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, International Review of Economics & Finance, Journal of Economics and Business, Journal of Multinational Financial Management, Research in International Business and Finance, and Journal of Asia Business Studies, among others.

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 profile at Publons is https://publons.com/a/1517378/




















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

Adachi-Sato, M., & Vithessonthi, C. 2018. Corporate Debt Maturity and Future Firm Performance Volatility. International Review of Economics & Finance, forthcoming. https://doi.org/10.1016/j.iref.2018.11.001

Tongurai, J., & Vithessonthi, C. 2018. The Impact of the Banking Sector on Economic Structure and Growth. International Review of Financial Analysis, 56: 193-207. http://doi.org/10.1016/j.irfa.2018.01.002

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)

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 Paper

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.