Cytalist

CATALYST JOURNAL OF THE INSTITUTE FOR INTERDISCIPLINARY STUDIES Volume 18 August 2018 Publication Trends and Profiles of Thai Scholarly Articles in Translation Studies: A Bibliometric Approach Kazuharu Yamamoto Capital Structure Determinants for Local Commercial Banks: Thailand Evidence Benjalux Sakunasingha, Preecha Anekwasinchai, and Varang Wiriyawit Perception of Research Culture among Undergraduate Students in a Malaysian Public University Edmund Ui-Hang Sim Effect of a Cooperative Learning Module on Nursing Students’ Inquisitiveness in a Thai University Jettana Wongsasung, Sudaporn Satityudhakarn, Suwadee Takan, and Suchewa Nutong Factors Underlying the Decision to Rent Space at a Shopping Center at Nakhon Ratchasima Province in Thailand: Using Exploratory Factor Analysis Gamon Savatsomboon Understanding Consumers’ Mobile Banking Adoption in Germany: An Integrated Technology Readiness and Acceptance Model (TRAM) Perspective Roshan Khadka and Phanasan Kohsuwan A Study of Risk Factors Leading to Road Accidents: Chachoengsao Province, Thailand Thanasak Kulchamorin and Danai Pattaphongse Time Management Capabilities of Undergraduate Students at a Private Thai University Anchalee Chanpisut Geographical Location and Internationalization: Small and Medium Enterprise Entry into Cambodia, Laos, Myanmar, and Vietnam Suwaree Tantanawat How Young Consumers in Thailand Respond to Global Sporting Apparel Brands: The Mediation Effect of Self-Identification Lokweetpun Suprawan A Pilot Study on the Relationship between Postgraduate Students’ Perception of Thesis Supervision Role and Their Research Skills in a Thai University Saowalak Roongtawanreongsri and Risper A Awuor Variables Affecting the Servant Leadership of Educational Institute Administrators under the Primary Educational Service Area Office Phitzesa Phongpanphaengpanga 7-17 18-29 30-36 37-45 46-55 56-67 68-76 77-87 88-98 99-106 107-120 121-128

1 CATALYST, Journal of the Institute for Interdisciplinary Studies, Asia-Pacific International University Print ISSN 1905-6931 Online ISSN 2408-137X Editor Dr Damrong Sattayawaksakul, Asia-Pacific International University, Thailand Managing Editor Dr Wayne A Hamra, Asia-Pacific International University, Thailand Associate Editors Dr Daron Benjamin Loo, National University of Singapore, Singapore Professor Dr Warren Shipton (Retired), James Cook University, Australia Editorial Secretary Chomphunut Phutikettrkit, Asia-Pacific International University, Thailand Administrative Board Editor (Chair) Managing Editor (Vice-Chair/Secretary) Associate Editors Director of Research Associate Director of Research Editorial Secretary (Recording Secretary) Editorial Statement Catalyst is a refereed multidisciplinary journal that explores a wide range of scholarly topics, especially in fields relating to the humanities and social sciences. It is published online three times a year and is available free of charge through the ThaiJo and Asia-Pacific International University (AIU) websites, with a limited number of hard copies available. The journal has been published since 2006 by AsiaPacific International University, Muak Lek, Thailand, through its publishing arm Institute Press. The journal has the following objectives: a). To stimulate the creation and synthesis of beneficial information, as well as its broad dissemination, especially in the varied fields of the humanities and social sciences, b). To foster a deeper understanding regarding the impact of business policies and practices on society, and c). To promote the adoption of best practices in communities through education, and to aid in the resolution of community issues for the betterment of society; this represents the development aspect referred to in its name. Editorial Objectives The editorial objectives are to advance knowledge through use of classical – or the creation of innovative – methods of investigation, and to foster the examination of cross-cultural issues to increase mutual understandings among diverse social groups. Encouraging cooperative studies and scholarly exchange across borders, as well as within Thailand, remains one of its aims. The application of theoretical considerations to the field, business, or community situations is also an outcome that is sought.

2 Journal Positioning The journal is broadly based and has the potential to impact thinking and practices across a range of subject areas, dealing with substantive issues that arise in both developing and developed countries. It will likely appeal to readers with a broad appreciation of the social issues facing organizations, communities, and governments operating under varied challenges and constraints. Its contents are meant to appeal to both the academic community and practitioners in numerous areas of interest. The positioning of the journal means that a variety of topics is covered in most issues. These, in turn, differ in their philosophical content, academic appeal, and practical implications. Appropriate Content The journal covers a broad spectrum of topics. These include, but are not limited to, anthropology, allied health focused on community issues and health education, education from the primary to the tertiary levels, literature, language use and acquisition, business, management, finance, geography, psychology, social sciences, philosophy, and theology. Review essays and seminar/forum papers are also accepted when appropriately focused. Well-executed studies that address interesting and significant topics in the areas mentioned above are particularly welcomed. All articles accepted should make significant contributions to understanding and add to the corpus of knowledge in their respective fields. The following constitutes a partial list of topics that are considered potentially suitable for publication: 1. Applied linguistic or linguistic studies that examine issues related to communication, language pedagogy and use, as well as theories and meaning of language. 2. Religious or biblical studies that explore historical, philosophical, sociological, as well as hermeneutical issues. 3. Anthropological or ethnographic studies which seek to reflect cultural nuances of communities for a better understanding of the society. 4. Cultural/intercultural issues and diversity, including how tensions involving these parameters might be handled to achieve social justice and acceptance. 5. Review articles or studies in the fields of marketing, business, stock market trading, and auditing practices, and their significance to the business and broader community. 6. Organizational behavior, resilience, and the creation of a positive psychological work environment and job satisfaction. 7. Teaching strategies, interventions, assessment, and other issues to the betterment of society. 8. Policies and political movements, and their impact on educational development. 9. Violence, discrimination, and marginalization: how these issues are viewed in contemporary society, and the factors contributing to their emergence. 10. Social trends in addictive behavior; how to address such issues creatively. 11. Impact of specific policies and interventions on health care, including how to promote positive health outcomes in communities. 12. Innovative and cost effective approaches to health care and education in poor, rural communities. Contact Information Principal Contact Dr Wayne A Hamra, Managing Editor Asia-Pacific International University Phone: (036) 720-777 ext. 1241 Email: [email protected] Supporting Contact Ms Chomphunut Phutikettrkit, Editorial Secretary Phone: (036) 720-777 ext. 1504 Email: [email protected]

3 Editorial Board Professor Dr Beulah Manuel Washington Adventist University, USA Professor Dr Jazlin Ebenezer Wayne State University, USA Professor Dr John Agak Maseno University, Kenya Professor Dr Kai Arasola Lönnrot University, Finland Professor Dr Samuel Gaikwad Adventist International Institute for Advanced Studies, Philippines Professor Dr Warren Shipton Retired, James Cook University, Australia Associate Professor Dr Edelweiss Ramal Loma Linda University, USA Associate Professor Dr Carolyn Katemba Tobing Universitas Advent Indonesia, Indonesia Dr Damrong Sattayawaksakul Asia-Pacific International University, Thailand Dr Daron Benjamin Loo National University of Singapore, Singapore Dr Wayne A Hamra Asia-Pacific International University, Thailand Reviewers Professor Dr Ben Maguad Andrews University, USA Professor Dr Beulah Manuel Washington Adventist University, USA Professor Dr Dolores Wright Loma Linda University, USA Professor Dr Elizabeth Role Adventist University of Africa, Kenya Professor Dr Eric Nasution Adventist International Institute for Advanced Studies, Philippines Professor Dr Gilbert Valentine La Sierra University, USA Professor Dr Jimmy Kijai Andrews University, USA Professor Dr John Agak Maseno University, Kenya Professor Dr Ron Bissell Retired Independent Scholar, Canada Associate Professor Dr Edelweiss Ramal Loma Linda University, USA Associate Professor Dr Evelyn V. Almocera Adventist International Institute for Advanced Studies, Philippines Associate Professor Dr Kenneth Swansi Adventist International Institute for Advanced Studies, Philippines Assistant Professor Aiyada Kharawarattanapichet Payap University, Thailand Assistant Professor Dr Catherine Tan Loma Linda University, USA Assistant Professor Dr Joy C. Kurian Asia-Pacific International University, Thailand Assistant Professor Dr Phanasan Kohsuwan Panyapiwat Institute of Management, Thailand Assistant Professor Thanis Bunsom King Mongkut’s University of Technology Thonburi, Thailand Assistant Professor Wanlee Putsom Asia-Pacific International University, Thailand Assistant Professor Dr Stephen Hamra Loma Linda University, USA Assistant Professor Dr Yushiu Lin Loma Linda University, USA Dr Boonrat Moolkeo Asia-Pacific International University, Thailand Dr Divya Shukla St Theresa International College, Thailand Dr Francis Hutabarat Universitas Advent Indonesia, Indonesia Dr Franklin Hutabarat Asia-Pacific International University, Thailand Dr Gerald Schafer Carroll University, USA Dr Mack Tennyson Independent Scholar, United Kingdom Dr Namala Tilakaratna National University of Singapore, Singapore Dr Meena Madhavan St Theresa International College, Thailand Dr Oktavian Mantiri Asia-Pacific International University, Thailand Dr Rosario Canon Garcia St Theresa International College, Thailand Dr Samuel Wang Independent Scholar, Philippines Dr Sayamol Nongbunnak Dhurakit Bundit University, Thailand

4 Dr Stephen Louw King Mongkut’s University of Technology Thonburi, Thailand Dr Surachet Insom Asia-Pacific International University, Thailand Dr Vanlapa Wonchan Payap University, Thailand Arlene Siagian Hong Kong Adventist College, Hong Kong Idauli Simbolon Universitas Advent Indonesia, Indonesia Jariya Sudtho Sisaket Rajaphat University, Thailand Jeffrey Dawalang King Mongkut’s University of Technology Thonburi, Thailand Joyosthie Orbe Adventist University of the Philippines, Philippines Paola Bueno Asia-Pacific International University, Thailand Stuart G. Towns Walden University, USA Valentino Milton Gumbilai Independent Scholar, Japan Veraliza Kirilov Asia-Pacific International University, Thailand Publishing Schedule CATALYST is published three times per year by Institute Press during the months of April, August, and December. All opinions, errors, omissions and such expressed in Catalyst are the responsibility of the authors. © Institute Press, Asia-Pacific International University, 2018 Indexing ASEAN Citation Index (ACI) Thai-Journal Citation Index Centre (TCI) EBSCO Information Services Current and Past Issues Volume 17 April 2018 Volume 16 December 2017 Volume 15 June 2017 Volume 14 December 2016 Volume 13 June 2016 Volume 12 December 2015 Volume 11 June 2015 Volume 10 December 2014 Volume 9 July 2014 Volume 8 December 2013 Volume 7 December 2012 Volume 6 December 2011 Volume 5 December 2010 Volume 4 December 2009 Volume 3 December 2008 Volume 2 December 2007 Volume 1 December 2006

5 From the Editor Catalyst is an interdisciplinary peer-reviewed journal of Asia-Pacific International University (AIU) listed in Tier 1 of the Thai Journal Citation Index (TCI), as well as in the ASEAN Citation Index (ACI). This means that Catalyst is a top tier academic journal in Thailand and in ASEAN nations. This is the second issue of Catalyst for 2018. We appreciate all the authors and staff members who have contributed to make this achievement a reality. In this issue of Catalyst, there are 12 articles published by various researchers. There are 10 articles submitted by various researchers external to the university, and 2 articles submitted by AIU researchers. We are delighted to see reports and findings from various academic fields, including education, administration, research, nursing education, language, development and society. Some of the articles in this issue reflect interests not only from a Thai context, but also from international environments in Asia and elsewhere. We hope this issue of Catalyst will be a contribution to the academic and professional development of society and a source of information for various disciplines and researchers. We would like to express our sincere gratitude to all authors, reviewers, editorial board members, executive board members, as well as the journal’s staff for their contributions to this issue of Catalyst. Finally, we would like to invite our readers to publish your valuable papers with us. You can find more information at our website, https://www.apiu.edu/catalyst-issues. We would also appreciate comments or suggestions from you to help us improve Catalyst. Damrong Sattayawaksakul, Editor

6

Catalyst ISSN 2408-137X, Volume 18, 2018 7 Publication Trends and Profiles of Thai Scholarly Articles in Translation Studies: A Bibliometric Approach Kazuharu Yamamoto Abstract The study aims to identify the trends and features of accumulated research in the discipline of Translation Studies (TS) in Thailand. The study applies a bibliometric method for analysis of research activities, research profiles, and journal profiles. The data was gathered from one of Thailand’s local academic databases, Thai-Journal Citation Index Centre. As a result, 144 articles were selected from the database. From the findings, it clearly appears that the number of research and academic articles has been increasing over the last ten years and has been following an upward trend with a steady output over the last 20 years. As for research profiles, half of the 144 articles are based on translation methodological perspective, followed by the educational perspective. Most of productive journal published articles related to TS but they are not specialized journals for TS. As a result, multidisciplinary articles were observed not only in language-specific journals, but also in varied disciplinary journals. Keywords: Bibliometrics, Translation Studies, Thailand, research trend Introduction What allows Translation Studies to be developed into an independent discipline concerned with “The complex of problems clustered round the phenomenon of translating and translation” (Holmes 1988/2004, p. 181)? Munday (2008, pp. 6-7) discusses the educational and academic background of the topic of TS such as offering translation programs by universities and the publication of research. It is noted that, in fact, establishing departments and new programs related to TS has resulted in creating and maintaining academic positions for TS scholars in universities and greater recognition of TS within mainstream academia through the establishment and expansion of international organizations and/or scholarly associations related to TS. Activities linked to the development, research and publication of TS related works have advanced achievements in the field and contributed to the growing appeal and institutionalization of TS. TS academic communities have been established worldwide, as Pym’s (2014) survey reveals, and 217 translators and/or interpreters associations have been found. For instance, in the European Union [EU], European Society for Translation Studies [EST] was officially founded in 1992 and has been contributing to building a platform for not only research but also education for teachers and trainers in the field of TS in the European context. Wolf (2014, p. 234) suggests that EST and its members should try to look beyond EU borders by welcoming non-European members, which means that EST needs to pay serious attention to extra-European matters related to translation and communication. In this regard, we can find references to associations founded in non-European countries in Asia in the corpus of Pym’s study (2014) such as in China where the Translators Association China was founded in 1982, which facilitates academic activities in TS through the publication of the scholarly journal Chinese Translator Journal. Moreover, there are also several notable scholarly associations elsewhere in Asia including the Hong Kong Translation Society, established in 1971 in Hong Kong; the Korean Society of Interpretation and Translation Studies, founded in 1998 in Korea; and the Japan Association for Interpretation & Translation Studies, founded in 2008 in Japan. These associations have continued to publish TS research through various academic journals thus contributing to progress in TS. Thailand, on the other hand, has yet to establish academic associations specialized in TS despite a number of international conferences using the term TS as their main subject title over the past several years. The first international conference on translation in Thailand, “Translation and Interpretation in a Multilingual Context”, was organized by Chulalongkorn University [CU] and held in

8 November 2010. Following that, in 2014, the University of the Thai Chamber of Commerce, together with Mahidol University [MU] co-hosted the “First International Conference on Translation Studies”. Exchanging scholarships through these academic conferences would certainly help to establish international networks between Asia and Europe in the field of TS. Notwithstanding this, the accumulated scholarship of Thai TS scholars has yet to be fully realized in the global context. One of the reasons for this might be that their studies are mostly written in Thai, instead of English. Another reason is that only a few Thai scholarly journals in the fields of Arts and Humanities or Social Sciences are indexed in international databases. There seems to be almost nothing available regarding access to the accumulated scholarship in TS in the Thai context for nonThai scholars. If someone wishes to search for published articles in Thailand, they will need to do so through the local academic database, Thai-Journal Citation Index Centre [TCI], which is not well-known among non-Thai TS scholars. Furthermore, there remains significant language limitationsto the search for and analysis of articles written in Thai. An issue that is well recognized but one that Gile (2015, p. 254) insists we pay more attention to is “local environments of TS” to provide new insights into and interpretations of TS. In fact, many researchers in the Humanities are published in languages other than English for strong domestic reasons and respect for the language used (Grbić & Pöllabauer, 2009, p. 6). In the Thai setting, as an example of a “local environments of TS”, no studies have quantitatively examined individual characteristics reflecting the Thai local situation. Looking at the translation education setting, six universities in Thailand provide translation programs at the postgraduate level (Poonlarp & Leenakitti, 2015), with the total number of Thai higher education institutions reaching 156 as of September 2015 (Office of the Higher Education Commission, 2015). This means that Thai universities offering translation programs account for 3.8 % of the total, all of which are located in central Bangkok or neighboring provinces. Four of the six programs were set up in the 1990s with two other programs followed in the 2010s. Globally, the number of translation programs is a growing trend (Kim, 2012), as seen in the case of mainland China (e.g., Liu, 2013; Zhu & Wang, 2011), where MA translation programs have risen to over 150 in just over a decade. By contrast, in Thailand, the number of universities offering translation programs has remained unchanged for 10 years between 2007 to 2017. Although over 20 years have passed since the first translation program was offered in Thailand, programs at the doctoral level have yet to be developed. It would appear that advanced TS has not been given sufficient attention by the local Thai TS community. Taking into account the situation in Thailand as outlined above, a data-driven discussion is well overdue within TS academia in order to generate further scholarship and communication between European and non-European, including ASEAN, experts of the field. This study will examine publication trends and the features of the TS research indexed in TCI from 1992 to 2014, by means of the bibliometrics method. By disclosing fundamental data and highlighting key issues related to TS research in Thailand, it provides useful data and valuable insights that will benefit educational institutions and academia in Thailand in their quest to advance knowledge in the field of TS. Literature Review Bibliometrics, which was proposed by Pritchard in 1969, had the purpose to “shed light on the processes of written communication and of the nature and course of development of a discipline” and was developed mainly for the Library and Information Science field (Goedeken, 2017; Hood & Wilson, 2001). Grbić (2013) defines bibliometrics as the “science of measuring and analyzing academic publications and scholarly communication”, a definition I have slightly adapted for the purpose of this study. As Grbić describes it, the bibliometric or bibliographical based method frequently includes the following content for analysis: publication counting, citation counting, word analysis, and social network analysis. This approach helps us to trace what research has been conducted previously in various fields such as medicine (e.g., McDowell, Darani, Shun, Thomas, & Holland 2017), computer science (e.g., Claveau, 2016), economics (e.g., Meerow & Newell, 2015), and education (e.g., Kosmützky & Krücken, 2014).

9 As for the TS field, the term bibliometrics has been accepted as a “valuable instrument for studying the evolution, dynamics and trends” (Grbić 2013, p. 20) through a number of academic publications in the form of encyclopedias or handbooks. For instance, bibliometrics as a subject emerged in the Handbook of Translation Studies (Grbić 2013, pp. 20-40), contributing to the dissemination of information on bibliometrics among TS researchers and in Sociology and Translation Studies, discussed in The Routledge Handbook of Translation Studies (Buzelin 2012, p. 194). There are also a number of journal publications that have dealt with bibliometrics. In 2015, a representative TS journal, Perspectives: Studies in Translatology, was published as a new perspective for TS in a special issue “Bibliometric and Bibliographical Research in Translation Studies” by guest editors Rovira-Esteva, Orero, and Aixelá. The result was that TS scholars came to clearly recognize this novel research approach as having been firmly established. TS has been identified as a legitimate academic field which was officially initiated since 1988 by Holmes (1988/2014). The Interest of TS scholars naturally turns toward sketching a map or landscape of the development of TS overall, and attempts to update TS research (Echeverri, 2017; Zanettin, Saldanha, & Harding, 2017). Moreover, we can see studies focusing on theoretical aspects of translation (Pięta, 2017), methodological aspects of translation research (Zhang et. al, 2015), specific branches of TS in Holme’s map such as translation history (Zhou & Sun, 2017), or TS research assessment (Franc Aixelá & Rovira-Esteva, 2015; Rovira-Esteva & Orero 2011). Over 110 specialized journals on TS with the number of scientific publications exceeding 60,000 items (Rovira-Esteva, Orero, & Franco Aixelá, 2015, p. 159) have allowed specialized TS databases to emerge. Taking these examples, there are three representative databases: Translation Studies Abstract, TSA by St. Jerome; Translation Studies Bibliography, TSB by John Benjamins and Bibliography of Interpreting and Translation, BITRA. The BITRA is the biggest database with 69,000 entries as of April 2017 (see https://dti.ua.es/en/bitra/introduction.html). Moreover, we can see studies referencing non-TS specialized databases such as Web of Science [WoS], especially the Social Sciences Citation Index [SSCI] and Arts & Humanities Citation Index [A&HCI] (e.g., Dong & Chen, 2015; Li, 2015). This suggests that the bibliometric approach is suitable for the rapidly growing and expanding discipline of TS. However, there are only 13 TS journals indexed on WoS despite there being more than 100 TS journals (Rovira-Esteva & Orero, 2011). Because of the limitations of employing WoS as a database, WoS is not well represented in real TS research activities. On the other hand, studies which employed local databases such as TCI are still rare. Furthermore, studies based on specific regions or countries remain few except for mainland China (e.g., Li 2015), Taiwan (e.g., Lan, Dong, & Chiu, 2009), and Iran (e.g., Nouraey & Karimnia, 2015). As Li (2015) illustrates, although the global community of TS is still dominated by TS scholars from the English-speaking world and economically advanced countries, local TS communities need to be aware of and learn from an international research trend. For that, it is important that TS research trends and the characteristics of specific regions or countries be accessible and available. In this study, for the reason that the accumulated scholarship of Thai TS scholars has yet to be fully revealed in the global context, I will concentrate on the Thai context to evaluate research output focusing on the type of articles published in journals in Thailand. Since there were no journals specializing in TS that were listed on TCI as of May 2015, it will be required to identify which journals have published TS-related articles within Thailand in order to contribute to the development and expansion of the TS community in both the regional and global contexts. Methodology Source Data To investigate the publication trends and characteristics of types of articles related to TS, the targeted bibliographical data was derived from the TCI database. The TCI is an online academic database that indexes scholarly journals published in Thailand from year to year by institution. It covers a wide range of fields, including Social Sciences and Humanities. Moreover, it contains 66,294 entries including bibliographic data and 422 journals in the field of Humanities and Social Sciences as

10 of September 2017 (TCI, n.d.). Because the TCI database comprises most of the articles published in Thailand and is the acceptable national database that has been authorized by the Office of the Higher Education Commission, TCI was selected and employed for the data selection in this study. Data Selection As with Zhang, Pan, Chen, and Luo’s (2015) study, this study employs a similar methodology in terms of data selection and coding of selected data because their research aimed at exploring three features of TS research: the research area, the themes, and methodologies used by researchers in an international context. Yet, in order to reflect the local situation of TS research in Thailand, I have focused on articles published in national journals rather than international journals as Zhang et al. (2015) did. To build the database, as a sampling strategy, the data was first extracted from the Humanities category of TCI by searching article titles in both Thai and English by the keywords: translation, translating, translation book or, translation work, and translator. These keywords were selected based on keyword frequencies surveyed by van Doorslaer and Gambier (2015). The publication of the data period covers the past two and a half decades, from 1988 to 2014. Consequently, a total of 282 articles were selected from TCI. The number of entries identified through each keyword was as follows: translation 96 entries (60 articles in Thai and 36 articles in English); translating 12 entries (9 articles in Thai and 3 articles in English); translation book or translation 0 entry; translator 30 entries (20 articles in Thai and 10 articles in English); Kan Plae (translation) 136 entries; Ngan Plae (translation work or book) 6 entries; and Nak Plae (translator) 4 entries. Every entry identified through keywords in Thai was a Thai article. After extracting the data, the 282 entries were checked for duplicates to build a dataset based on the principle of one entry per one article. Since 108 duplicate entries were found, they were removed from the dataset. Finally, in order to confirm the extracted data was relevant to TS research and article type, I went through the abstract and removed the irrelevant ones, leaving a total of 30 entries. For these 30 entries, 20 entries were sorted for relevancy under a social and political field. The other 10 entries were studies related to book review. After deleting the entries unrelated to TS and published not as a type of article, the resulting structured corpus contained 144 entries, which was compiled in May 2015. To code the selected data, each word of the title of the data was divided as a minimal unit code. While analyzing descriptively and qualitatively, relevant units for the analysis were extracted. Procedure for Data Analysis The approach used for analysis in this study relied on descriptive statistics and thematic analysis of the obtained data. The analysis consisted of three parts: an analysis of research activities, an analysis of research profiles, and an analysis of journal profiles. The research activities were descriptively identified by publication trend over the years through publication count, and, the research profiles were categorized according to three viewpoints: research perspectives, the categories, and the genre through thematic analysis. The journal profiles were specified by counting the number of published articles per journal. In terms of the thematic analysis framework such as sub-theme classification and research perspectives, I have proposed a three-level coding system as shown in Table 1. The first level, classifying theories according to the coding systems, includes three categories: general theory, partial theory, and applied theory, which roughly correspond to Holmes’s map concept (Holmes, 1988/2004; Toury, 1995) used as a foundational framework for TS. The second level, on research perspectives, includes 11 perspectives, and the third level on sub-themes, includes 20 subthemes which were designed by adapting them as a prototype from the TSB framework with reference to the BITRA architecture for corresponding perspectives. It should be noted here that each entry may be assigned multiple labels for categories on TSB or BITRA databases, however, no two categories completely overlap in the corpus of the study. More

11 details about the structures and scholarly selection criteria for inclusion of entries and classification of the entries in TSB and BITRA can be explored in Zanettin et al. (2015). Table 1. Three-Layer Classification for Categorization of Research Limitations of the Method As for the scope and limitations of the study, TS researches which returned zero hits on the databases were not addressed. Similarly, TS researches not registered in the databases were also beyond the scope of this study. However, I realize that the study cannot include every publication related to TS research due to methodological constraints. Despite these limitations, though, I believe that the study facilitates the tracing of developments in TS in Thailand by offering preliminary data on TS research. Results and Discussion Research Activities The chart in Figure 1 indicates the publication trends and the timeline. This chart clearly shows that the number of articles has been sharply increasing over the last 10 years and there has been a steady upward trend over the last 20 years. From these trends, it seems that translation education at a graduate level in Thailand has contributed significantly to the field of TS in Thailand over 20 years. Moreover, it may be considered that some of these the translation program graduates continue to study TS. Recently, more articles related to teaching translation at an advanced level in undergraduate education have been written (Chowwiwattanaporn, 2013; Sojisirikul & Vasuvat, 2014) and there is an expanding interest in teaching language learning. Furthermore, translation as a method to develop meta-language has gained the attention of language lecturers at universities in Thailand. It is possible that scholars from different disciplines are choosing to move into the field of TS, and producing TS related articles that have contributed to the active TS research over the last 10 years. Translation Studies Theories Perspectives Sub-themes General Theory-Itself-Development Translation Theory Research Methodology Research Methodology Partial Bibliometric Bibliographies Historical History of Translation and Interpreting Psychological and Cognitive Process-Oriented Studies Social and Cultural Intercultural Studies Translation and Gender Translation and Politics Translation Policies Translation Methodology Contrastive and Comparative Studies Translation Problem-Based Studies Applied Educational Translator Training Translation and Language Teaching Professional Translator Status and Roles Translation and the Language Industry Technological Machine (-aided) Translation Terminology and Lexicography Localization Translation Criticism Evaluation/Quality/Assessment/Testing Reviews

12 Figure 1. Number and Trends of Articles in Database by Year Research Profiles As for research type, a breakdown of perspective-based studies and the noticeable percentage from categorized perspectives are shown in Figure 2. As suggested by the figure, half of the articles were based on translation methodology perspectives. It is remarkable that the educational perspective which was second in rank (19%) received special attention in research articles. The majority of articles from the educational perspective was on translation and language teaching (89%); studies on translation and language teaching are discussed in the context of undergraduate level courses rather than graduate level courses. As for the most common language pairs for translation and language teaching, English and Thai were the most popular at 77%. Asian language pairs such as Chinese and Thai (9%) or Vietnamese and Thai (5%) also emerged as novel language pairs. Translation criticism which examines translation quality, assessment, and testing including critical review and comments on multi-categories translation works, accounted for 10% of articles in the database. Although articles on this perspective employed a non-empirical approach to assess the quality of the translation, some of the articles attempted to tackle new topics such as readership. Three perspectives: professional, historical, and social and cultural made up about 5% each. On the other hand, studies on translation theories and research methodology were still very limited in the Thai context. This result may be linked to reasons why half of the articles in the databases employed a traditional approach such as contrastive analysis. While the technological aspects of translation have increased, it is surprising to learn that studies based on a technological perspective accounted for only 2% of the database. Figure 2. Percentage Breakdown of Perspectives-Based Categories of Articles in the Database Figure 3 presents the three most common perspectives of articles by year and the broken line provides the number and conveys the trend. The translation methodology perspective has increased since 2000 and attracted most TS scholars in Thailand. As for educational perspective, the number of the articles has risen gradually since 2009. Translation criticism has not been discussed much and the issue of translation quality has rarely been discussed academically in translation research in Thailand.

13 The number of articles based on other perspectives was so small that no tendency could be identified from 1996 to 2013. Figure 3. Number and Trend of Articles Based on Top Three Ranked Perspectives in Database Per Year of Publication As illustrated, studies on TS research in Thailand have been too attached to specific perspectives to cultivate others, and the issues seem to relate to two main aspects: translation research education and resources for research. This tendency towards an imbalance in perspectives employed for translation research fundamentally results from a lack of awareness that both educators and students should learn research methodology specific to translation studies or the provision of knowledge and skills for translation research as part of coursework in translation programs at a graduate level. Since programs at a master’s level inevitably focus on understanding the concepts of research and applying those concepts in their own research, it seems difficult to develop research competence specific to TS, which is essential at a doctoral level. Because there are no doctoral programs specific to TS available in Thailand, authors who have already published articles related to translation rarely have opportunities to learn more about, and from translation research. A natural consequence of this is that the authors of the articles found in the database repeatedly produce articles on translation discussing familiar approaches in a customary way. The other aspect is the representativeness of sources written in English and Thai. In the database, there were fewer articles written in English (25%) and more written in Thai (75%). This indicates that language use for discussion on translation is mainly Thai in the Thai setting, which makes it difficult to share scholarship and concepts with the research community which uses English as a lingua franca. The point here is not to criticize the English proficiency of Thai scholars, but rather to highlight the deficiency in resources like academic books of TS translated into Thai, as well as unrevised content in existing textbooks written in Thai. For instance, “The Principles of Translation (8th edition)” by Saibua (2010) is a well-referenced textbook and covers translation theories from the concept of equivalence, to Skopos Theory. However, it fails to describe elements of concepts such as Habitus, Uncertainty, and Localization. In addition, no articles or books have attempted to translate the above concepts or theories into Thai. If a handbook or encyclopedia of TS were available in the Thai language, mapping and researching methodological tendencies in translation research in Thailand would be significantly different from what is currently, as shown in Figures 2 and 4. Hence, it is essential for TS scholars in Thailand to make collaborative efforts towards the academic development of translation studies in Thailand. The contributions of Thai TS scholars are categorized into nine genres as shown in Figure 4. Literary translation which was the most popular accounted for 51%. The second was a non-specific genre which accounted for 19%. Studies in this genre usually attempt to identify cultural differences and the difficulty of translatability between two specific languages by translating short sentences in various settings such as literary or specialized. Audiovisual and multimedia translation represented 8% and all studies in this type focused on subtitling in screen translation. Reference, which was divided into two sub-genres: philosophy and psychology accounted for 7%.

14 Specialized and technical translation which examined translated texts in specific fields such as IT or law occupied 5% of the database. It would be worthwhile to identify translation programs offered by universities in the UK or other EU countries which have strong connections with real world professional translators and provide specialized translation programs for specialized and technical translation; this reflects high demand in the translation industry (Hagemann, 2014; Rico, 2010). By contrast, in the Thai context, studies specifically on medical translation were not even included in the database. These results may have relevance for a program for translator education at a graduate level in Thailand or be regarded as a gap in the translation market between EU countries and Thailand. Figure 4. Percentage Breakdown of Each Genre of Translation Methodological Perspective-Based Articles in Database Journal Profiles Table 2 summarizes the number of published articles by journal. A total of 53 journals were found. Each journal is shown with its English title. Twenty seven journals (18.8%) that are described as others in the table had published a single article only according to the database. The most productive journals were The Journal of the Faculty of Arts, Silpakorn University (7.6%), Journal of Language and Linguistics (6.9%) published by Thammasat University [TU], and Journal of Language and Culture (5.6%) published by MU. Other important journals, publishing at least four articles include Humanities and Social Sciences, Thoughts, Chinese Studies Journal, and Silpakorn University Journal. These core journals are not specialized journals for TS but rather journals specializing in language, linguistics, culture, and communication under the umbrella of Humanities and Social Sciences. It is notable here that all these journals are published by educational or research institutions, with the exception of The Journal of the Siam Society. Articles in various journals suggest acceptance of translation research as being within the scope of various scholarly, multi-disciplinary journals in Thailand and of potential interest to scholars from other disciplines. Furthermore, a Thai first TS journal, Journal of Translation and Interpretation Thailand published jointly by three institutions and one organization: CU, TU, MU, and The Translator and Interpreter Association of Thailand, emerged in 2016 and has still not been indexed in TCI. However, an academic association specialized in TS in Thailand is yet to be established, and perhaps because of this, Thai TS scholars Thailand have struggled to share scholarship reflecting local knowledge with the global translation community. Organizing international conferences on TS in Thailand and other such activities could contribute to enhancing the visibility of the TS research in the global translation community, but this assumption is subject to support from findings emerging from future research.

15 Table 2. Number of Published Articles by Journals No. Names of Journals n % 1 The Journal of the Faculty of Arts, Silpakorn University 11 7.6% 2 Journal of Language and Linguistics 9 6.3% 3 Journal of Language and Culture 8 5.6% 4 Journal of Humanities Faculty of Humanities, Naresuan university 7 4.9% 5 Journal of Letters 7 4.9% 6 The Journal of the Siam Society 6 4.2% 7 Ramkhamhaeng Research Journal Humanities and Social Science 6 4.2% 8 Journal of Liberal Arts 6 4.2% 9 Liberal Arts Review 5 3.5% 10 Humanities Journal 5 3.5% 11 NIDA Journal of Language and Communication 5 3.5% 12 Manutasat Paritat: Journal of Humanities 5 3.5% 13 The Journal : Journal of the Faculty of Arts 4 2.8% 14 Thoughts 4 2.8% 15 Humanities and Social Sciences 4 2.8% 16 Journal of Humanities and Social Sciences, Burapha University 3 2.1% 17 Journal of English Studies 3 2.1% 18 Chinese Journal of Sciences 3 2.1% 19 Journal of Graduate Studies in Humanities and Social Sciences, Khon Kaen University 2 1.4% 20 Journal of English Studies 2 1.4% 21 Chinese Studies Journal 2 1.4% 22 Rusamilae Journal 2 1.4% 23 Japanese Studies Journal 2 1.4% 24 Journal of Humanities and Social Sciences, Mahasarakham University 2 1.4% 25 The New English Teacher 2 1.4% 26 Journal of Humanities and Social Sciences, Rangsit University 2 1.4% Others* 27 18.8% Total 144 100.0% *Journals obtain at least one TS-related article in the database Conclusions This study has endeavored to investigate the trends and features of TS research in Thailand from 1992 to 2014 using a bibliometric approach based on three aspects: research activities; research profiles; and journal profiles. The main findings from the study confirm that research articles on TS have increased in recent years primarily because more Thai TS academics and practitioners have been discussing, accumulating and demonstrating scholarship related to TS. Furthermore, interdisciplinary perspectives research were also evident strongly linked to linguistics. One of the reasons for this is that the TS articles themselves have been published in multi-disciplinary journals. This current study sheds new light on the recent development and expansion of TS in Thailand. It contributes to promoting up-to-date research on, translator education in terms of pointing the direction for graduate research and international collaboration by providing useful insights into TS research trends and features in Thailand. The findings will also be beneficial in assisting TS scholars to explore future research themes or developing specialized topics. I believe that this study is the first attempt to explore the current situation of TS by focusing on the type of article available to Thai

16 researchers even though the study is merely preliminary due to the limited size of the corpus, and only valid with respect to the current corpus and methodology. Future research in this field could include a network analysis of Thai scholars, who have conducted TS research in Thailand. Such a study could feasibly lead to the organizing of a Thai local association for TS by identifying what research is being conducted by whom in the field of TS qualitatively and quantitatively. Beyond the Thai context, future research could also include a tendency comparison with cases in other countries such as other ASEAN member countries, which would forge constructive relationships with the global translation community. Acknowledgements This research project was supported by Mahidol University (TM 78/2557). The author deeply wishes to thank the editorial board and the anonymous reviewers from ‘Catalyst’ for their insightful comments and helpful suggestions. I also thank my colleague, Richard John Hiam for his valuable comments. About the Author Kazuharu Yamamoto is a lecturer in the Research Institute for Languages and Cultures of Asia, Mahidol University, Thailand. References Buzelin, H. (2012). Sociology and translation studies. In C. Millána & F. Bartrina (Eds.), The Rutledge Handbook of Translation Studies (pp. 186–200). London: Routledge. Retrieved from http://doi:10.4324/ 9780203102893. ch14. Chowwiwattanaporn, P. (2013). An error analysis of the clearly stated and unclearly stated time markers concerning the use of verbs and tenses in translation from Thai into English by second-year English major students. Humanities Journal, 20(1), 202–218. Claveau, F. (2016). There should not be any mystery: A comment on sampling issues in bibliometrics. Journal of Informetrics, 10(4), 1233–1240. Retrieved from http://doi:10.1016/j.joi.2016.09.009. Dong, D., & Chen, M.L. (2015). Publication trends and co-citation mapping of translation studies between 2000 and 2015. Scientometrics, 105(2), 1111–1128. Retrieved from http://doi:10.1007/s11192-015-1769-1 Echeverri, Á. (2017). About maps, versions and translations of translation studies: A look into the metaturn of translatology. Perspectives, 25(4), 1–19. Retrieved from http://doi:10.1080/0907676X.2017.1290665. European Society for Translation Studies [EST] (2016). Promoting research on translation and interpreting. Retrieved from http://www.est-translationstudies.org/ Gile, D. (2015). Analyzing translation studies with scientometric data: From CIRIN to citation analysis. Perspectives, 23(2), 240–248. Retrieved from http://doi:10.1080/0907676X.2014.972418. Goedeken, E. A. (2017). Being part of the conversation: The most cited articles in library history and library & information history, 1967–2015. Library & Information History, 33(1), 3–18. Retrieved from http://doi:10. 1080/17583489.2017. 1264183. Grbić, N. (2013). Bibliometrics. In Y. Gambier & L. van Doorslaer (Eds.), Handbook of translation studies 4 (pp. 20–24). Amsterdam: John Benjamins. Retrieved from http://doi:10.1075/hts.4.bib2. Grbić, N., & Pöllabauer, S. (2009). An author-centred scientometric analysis of Daniel Gile’s œuvre. In G. Hansen, A. Chesterman, & H. Gerzymisch-Arbogast (Eds.), Efforts and models in interpreting and translation research: A tribute to Daniel Gile (pp. 3–24). Amsterdam: John Benjamins. Retrieved from http://doi:10.1075/btl.80.03grb. Franco Aixelá, J., & Rovira-Esteva, S. (2015). Publishing and impact criteria, and their bearing on translation studies: In search of comparability. Perspectives: Studies in Translatology, 23(2), 265–283. Retrieved from http://doi:10.1080/0907676X.2014. 972419. Hagemann, S. (2014). Images of higher education: developing and administering translation studies programmes in Germany. The Interpreter and Translator Trainer, 8(2), 149–166. Retrieved from http://doi:10.1080/1750399X. 2014.940696. Holmes, J.S. (1988/2004). The name and nature of translation studies. In L. Venuti (Ed.), Translation studies reader (pp. 180–192). London and New York: Routledge. Hood, W. W., & Wilson, C. S. (2001). The Literature of Bibliometrics, Scientometrics, and Informetrics. Scientometrics, 52(2), 291–314. Retrieved from http://doi:10.1023/A:1017919924342.

17 Kim, M. (2012). Research on translator and interpreter education. In C. Millána & F. Bartrina (Eds.), The Routledge Handbook of Translation Studies (pp. 102–116). London and New York: Routledge. Kosmützky, A., & Krücken, G. (2014). Growth or steady state? A bibliometric focus on international comparative higher education research. Higher Education, 67(4), 457–472. Retrieved from http://doi:10.1007/s10734- 013-9694-9. Lan, Y., Dong, D. & Chiu, A. (2009). Research trend and methods in translation studies: A comparison between Taiwanese and international publications. Compilation and Translation Review, 2(2), 177–191. Li, X. (2015). International visibility of mainland China translation studies community: A scientometric study. Perspectives, 23(2), 183–204. Retrieved from http://doi:10.1080/0907676X.2015.1006645. Liu, J. (2013). Translators training: Teaching programs, curricula, practices. Journal of Language Teaching and Research, 4(1), 127–132. Retrieved from http://doi:10.4304/jltr.4.1.127-132. McDowell, D., Darani, A., Shun, A., Thomas, G., & Holland, A. (2017). A bibliometric analysis of pediatric liver transplantation publications. Pediatric Transplantation, 21(4), e12913. Retrieved from http://doi:10. 1111 / petr.12913. Meerow, S., & Newell, J. P. (2015). Resilience and complexity: A bibliometric review and prospects for industrial ecology. Journal of Industrial Ecology, 19(2), 236–251. Retrieved from http://doi:10.1111/jiec.12252. Munday, J. (2008). Introduction to translation studies (2nd ed). London: Routledge. Nouraey, P., & Karimnia, A. (2015). The map of translation studies in modern Iran: An empirical investigation. Asia Pacific Translation and Intercultural Studies, 2(2), 123–138. Retrieved from http:// doi:10.1080/3306343.2015. 1059009. Office of the Higher Education Commission. (2015). List of Thai higher education institutions. Retrieved from http://inter.mua.go.th/wp-content/uploads/2014/03/Thai-HEIs-name-list.- updated.September2015.pdf. Pięta, H. (2017). Theoretical, methodological and terminological issues in researching indirect translation: A critical annotated bibliography. Translation Studies, 10(2), 198–216. Retrieved from http://doi:10.1080/14781700. 2017.1285248. Pritchard, A. (1969). Statistical bibliography or bibliometrics? Journal of Documentation, 25, 348–349. Poonlarp, T., & Leenakitti, N. (2016). What do employers want?' A study of online job advertisements for translators in Thailand. Journal Language and Culture, 35(2), 7–33. Pym, A. (2014). Translator associations: From gatekeepers to communities. Target, 26(3), 466–491. Retrieved from http://doi:10.1075/ target.26.3.06pym. Rico, C. (2010). Translator Training in the European Higher Education Area. The Interpreter and Translator Trainer, 4(1), 89–114. Retrieved from http://doi:10.1080/1750399X.2010.10798798. Rovira-Esteva, S., & Orero, P. (2011). A contrastive analysis of the main benchmarking tools for research assessment in translation and interpreting: the Spanish approach. Perspectives, 19(3), 233–251. Retrieved from http://doi:10.1080/0907676X. 2011.590214. Rovira-Esteva, S., Orero, P., & Franco Aixelá, J. (2015). Bibliometric and bibliographical research in translation studies. Perspectives, 23(2), 159–160. Retrieved from http://doi:10.1080/0907676X.2015.1026361. Saibua, S. (2010). The principles of translation (8th ed). Bangkok: Thammasat University Press. [In Thai] Sojisirikul, P., & Vasuvat, S. (2014). Analysis of sentence structures through translation for a reading task. Journal of English Studies, 9, 98–122. Thai-Journal Citation Index Centre. (n.d.) List of journals in Humanities and Social Sciences. Retrieved from http://www.kmutt.ac.th/jif/public_html/list%20journal.php?branch=H. Toury, G. (1995). Descriptive translation studies: And, beyond. Amsterdam/Philadelphia: John Benjamins. van Doorslaer, L., & Gambier, Y. (2015). Measuring relationships in translation studies: On affiliations and keyword frequencies in the translation studies bibliography. Perspectives 23(2), 305–319. Retrieved from http://doi:10.1080/0907676X.2015. 1026360. Wolf, M. (2014). “The language of Europe is translation”: EST amidst new Europe and changing ideas on translation. Target, 26(2), 224–238. Retrieved from http://doi:10.1075/target.26.2.04wol. Zhang, M., Pan, H., Chen, X., & Luo, T. (2015). Mapping discourse analysis in translation studies via bibliometrics: A survey of journal publications. Perspectives, 23(2), 223–239. Retrieved from http://doi:10.1080/0907676X. 2015.1021260. Zhou, X., & Sun, S. (2017). Bibliography-based quantitative translation history. Perspectives, 25(1), 98–119. Retrieved from http://doi:10.1080/0907676X.2016.1177100. Zhu, C., & Wang, H. (2011). A Corpus-based, machine-aided mode of translator training. The Interpreter and Translator Trainer, 5(2), 269–291. Retrieved from http://doi:10.1080/13556509.2011.10798821. Zanettin, F., Saldanha, G., & Harding, S. A. (2015). Sketching landscapes in translation studies: A bibliographic study. Perspectives, 23(2), 161–182. Retrieved from http://doi:10.1080/0907676X.2015.1010551.

Catalyst ISSN 2408-137X, Volume 18, 2018 18 Capital Structure Determinants for Local Commercial Banks: Thailand Evidence Benjalux Sakunasingha, Preecha Anekwasinchai, and Varang Wiriyawit Abstract This study explores significant determinants of bank capital structure, and how they help to explain these structures. A fixed-effects regression model was applied to analyze Thai local banks during the period from 2004-2014. Two measurements of bank leverage were used, namely book value leverage ratio and risk-weighted book value leverage ratio. Firm-level determinants were bank profitability, risk, growth, and liquid assets with GDP growth rate, inflation rate, unemployment rate, and public debt as country-level determinants. Empirical results indicated that both firm-level and country-level determinants had statistically significant relationships with the book value leverage ratio, except for the unemployment rate. However, when we examined the influence of these determinants on the risk-weighted book value leverage ratio, only growth, liquid assets, unemployment rate, and public debt showed a statistically significant relationship. These empirical findings may assist bank managers in implementing relevant policies to ensure soundness and stability in the Thai banking sector. Keywords: Capital structure, leverage, banks, Thailand, fixed-effects regression model Introduction Background of the Study The 2008 Global Financial Crisis (GFC) drew attention to the stability of banks and, in particular, to how banks finance their balance sheets. In fact, the capital structure of banks should be reformed to better address dynamic changes in the financial industry, and to prevent another bank meltdown during any future world economic crisis (Mishkin, 1999). The banking industry is an important sector in supporting the economic growth of all nations. Banks act as financial intermediaries, facilitating flows of capital between businesses and depositors. Since they provide capital resources, adequate capital requirements for banks maximize investment opportunities in capital markets and support national financial stability (Ding, Wu, & Chang, 2013). In contrast, the failure of banks to maintain adequate capital may cause depositors and creditors to withdraw their funds, resulting in a domino effect which could lead to another financial crisis (Greenbaum, Thakor, & Boot, 2016). Earlier research by Gropp and Heider (2010) found similarities in the determinants of capital structures of financial and non-financial firms. Many recent empirical studies have suggested that, alongside firm-level determinants, national market factors might also influence the capital structure of a firm (Baltaci & Ayaydin, 2014; Booth, Aivazian, Demirguc-Kunt, & Maksimovic, 2001; Butt, Khan, & Nafees, 2013; De Jong, Kabir, & Nguyen, 2008; Gropp & Heider, 2010; Rajan & Zingales, 1995). The findings from previous researches concerned the significance of market factors on bank capital structures, and leverage ratios also differ from country to country. Berlin (2011) stated that banks are typically highly leveraged firms compared with most non-financial firms, and that market factors have been an important determinant of bank capital decisions since the early 1990s. Thus, mixed conclusions were drawn from previous research investigations, making further study necessary. The Research Problem Most previous studies have examined firms in the United States or European Union with few notable exceptions. Several recent studies on the determinants of bank capital structures from other countries, including Jordan, Pakistan, and Turkey, have shown that market factors of a single country may significantly affect banks’ capital structure decisions (Al-Shubiri, 2011; Baltaci & Ayaydin, 2014; Butt et al., 2013). There have been few studies of the banking sectors in the emerging countries of the

19 Association of Southeast Asian Nations (ASEAN), despite the fact that local banks in these nations play a dominant role in providing financial resources. Therefore, this research aims to explore the determinants of capital structure of local commercial banks in Thailand from 2004 to 2014 inclusive. This study is important for two reasons. First, Thailand is ranked among the top five best emerging markets in 2014 (Bloomberg, 2014). Despite its importance in the world economy, there have been limited studies of Thai firms, especially in its financial sector. Within the Thai financial sector, local banks play a dominant role, holding more than 80 percent of total industrial assets in Thailand. Second, in regards to theories of capital structure, most previous studies observed nonfinancial firms in Thailand. For instance, Udomsirikul, Jumreornvong, and Jiraporn (2011) investigated the impact of the liquidity of Thai firms’ equity on their capital structures. Tongkong (2012) investigated important factors influencing capital structure decisions in Thai real estate companies listed on Stock Exchange of Thailand (SET). Thippayana (2014) studied the determinants of firm capital structure based on 144 listed firms in the SET. This study attempts to fill in the research gap by providing key market factors at the firmspecific level that influence the capital structure of local banks by way of extension to cover all Thai commercial banks in Thailand. Allen, Napaporn, and Robert (2013) conducted a research study regarding the determinants of capital structure for Thai banks. However, they focused on internal bank variables, and found that non-performing loans and risk-weighted assets had a significant relationship to banks’ leverage ratios. This research study, on the other hand, investigated both bank determinants and macroeconomic factors influencing the capital structures of local banks in Thailand. The findings from this study should provide theoretical and practical guidance in this under-studied region, and provide a starting-point for further studies. The next section reviews related literature, including works on the theory of capital structures, background literature on the banking sector in Thailand, and previous studies of capital structure determinants. This is followed by the research methodology and data, details and a discussion of the research findings, and a conclusion. Literature Review Capital Structure Theories A firm must raise capital needed to expand its business activities. Capital structure is the mixture of debt and equity that results from firm’s financial decisions to raise capital. Four theories relate to capital structure are briefly summarized as follows: Modigliani-Miller (MM) Theorem Modigliani and Miller (1958) started the modern theory of capital structure, which assumes a perfect market, where insiders and outsiders have symmetric information; no transaction costs, bankruptcy costs or taxation distortions; equity and debt choices became irrelevant, and internal and external capital can be substituted. Later the revised MM model (Modigliani & Miller, 1963) suggested that the optimal structure occurred because of the tax-shield benefit of using debt financing over equity. Fama and French (1998) studied the tax model of the MM theorem and concluded that companies that are more profitable tend to use more debt rather than equity. The MM theorem has given rise to many more modern theories of capital structure. Pecking Order Theory The pecking order theory, which was developed by Myers and Majluf (1984) and Myers (1984), is also referred to as information asymmetry theory. The pecking order theory states that a firm follows a hierarchy of financing choices ranging from internal to external sources. The theory relies on the assumption that adverse selection costs result from issuing risky securities incurred because of either asymmetric information, managerial optimism, or both. To minimize adverse selection costs, firms prefer internal over external sources of funds. If the firms need external funds, their first

20 preference is to issue debt, and then as a less-favored option, to issue hybrid securities such as subordinated debt, and then – as a last resource – to issue equity. Static Trade-off Theory The static trade-off theory was initially proposed by Modigliani and Miller (1958) based on tax-shelter benefits, bankruptcy costs, and agency costs, where there is no offsetting cost of debt; thus, firms can solely use debt financing in their capital structures. Later, Kraus and Litzenberger (1973) proposed an optimal capital structure involving a trade-off between the costs and benefits of debt financing. In the trade-off model, debt financing has one important advantage over equity; the interests provide tax-shelter benefit while equity income is subject to corporate tax. However, debt increases financial risks so that debt financing is not cheaper than equity financing. In static trade-off theory, managers must balance the costs and benefits of borrowings, and maintain an appropriate debt level to maximize the firm value. Agency Costs Based Theory Agency costs refer to costs associated with resolving conflicts among managers, bondholders, and shareholders. The agency costs based theory states that a firm’s capital structure is determined by agency costs, which includes the costs of debt and equity issuings. Jensen and Meckling (1976) claimed that more debt issue could lead to conflict between shareholders (through managers) and bondholders, since managers may invest in high-risk projects that yield high returns to shareholders, but increase the cost of failure to bondholders, because of shareholders’ limited liability. More equity issues, on the other hand, could lead to conflict between shareholders and management due to high levels of free cash flow. Managers may select short-term projects rather than profitable long-term projects due to results that may come early and enhance their reputation quickly. Managers may prefer less risky investments and lower debt levels to reduce the chance of bankruptcy, and this may diverge from shareholders’ interest in maximizing the firm’s value (Jensen & Meckling, 1976). The Banking Sector in Thailand As a member of the Bank of International Settlements (BIS), the Bank of Thailand (BOT) has adopted the Basel Accords implemented since 1993, known as Basel I, II, and III. It is required that all Thai commercial banks and foreign banks operating in the Kingdom comply with the capital requirements of Basel I, II, and, most recently, III. Under Basel III, all Thai commercial banks must maintain a minimum common equity ratio of 4.50 percent, a Tier 1 ratio of 6.0 percent, and a minimum risk-based capital ratio of 8.50 percent (Bank of Thailand, 2012). The risk-based capital ratio remains unchanged from Basel II. The BOT, Thailand’s central bank, is responsible for supporting the economic and financial system through monetary policy implementation. One of the responsibilities of the BOT is to supervise financial institutions, including Thai commercial banks, retail banks, foreign bank subsidiaries and branches, finance companies, credit foncier companies, asset management companies, credit card companies, and personal loan companies (Bank of Thailand, 2016a). Commercial banks, or universal banks, serve as intermediaries allocating funds from depositors and providing loans to the household and business sectors. Commercial banking businesses registered in Thailand may fall into one of several categories: commercial banks (universal banks), retail banks, foreign commercial bank subsidiaries and foreign commercial bank branches (Bank of Thailand, 2016a). In 2016, there were a total of 30 commercial bank businesses: 14 Thai commercial banks (universal banks), one retail bank, four foreign subsidiaries, and 11 foreign commercial bank branches (Bank of Thailand, 2016b). This study focused only on the 14 Thai commercial banks that are licensed to undertake commercial or universal banking business. These 14 local banks represent 46.67 percent of all commercial banks in Thailand, but hold 80 percent of the total assets of all banks operating in Thailand, and thus represent a significant sample of these banks.

21 Previous Research on Capital Determinants In this section, we investigate the empirical literature that has studied the standard determinants of capital structure for both financial and non-financial firms. We begin with leverage ratio, and then proceed to firm-level determinants and country/macroeconomic determinants. There are several different measurements of leverage in capital structures (Rajan & Zingales, 1995; Titman & Wessels, 1988). For non-financial firms, the most common leverage ratio is total debt to total assets. Myers and Majluf (1984) found that the duration of debt used in leverage ratios (shortterm debt to total assets, and long-term debt to total assets) are proxies for better methods to measure leverage. However, with respect to bank capital structures, the standard view of capital requirements is that banks must also hold capital buffers above the regulatory minimum in order to avoid the costs of issuing new equity at short notice. According to this view, the costs of issuing equity are caused by the existence of asymmetric information (Myers & Majluf, 1984). For this reason, bank capital structures may differ from the Modigliani-Miller theory. Furthermore, empirical studies from developing countries have adopted only a book-valuebased leverage ratio, using the book value of equity (Al-Shubiri, 2011; Amidu, 2007; Baltaci & Ayaydin, 2014; Butt et al., 2013; Ukaegbu & Oino, 2014). A market-value-based leverage ratio using the market value of equity has been employed as an additional dependent variable in some empirical studies in developed countries (Gropp & Heider, 2010; Pandey, 2001; Sangeetha & Sivathaasan, 2013; Teixeira, Silva, Fernandes, & Alves, 2014). Since Thailand is categorized as a developing country, we employ a leverage ratio based on the book value of equity. In addition, we follow the studies of Baltaci and Ayaydin (2014), Brewer, Kaufman, and Wall (2008), and Teixeira et al. (2014) by using two leverage measurements: LEV1 and LEV2. In this study, LEV1 is defined as the book value leverage ratio, while LEV2 is defined as the risk-weighted book value leverage ratio (see Table I). The difference between the two ratios is that LEV1 uses the book value of assets, whereas LEV2 uses the risk-weighted book value of assets based on Basel standards. In the case of Thai banks, the Bank of Thailand has adopted the Basel Accords, which requires commercial banks to hold the regulatory minimum risk-based, or “capital adequacy” ratio at 8.50 percent. According to the buffer view of capital requirements and after a lesson learned during the Asian financial crisis in 1997, Thai commercial banks tend to hold capital buffers above the regulatory minimum in order to play safe if they are affected by an unexpected economic downturn or crisis. Without a good buffer, it would be difficult for banks to raise capital during economic turbulence. Therefore, maintaining the risk-based capital is important for all commercial banks. This study includes both debt and non-debt liabilities (of which the major portion is deposits) in accordance with the corporate finance literature, which does not distinguish between debt and non-debt liabilities (Gropp & Heider, 2010). Therefore, leverage ratios in this study are calculated with reference to both debt and non-debt liabilities, which is a better measurement for bank leverage. Among the firm-level determinants of capital structure, this study discusses profitability, firm risk (business/operational risk), firm growth, and liquid assets. Profitability of firms is one of the significant firm-level determinants of capital structure for both non-financial and financial firms. Following the trade-off theory, Frank and Goyal (2009), Kayo and Kimura (2011), Sangeetha and Sivathaasan (2013), and Ukaegbu and Oino (2014) found a positive relationship between firm profitability and leverage. That is, under the trade-off theory, firms with higher profit are more likely to use debt than other sources of funding in order to benefit from tax shelters and reduce the expected cost of financial distress. On the contrary, many research findings have identified a negative relationship between firm profitability and leverage, a finding that is in accordance with the pecking order theory (Baltaci & Ayaydin, 2014; Booth et al., 2001; Gropp & Heider, 2010; Pandey, 2001; Rajan & Zingales, 1995; Teixeira et al., 2014; Titman & Wessels, 1988). Firms in these studies preferred to use their own, internal sources of financing before using external sources. Because these firms with high profitability use internal funding first, they are less leveraged. Based on the trade-off theory, all else being equal, firms with higher business or operational risk tend to incur less debt (Myers, 1984). Previous studies by Aktas, Acikalin, Bakin, and Celik (2015),

22 Amidu (2007), Al-Shubiri (2011), Brewer et al. (2008), Pandey (2001), and Ukaegbu and Oino (2014) agreed that higher business or firm risk has a significant negative relationship with bank leverage. In essence, financial firms tend to use less debt when they encounter a higher-than-expected cost of financial distress or earnings volatility. A study in the Thai context of non-financial firms found no significant relationship between business risk and leverage ratios (Thippayana, 2014). There have been no related studies of financial firms in Thailand. Therefore, they are studied in this research. The empirical findings for corporate finance follow the trade-off theory because growth increases the cost of financial distress, reduces free cash flows problems, and might raise debt-related agency problems, causing firms to keep debt at low levels (Frank & Goyal, 2009). The trade-off theory holds that there is an inverse relationship between firm growth and leverage, and some previous studies have confirmed this, including Deesomsak, Paudyal, and Pesscetto (2004), Frank and Goyal (2009), and Gropp and Heider (2010). However, most previous studies seem to follow the pecking order theory: firms with high growth, beside an internal equity, prefer external financing, resulting in relatively higher debt levels. Most studies have found a positive correlation between firm growth and leverage (Al-Shubiri, 2011; Amidu, 2007; Hall, Hutchinson, & Michaelas, 2004; Pandey, 2001; Tongkong, 2012; Ukaegbu & Oino, 2014). Firms’ liquid assets are one of the most significant determinants of capital structure. According to the trade-off theory, a company with high liquid assets tends to experience lower financial distress, and therefore to be more leveraged. Empirical research following the trade-off theory includes AlShubiri (2011), Gropp and Heider (2010), Teixeira et al. (2014), and Ukaegbu and Oino (2014). On the contrary, some studies followed the pecking order theory, concluding that firms with high liquid assets tend to encounter higher information costs and higher financial distress, and therefore prefer a lower ratio of debt to equity (Aktas et al., 2015; Amidu, 2007; Baltaci & Ayaydin, 2014; Butt et al., 2013). Country/macroeconomic determinants might also affect a firm’s ability to raise capital, especially during financial crises. Previous research has suggested that, along with firm-level determinants, country/macroeconomic determinants might also influence the capital structure of a firm. However, the results have been mixed and inconclusive. Thus, further studies remain necessary. In this study, we chose the GDP growth rate, the inflation rate, the unemployment rate, and public debt as variables capturing overall macroeconomic conditions of the country. The GDP growth rate indicates growth opportunities present in the overall economy (Joeveer, 2013), especially for the banking sector. In countries with higher economic growth, firms usually require greater debt to make new investments (De Jong et al., 2008). Following the pecking order theory, firms with higher growth opportunities need more capital. Therefore, there will be a greater demand for capital when firms seize on higher growth opportunities, making external funding through debt financing preferred (Teixeira et al., 2014), Rajan and Zingales (1995), Booth et al. (2001), De Jong et al. (2008), Frank and Goyal (2009), and Baltaci and Ayaydin (2014) all found a positive correlation between GDP growth and leveraged financing. However, according to the trade-off theory, firms with high growth opportunities are more likely to face agency problems (Modigliani & Miller, 1958; Myers, 1984), and may also suffer from financial distress, making them tend to use more equity financing. Previous empirical findings, such as Titman and Wessels (1988), Rajan and Zingales (1995), Kayo and Kimura (2011), and Joeveer (2013), confirmed, in accordance with the trade-off theory, that there is a negative relationship between GDP growth rate and leverage. Inflation is a macroeconomic indicator that reflects the stability of a country. Given a decrease in the real value of debt and an increase in the real tax advantage of debt to firms under an inflationary environment, a firm has an incentive to issue more debt, resulting in higher leverage. This positive effect of inflation on leverage has been found by, for instance, Frank and Goyal (2009) and Lemma and Negash (2013). This is consistent with the trade-off theory. It has also been argued that inflation increases the cost of obtaining external sources of funding and bankruptcy costs, causing firms to reduce debt. Therefore, inflation has a negative correlation with leverage as found by Booth et al. (2001), Frank and Goyal (2009), Joeveer (2013) and Tongkong (2012).

23 The unemployment rate and public debt are additional macroeconomic factors identified in the literature (e.g. Camara, 2012; Dincergok & Yalciner, 2011; Mokhova & Zinecker, 2014) that deserve further consideration. These factors reflect the state of the economy and have an impact on firms’ capital structures. However, findings regarding the influence of these factors on capital structures are mixed. For instance, Mokhova and Zinecker (2014) studied the influence of macroeconomic factors, including central government debt to GDP and unemployment rate on corporate capital structure, in different European countries. They found that firms’ financial decisions are different depending on the macroeconomic conditions and countries’ specifics, representing the significance of a country’s level of development. Table 1 provides a summary of variables, abbreviations, and proxies. Table 1. Summary of Variables, Abbreviations, and Proxies Variables and Abbreviations Proxies Book capital ratio Capital adequacy ratio Book value leverage (LEV1) Risk-weighted book value leverage (LEV2) Profitability (PRO) Firm risk (RISK) Firm growth (GROW) Liquid assets (LIQASSET) GDP growth rate (GDP) Inflation rate (INF) Unemployment rate (UR) Public debt (PDEBT) Ui Eit Book value of equity to book value of assets Book value of equity to risk-weighted book value of assets 1 - (book value capital ratio) 1 - (capital adequacy ratio) Net profit to total assets Risk-weighted assets to total assets Growth in total assets Liquid assets to total assets Thailand’s GDP growth rate Thailand’s inflation rate Thailand’s unemployment rate Thailand’s public debt to GDP Unobserved fixed-effects Error term of regression equation Methodology Our study follows the existing literature as to the selection of firm-specific factors determining leverage (Al-Shubiri, 2011; Baltaci & Ayaydin, 2014; Deesomsak et al., 2004; Frank & Goyal, 2009; Gropp & Heider, 2010; Pandey, 2001; Sangeetha & Sivathaasan, 2013; Teixeira et al., 2014; Tongkong, 2012; Ukaegbu & Oino, 2014). In addition, we also incorporate country-specific, macroeconomic variables in the regression. It is important to control for these factors since banks may be highly exposed to them (Baltaci & Ayaydin, 2014; Booth et al., 2001; Frank & Goyal, 2009; Joeveer, 2013). This research study observed the Thai banking industry, which is comprised of 14 Thai commercial banks (universal banks), one retail bank, four foreign subsidiaries, and 11 foreign bank branches. Our sample consisted of 14 local banks that constitute all of the Thai commercial banks operating during the period from 2004 to 2014 inclusive. These 14 observed banks represent 46.67 percent of all 30 banks, or about 80 percent of total assets of all banks operating in Thailand. All 14 banks are publicly traded; quarterly financial data were collected from the Bank of Thailand, the Thomson Reuters database, and the banks’ websites. Our final dataset consists of 508 quarterly observations. Because some banks began operating sometime during the 2004-2014 period, we do not have complete data for these banks during the sample period. As for macroeconomic country data, we collected data for the GDP growth rate from the Office of the National Economic and Social Development Board’s (NESDB) website, the inflation rate from the Bureau of Trade and Economic Indices’ website, the unemployment rate from National Statistical Official of Thailand, and public debt to GDP from the Public Debt Management Office’s website.

24 The descriptive statistics for all the variables are presented in Table 2. As noted above, the sample consists of all 14 Thai commercial banks during the period from 2004 to 2014 inclusive, and includes 508 observations. The mean of LEV1 is 0.901, while the mean of LEV2 is 0.849. The mean for profitability (PRO), as measured by return on assets, is 1.1 percent. The minimum and maximum profitability shows a high variation in percentage terms. Firm risk (RISK) is measured by comparing risk-weighted assets to total assets; its mean is 73.7 percent. Firm growth (GROW) shows a mean value of 1.9 percent. This variable exhibits a very high level of variation, as reflected in the high standard deviation compared to mean value, and the wide range between the minimum and maximum numbers. Liquid assets (LIQASSET) show a mean of 27.8 percent, and GDP growth rate (GDP) has a mean of 3.8 percent. GDP shows a wide gap between the minimum of -4.3 percent and the maximum of 15.3 percent. The inflation rate (INF) shows a mean value of 1.2 percent. INF also shows a large gap between a minimum value of -1 percent and a maximum value of 4 percent. The unemployment rate (UR), on the other hand, has a small gap between a minimum value of 1 percent and a maximum value of 3 percent with a mean of 1.2 percent. For public debt to GDP (PDEBT), its mean and standard deviation are 41.7 percent and 0.030 respectively. Table 2. Descriptive Statistics This research follows the studies of Cook and Tang (2010), Gropp and Heider (2010), Lemmon, Roberts and Zender (2008) and Teixeira et al. (2014) in which a multiple regression model with fixed effects and lagged explanatory variables is used to predict the relationship between firm-level determinants, country-level determinants, and a bank’s leverage ratio. This is because there might be unobserved fixed effects specific to an individual bank that do not vary over time, and that could be significant in explaining variations in bank capital structures. Moreover, using one-period lagged determinants in the regression is to assume that the banks have information regarding to determinants available at the time of decision. This research investigates such fixed effects, and, therefore, the multiple regression models are constructed as follows. LEV1it = β0 + β1PROit-1 + β2RISKit-1 + β3GROWit-1 + β4LIQASSETit-1 + β5GDPt-1 + β6INFt-1 + β7URt-1 + β8PDEBTt-1 + Ui + Εit [1] LEV2it = β0 + β1PROit-1 + β2RISKit-1 + β3GROWit-1 + β4LIQASSETit-1 + β5GDPt-1 + β6INFt-1 + β7URt-1 + β8PDEBTt-1 + Ui + Εit [2] Variables Mean Standard Deviation Minimum Maximum LEV1 0.901 0.034 0.76 1.00 LEV2 0.849 0.024 0.76 0.94 PRO 0.011 0.013 -0.06 0.04 RISK 0.737 0.081 0.52 1.00 GROW 0.019 0.089 -0.67 0.66 LIQASSET 0.278 0.095 0.08 0.70 GDP 0.038 0.037 -0.04 0.15 INF 0.005 0.009 -0.01 0.04 UR 0.012 0.005 0.01 0.03 PDEBT 0.417 0.030 0.37 0.49

25 Correlation and a variance inflation factor (VIF) were calculated prior to running the regression models to detect multicollinearity. Any collinear variables with a value of VIF higher than 10 was dropped from the models. Empirical Results and Discussion Table 3 reports the empirical results from the estimations of the “book value of the leverage ratio” (LEV1) and the “risk-weighted book value of the leverage ratio” (LEV2) as a dependent variable as shown in Equations [1] and [2]. Our results for Thai commercial banks indicate that bank profitability has a significant negative correlation only with the book value of the leverage ratio (LEV1). The results of this study reaffirm those of previous studies (Baltaci & Ayaydin, 2014; Booth et al., 2001; Gropp & Heider, 2010; Rajan & Zingales, 1995; Teixeira et al., 2014). These findings are consistent with the pecking order theory; in essence, firms with high profits are more likely to rely on internal sources of financing before they use debt financing. Using retained earnings would make banks’ financial standing more secure. The coefficients of firm risk and book value of the leverage ratio (LEV1) are negative and statistically significant. However, the coefficients of firm risk and risk-weighted book value of the leverage ratio (LEV2) shows no significant relationship. This finding is in line with several empirical studies supporting the trade-off theory (Al-Shubiri, 2011; Amidu, 2007; Brewer et al., 2008; Ukaegbu & Oino, 2014), showing that banks tend to use less leverage as they encounter higher-than-expected costs of financial distress and/or higher-than-expected insolvency risk. The findings in Table 3 show that both leverage ratios (LEV1 and LEV2) are significantly and positively related to firm growth. This finding is in line with other empirical studies, such as Amidu (2007), Al-Shubiri (2011), Hall et al. (2004), Tongkong (2012), and Ukaegbu and Oino (2014), and these results are consistent with the pecking order theory. Thai commercial banks with higher growth rates require more capital to finance such growth. According to the pecking order theory, banks can raise this capital from customer loans, and can also borrow more by expanding deposits and/or issuing debt instruments rather than issuing new equity. Similarly, liquid assets are significantly and negatively related to both leverage ratios applied in this study. This finding is consistent with the pecking order theory, in which banks with high liquid assets have a sufficient or excess amount of liquidity and, therefore, do not have significant need for much debt. To the contrary, banks with low amounts of liquidity face higher information costs and more financial distress, and, therefore, prefer to use more debt than equity. These results are in line with the international evidence of the relationship between leverage and liquid assets (e.g., Aktas et al. (2015), Amidu (2007), Baltaci and Ayaydin (2014), and Butt et al. (2013). In regards to country-level determinants, Table 3 reports that the book value of the leverage ratio (LEV1) is significantly related to the GDP growth rate, inflation rate, and public debt. The GDP growth rate has a negative influence, whereas the inflation rate and public debt have a positive relationship to the book value of the leverage ratio (LEV1). The relationships between the GDP growth rate and inflation rate to the leverage ratio are consistent with the trade-off theory. That is, Thai banks choose to use more equity financing to alleviate agency problems and financial distress that the banks face during good economic periods and under a disinflationary environment. For public debt, the positive relationship with the leverage ratio is consistent with what Dincergok and Yalciner (2011) and Mokhova and Zinecker (2014) found in other developing countries such as the Czech Republic and Slovakia. The risk-weighted book value of the leverage ratio (LEV2), on the other hand, has a significant positive relationship only with the unemployment rate and public debt. This positive relationship between the unemployment rate and the leverage ratio reaffirms what we find with GDP growth rate and the book value of the leverage ratio (LEV1). That is, the leverage ratio is counter-cyclical, meaning it is higher during bad macroeconomic periods. Hence, the leverage ratio increases together with an increasing unemployment rate.

26 Table 3. Examining Determinants of Bank Leverage (LEV1 and LEV2) Dependent Variable: LEV1 LEV2 Coefficient t Coefficient t Constant 1.046** 64.834 0.865** 41.328 Firm-level Factors Profitability (PRO) -0.147** -3.902 -0.064 -0.924 Firm risk (RISK) -0.440** -12.157 0.007 0.922 Firm growth (GROW) 0.126** 4.945 0.236** 4.968 Liquid asset (LIQASSET) -0.416** -9.811 -0.616** -7.953 Country/Macroeconomic Factors GDP growth rate (GDP) -0.071** -2.863 -0.046 -1.026 Inflation rate (INF) Unemployment rate (UR) Public debt (PDEBT) 0.058+ -0.017 0.112** 1.652 -0.559 3.856 0.051 0.189** 0.096+ 0.792 3.513 1.796 Adjusted R2 0.795 0.316 Number of banks 14 14 14 14 Number of observations 508 508 508 508 Notes: LEV1 = (1-book capital ratio) LEV2 = (1-capital adequacy ratio) ** Statistical significance at the 1% level. * Statistical significance at the 5% level. + Statistical significance at the 10% level. In summary, the fixed-effects regression results of this study, as they relate to leverage, appear both theoretically and empirically plausible in the context of Thai banks. The results concerning profitability, growth, and liquid assets are consistent with the predictions of the pecking order theory, while the results for bank size and risk are consistent with the trade-off theory. Moreover, macroeconomic conditions of the Thai economy do have an influence on banks’ capital structure. Conclusions The banking sector is important to any economy because it facilitates flows of capital between investors and savers (Mishkin, 1999). Given the importance of the banking industry in supporting and accelerating economic growth, it is necessary to investigate the determinants of capital structure therein. Since there has been only very limited empirical research in the banking sector of developing countries, especially in ASEAN countries, this study aims to contribute to our knowledge of bank capital structures by examining the determinants of those structures in the context of the ASEAN country of Thailand. The findings of this study provide insights and useful information for both bank managers and relevant regulatory authorities in Thailand. Considering each leverage ratio separately, all four firm-level determinants show a statistically significant correlation with the book value leverage ratio (LEV1), but only two determinants—growth, and liquid assets — are statistically significant with respect to the risk-weighted book value leverage ratio (LEV2). Unobserved time-invariant fixed effects also appear to play an important role in determining banks’ leverage. By considering firm-level determinants, we conclude that our findings are consistent with the explanation offered by the pecking order theory used in corporate finance; in essence, banks, like many other firms, prefer to use internal funding. However, if banks need more capital, they use debt financing in priority to issuing new equity. Moreover, we also find that country-level determinants do have an influence on banks’ capital structure. Specifically, the book value of the leverage ratio (LEV1) has a significant relationship with the GDP growth rate, inflation rate and public debt, whereas the risk-weighted book value of the leverage ratio (LEV2) has a significant relationship with unemployment rate and public debt. Banks’

27 financial decisions made based on the state of the economy are consistent with the trade-off theory, and they show that the leverage ratio varies counter-cyclically with macroeconomic conditions. As with all empirical studies, this study is not without limitations. First, the fact that this research relied on the Thai banking sector may limit the generalizability of the results. Future studies should examine data from other countries since the market factors influencing bank leverage might be different from one country to another. Second, foreign banks operating in Thailand are not only required to comply with the BOT’s regulations, but they are also subject to their home country’s management and regulations, making the factors affecting their capital structures different. Third and finally, additional research could investigate more details of the composition of capital structure, since the major portion of bank liabilities exist as deposits rather than as debt or borrowings. Analyzing the leverage effects in the context of the different categories of bank liabilities – for example, deposits versus non-deposit or debt financing – might provide more in-depth information on the determinants of capital structure for local banks. Acknowledgements The authors thank Dr. Kelly Anh Vu for her comments and suggestions at an early stage in this research. About the Authors Benjalux Sakunasingha is a lecturer in finance and Chair of the Business Administration Division at Mahidol University International College (MUIC). Her research areas are in corporate finance and corporate performance measurement. Preecha Anekwasinchai is an MBA graduate from MUIC. He currently works as a Senior Vice President and Head of the Balance Sheet and Liquidity Management Department at the Head Office of Bank of Ayudhya Public Company Limited, Bangkok, Thailand. Varang Wiriyawit is a lecturer in business economics at Mahidol University International College (MUIC). Her research areas are in macroeconomics and econometrics. Corresponding author E-mail address: [email protected] References Aktas, R., Acikalin, S., Bakin, B., & Celik, G. (2015). The Determinants of Banks' Capital Adequacy Ratio: Some Evidence from South Eastern European Countries. Journal of Economics and Behavioral Studies, 7(1), 79-88. Allen, D., Napaporn, N., & Robert, J. (2013). The Determinants of Capital Structure: Empirical Evidence from Thai Banks. Information Management and Business Review, 5(8), 401-410. Al-Shubiri, F. (2011). Capital Structure and Market Power: Evidence from Jordanian Banks. Managing Global Transitions, 9(3), 283-310. Amidu, M. (2007). Determinants of Capital Structure of Banks in Ghana: An Empirical Approach. Baltic Journal of Management, 2(1), 67-79. Baltaci, N., & Ayaydin, H. (2014). Firm, Country and Macroeconomic Determinants of Capital Structure: Evidence from Turkish Banking Sector. Emerging Markets Journal, 3(3), 46-58. Bank of Thailand. (2012). Issuance of BOT Notifications on Capital Adequacy Framework under Basel III [Press release]. Retrieved from https://www.bot.or.th/thai/pressandspeeches/press/news2555/ n6455e.pdf Bank of Thailand. (2016a). Financial Institutions under the Bank of Thailand's Supervision. Retrieved from https://www.bot.or.th/English/BOTStoryTelling/Pages/FinancialInstitutions_StoryTelling_AcademicAn dStudent.aspx Bank of Thailand. (2016b). Names, Addresses and Websites of Financial Institutions. Retrieved from https://www.bot.or.th/English/FinancialInstitutions/WebsiteFI/Pages/InstList.aspx Berlin, M. (2011). Can We Explain Banks' Capital Structure? Business Review, Q2, 1-11. Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital Structure in Developing Countries. The Journal of Finance, 56(1), 87-130.

28 Brewer, E., Kaufman, G., & Wall, L. (2008). Bank Capital Ratios Across Countries: Why Do They Vary? Journal of Financial Services Research, 34(2-3), 177-201. Butt, S., Khan, Z., & Nafees, B. (2013). Static Trade-off Theory or Pecking Order Theory Which One Suits Best to the Financial Sector: Evidence from Pakistan. European Journal of Business and Management, 5(23), 131-140. Camara, O. (2012). Capital Structure Adjustment Speed and Macroeconomic Conditions: U.S. MNCs and DCs. International Research Journal of Finance and Economics, 84, 106–120. Cook, D., & Tang, T. (2010) Macroeconomic Conditions and Capital Structure Adjustment Speed. Journal of Corporate Finance, 16(1), 73-87. doi:https://doi.org/10.1016/j.jcorpfin.2009.02.003. De Jong, A., Kabir, R., & Nguyen, T. (2008). Capital Structure around the World: the Roles of Firm and Country Specific Determinants. Journal of Banking & Finance, 32(9), 1954-1969. Deesomsak, R., Paudyal, K., & Pesscetto, G. (2004). The Determinants of Capital Structure: Evidence from the Asia Pacific Region. Journal of Multinational Financial Management, 14(4-5), 384-405. Dincergok, B., & Yalciner, K. (2011). Capital Structure Decisions of Manufacturing Firms' in Developing Countries. Middle East Finance and Economics, 12, 86-100. Ding, C., Wu, C., & Chang, P. (2013). The Influence of Government Intervention on the Trajectory of Bank Performance during the Global Financial Crisis: A Comparative Study among Asian Economies. Journal of Financial Stability, 9(4), 556-564. doi:http://dx.doi.org/ 10.1016/j.jfs.2012.11.002 Fama, E., & French, K. (1998). Taxes, Financing Decisions, and Firm Value. The Journal of Finance, 53(3), 819-843. Frank, M., & Goyal, V. (2009). Capital Structure Decisions: Which Factors Are Reliably Important? Financial Management, Spring, 1-37. Greenbaum, S., Thakor, A., & Boot, A. (2016). Contemporary Financial Intermediation (3rd ed.). San Diego: Elsevier Inc. Gropp, R., & Heider, F. (2010). The Determinants of Bank Capital Structure. Review of Finance, 14, 587-622. doi:10.1093/rof/rfp030 Hall, G., Hutchinson, P., & Michaelas, N. (2004). Determinants of the Capital Strucutre of European SMEs. Journal of Business Finance & Accounting, 31(5-6), 711-728. Jensen, M., & Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Econmomics, 3(4), 305-360. Joeveer, K. (2013). Firm, Country and Macroeconomic Determinants of Capital Structure: Evidence from Transition Economies. Journal of Comparative Economics, 41(1), 294-308. doi:http:// dx.doi .org / 10.1016/ j.jce.2012.05.001 Kayo, E., & Kimura, H. (2011). Hierarchical Determinants of Capital Structure. Journal of Banking & Finance, 35(2), 358-371. Kraus, A., & Litzenberger, R. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4), 911-922. Lemma, T., & Negash, M. (2013). Institutional, Macroeconomic and Firm-specific Determinants of Capital Structure: The African Evidence. Management Research Review, 36(11), 1081-1122. doi:https:// doi.org/10.1108/ MRR-09-2012-0201 Lemmon, M., Roberts, M., & Zender, J., (2008). Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure. Journal of Finance 63, 1575-1608. doi:http://dx.doi.org/10.1111/j.1540- 6261. 2008.01369.x Mishkin, F. (1999). Lessons from the Asian Crisis. Journal of International Money and Finance, 18, 709-723. Modigliani, F., & Miller, M. (1958). The Cost of Capital, Corporate Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297. Modigliani, F., & Miller, M. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433-443. Mokhova, N., & Zinecker, M. (2014). Macroeconomic Factors and Corporate Capital Structure. In Procedia - Social and Behavioral Sciences, 110, 530-540. doi:http://doi.org/10.1016/j.sbspro.2013.12.897 Myers, S. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 574-592. Myers, S., & Majluf, N. (1984). Corporate Financing and Investment Decisions when Firms have Information that Investors Do Not Have. Journal of Financial Econmomics, 13(2), 187-221. Pandey, I. (2001). Capital Structure and the Firm Characteristics: Evidence from an Emerging Market IIMA Working paper no. 2001-10-04. India: Indian Institute of Management Ahmedabad. Rajan, R., & Zingales, L. (1995). What do We Know About Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421-1460.

29 Sangeetha, M., & Sivathaasan, N. (2013). Factors Determining Capital Structure: A Case Study of Listed Companies in Sri Lanka. Research Journal of Finance and Accounting, 4(6), 236-247. Teixeira, J., Silva, F., Fernandes, A., & Alves, A. (2014). Banks' Capital, Regulation and the Financial Crisis. North American Journal of Economics and Finance, 28, 33-58. Thippayana, P. (2014). Determinants of Capital Structure in Thailand. Procedia Social and Behavioral Sciences, 143, 1074-1077. Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1- 19. Tongkong, S. (2012). Key Factors Influencing Capital Structure Decision and Its Speed of Adjustment of Thai Listed Real Estate Companies. Procedia-Social and Behavioral Sciences, 40, 716-720. Udomsirikul, P., Jumreornvong, S., & Jiraporn, P. (2011). Liquidity and Capital Structure: The Case of Thailand. Journal of Multinational Financial Management, 21(2), 106-117. Ukaegbu, B., & Oino, I. (2014). The Determinants of Capital Structure: A Comparison of Financial and NonFinancial Firms in a Regulated Developing Country - Nigeria. African Journal of Economic and Management Studies, 5(3), 341-368. doi:http://dx.doi.org/10.1108/AJEMS-11-2012-0072

Catalyst ISSN 2408-137X, Volume 18, 2018 30 Perception of Research Culture among Undergraduate Students in a Malaysian Public University Edmund Ui-Hang Sim Abstract Studies on research culture often focus on how administrators and academics inculcate this culture and what impact it has on undergraduates. Evidently, literature information on undergraduates’ perception of university research and publication agenda is lacking. Considering the fact that the campus community comprises largely of an undergraduate population and their activities, facts and conjectures alluding to research culture can be misleading without the views of undergraduate students. The study investigated the perception of research culture among undergraduate students in a Malaysian public university. The objectives of the study were to examine the students’ awareness of the research culture of the university, ranging from the research culture of the university as per the lecturers to the research reputation of the university. A survey was carried out using questionnaires incorporated within the e-learning platform (Morpheus) of a taught course on scientific communication. The analysis of questionnaire data from 56 students showed that undergraduates are more aware of research than publication matters. They do not think that good research correlates with better teaching. Local students are also indifferent to issues of university ranking. Our findings provide the basis for rethinking and deriving more accurate explanations of research culture appreciation in local public universities. Keywords: Perception, research culture, undergraduates Introduction The research agenda in a university is a major concern of academics, and to a certain extent, university administrators. It is deeply rooted in the “ivory tower” paradigm whereby higher learning institutions embody the tradition of intellectual pursuits at the highest level. This pursuit, many academics believe, places them as purveyors and custodians of knowledge mainly acquired from evidence-based studies. The practice of this belief is often translated as an inculcation of research culture. Intrinsic to this culture is the activity of publication in academic journals and/or books. Comprehensively, a research culture connotes the tradition of understanding natural phenomenon using published and refutable empirical findings, rather than experiential knowledge or common sense (Mnookin et al., 2011). Research culture appreciation is commonly assumed for academics and university administrators. However, whether undergraduate students influence this culture, and how they are affected by it, is poorly studied (if at all). For instance, discussion on the creation of a research community that can foster educational scholarship via a scientific culture emphasises the participatory roles of researchers (academics), and administrators only (Feuer, Towne, & Shavelson, 2002). When ethical standards and values for this culture were discussed, the relevant stakeholders targeted ranged from researchers to journal editors (Nosek et al., 2015), but not students. In a report on unhealthy elements that have permeated this culture (Shi & Rao, 2010), consideration of effectors and those affected did not include students. An investigation on elements of research culture in undergraduate programmes (Garde-Hansen & Calvert, 2007), including “deep” reading strategy versus plain information literacy (Cain, 2002), lacked a consideration of the students’ viewpoint on the strategy. Studies to explain relationships between research culture and effective teaching of undergraduate courses are not unprecedented (Hattie & Marsh, 1996; Marsh & Hattie, 2002; Sim, 2010; Anderson et al., 2011). Nevertheless, these efforts had instructor-centred implications, and did not address the students’ point of view. It is clear that in the context of academia, the understanding of research culture situates students as outsiders. Considering the fact that the campus community comprises largely of an undergraduate population and their activities, facts and conjectures alluding to research

31 culture can be misleading without the views of undergraduate students. Currently, the definition of university research culture anchors on the viewpoint and experiences of academics and administrators. This is an irony, since they represent the minority portion of stakeholders. The marginalisation of students from university research culture is questionable when they represent the largest proportion of internal stakeholders. Since it has been argued that research and teaching are mutually inclusive, and each functions more effectively when in collaboration (Anderson et al., 2011), addressing and studying the connection of students with research acculturation in university is necessary. This paper provides novel empirical findings on this issue, and enhances the understanding of university research culture appreciation. Purpose of Study The study investigated the perception of research culture among undergraduate students in a Malaysian public university. The objectives of the study were to examine the students’ awareness of the research culture of the university, ranging from the research culture of the university as per the lecturers to the research reputation of the university. Methodology Study Participants The respondents (n = 56) were second year undergraduates at the Resource Biotechnology programme of the Faculty of Resource Science and Technology, Universiti Malaysia Sarawak – a comprehensive public university. They were the cohorts that enrolled in a scientific communication course in 2015. Survey Instrument The students filled in a survey questionnaire via the university online e-learning platform, Morpheus. The survey consisted of two questionnaires. The first questionnaire consisted of 10 items (Table 1), and intended to gauge students’ perception of research culture prior to being taught the subject matter. Items 1 to 7 of the questionnaire gauged students’ knowledge of research and research communication. Items 8 to 10 were on the students’ awareness of the research culture of the university, ranging from the research culture of the university as per the lecturers to the research reputation of the university. The second questionnaire consisting of 10 items explored the students’ understanding of the academic publication agenda in the university (Table 2). Items 1 to 5 and Item 9 gauged the students’ perception of the publication culture, while Items 6, 7, 8 and 10 were on the research culture of the university according to the lecturers. Questions on the research culture of the university as per the lecturers in both questionnaires were adapted from Sim (2010). Both sets making up the questionnaire sought either a positive (yes) or negative (no) response for every item. Students’ participation in this survey was on a voluntary basis. Altogether 56 students participated in the survey: 25 filled in the first questionnaire, and 31 filled in the second questionnaire. Data Analysis Data were recorded and tabulated for both instruments using the Microsoft Excel (Office version 2013) software. Percentages of yes and no responses were calculated. Results are analysed and presented using descriptive statistics. Generation of a 100 percent Stacked Bar Chart was carried out using the same software. Tables 1 and 2 show the results from the two questionnaires. The results were further analysed and presented according to two categories. The first category (Figure 1) pertained to the intrinsic concerns, as in the students’ perception of the research culture, comprising items 1 to 7 of the first questionnaire and items 1 to 5, and 9 of the second questionnaire. The second category of the results (Figure 2) pertained to extrinsic concerns ranging from the research culture of the university as per the lecturers to the research reputation of the university. For this purpose, items 8 to 10 of the first questionnaire were put together with items 6 to 8, and 10 of the second questionnaire.

32 Results The first part of the survey (Table 1) indicated that a majority (76%) of the students could not clearly define research prior to being taught about it. A larger majority (92%) were ignorant of proper research communication. By comparison, more students claimed to lack competency in research communication rather than research itself. This observation was expected since 96 percent of the respondents did not receive any form of formal training on the subject matter (research and research communication) before this. Interestingly, many of the respondents (72–80%) had heard of research before they entered university, but had poor understanding of it (items 4 and 5, Table 1). Likewise, most of them (84–92%) were aware of technical reports, theses, or journal papers prior to university education, but did not use or read them (items 6 and 7, Table 1). On the students’ perception of their lecturers, a notable majority (88%) knew that academics were meant to play an active role in research, and that this was not less than their teaching responsibilities (item 8, Table 1). In fact, 72 percent of respondents would assess the research credentials of lecturers when choosing supervisors for their final year research projects. However, when it came to the reputation of the university as a whole, students were impartial. Eighty percent of respondents did not care about institutional ranking (QS World University Ranking) per se when choosing their university-of-choice (item 9, Table 1). Table 1. Items and Survey Data of First Questionnaire No. Items in Questionnaire Yes No % Yes % No 1 I have a good idea of what scientific research means before attending this course. 6 19 24 76 2 I already know how to write scientific report and thesis, and also how to present research data before attending this course. 2 23 8 92 3 Before attending this course, I have already received formal training in research methodology and scientific communication. 1 24 4 96 4 I have NEVER heard of scientific research before coming to this university. 7 18 28 72 5 Before coming to this university, I have heard of research but do not know what it means. 20 5 80 20 6 I have NEVER heard of a research thesis/report/paper before coming to this university. 2 23 8 92 7 Before coming to this university, I have heard of research thesis/report/paper but do not know what they are. 21 4 84 16 8 Before coming to this university, I am aware that university lecturers have to do research besides teaching at the university. 22 3 88 12 9 I considered the research capability of this university via studying information on QS World University Ranking in the internet when I was choosing which university to apply to. 5 20 20 80 10 I would consider the research credentials of lecturers before choosing which one to be my supervisor for final year research project. 18 7 72 28 While most of the students (92%) knew about the existence of research communication media (thesis/report/paper) (item 6, Table 1), almost none was aware of publication quality. Only two of the 31 respondents knew about the peer-review process (item 1, Table 2). One student was aware of the journal indexing system prior to formal training (item 2, Table 2). However, after being taught, 70 percent of the students were conscious of the journal impact factor (item 3, Table 2). Despite this, less than 50 percent could discern the different categories of journals (item 3, Table 2). Research impact of academics based on citation records (h-index) was a concern to only a minority group of the student (13%) (item 5, Table 2). In contrast, 84 percent knew of Google Scholar Citations (item 9, Table 2), but only 39 percent would use it to check the research credibility of their lecturers (item 10, Table 2). In spite of this, students were generally aware that research activity was essential among lecturers (item 8, Table 1). They were certain (100%) that scholarship attributes of

33 lecturers entailed a publication culture (item 6, Table 2). Many (81%) were also aware that research and publication could influence the career advancement of lecturers. Nevertheless, only 58 percent of respondents were willing to consider the competency of a lecturer based on the publication record (item 8, Table 2). Table 2. Items and Survey Data of Second Questionnaire No. Items in Questionnaire Yes No % Yes % No 1 Before attending this course, I already know the meaning of refereed and non-refereed journals. 2 29 6 94 2 Before attending this course, I know the meaning of indexed and nonindexed journals. 1 30 3 97 3 Now I fully understand the different categories of scientific journal to the extent that I can explain them well to others. 15 16 48 52 4 I know about journal impact factor and what it implies. 24 7 77 23 5 I know about h-index and what it implies. 4 27 13 87 6 I am aware that lecturers are not just university teachers but also need to do research and publish their research findings in academic journals. 31 0 100 0 7 I think lecturers do research and publish in order to improve their resume only, and these activities do not affect their career development in university. 6 25 19 81 8 I consider a lecturer good in his/her job if he/she has a good publication record. 18 13 58 42 9 I know about Google Scholar Citation, and what it implies. 26 5 84 16 10 I often check out the Google Scholar Citation records of the lecturers who have taught me before. 12 19 39 61 When the data were re-categorised to differentiate between intrinsic (self-concern by students) and extrinsic (external concern to students) factors, 13 (Figure 1) and 7 (Figure 2) issues were grouped to represent the intrinsic and extrinsic factors, respectively. It was found that an intrinsic reaction of ignorance on research culture was prevalent prior to formal training, despite an awareness before entering university (items 1 – 9, Figure 1). Students also admitted that formal training did not give them competency in defining different types of journals (item 10, Figure 1). In terms of publication quality, the students knew about the journal impact factor (item 11, Figure 1), and how to check them (item 13, Figure 1). However, the issue of their lecturers’ h-index was not a concern for them (item 12, Figure 1). Figure 1. 100 Percent Stacked Bar Chart of Intrinsic Concerns in Students’ Perception of Research Culture 84 13 77 48 3 6 84 8 80 28 4 8 24 16 87 23 52 97 94 16 92 20 72 96 92 76 0 10 20 30 40 50 60 70 80 90 100 Knows google scholar citation and its implication Knows h-index and its implication Knows journal impact factor and its implication (after… Certain of different types of journal publication after… Can differentiate between indexed and non-indexed… Can differentiate between refereed and non-refereed… Heard of research communication but don’t know much Don’t know research communication prior to uni Have heard of research but don’t know enough Have not heard of research before attending uni Trained in research method and reporting Knows how to report research prior to training Knows meaning of research prior to training % Yes % No

34 Results on extrinsic factors indicated that the lecturers’ involvement in research culture for the organisational and personal benefits was acknowledged by students (items 1 – 3, Figure 2). They (students) also considered research-active lecturers as effective supervisors (item 5, Figure 2). Interestingly, only 58 percent of students thought that a lecturer’s research capability was aligned to job competency (item 4, Figure 2). In fact, only a minority of students would check the citation impact of lecturers (item 6, Figure 2). In addition, only 1 of 5 students considered the world ranking of the universities when choosing their place of study (item 7, Figure 2). Figure 2. 100 Percent Stacked Bar Chart of Extrinsic Concerns Ranging from University’s Research Culture as per Lecturers to University’s Research Reputation Discussion First and foremost, this study revealed that students were aware of research activity in academia even before they entered university. However, their knowledge on this matter was superficial. They were unable to accurately define research culture. Although this was expected, the more interesting issue here was how they knew of research prior to participating in university education. It is generally assumed that the university research agenda is beyond the knowledge and concerns of those who have yet to attend tertiary education. Disconnection between the public and scientific research is a common observation that has been explained to be largely due to the neglect of the general public by the scientific community (Wynne, 1992). Nevertheless, the findings in this paper refute this assumption albeit for reason(s) that are unclear. Did the students hear about research in school, at home, or via mass/web media? Unless proven otherwise by future research, at present and within the limits of this study, it seems that pre-university students are somewhat informed on the fact that universities also function as research hubs. Formal instruction has limited effectiveness in empowering students with the ability to evaluate publication quality, and their lecturers’ credibility in these matters. Perhaps, without direct involvement, it is challenging for students to fathom the academic publication process and associated quality control. Taught courses somehow failed to provide a satisfactory foundation. Exhaustive literature search has not found any similar or related report elsewhere. Hence, our findings on this are novel. Interestingly, this study also provides the first empirical evidence that students are more knowledgeable on the journal impact factor than on the h-index system. The reason(s) for their differential comprehension between the two citation-based quality metrics of academic publication is unclear until further research is done. 20 39 72 58 81 100 88 80 61 28 42 19 0 12 0 10 20 30 40 50 60 70 80 90 100 Considers world university ranking (QS) in choosing university Often check the Google Scholar Citation records of lecturers Would use research credential to choose a supervisor Considers a lecturer to be better at his job if research credential is good Knows that research output helps lecturers get promoted Now know that lecturers have to do research and publish Knows that lecturers have to do research even before coming to uni % Yes % No

35 The opinion of students on the research culture among lecturers was somewhat mixed. Firstly, they readily perceived lecturers to be actively involved in research, more so when they were already in a university environment – a finding corroborated by a previous study (Sim, 2010). Their preference for research-active academics as supervisor attests to their belief in the beneficial implication of such educators. Nevertheless, most students were not fully convinced that an active researcher equates with a competent educator. The argument that teaching and research excellence represent independent constructs that do not necessarily complement one another is not unprecedented, and has been strongly suggested (Hattie & Marsh, 1996; Marsh & Hattie, 2002). However, it has also been argued that placing research and teaching as two separate constructs in the university context is questionable and artificial, where in fact, research and teaching should be two intermingling activities in a single facet of erudition (Anderson et al., 2011). Despite this, the results from this study still support a distinction between research and teaching excellence, as far as students’ perception is concerned. In fact, students were not interested to check their lecturers’ publication standing via Google Scholar Citations. It seems that for them, research activity was not the main criterion that indicates competency of academics. Indeed, a previous study revealed that students perceived oratory or delivery/presentation skill (rather than research excellence) as a foremost criterion that characterized a good lecturer (Sim, 2010). The irony here is that students may seek a research-enriched educational environment but reckon that a good learning experience is not necessarily facilitated by research-active educators. Lastly, a noteworthy point was the students’ general indifference towards the ranking of universities as one of the reference criteria for their university-of-choice. The reason to this is unclear for now. Could it be due to their ignorance of world university ranking system? Further studies are required to investigate whether this observation is nationwide, and only a Malaysian phenomenon? A study of factors that influence university-of-choice among prospective undergraduates in Australia found that priorities between different applicants vary significantly, and the only reliable determinant of choice was the preferred field of study (James, Baldwin, & McInnis, 1999). To the undergraduate, therefore, university ranking based on overall reputation may not be as important as how well the university fared in specific programmes of study. Whether a similar scenario is relevant for Malaysian students remains to be studied. In the context of research culture, it seems that local students were only appreciative of a research environment which focused on credibility of lecturers as research project supervisors. A more extensive manifestation of this culture towards the standing of their university was unimportant to them. Conclusions Malaysian undergraduate students at a public university in Sarawak were attuned to the university research culture albeit to a superficial extent. They were less familiar with academic publication matters despite knowing about some associated quality measurement systems. These students recognised the mandatory role of university educators in research and publication activities, and preferred research-active supervisors. In contrast, they were impartial to the research and publication standing of lecturers, and did not associate research culture as part of a pedagogical ethos. University reputation was also not important for students at this location in Malaysia. The limitation of this study is that it is conducted in a comprehensive university rather than a research university. In addition, this type of research was not conducted in private universities. Similar investigation in these types of universities would provide a more complete scenario of university research culture in Malaysia. Acknowledgment The author is grateful to the Centre for Academic Learning and Multimedia (CALM) of Universiti Malaysia Sarawak for the provision of the e-learning platform, Morpheus, used in this study.

36 References Anderson, W., Banerjee, U., Drennan, C., Elgin, S., Epstein, I., Handelsman, J. Warner, I. (2011). Changing the culture of science education at research universities. Science, 331(6014), 152-153. Retrieved from https:// doi: 10.1126/science.1198280. Cain, A. (2002). Archimedes, reading, and the sustenance of academic research culture in library instruction. The Journal of Academic Librarianship, 28(3), 115-121. Retrieved from https://doi.org/ 10.1016/S0099- 1333(01)00303-2. Feuer, M., Towne, L., & Shavelson, R. (2002). Scientific culture and educational research. Educational researcher, 31(8), 4-14. Retrieved from https://doi.org/10.3102/0013189X031008004. Garde-Hansen, J., & Calvert, B. (2007). Developing a research culture in the undergraduate curriculum. Active Learning in Higher Education, 8(2), 105-116. Retrieved from https://doi.org/10.1177/ 1469787407077984. Hattie, J., & Marsh, H. (1996). The relationship between research and teaching: A meta-analysis. Review of Educational Research, 66(4), 507-542. Retrieved from https://doi.org/10.3102/00346543066004507. James, R., Baldwin, G., & McInnis, C. (1999). Which University? The factors influencing the choices of prospective undergraduates. Department of Education, Training and Youth Affairs, Canberra, 99(3). Retrieved from http://hdl.voced.edu.au/10707/145317. Marsh, H., & Hattie, J. (2002). The relation between research productivity and teaching effectiveness: Complementary, antagonistic, or independent constructs? The Journal of Higher Education, 73(5), 603- 641. Mnookin, J., Cole, S., Dror, I., Fisher, B., Houck, M., Inman, K. Stoney, D. (2011). The need for a research culture in the forensic sciences. UCLA Law Review, 58 (3), 725-779. Retrieved from https://www.uclalawreview. org/pdf/58-3-3.pdf. Nosek, B., Alter, G., Banks, G., Borsboom, D., Bowman, S., Breckler, S. Yarkoni, T. (2015). Promoting an open research culture. Science, 348(6242), 1422-1425. Shi, Y., & Rao, Y. (2010). China's research culture. Science, 329(5996), 1128. Retrieved from https:// doi: 10.1126/science.1196916. Sim, E. (2010). Vital statistics for restoring true academia. Bulletin of Higher Education Research, 16, 6-8. Wynne, B. (1992). Public understanding of science research: new horizons or hall of mirrors? Public Understanding of Science, 1(1), 37-43.

Catalyst ISSN 2408-137X, Volume 18, 2018 37 Effect of a Cooperative Learning Module on Nursing Students' Inquisitiveness in a Thai University Jettana Wongsasung, Sudaporn Satityudhakarn, Suwadee Takan, and Suchewa Nutong Abstract The inquisitiveness of nursing students before and after implementation of a cooperative learning module was tested among a group (n = 40). An Inquisitive Questionnaire was developed with a Cronbach's alpha coefficient of 0.93. The process of attempting to raise inquisitiveness was accomplished by adoption of the Student Teams-Achievement Divisions teaching strategy. Involved was a group process emphasizing shared learning, rewards, and grades. The focus was also on learning together as a group that involved reviewing, explaining, delegating, working together, submitting their assignment, and being evaluated as a group. This process was applied to the intervention group for three days a week over two weeks. The inquisitiveness of students was assessed before and after the intervention by using the developed questionnaire. Results demonstrated that the inquiry level and inquisitiveness of students improved after receiving cooperative learning intervention. Significance was at the .05 level (t = 6.80, p < 0.05). Cooperative learning promotes inquisitive learning process development, and facilitates nursing practice in accordance with established objectives. Nurses become more knowledgeable and competent in nursing subjects, skillful in nursing practice, and successful in nursing careers. Keywords: Cooperative learning, inquisitiveness Introduction Education in a nursing career focuses on innovative instructional strategies that will encourage professional students to learn and practice cognitive skills through analysis, problem solving, and decision making in all types of situations. Nursing students must continuously embrace the learning process by applying proper logical thinking in a variety of settings (Kunka, Phuriwitateera, & Phomput, 2013). In order to produce nursing graduates with the desired characteristics, graduates must fulfill nursing practice standards set by their university in moral, ethical, responsibility, communication, information technology, analytical, intellectual, interpersonal, and professional practice skills. Thailand is facing issues in higher education instruction in many areas. Teachers tend to use instructor-centered educational approaches that focus on lectures, theories, and memorizing rather than on practice; this can potentially impair student levels of interest and creativity (Ponsalum & Tephatsadin, 2000). Furthermore, higher education lacks diversification, and hence does not meet student needs. Education programs do not encourage students to develop critical thinking skills or the ability to become self-directed learners. Evaluation in various courses reflected the fact that students were receivers, lacking communication and team cooperation skills (Mingsiritham, 2009). Cooperative learning becomes an appropriate model in higher education – and particularly in a nursing program – because it encourages teamwork and incorporates critical thinking and practice. It also allows students to express and exchange ideas within or among groups. It will also help them learn to develop logical reasoning, collaboration, social, and positive interpersonal skills. Learning directly from personal experience with a teacher who encourages and provides program structure and resources will enhance the learning process, and promote higher achievement and performance. In cooperative learning, a teacher has many other important roles besides teaching. Most important is the change from giving information to facilitating student learning. This form of learning requires interface with multiple parts of projects and interaction with other groups. Students acquire knowledge from their peer experiences involving different resources. They encourage each other to learn (think-pair-share structure). This enables students to attain higher learning achievement (Satiman, 2007). Classroom-acquired knowledge and related subjects can be used to improve basic nursing practice in clinical settings. This empowers nurses to provide better service to patients of all ages,

38 conditions, and levels of healthcare in diversified cultural environments. Holistic and evidence-based nursing are practiced in harmony with legal and ethical standards in the nursing profession. Nursing graduates are equipped to exercise logical reasoning, critical thinking, and creative problem solving. They are also competent to practice in other situations by adopting appropriate analytical skills in mathematics and statistics. Other valuable traits in quality nurses are high moral and ethical standards, respect for people and rules, responsibility, caring, empathy, good interpersonal relations, leadership, effective communication and multidisciplinary team work. They must be able to perform basic computer operations and health management tasks, using information technology for communication and nursing practice. In addition, nurses must have self-esteem, faith in the nursing profession, and confidence in providing quality healthcare. They need also to pursue continuous personal, professional and social development. A review of current national and international related literature shows that innovative teaching involves application of some form of the cooperative learning technique, which allows students to learn from each other in group projects and hence to gain important interpersonal skills. It focuses on the learning environment and integrates academic materials and interdependent social skills (Nelchaleaw, 2009). Everyone in the group works on an assigned task as a team, supports/ encourages each other, and then shares knowledge and resources. The high achievers will help others who need assistance. Group members have their own responsibilities and they are held accountable for aiding the completion of the assignment. Success is dependent on the work of everyone in the group. Each individual will learn and develop skills in working with others to solve problems, make decisions, acquire new information, and accept each other (Khammani, 2010). Students learn theory, skills, and new knowledge in nursing practice while promoting morality, ethics and learning ability through working with peers. Enthusiasm and self-motivation to learn are essential characteristics of an inquisitive person who is intellectually curious, eager for knowledge, and likes to inquire, research, and ask questions. All students should be encouraged to become self-motivated and enjoy learning (Chogrungreang & Inklub, 1999). Cooperative learning improves personal attitudes and promotes development of positive interpersonal skills among nurses. Studies suggests that it also creates positive interpersonal relationships that enhance the development of a better learning atmosphere (Maneechot, 1997). These are the key attributes to higher personal achievements in attitude, behavior, happiness, development skills, and inter-relationship in all situations. In the present study, the researchers were interested in studying the effects of cooperative learning strategies on nursing students' mastery of subject matter content and subsequent performance of nursing skills. Objectives, Conceptual Framework, and Definitions We compared the inquisitiveness of nursing students before and after implementation of a cooperative learning technique. Hypothesis Higher inquisitive learning levels would be achieved by nursing students after implementation of a Cooperative Learning Module (CLM). Operational Definition Cooperative learning is a process whereby students work collaboratively in a group to achieve a specific task (Johnson & Johnson, 1994). The five most basic elements of cooperative learning are: a) Positive interdependence: Every member is equally important, feels and depends on each other to accomplish the common task. b) Face-to-face (promotive) interaction: Students interact to share, discuss and help each other on specific topics.

39 c) Interpersonal and small group social skills: Students work together to promote learning and improve interpersonal social skills. d) Group processing: Students assess and discuss the task work assignment. e) Individual accountability: Students learn together; outcomes are assessed individually or as a whole group. Conceptual Framework Figure 1. Conceptual Framework of Inquisitive Learning The cooperative learning method was applied by using Student Teams Achievement Divisions (STAD) in conjunction with Learning Together (LT). Inquisitive learning indicates that nursing students have a desire to know or learn more, show an interest in learning things, explore or search for information, are curious, self-motivated, and inclined to ask questions. They are able to search, differentiate, compare, and analyze information. Inquisitive learning was evaluated by an inquisitive vocational nursing questionnaires adapted from Maneechot (1997). It consisted of inquisitive learning in academic and vocational nursing environments: 1) Inquisitive learning in an academic setting refers to self-motivation, interest and desire to explore knowledge in nursing and related subjects in response to intellectual curiosity and knowledge gain. Students search for answers to questions from textbooks, documents, research publications, online media and technology, and discuss experiments with experts. 2) Inquisitive learning in vocational nursing refers to self-enthusiasm, satisfaction, and proactively developing knowledge, skills and attitudes in the nursing profession. The goal is to establish a stable nursing career, to engender a striving for excellence at the work place, and a desire to explore innovative ideas to advance the profession. Methodology Design A quasi-experimental research protocol was adopted to determine the effect of a Cooperative Learning Module (CLM) on the inquisitive learning behavior of third year nursing students at Mission Faculty of Nursing, Asia-Pacific International University. The students completed the assignment at Prasat Neurological Hospital and Institute, Bangkok. They were given a group pretest and posttest. Population and Sampling The sampling group consisted of third year nursing students of Mission Faculty of Nursing enrolled in NSSC 3803 Clinical Practice in Adult Nursing II for the second semester of the 2015-2016 academic year. Practicum sites were the male neurological medicine and female neurological surgery ward at Prasat Neurological Hospital. The sample of 40 students was divided into six groups with 6-7 students per group. A Purposive Sampling Technique was used to randomly select nursing students with a Cumulative Grade Point Average (CGPA) as shown in Table 1. Score averages were similar for each group. Student Team Achievement Divisions Inquisitive Learning Learning Together Cooperative Learning Module

40 Table 1. Distribution of Clinical Practice Groups Group Distribution by CGPA Group 1 2 3 4 5 6 Sequential Grade Score 3.8 3.6 3.5 3.3 3.0 3.0 2.8 2.8 2.9 2.9 3.0 3.0 2.8 2.8 2.7 2.7 2.7 2.7 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.3 2.3 2.1 2.1 2.1 2.0 2.0 2.0 2.0 2.0 Average of CGPA 2.63 2.61 2.60 2.58 2.68 2.68 Measures The tools used in this study were the Student Teams-Achievement Divisions (STAD) teaching plan and the Inquisitiveness Questionnaire. Inclusion Criteria 1. The students were enrolled in NSSC 3803 Clinical Practice in Adult Nursing II 2. The students completed their practical training in the neurological medicine and neurological surgery wards, Prasat Neurological Hospital and Institute, Thailand. Exclusion Criteria The students were enrolled in NSSC 3803 Clinical Practice in Adult Nursing II, but they completed their practical training at Phramongkutklao Hospital, Thailand. The content validity of the STAD teaching plan was first reviewed and edited by a research committee for content and language usage, and then forwarded to three experts in clinical nursing for content relevancy and language clarity and appropriateness. The teaching and activities were revised and re-edited as per the recommendations received. The cooperative learning techniques were implemented on a ward with actual patients. STAD activities were created for designated groups to work together to accomplish a shared learning goal. Students were rewarded with prizes or grade scores. Learning Together component activities involved each student being responsible for the assigned task within a group. The score achieved was determined by the outcome of group work consisting of review, discussion, role assignment, performance, evaluation, and task submission. The Inquisitiveness Questionnaire (IQQ) was derived from a study of cooperative learning by Maneechot (1997) covering aspects of both academic and vocational cooperative learning. A five-point Likert rating scale was used to calculate the cooperative learning competence from 30 questions. Before administering the Inquisitiveness Questionnaire, it was first examined by three expert instructors in clinical nursing for content validity, relevancy to objectives, and content being measured, including script clarity and conciseness. The questionnaire was modified according to recommendations received. The Content Validity Index (CVI) was calculated and the result was 1.0. Reliability was tested on 30 third-year students (NSSC 3803 Clinical Practice in Adult Nursing II course) during a practicum covering orthopedic, Ear, Nose, Throat, and urological nursing at Phramongkutklao Hospital, Bangkok. The Cronbach's alpha from this data set was 0.93. Research Ethics This research study took ethical issues into consideration. All participantsreceived information about the research objectives and methodology. All data was treated as confidential, and used only for the purposes of this research study.

41 Data Collection Data was collected from 40 nursing students as indicated in the Population and Sampling section. The experiment was conducted among students who completed a clinical rotation for two weeks. They spent the first week at a male neurological ward, and the second week at a female neurological surgery ward. The IQQ was distributed to the intervention group as a pre-test questionnaire to assess the cooperative learning ability. Cooperative learning activities was implemented by undertaking the following key steps, as summarized in Table 2. Step 1: Review and Explanation The instructor met with the students to let everyone become more acquainted and to remove any behavioral barriers. Common issues experienced in internal medicine and neurosurgery were discussed. The working atmosphere in the wards and the objectives of this study were explained and reviewed. The structure the cooperative aspects of their work was emphasized, with special attention given to the components of team work and positive interdependence. It was noted that high achievers would help any team member who needed assistance. Step 2: Task Delegation and Teamwork The intervention group was assigned one patient per group one day before the training. The students had opportunity to discuss the strategies, task delegation, and then search for information and brainstorm in order to provide care to the patients treated in the wards. The Neuman Theory (Neuman & Fawcett, 2011) was adopted to assess the physical, health, social, and spiritual conditions of the patient. Patient care strategies were discussed with the instructor for approval prior to proceeding. The plans were implemented with the assigned patients. The groups collected data and results coming from the care rendered, and then they discussed improvements that might be implemented. Step 3: Task Evaluation and Submission The instructor evaluated and scored the assigned reports submitted by the groups based on their performance. Every group member received the same score as the whole group. Step 4: Posttest Upon completion of this cooperative learning skills study, the instructor performed a posttest using the IQQ to evaluate the inquisitiveness of 40 students in the intervention group. Table 2. Training Procedures Week/Day Training Activities Prior to Training 1. Assessed students’ inquisitive knowledge level before training 2. Reviewed and explained 2.1 Reviewed learning objectives and training preparation 2.2 Met with students, explained training protocol and assessment 2.3 Took a tour of training locations and equipment 3. Task Delegation and Teamwork 3.1 One case study per group was assigned and monitored by clinical instructor. Students had group meeting and tasks were delegated. 3.2 Students brainstormed, planned, and discussed strategies for providing patient care using the Neuman Theory framework.

42 Week/Day Training Activities Week 1 Day 1 Task Delegation and Teamwork 1. Students participated in clinical practice and were assigned task of patient care according to the plan. 2. Students collected data during process, documented issues, and evaluated care results. 3. Students reviewed the results and explored solutions for improvement. Week 1 Day 2 Task Delegation and Teamwork – Cont’d 1. Students participated in clinical practice with new solutions suggested from their previous group discussion. 2. Summarized group performance. Week 1 Day 3 Task Submission and Evaluation 1. Submitted the training report of the group to clinical instructor 2. The clinical instructor evaluated and scored the report for each group Week 2 Day 1 Reviewing and Explaining 1. Clinical instructor commented the first week group task performance and described the second week task process Task Delegation and Teamwork 1. Clinical instructor assigned second task to the group 2. Students participated in the assigned task as planned 3. Students collected data of the process, documented issues and evaluated 4. Students reviewed result and explored solutions for improvement Week 2 Day 2 Task Delegation and Teamwork 1. Students participated in clinical practice with new solutions from previous group discussion 2. Summarized group performance Week 2 Day 3 Task Assessment and Submission 1. Submitted the training report of the group to the clinical instructor 2. Clinical instructor evaluated and scored the report for each group Post Training Test the inquisitive knowledge level of students after the training Data Analysis Descriptive statistical analysis such as frequency and percentages was used in calculations for demographic data of the nursing students. Mean and standard deviation (S.D.) were employed in calculations for inquisitiveness scores on the pretest and posttest. Lastly, a paired t-test was utilized in comparing the means generated by the inquisitiveness questionnaire. Results Data obtained from the experimental group showed that 87.5 percent of the intervention group of 40 students was female, and half were 21 years old (X̄=21.33). Most respondents (72.5%) enjoyed Practical courses over Theory courses and 87.5 percent of them preferred the Child and Adolescent Nursing course. Table 3 shows the average inquisitiveness scores on the pretest and posttest. A paired t-test showed that the inquisitiveness scores in the tests differed at the 0.05 level. Not surprisingly, after the intervention, the inquisitiveness scores were higher than those achieved prior to it.

43 Table 3. Comparison of Inquisitiveness Score of Pretest and Posttest of Cooperative Learning Inquisitiveness Scores Mean S.D. t-test p-value Pretest 118.60 9.86 6.802 0.000 Posttest 134.38 12.26 Discussion The results reveal that the intervention students demonstrated higher inquisitiveness after implementation of cooperative learning. The group shared-learning among those with different abilities, and this involved team recognition and group responsibility for individual effort. Students worked as a team in assessing the situation and searched for the best possible solutions to care for each particular patient. Every step of the procedures adopted was closely monitored with emphasis on learner-centered or student self-directed learning. This approach stimulated higher inquisitive levels among students. The results agree with the research of Maneechot (1997), who studied the relationships between participative instruction and inquiry behavior of nursing students. The objective of this study was to identify the relationship of cooperative learning and inquisitive behavior of 4th year nursing students at the College of Nursing, Ministry of Health. The inquisitiveness level of these nursing students was rather high due to the positive impact of their cooperative learning experience. This result was also consistent with the research by Tulaphan (2007), who studied the effects of the STAD method on instruction; this was done in an Artificial Flower Course at Jaehom Vitaya School in Lampang Province. The inquisitiveness score of both individuals and the whole group was higher following application of the procedure. Additionally, Tongnuag (2010) revealed a positive impact of the implementation of a learnercentered instructional method on nursing students in a Pathophysiology course. The combined wisdom from these studies is that cooperative learning is the best strategy in helping students develop self-motivation and become more behaviorally proactive in their own learning processes. Problem Based Learning (PBL) enhances inquisitiveness and is an essential element in problem solving skills to care for patients in nursing (Tipteangtea, Chujai & Chamneang, 2000). These researchers compared learning behavior before and after employing PBL in problem solving among nursing students. The students in this study acknowledged that they gained higher inquisitiveness after implementation of PBL. Students applied different problem-solving strategies before and after PBL, and inquisitiveness improved after the use of PBL (p=0.05). Students stated that PBL requires guidance from an experienced instructor. Students must also be self-directed and motivated in the learning process. In the case of cooperative learning in training, a small group size offers a better opportunity to learn, communicate, collaborate, and build interpersonal relations. Evidence indicates that students with good grades or high achievement levels are more inquisitive too, and are ready to help group members. They can adapt, interact constructively among members, and lead the group to accomplish the task. This will encourage students with low grades to improve learning skills by using the brainstorming technique. In turn, they become more enthusiastic, confident, self-esteem rises, they are attentive to learn, and are able to apply knowledge and skills to accomplish better patient care outcomes. Group success depends on every member taking responsibility to achieve the common goal. Positive group experiences have been shown to contribute to student learning, retention, and to overall learning success. Conclusions Education in the nursing profession partly consists of hands-on practice related to life and public health. Learners must be well equipped with knowledge and practical skills to provide holistic health care. The Mission Faculty of Nursing has adopted the Neuman Theory for nursing practice in educating student nurses to assess the condition of physical, mental, social, developmental, and spiritual health in relation to the environment in order to provide proper patient care. This approach empowers nurses to provide healthcare needs to individuals, families, and communities from different cultures. Learners must be inquisitive and self-motivated to learn nursing skills and must be prepared

44 to practice as competent healthcare professional in a highly complex, diverse and ever-changing environment. Learning process development is essential to learning success. Cooperative brainstorming is an effective and valuable strategy that calls upon teams of students to brainstorm and build upon the ideas of others. With creative groupings, students have opportunities to work together and learn important content at the same time. Student-centered learning with an instructor mentor is a more effective learning technique in nursing education due to different patient situations, constant changes of regulations, and the complexity of healthcare today. Learners must be proactive in developing skills or strategies, and in control of their learning processes and environments. An educational setting that fosters group work and collaborative accomplishments encourages students with poor grades to become motivated to learn with bright students as mentors. Cooperative learning promotes inquisitive learning process development, and facilitates nursing practice in accordance with established objectives. Nurses become knowledgeable in nursing subjects, competent, skillful in nursing practice, and successful in nursing careers. Limitation and Recommendation The limitation of this study is the impediment that large class sizes imposes on cooperative learning exercises. Monitoring student participation becomes more difficult, as does accurate evaluation of their achievements. Our recommendation is to implement other forms of cooperative learning, for example, peer reviewed work, laboratory assignments, or teams-games-tournaments to accommodate large classes. Teachers are tasked with encouraging cooperative interdependence among students who begin to develop a favorable atmosphere in which to learn, work, and understand each other. A variety of cooperative learning techniques may be implemented to explore other areas of nursing in either theory or practice, and to examine other potential benefits besides inquisitiveness. About the Authors Jettana Wongsasung, Suwadee Takan, and Suchewa Nutong are instructors in the Mission Faculty of Nursing, Asia-Pacific International University, Thailand. Dr. Sudaporn Satityudhakarn is a Lecturer in the Faculty of Nursing, Chulalongkorn University, Thailand. References Chogrungreang, N., & Inklub, L. (1999). Preparing inquiry behavior of freshman nursing student between Kuakarun College of Nursing and Faculty of Nursing, Mahidol University. Thai Journal of Nursing Council, 14(4), 10-23. Johnson, D., Johnson, R., and Holubec, E. (1994). The nuts and bolts of cooperative learning. Minnesota: Interaction Book Company. Khammani, T. (2010). Art of teaching: Cognitive for learning process to be effective (1 3 th Edition). Bangkok: Dansuthakarnpim. Kunka, S., Phuriwitateera, K., & Phomput, P. (2013). Attitude of junior nursing student in the teaching–Learning by using media movie in nursing a person with mental problems subject. Ramathibodi Nursing Journal. 19(1), 102-113. Maneechot, B. (1997). The relationships between participative instruction and inquiry behavior of nursing students. Master thesis, Mahidol University. Mingsiritham, K. (2009). Development of A web-based learning model integrating cooperative learning and collaborative learning to enhance self-directed learning of pre-service teachers. Doctor of Philosophy dissertation, Chulalongkorn University. Nelchaleaw, N. (2009). Effect of cooperative learning on scientific mind of grade level 3 students. Master thesis, Chiang Mai University. Neuman, B. & Fawcett, J. (2011). The Neuman systems model (5th edition). Upper Saddle River, New Jersey: Pearson Education Inc. Ponsalum, P., & Tephatsadin, W. (2000). The instructional system reform in high education: Undergraduate Learning Process Development (Research report). Bangkok: Ministry of University Affairs.

45 Satiman. A. (2007). The effects of online project-based learning activity model on self-directed learning and learning achievement of higher education student. Doctor of Education dissertation, Srinakharinwirot University. Thongnuag, P. (2010). Effects of student centered teaching modules on learner knowledge and learner developments in pathophysiology subject among nursing students. Princess of Naradhiwas University Journal, 2(1) ,73-89. Tipteangtea, C., Chujai, R., and Chamneang, M. (2000). Preparing inquiry learning behavior to the before and after by using problem based learning of nursing student. Boromarajonani College of Nursing Ratchaburi Journal 12 (2), 12-17. Tulaphan, P. (2007). STAD Cooperative learning activity in teaching artificial flower making course, Chaehom Wittaya School, Lampang Province. Master of Education thesis, Chiang Mai University.

Catalyst ISSN 2408-137X, Volume 18, 2018 46 Factors Underlying the Decision to Rent Space at a Shopping Center at Nakhon Ratchasima Province in Thailand: Using Exploratory Factor Analysis Gamon Savatsomboon Abstract The shopping center business in Thailand is huge. To optimize the occupancy rate, shopping center managers must learn what factors influence shop tenants’ decisions to rent space in order to sell their products and services. Thus, the domain of interest of this research study was to explore factors underlying the decision to rent space (DTRS). Based on a survey of existing literature, a few studies have focused on this very important topic. Furthermore, those studies employed only descriptive statistics (e.g. means and standard deviation). However, advanced multivariate statistics (i.e. exploratory factor analysis) could be used advantageously to determine what factors influence the decision to rent. The main objective of this study was to explore factors underlying the decision to rent space of shop tenants using exploratory factor analysis (EFA) in the R Package. Two hundred questionnaires were collected from tenants at a popular shopping center in the north-eastern part of Thailand and analyzed using EFA. Keywords: Shopping centers, rental decisions, factors influencing, exploratory factor analysis Introduction As a whole, shopping centers are big businesses in Thailand and probably elsewhere. Of course, their business relies significantly on revenue received from renting space to individual shop tenants. If the occupancy rate of space rental is high, the business would definitely be in good shape. If not, shopping centers might go out of business. The occupancy rate is largely dependent upon shop tenants’ decisions to rent or not to rent. If tenants’ decision to rent space is positive, it is very likely that they would decide to rent spaces at shopping centers. If not, their decision to rent spaces would probably be quite the opposite. There is evidence that occupancy rates still pose problems at shopping centers in Thailand. According to CRBE Thailand (2016), falling occupancy rates were detected in some of the old or poorly managed shopping centers. Thus, it is important to study how a decision to rent space (DTRS) is made. In order to do this, a specific question needs to be asked: What factors contribute to the decision to rent space (DTRS)? Answering this question was the overall domain of interest for this research study. What specific problem(s) exist relating to the research topic under scrutiny? There are two major problems. First, based on existing literature, few studies have attempted to analyse the factor structure contributing to the DTRS construct. Secondly, unfortunately these few studies used only descriptive statistics to analyze their data, such as statistical means (X̅’s). For example, the work of Maentong and Tochaiwat (2013) basically relied on descriptive statistics (e.g., means) for analyzing what factors were significant to entrepreneurs’ decisions to rent space at shopping centers in Thailand. This research study attempts to address these two problems. Objective The overall objective of this research was to explore factors underlying shop tenants’ decisions to rent space (DTRS) at a shopping center in north-eastern Thailand.

47 Literature Review Overview of Shopping Centers in Thailand In the Thai context, shopping centers and malls refer to the same thing. They represent a large space that has many indoor and outdoor stores (mostly indoor). Customers enter this large space and have access to all these stores. Spaces are rented to tenants (e.g. shop tenants) on the basis of square meters occupied (one meter is equivalent to 10.764 square feet). Table 1 summarizes the number of shopping centers in Thailand by Province (n = 321); the list is probably almost exhaustive. The biggest shopping center, Future Park Rangsit (in Pathum Thani Province), has a total area of 600,000 square meters, with more than 900 shops. But the gross leasable area (GLA) is 295,000 square meters. In addition to regular stores, these shops also include reputable anchor stores (e.g. Central Department Store). The shopping center industry is huge in Thailand. Table 1. Number of Shopping Centers (Malls) in Thailand by Province (n.d.) Province Number Province Number Bangkok 164 Phitsanulok 3 Ayutthaya 2 Phuket 27 Buriram 1 Prachuap Khiri Khan 2 Chiang Mai 29 Rayong 2 Chiang Rai 3 Saraburi 1 Chonburi 16 Songkhla 7 Khon Kaen 6 Suphanburi 1 Lampang 2 Surat Thani 11 Nakhon Pathom 1 Surin 1 Nakhon Ratchasima 7 Trang 5 Nakhon Sri Thammarat 11 Ubon Ratchathani 6 Nonthaburi 4 Udon Thani 7 Pathum Thani 2 Total 321 Research Variables Based on existing literature, a number of critical variables were identified for this study. The first is the main determinant, decision to rent space (DTRS). The remaining factors are space (SPAC), price (PRIC), marketing (MARK), and physical environment (PHYS); these variables are defined below. The decision to rent space (DTRS) refers to a shop tenant’s decision to rent (or not to rent) space from a shopping center in order to offer products and services for sale. Hollins (2017) states that people base their decisions on different reasons and factors. DTRS is the main construct of the study. This decision was examined by Maentong and Tochaiwat (2013). They considered space, price, marketing, and physical environment variables as factors influencing the decision to rent space. They found that these variables were significant. Drawing upon their work, this research study hypothesizes that DTRS can be reduced to four principal factors: SPAC, PRIC, MARK, and PHYS. Space (SPAC) refers to physical shop space (area in square meters) that shop tenants actually rent to operate their businesses. These physical spaces could be rooms, kiosks, and open spaces inside and outside of shopping center compounds. As mentioned, this variable was also included as one of the key variables (under the DTRS) in the study of Maentong and Tochaiwat (2013). Bello (2012) also included this variable as one of the key variables in a study in Nigeria. Hence, in this study, space (SPAC) is hypothesized as a factor under DTRS. Price (PRIC) refers to the amount of money paid for monthly rent by shop tenants to a shopping center. As mentioned, this variable was also included in the study of Maentong and Tochaiwat (2013) as a key factor to determine the DTRS. Nasir, Jusoh, Ramin, and Yee (2013) also included rental price in their study investigating determinants of tenants’ satisfaction. In this study, PRIC is also hypothesized as a factor under DTRS.

48 Marketing (MARK) refers to marketing activities conducted by shopping centers to attract both tenants and customers. Prothe (cited in Cohen, 2011) stated that marketing encompasses all activities designed to attract and connect customers to the products and services they need. As mentioned, MARK was also included in the study of Maentong and Tochaiwat (2013) as a key variable when attempting to study DTRS. They asked respondents (tenants) about “designated areas for conducting [marketing] activities and sales promotion.” In addition, Sujatha and Priya (2015) used MARK, but called it “management support.” Under management support, they actually asked their respondents about the “marketing strategy” of shopping centers. MARK also is hypothesized here as a factor under DTRS. Physical environment (PHYS) refers to all tangible materials used for a particular business. This may extend to the surrounding environments that do not belong to the shopping center. These environmental surroundings refer to what can be seen by people in the shopping center. PHYS is also hypothesized as a factor of DTRS in this research. PHYS was included in the study of Maentong and Tochaiwat (2013). In addition, Kaluzny, Nitsche, and Roller (2011) stated that shopping centers attempt to provide nice environments to attract shoppers. This implies that physical environment is considered to be one of the important factors in the decision to rent space from shopping centers by tenants. In addition, Sujatha and Priya (2015) used the term ‘facilities’ as a variable in their study of tenant satisfaction in malls in Chennai City, India. This indicates that facility attractiveness has been considered an important variable to shopping center tenants by other researchers. Similarly, MARK is hypothesized as a factor under DTRS in this study. In summary, four factors were identified from the literature as pertinent to this study. SPAC consisted of seven indicator items, PRIC of five items, MARK of seven items, and PHYS consisted of eight indicator items; all of these were original items. Some items were deleted as the analysis progressed through the exploratory factor analysis (EFA) process to its final stage. Conceptual Framework The conceptual framework (Figure 1) illustrates the critical variables considered in this study as contributing to DTRS. In addition, the relationships among these variables are illustrated. DTRS will be further analysed in a future study (second-order confirmatory factor analysis stage). DTRS is called a second-order factor, or higher-order factor. Another name is a hierarchical latent variable (Becker, Klein and Welzels, 2012). In this study, greater emphasis was placed on the bottom four variables, or factors; this was appropriate because EFA was the main statistical analysis. Figure 1. Conceptual Framework: Factors Underlying the DTRS Construct Methodology This section describes the research methods used: population, sample, sampling, sample size, instrument, data collection procedures, and proposed statistical analyses. The research is quantitative in nature and relies on both descriptive and inferential statistics. Population, Sample, Sampling, and Sample Size Terminal 21 Korat, a shopping center located in north-eastern Thailand that was established in 2015, was the target shopping center. It is a very popular shopping center, listed in the top 40 largest Factor 1 SPAC Factor 2 PRIC Factor 3 MARK Factor 4 PHYS Construct Decision to Rent Space

49 shopping centers in Thailand. It has six hundred shops (not all leased). If it is assumed that the occupancy rate is seventy percent, the target population of this research study becomes 420 shop tenants. The sample for this research was drawn from the target population using the probability sampling method because the target population was known. Yamane’s formula was used (as illustrated below) to calculate the required sample size for this research study. Given the assumed population of 420 shop tenants (sampling frame), the calculated sample size was 191 samples. However, 200 hundred sets of data from shop tenants were collected. Thus, the sample size is beyond the required minimum number. Yamane’s formula was used to determine the sample size for the known population (as cited in Neelum and Khan, 2017): n = N 1+N(e) 2 Research Instrument and Pilot Test A questionnaire (QN) with twenty-seven items was used as the research instrument; three demographic questions were not included in the EFA analysis. It was divided into two major sections: demographic variables, and decision-to-rent-space factors. To ensure validity and reliability, the items were developed based on definitions of key variables in the conceptual framework. In addition, three experts were consulted to improve the questionnaire. These two activities followed the concept of content analysis. In addition, a pilot test was conducted involving 30 questionnaires given to shop tenants at a different shopping center. Reliability calculations (Cronbach’s alpha using the R Package) gave the following results: SPAC = 0.872, PRIC = 0.882, MARK = 0.891, PHYS = 0.882. Values were above 0.70 for all items of the four hypothesized factors. According to Nunally (as cited in Hee, 2014), an alpha of 0.70 or above is considered acceptable for reliability of scale items. Thus, the instrument was considered valid and reliable. Data Collection Procedure Questionnaires were distributed to 200 shop tenants at Terminal 21 Korat Shopping Center in person during shopping center hours. Basically 200 shop numbers were drawn from the sampling frame consisting of 480 shop numbers, excluding unrented shops. Respondents completed the questionnaires themselves, with minimal or no help from the researcher. After respondents completed the questionnaire, any omissions were checked. If any were detected, a respondent would be asked to rectify them. Statistical Analysis For the demographic section, frequency and percent data were employed. For exploratory factor analysis, the analysis begins with correlation. Then, the Kaiser-Meyer-Olkin (KMO) test, Barlett’s test of the sphericity, and other statistical tests required for EFA were carried out. The R Package, along with its required add-on packages, was used to carry out all required statistical analyses mentioned in this section. The R Package is an open-sourced software tool used worldwide. For this research, it served as the main analytical package. There are over 10,000 (add-on) packages available from developers around the world to support the R Package. This study used the R Package as the main tool – along with other add-on packages – to analyse the sample data. Analysis and Results There are several steps required for conducting exploratory factor analysis (EFA) using the R package. First, correlation among critical variables (Q 1.1 to Q 4.8) must be measured. Second, the Kaiser-Meyer-Olkin (KMO) test and Barlett’s Test of Sphericity are recommended. Third, the Very Simple Structure (VSS) tool can be used to determine the number of factors that should be retained, based on a given sample data. Fourth, parallel analysis is probably the main tool to determine the number of factors that should be retained. Fifth, extraction and rotation methods are required to obtain factor loadings for the retained factors. Finally, the factors retained and their respective indicators are presented in diagrammatic form (automatically produced by R Package).