石戸 光

This study explores the finance-specific factors that help domestic companies operating in Thailand receive foreign direct investment (FDI) related to mergers and acquisitions (M&A). The three main objectives of this paper are to: analyse whether the firms receiving FDI differ from those that do not; identify significant finance-specific determinants that make Thai companies more likely to receive foreign investment; and explore the heterogeneity (different responses to investment decisions) at the firm-level, and the impact of financial constraints. This research makes use of the operational and financial data of both listed and unlisted Thai companies over the 2012-20 period and finds that larger as well as younger firms draw more foreign attention and have a higher probability of receiving M&A type of FDI. Moreover, companies with substantial intangible assets attract more investments from abroad. These findings have practical implications for business policies related to the accumulation of intangible assets. Specifically, developing flexible formal/informal linkages with potential M&A partners is key to promoting M&A-type FDI.

This article addresses citizens' psychological health disparities in pandemic-stricken Japan from the perspective of positive psychology with a collective/political perspective. Our analysis of three internet surveys in 2020 and 2021 in Japan indicates most people's well-being declined continuously during this period, while some people's well-being increased. As previous studies of health inequality proved about physical health, the objective income/assets level has influenced psychological inequality. This paper demonstrated this relation in Japan, although it is often mentioned as an egalitarian country with comparatively better health conditions. Moreover, psychological levels and changes have been associated with biological, natural environmental, cultural, and social factors. Social factors include economic, societal-community, and political factors, such as income/assets, stratification, general trust, and fairness/justice. Accordingly, multi-dimensional disparities are related to psychological health disparity; tackling the disparities along the multi-layered strata is desirable. Furthermore, subjective perception of fairness/justice is significantly associated with the level of psychological health and mitigating its decrease. Thus, fairness and justice are found to be dynamic and protective factors against the decline of psychological health. While relatively little literature on health inequality analyzes fairness/justice philosophically, this paper highlights these together with income/assets by clarifying the significance of multi-dimensional factors: natural environmental, cultural, socioeconomic, and political.

This research investigates the significance of technological innovation for Thailand's industrial development through equity participation in the form of foreign direct investment (FDI). The pecking order theory suggests that to finance technological upgrading, firms tend to prioritize internal funding, and use debt and equity financing as the last resort. In the context of incessant technological change, however, equity financing might be a better choice. This research highlights some aspects of how that is the case by analysing firm-level performance data from Thailand and then conducting in-depth interviews with top executives from several companies located in the Eastern Economic Corridor (EEC). We find that the conventional pecking order theory does not hold when it comes to external financing decisions. The interview insights reveal that, while a majority of companies prioritize internal financing, capturing technology (as intangible assets) via equity as well as non-equity linkages with foreign firms is also observed. Given that technological upgrading can result from FDI inflows by foreign firms, a truly “joint” nature of equity and non-equity forms of investment projects would serve as a win-win option for Thai and foreign firms, especially under the “Thailand 4.0” policy framework.

Purpose - The purpose of this paper is to address the importance of establishing global value chains (GVCs) through the liberalization of trade in services, with the Republic of Korea comprising part of these value chains. Design/methodology/approach - The construction of a database has revealed rather disconnected policy arrangements across Asia-Pacific Economic Cooperation (APEC) members in terms of service trade liberalization. Findings - Although the economic benefits arising from harmonized and liberalized policies across APEC members are widely recognized in the business sector, the relevant policy coordination seems to be missing. Research limitations/implications - With this status quo in mind, APEC could work on establishing its own harmonized "service trade commitment table" centering on simple foreign capital participation criteria. This would surely contribute to forming an APEC-wide GVC surrounding Korea, which actively aims to expand its economic ties in the Asia-Pacific region. Originality/value - The comparison of WTO-based and free trade agreement-based service trade commitments by APEC members (including Korea) and Association of Southeast Asian Nations ten members is an original research area, with many policy implications for Korea in the Asia-Pacific Region.

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The aim of this paper is to evaluate the success of progressive services liberalization under the ASEAN-China Free Trade Agreement (ACFTA). First, we calculate the level of commitments by applying the Hoekman Index. Second, we compare the ACFTA Second Package with the ACFTA First Package and examine the additional liberalization, and the frequency of backtrack. Third, we compare the ACFTA Second Package with the World Trade Organization’s General Agreement on Trade in Services (GATS) commitments by the respective member states. Last, we discuss the policy implications of this analysis to the other ASEAN+1 Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP) negotiations, as well as the need to address GATS-minus commitments found in FTAs. This paper reveals that the Second Package of ACFTA extends only little additional values to the First Package. Most of the “new” commitments are committed in the World Trade Organization prior to the ACFTA First Package. To continuously deliver progressive services liberalization, policy makers should consider a new approach such as the “formula approach” adopted in the ASEAN Framework Agreement on Services (AFAS) either in the Upgraded Version of ACFTA or in the RCEP.

While the positive impacts of free trade agreements (FTAs) on liberalization in the services sector are widely noted, detailed quantitative analyses are rather scant. This paper takes a first step in analyzing the impact of ASEAN-related FTAs on mode 3 (commercial presence)-based trade in services. Overall, the results reveal some positive correlations between the degree of service trade liberalization in the host country and the service firms' commercial presence in that country. This points to a need to further promote service trade liberalization possibly under the auspices of the proposed Regional Comprehensive Economic Partnership (RCEP).