รหัสดีโอไอ 10.14457/TU.the.2020.832
Title Investment efficiency of SOEs and NON-SOEs within ASEAN-5
Creator Panisa Santisarun
Contributor Tatre Jantarakolica, Advisor
Publisher Thammasat University
Publication Year 2020
Keyword ASEAN-5, Investment efficiency, State owned enterprises, Tobin’s Q
Abstract Public utilities are mandatory resources that governments must provide to their people. However, the cost of constructing firms, or state-owned enterprises (SOEs), to provide these goods and services are high. This cost includes the trade off its efficiency for the accessibility of goods and services for citizens. The government has to maximize the utilities of by lowering the price of goods and services or subsidizing the SOE to provide as many utilities as possible. Thus, performance is an inferior goal for these companies. This issue has raised the question on whether these firms are underperforming. Therefore, this research aims to study the factors affecting the investment efficiency and investment performance of SOEs compared with private firms to identify the differences in the management of each type. Hence, this study uses the fixed effect model to examine firms within the ASEAN-5 and its four main industries, namely, banking; transportation; gas, water, and multiutilities; and oil and gas producers, in which SOEs play a major role. The result shows that SOEs perform more poorly in terms of investment efficiency than private firms. Furthermore, in some aspects, SOEs have no significant effects on the investment expenditure and investment opportunities, thus indicating investment efficiency of the firms due to their policy-driven characteristics. The findings of this study suggest that the government should consider changing its management strategies. Moreover, related policies that affect the performance of firms are proposed to prevent firms from operating poorly or wasting expenditures while under the government.
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บรรณานุกรม

Panisa Santisarun และผู้แต่งคนอื่นๆ. (2020) Investment efficiency of SOEs and NON-SOEs within ASEAN-5. Thammasat University:ม.ป.ท.
Panisa Santisarun และผู้แต่งคนอื่นๆ. 2020. Investment efficiency of SOEs and NON-SOEs within ASEAN-5. ม.ป.ท.:Thammasat University;
Panisa Santisarun และผู้แต่งคนอื่นๆ. Investment efficiency of SOEs and NON-SOEs within ASEAN-5. ม.ป.ท.:Thammasat University, 2020. Print.