth

  Jittima Tongurai, Chaiporn Vithessonthi

  The 30th Australasian Finance and Banking Conference, 2017年12月, 英語

  口頭発表（一般）


• Financial openness, financial markets development, and economic growth: evidence from Americas, Asia, and Europe

  Jittima Tongurai, Chaiporn Vithessonthi

  Academy of International Business Chapter US Midwest 2017 Annual Conference, 2017年03月, 英語

  口頭発表（一般）


• Financial Management: Key Concepts and Connection to Firm Performance

  Jittima Tongurai

  Provincial Electricity Authority of Thailand, 2016年10月, タイ語

  [招待有り]

  公開講演，セミナー，チュートリアル，講習，講義等


• Financial Market Development, Business Cycle and Bank Risk in South America

  Chaiporn Vithessonthi, Jittima Tongurai

  Academy of International Business Chapter US West 2015 Annual Conference, 2015年10月, 英語, University of Washington, 国際会議

  口頭発表（一般）


• ASEAN production networks and the post-AEC business strategies for Japanese MNEs in the Greater Mekong Subregion

  Jittima Tongurai, Takamasa Fujioka

  The 4th International Conference on Advancement of Development Administration 2015, 2015年05月, 英語, National Institute of Development Administration, 国際会議

  口頭発表（一般）


• R&D and innovation activities in emerging market economies: evidence from Thai firms

  Jittima Tongurai

  The 2015 International Conference on Business and Social Sciences, 2015年03月, 英語, Osaka International House Foundation, 国際会議

  口頭発表（一般）


• The effect of leverage on performance: domestically-oriented vs. international-oriented firms

  Chaiporn Vithessonthi, Jittima Tongurai

  Academy of International Business Southeast USA Chapter 2014 Annual Conference, 2014年10月, 英語, Florida International University, 国際会議

  口頭発表（一般）


• Financial leverage and operating performance: does firm size matter?

  Chaiporn Vithessonthi, Jittima Tongurai

  Academy of International Business Southeast USA Chapter 2013 Annual Conference, 2013年10月, 英語, Atlanta, 国際会議

  口頭発表（一般）


• The spillover effects of unremunerated reserve requirements: evidence from Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  The Second Annual International Conference on Financial Stability, 2013年07月, 英語, Institute of Global Finance, 国際会議

  口頭発表（一般）


• Exploring the relationship between firm characteristics and R&D investment: evidence from Thailand

  Jittima Tongurai

  The 2nd International Conference on Advancement of Development Administration 2013, 2013年06月, 英語, National Institute of Development Administration, 国際会議

  口頭発表（一般）


• Networking, marketing activities, and firm performance: a survey of Thai construction firms

  Pattana Boonchoo, Jittima Tongurai

  International Academy of Business and Economics, Annual Conference 2012, 2012年10月, 英語, Las Vegas, Nevada, 国際会議

  口頭発表（一般）


• The impact of exchange rates on the Thailand’s tourism and hospitality industry

  Jittima Tongurai

  NIDA Annual Academic Conference 2012, 2012年04月, 英語, National Institute of Development Administration, 国際会議

  [招待有り]

  口頭発表（招待・特別）


• Restrictions on capital inflows, the Japanese yen, and stock prices: evidence from financial firms in Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  The Academy of International Business Southeast USA Chapter 2011 Annual Conference, 2011年10月, 英語, Florida, 国際会議

  口頭発表（一般）


• Capital account restrictions, exchange rate volatility, and firm value

  Chaiporn Vithessonthi, Jittima Tongurai

  The 18th Annual International Business Conference, 2011年09月, 英語, South Dakota, 国際会議

  口頭発表（一般）


• The perils of a central bank’s capital control: how substantial is the effect on firm value?

  Chaiporn Vithessonthi, Jittima Tongurai

  The 2011 Academy of Finance Meeting, 2011年03月, 英語, Chicago, 国際会議

  口頭発表（一般）


• Government credit guarantee schemes: evidence from Thailand

  Jittima Tongurai

  International Conference on Advancement of Development Administration 2011, 2011年03月, 英語, National Institute of Development Administration, 国際会議

  口頭発表（一般）


• Volatility of the equity market around the announcement of capital control

  Chaiporn Vithessonthi, Jittima Tongurai

  Academy of International Business Southeast USA Chapter 2010 Annual Conference, 2010年10月, 英語, Florida, 国際会議

  口頭発表（一般）


• The impact of capital account liberalization measures

  Chaiporn Vithessonthi, Jittima Tongurai

  The 39th Financial Management Association Annual Meeting 2009, 2009年10月, 英語, Reno, 国際会議

  口頭発表（一般）


• Prospects of foreign exchange arrangements for East Asia amid the current of changes in global finance

  Jittima Tongurai, Kazuo Toritani

  The 21st Annual Meeting on Socio-Economics, The Society for the Advancement of Socio-Economics, 2009年07月, 英語, Paris, 国際会議

  口頭発表（一般）


• Capital account liberalization and stock price implications for financial institutions in Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  Academy of International Business 2009 Annual Meeting, 2009年06月, 英語, San Diego, 国際会議

  口頭発表（一般）


• Capital control, cost of capital, and firm values

  Chaiporn Vithessonthi, Jittima Tongurai

  The Global Management & Information Technology Research Conference 2009, 2009年05月, 英語, New York, 国際会議

  口頭発表（一般）


• The perils of government’s capital control: evidence from stock prices

  Chaiporn Vithessonthi, Jittima Tongurai

  Western Economic Association International 8th Biennial Pacific Rim Conference, 2009年03月, 英語, 龍谷大学, 国際会議

  口頭発表（一般）


• Corners hypothesis and the proposals on foreign exchange system for East Asia: a perspective from the incompatible trinity

  Jittima Tongurai, Kazuo Toritani

  Asia-Pacific Economic & Business History Conference 2009, 2009年02月, 英語, 学習院大学, 国際会議

  口頭発表（一般）


• Foreign exchange intervention to counteract a currency appreciation: experience from a small developing country in Asia

  Jittima Tongurai

  The 21st Century Japan-China Economic Forum, 2008年11月, 英語, 大分大学, 国内会議

  [招待有り]

  口頭発表（招待・特別）


• Exchange rates, capital controls, and stock returns: evidence from Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  Academy of International Business Southeast USA Chapter 2008 Annual Conference, 2008年10月, 英語, Florida, 国際会議

  口頭発表（一般）


• The effects of capital control on stock prices: evidence from financial institutions in Thailand

  Chaiporn Vithessonthi, Jittima Tongurai

  International Academy of Business and Economics, 2008 Annual Conference, 2008年10月, 英語, Las Vegas, 国際会議

  口頭発表（一般）


• Baht appreciation and the Bank of Thailand’s foreign exchange intervention: experience in 2001-March 2008

  Jittima Tongurai

  The 8th Global Conference on Business & Economics, 2008年10月, 英語, University of Florence, 国際会議

  口頭発表（一般）


• Stock market reaction to capital control policy announcements: evidence from industrial firms

  Chaiporn Vithessonthi, Jittima Tongurai

  The 15th Annual International Business Conference, 2008年10月, 英語, Northern State University, 国際会議

  口頭発表（一般）


• Implication of the reform of postal savings system for the Japanese financial system

  Jittima Tongurai

  2008 Oxford Business & Economics Conference, 2008年06月, 英語, St. Hugh's College, University of Oxford, 国際会議

  口頭発表（一般）


• Analysis of decision making on foreign exchange intervention: Bank of Thailand and baht defense in 1996-97

  Jittima Tongurai

  The 7th Asian Pacific Industrial Engineering and Management Systems Conference 2006, 2006年12月, 英語, Bangkok, 国際会議

  口頭発表（一般）

• Academy of International Business

  2021年09月 - 現在


• アジア市場経済学会

  2022年11月 - 2024年11月


• International Academy of Business and Economics


• Western Economic Association International (WEAI)

• Green Finance and Sustainable Development: Evidence from Japan and Emerging Market Countries in Southeast Asia

  Jittima Tongurai

  Rokkodai Fund, Kobe University, ASEAN Centre for Sustainable Development Studies and Dialogue, College of Management, Mahidol University, Thailand, 2021年04月 - 2022年03月, 研究代表者


• Financial Development Model for the Greater Mekong Subregion (GMS): what can the GMS countries learn from more advanced countries?

  Jittima Tongurai

  日本学術振興会, 学術研究助成基金助成金／基盤研究(C), 基盤研究(C), 神戸大学, 2018年04月 - 2021年03月

  Research base in FY2021 was at the ASEAN Centre for Sustainable Development Studies and Dialogue, College of Management, Mahidol University, Thailand. Because of regulations to mitigate the pandemic, meetings, cross-province travels and access to research facilities were strictly controlled. Thus, in the first half of FY2021, online meetings with research collaborator from Sunway University Business School were held to discuss research results and develop a manuscript for publication.
  The manuscript titled “Financial Openness and Financial Market Development” empirically examines the relationship between financial openness and financial market development in a sample of countries in seven regions over the period 1960-2019. While prior studies focused on the effect of financial openness on the depth of financial markets, particularly banking sector or financial markets in aggregate, we argue that measuring financial development only in terms of depth and only for banking sector ignores the heterogeneity in financial markets. Changes in the degree of financial openness are likely to have differential effects on the liquidity and efficiency of banking sector, debt market and equity market.
  After some restrictions were lifted, research discussions with scholars of Mahidol University, Chulalongkorn University, Thammasat University, Chiang Mai University, Prince of Songkla University, and Panyapiwat Institute of Management were done. I also did some presentations and participated as a discussant in an international conference on CSR, the Economy and Financial Markets.

  競争的資金


• The New Financial Landscape in the post-AEC: Financial strategies to support production network of Japanese firms in the Mekong region

  Jittima Tongurai

  学術研究助成基金助成金／基盤研究(C), 2015年04月 - 2018年03月

  競争的資金


• Post-AEC Regional Industrial Strategy and the New Thailand-Japan Partnership for Mekong Region

  Japan International Cooperation Agency (JICA), 2013年 - 2014年, 連携研究者


• Strategy for Strengthening Tourism Product Value Creation

  Royal Government of Thailand, 2012年 - 2013年, 連携研究者


• Construction and Management Plan for the Ministry of Justice’s Facility

  Thailand’s Ministry of Justice, 2008年 - 2008年, 連携研究者


• Evaluation of the Implementation of Thai Industrial Standards

  Thailand Industrial Standards Institute, Thailand’s Ministry of Industry, 2007年 - 2008年, 連携研究者