Research

 

My current research interests include a range of topics in asset pricing, corporate finance, financial economics, financial intermediation, international business, and international finance. I have published a number of papers in high quality peer-reviewed journals such as Journal of Banking and Finance, Journal of International Financial Markets, Institutions and Money, International Review of Financial Analysis, Journal of Economics and Business, Journal of Multinational Financial Management, Research in International Business and Finance, and Journal of Asia Business Studies, among others. My research currently focuses on (1) the influence of internationalization on firms’ behaviors, (2) the interrelationships between monetary policy, financial markets, financial institutions and firms, (3) the determinants of bank risk, and (4) the consequences of bank systemic risk for firms.

During 2015-2016, I had been ranked in Top 100 Young Economists (5 years or less) in the world by IDEAS/RePEc (https://ideas.repec.org/top/top.young.html).

A link to my Scopus Author page is here.

A link to my profile at IDEAS is https://ideas.repec.org/f/pvi291.html

A link to my SSRN page is http://ssrn.com/author=563127


Published Book Chapters

Vithessonthi, C., 2016. Chapter 15: Government Policy Uncertainty and Corporate Investment in Emerging Markets. In Merchant, H., (Editor), Handbook of Contemporary Research on Emerging Markets: 355–368, Northampton, MA: Edward Elgar Publishing. (ISBN: 978-1782546351)

Boonchoo, P., Racela, O. & Vithessonthi, C. 2013. Chapter 17: The Current State of International Management Education in SE Asia. In Tsang D., Kazeroony, H., & Ellis G., (Editors), The Routledge Companion to International Management Education: 203–219, London: Routledge. (ISBN: 978-0415783149).


Selected Recent Journal Articles

Umawadee, D., Chancharat, N., & Vithessonthi C. 2017. Corporate Governance, Capital Structure and Firm Performance: Evidence from Thailand. Research in International Business and Finance, 42: 689-709. https://doi.org/10.1016/j.ribaf.2017.07.011

Adachi-Sato, M. & Vithessonthi, C. 2017. Bank Systemic Risk and Corporate Investment: Evidence from the US. International Review of Financial Analysis, 50: 151-163. http://dx.doi.org/10.1016/j.irfa.2017.02.008

Vithessonthi, C., Schwaninger, M., & Müller, M. 2017. Monetary Policy, Bank Lending, and Corporate Investment. International Review of Financial Analysis, 50: 129-142. http://dx.doi.org/10.1016/j.irfa.2017.02.007   

Vithessonthi, C. 2017. Capital Investment and Internationalization. Journal of Economics and Business, 90: 31-48. http://dx.doi.org/10.1016/j.jeconbus.2016.12.003

Vithessonthi, C. 2016. Deflation, Bank Credit Growth, and Non-Performing Loans: Evidence from Japan. International Review of Financial Analysis, 45: 295-305. http://dx.doi.org/10.1016/j.irfa.2016.04.003

Vithessonthi, C. 2016. Capital Investment, Internationalization, and Firm Performance: Evidence from Southeast Asian Countries. Research in International Business and Finance, 38: 393-403. http://dx.doi.org/10.1016/j.ribaf.2016.04.019

Vithessonthi, C., & Kumarasinghe, S. 2016. Financial Development, International Trade Integration, and Stock Market Integration: Evidence from Asia. Journal of Multinational Financial Management, 35: 79-92. http://dx.doi.org/10.1016/j.mulfin.2016.03.001

Vithessonthi, C., & Racela, O. 2016. Short- and Long-Run Effects of Internationalization and R&D Intensity on Firm Performance. Journal of Multinational Financial Management, 34: 28-45. http://dx.doi.org/10.1016/j.mulfin.2015.12.001

Vithessonthi, C., & Tongurai, J. 2016. Financial Markets Development, Business Cycles, and Bank Risk in South America. Research in International Business and Finance, 36: 472-484. http://dx.doi.org/10.1016/j.ribaf.2015.10.012 Available for download at SSRN

Vithessonthi, C., & Tongurai, J. 2015. The Effect of Leverage on Performance: Domestically-Oriented vs. Internationally-Oriented Firms. Research in International Business and Finance, 34: 265-280. (Winner of the Best Paper Award & Winner of the Best in Track Award at the 2014 Annual Meeting of the Academy of International Business-Southeast USA Chapter in Miami, FL) http://dx.doi.org/10.1016/j.ribaf.2015.02.016  Available for download at SSRN

Vithessonthi, C., & Tongurai, J. 2015. The Effect of Firm Size on the Leverage-Performance Relationship during the Financial Crisis of 2007–2009. Journal of Multinational Financial Management, 29: 1-29. http://dx.doi.org/10.1016/j.mulfin.2014.11.001

Pandey, R., Vithessonthi, C., & Mansi, M. 2015. Busy CEOs and the Performance of Family Firms. Research in International Business and Finance, 33: 144-166. http://dx.doi.org/10.1016/j.ribaf.2014.09.005

Vithessonthi, C., 2014. The Effect of Financial Markets Development on Bank Risk: Evidence from Southeast Asian Countries. International Review of Financial Analysis, 35: 249-260. http://dx.doi.org/10.1016/j.irfa.2014.10.005

Vithessonthi, C., & Tongurai, J., 2014. The Spillover Effects of Unremunerated Reserve Requirements: Evidence from Thailand. Journal of Banking and Finance, 45: 338-351. http://dx.doi.org/10.1016/j.jbankfin.2014.03.021

Vithessonthi, C., 2014. Monetary Policy and the First- and Second-Moment Exchange Rate Change during the Global Financial Crisis: Evidence from Thailand. Journal of International Financial Markets, Institutions and Money, 29(1): 170–194. http://dx.doi.org/10.1016/j.intfin.2013.12.006

Vithessonthi, C., 2014. Financial Markets Development and Bank Risk: Experience from Thailand during 1990-2012. Journal of Multinational Financial Management, 27: 67-88. http://dx.doi.org/10.1016/j.mulfin.2014.05.003

Vithessonthi, C., 2014. What Explains the Initial Return of Initial Public Offerings after the 1997 Asian Financial Crisis? Evidence from Thailand. Journal of Multinational Financial Management, 27: 89-113. http://dx.doi.org/10.1016/j.mulfin.2014.05.002

Vithessonthi, C., & Techarongrojwong, Y., 2013. Do Monetary Policy Announcements Affect Stock Prices in Emerging Market Countries? The Case of Thailand. Journal of Multinational Financial Management, 23(5): 446–469. http://dx.doi.org/10.1016/j.mulfin.2013.10.001

Vithessonthi, C., & Tongurai, J., 2013. Unremunerated Reserve Requirements, Exchange Rate Volatility, and Firm Value. Journal of International Financial Markets, Institutions and Money, 23(1): 358-378. http://dx.doi.org/10.1016/j.intfin.2012.10.004

Vithessonthi, C., & Tongurai, J., 2013. The Perils of a Central Bank’s Capital Control: How Substantial is the Effect on Firm Value? Journal of International Financial Markets, Institutions and Money, 23(1): 111-135. http://dx.doi.org/10.1016/j.intfin.2012.09.006 (Winner of the Best in Track Award in Global Finance at the 2011 Annual Meeting of the Academy of Finance in Chicago, IL)

Vithessonthi, C., & Techarongrojwong, Y., 2012. The Impact of Monetary Policy Decisions on Stock Returns: Evidence from Thailand. Journal of International Financial Markets, Institutions and Money, 22(3): 487-507. http://dx.doi.org/10.1016/j.intfin.2012.02.003

Vithessonthi, C., & Tongurai, J., 2012. The Impact of Capital Account Liberalization Measures. Journal of International Financial Markets, Institutions and Money, 22(1): 16-34. http://dx.doi.org/10.1016/j.intfin.2011.07.003 (Nominated for the Best Paper Award in International Finance at the 2009 Annual Meeting of the Financial Management Association in Reno, NV)

Vithessonthi, C., & Thoumrungroje, A., 2011. Strategic Change and Firm Performance: The Moderating Effect of Organisational Learning. Journal of Asia Business Studies, 5(2): 194-210. http://dx.doi.org/10.1108/15587891111152348

Vithessonthi, C., 2010. Resistance to Change as Issue Selling in Multinational Firms. Journal of Organisational Transformation and Social Change, 7(3): 265-284. http://dx.doi.org/10.1386/jots.7.3.265_1

Vithessonthi, C., & Tongurai, J., 2010. Exchange Rates, Capital Controls, and Stock Returns: Evidence from Thailand. International Business: Research, Teaching and Practice, 4(1): 1-23. (Winner of the Best Paper Award at the 2008 Annual Meeting of the Academy of International Business-Southeast USA Chapter in St. Petersburg Beach, FL) Full Paper in PDF

Vithessonthi, C., 2009. Corporate Ecological Sustainability Strategy Decisions: The Role of Attitude towards Sustainable Development. Journal of Organisational Transformation and Social Change, 6(1): 49-64. http://dx.doi.org/10.1386/jots.6.1.49_1

Vithessonthi, C., & Schwaninger, M., 2008. Job Motivation and Self-Confidence for Learning and Development as Predictors of Support for Change. Journal of Organisational Transformation and Social Change, 5(2): 141-157. http://dx.doi.org/10.1386/jots.5.2.141_1


Working Papers

Adachi-Sato, M., & Vithessonthi, C. 2017. Bank Systemic Risk and Corporate Investment: Cross-Country Evidence. https://www.pier.or.th/wp-content/uploads/2016/04/pier_dp_017.pdf

Abstract: We analyze whether variation in systemic risk in the banking system (also known as “bank systemic risk”) can explain corporate investment. We show that in a sample of publicly listed firms in 10 advanced and emerging markets economies during the period 1990–2013, bank systemic risk is positively associated with the corporate investment, after controlling for a large set of country- and firm-level variables. We find that the positive effect is evident until the onset of the global financial crisis of 2007 and that the effect becomes negative after 2007. We show that the influence of bank systemic risk on corporate investment varies, depending on firm size and growth opportunities.

Adachi-Sato, M., & Vithessonthi, C. 2016. Corporate Debt Maturity and Future Firm Performance Volatility.

Abstract: We propose a simple idea that corporate debt maturity should serve as a good indicator of future firm performance volatility. We show in a simple three-period model that the riskiness of corporate investment is a decreasing function of corporate debt maturity. If “observable” corporate debt maturity and ex ante “unobservable” corporate risk-taking is highly correlated, corporate debt maturity should be highly correlated with “ex post” realized firm performance volatility in following years. Using data on publicly listed firms in 10 developing and developed countries over the period 1991-2013, we find that future firm operating performance volatility decreases as corporate debt maturity increases and that future firm value volatility is not associated with corporate debt maturity. In addition, banking sector development and export intensity of a country play an important role in determining firm operating performance volatility.

Seng, D., & Vithessonthi, C. 2017. Environmental Efforts and Firm Performance.

Abstract: In this paper, we test the prediction that environmental efforts, presenting one dimension of corporate social responsibility, are positively related to firm performance. We analyze a panel sample of publicly listed non-financial firms in the Netherlands over the period 2001–2014 using two approaches: ordinary least squares regressions and two-stage least squares regressions. Our two-stage least squares regressions provide mixed results. The effect of environmental efforts on firm performance is positive when firm performance is measured as return on assets. The effect becomes negative when firm performance is measured as return on sales. The effect is no longer evident when firm performance is measured as return on equity or stock return. Neither prior firm performance nor operating risk moderates the effect of environmental efforts on firm performance. Our analysis further reveals that better firm performance does not necessarily lead to a disclosure of a firm’s environmental efforts and that larger firms are more inclined to report the environmental efforts than smaller firms.

Vithessonthi, C. 2016. The Consequences of Bank Loan Growth: Evidence from Asia. https://www.pier.or.th/wp-content/uploads/2016/02/pier_dp_019.pdf 

Abstract: How much of non-performing loans can be explained by loan growth? If an increase in loan growth leads to higher profitability but does not necessarily cause non-performing loans to increase in the short run, banks with (managerial) short-termism will be ex ante incentivized to grant more loans to increase short-run profitability. Using a sample of publicly listed banks in 18 countries in Asia during the period 1990–2014, I show that in the short run, loan growth has a positive effect on profitability and a negative effect on non-performing loans. Overall, I provide comprehensive empirical evidence for the relationships between loan growth, profitability, and non-performing loans for publicly listed banks in Asia.