How Does Tourism Help The Economy

How Does Tourism Help The Economy The economic effect of tourism on a country Spending holidays abroad with family, is trendy these days. People around the world visit different places during summers and winters. I and my family too visit different places during vacations. When in a foreign country, I have always wondered, How does the country benefit from attracting tourists? I roughly knew the answer that the money that tourists spend in that particular country is the income of the tourism industry. But after this research, I have now understood that tourism is an important part of an economy and the money it earns is helpful to everyone. GENERAL IMPACTS: General Positive effects of tourism: It creates employment for people of the country. It promotes cultural awareness and also helps to preserve local culture and traditions. Money gained from tourism can be used to develop the infrastructure and services e.g. new roads and airports. In LEDCs money can be invested on developing education, clean water and sanitation. The foreign money can become aid to local people. Natural attractions can be protected using income from tourism. GOOD ECONOMIC IMPACTS: It generates foreign exchange. It creates new job and employment opportunities. It stimulates trade, income and entrepreneurship especially in small business sectors. The provision of new infrastructure which is available for non-tourism uses. It increases regional development particularly in isolated areas. It generates greater collection of taxes and revenues. General Negative impacts: It can have a negative impact on the environment. It increases air travel and thereby contributes towards air pollution. Mostly local people are employed in low skill, poorly paid work in unhygienic working conditions. Travel agents, airline companies and hoteliers benefit more than local companies when holidays are booked to destinations in LEDCs. Destroys local culture and traditions. Locally run accommodation companies face competition with foreign companies which build hotels in this new tourist destination. BAD ECONOMIC IMPACTS: 1) Necessity to import goods increase. This is especially with small economies which often do not produce what the tourists demand, and therefore import to meet the demands of the tourist. 2) Displacement effects. When a new tourism project takes customers away from an existing industry or facility, the economy is said to be shifted. 3) Over-dependence on tourism. When initially developing, the tourism industry is in vigour. The people start investing their money in this industry, resulting in downfall of other industries that were initially present. But soon tourists begin to dislike the particular tourist location and the economy falls. 4) Over-reliance on labour. As the tourists would increase, the labour required to fulfil their requirements would increase. The industry would extensively rely on labour; therefore these companies would highly exploit labour to meet the tourist demands. 5) Higher land values. Higher number of tourists would require more accommodation. Therefore hotels, lodges and rest houses are built. These results in shortage of land and the prices shoot up, which affect the locals. 6) Prices of goods increases. More tourists means more needs of supplies example: food, water, electricity, gas supply, etc. Also maintenance and repair would increase. These would make the market more expensive, making difficult for local people. UNITED KINGDOM: According to World Travel Tourism Council (WTTC), the industry grew by 1.3% in 2012. This rate of growth means that Tourism industry directly contributed  £35.6 billion to the British economy. The number of jobs that tourism supported was forecasted to increase by 250,000 between 2010 and 2020, from 2.645 million to 2.899 million. One in twelve jobs is currently supported by tourism. The UK has the fifth largest tourism industry in the world. It comprises of 200,000 enterprises. 70,000 establishments include major world-class hotels, country house hotels, guest houses, holiday parks, 110,000 restaurants, bars and pubs are surviving on Tourism. Moreover 7,000 businesses including theme parks, museums, heritage sites, parks, gardens, zoos; 25,000 businesses staging conferences, festivals, exhibitions and concerts are also dependent on Tourism. It has low barriers to entry making it able to respond quickly to changes in demand, and highly efficient in rapidly creating employment. Recently increased visa and Air Passenger Duty charges worsened the situation, as the UKs VAT rates for accommodation and restaurants, have become twice of the main tourism industries in Europe. If these VAT rates are reduced, the Tourism industry might not suffer much. FUTURE SCENARIOS: Tourism is forecasted to contribute over  £100 billion to the UK economy. INDIA: The demand tourism in India is expected to grow by 8.2 percent between 2010 and 2019 and will place India at the third position in the world. Indias tourism sector is expected to be the second largest employer in the world, employing 40,037,000 by 2019. The report forecasts India to get capital investment worth US$ 275.5 billion in 2018. Positive Impacts: It has generated income, resulted in poverty alleviation and has generated great number of jobs. The tourism industry in India generated about US$100 billion in 2008 and that is expected to increase to US$275.5 billion by 2018 at a 9.4% annual growth rate. It helps in preservation of heritage sites like old monuments (ex. Taj Mahal and Qutab Minar) and saving the biodiversity; therefore attracting more tourists and resulting in more income. It encourages infrastructure development, health care facilities, recreation areas, hotels and restaurants; which again increases the number of tourists attractions. Problem in India: The major problem in the development of tourism in India is inadequate infrastructure including less air seat capacity, accessibility to tourist destinations, accommodation and trained manpower in sufficient number. Poor visitor experience and poor hygienic conditions are also some of the problems. It sometimes leads to the destruction of social fabric of country. When too many tourists visit a place, the chances of development of crime and human trafficking may happen at a great extent. And therefore India has to spend money on crime control. It may lead to suspicion, tension and hostility between locals and the tourists, as they share different cultural backgrounds and lifestyles. This may lead to disputes and violence, overall reducing the tourist count. AUSTRALIA: In Australia, tourism directly and indirectly employed 907,100 persons. In 2010-11, Australia nearly earned $73.3 billion from tourism industry. The total output multiplier is 1.92, which means every $1 tourism industry earns, adds 92 cents extra indirectly to other parts of countrys economy. State Tourism Satellite Accounts (2011) show that out of $65.4 billion, which were contributed by the states mostly were: New South Walesà ¢Ã¢â€š ¬Ã¢â‚¬ $21.3 billion (33 per cent) Queenslandà ¢Ã¢â€š ¬Ã¢â‚¬ $16.3 billion (25 per cent) Victoria $13.4 billion (21 per cent). The number of tourists by 2021-2022 is forecasted to increase by 0.8 %, which means around 308 million tourists would visit in Australia. SPAIN: The tourist boom that began in the mid-1950s was based on the recreational assets of the Mediterranean seashore areas. In 1970s and 1980s, when the tourist boom was playing its role, tourism development lead to the loss of traditional jobs, when workers moved from industries such as : Farming, forestry, mining and Shing into service jobs in tourism and made a serious impact on the overall economy. Tourists had spent around 49 billion Euros in Spain in 2010. The real foreign tourism has increased by 8.65 %. The income was about 159.9 billion Euros in 2011 according to world tourism and travel council. The industry is predicted to gain 180 billion Euros by 2022. Tourism also contributed to 12.7% of total employment and 2,304,500 jobs were created. The employment number is predicted to rise to 2,369,000 by 2022. But if the country experiences major drawback in tourism industry in the future, it would for 12.7 % of the people to lose their jobs.

The Impostor Syndrome :: Gender Women Papers

The Impostor Syndrome Professor Martine Haas, Organizational Behavior, Cornell University, gave an example of a woman named Vignette who was giving presentations and had to monitor herself in a male dominated setting. She avoided raising her voice at certain times in order not to sound too assertive because she is a woman. Vignette hasn't been the only female or woman who has been faced with this situation. Aside from this type of impression management, there have been many circumstances where many successful women hesitate to take full credit for their success and accomplishments. They often feel insecure, attribute their accomplishments to something other than their own efforts such as luck and often get thrown into a state of paranoia that people will doubt their competency. This is known as the "imposter syndrome." Susan Schenkel, author of â€Å"Giving Away Success† says â€Å"there are many ways we discount ourselves. Three of the most common patterns are: 1) emphasizing the negative 2) automatically attributing success to something other than ability, and 3) automatically blaming failure on lack of ability† (Schenkel, 6). Schenkel explains how women also end up being susceptible to falling into helplessness as a result of uncontrollability, which is the belief that nothing can be done to rectify their current state of misfortunes. As a result they end up withdrawing, for example, stopping, quitting or escaping from making ardent efforts to deal with their existing problems. A second thing they tend to do is to avoid getting into tough situations. They do this by shying away from confrontation with the difficulty they feel unable or unwilling to handle (Schenkel, 19). As a result of this helplessness disrupts behavior such as undermining motivation, interfering with ability to l earn and creating emotional distress (Schenkel, p. 24). Another aspect of this imposter syndrome is fear of failure, where women sometimes get terrified of being judged and found unqualified (Schenkel, 55). When the fear of failure is combined with other behavioral patterns, a resulting consequence is anxiety. This is where women tend to have â€Å"split self-image† which is â€Å"an ongoing battle between positive and negative views of our ability† (Schenkel, 63). Secondly there is a superfluous desire and concern to win approval of others. Lastly, they tend to evaluate themselves and their experiences as either good or bad and with nothing in between (Schenkel, 65). In an attempt to prevent experiencing failure, women make cumbersome efforts to establish extremely high standards and goals for themselves and work indefatigably to meet them (Schenkel, 66).

Mark O’Connor Imagery

Poet and Environmentalist, Mark O'Connor, expresses his admiration for the cyclical and resilient aspects of which nature is comprised. The persistence of nature depicts the ideas that nature is just as, if not more, dominant as man. His poems Turtles Hatching and To Kill An Olive explore these themes and elucidate O'Connor's compelling perspective of nature. These two poems hold distinctively visual images that enable the reader to envisage the scene presented.Turtles Hatching's poetic recount encapsulates the trials and tribulations of the turtles. O'Connor describes the turtles as â€Å"high revving toys†, ready for their chance at life. He elucidates the persistence of the turtles by using distinctively visual images describing how determined these turtles were at reaching their safe haven: â€Å"Scrambling in sand, scrabbling in slime, or sculling deluded through sand-pools to beaches of death†. This alliteration of the visual images highlights the desperation of t he turtles on their fight for survival.O'Connor has created a distinctive image to aid readers in creating an idea of just how determined and persistent, not only the turtles were, but also just how determined the crabs were at preventing the turtles from reaching their goal. â€Å"Queued up crabs† gives readers an image of an army of crabs; so many as they wait for the turtles to come. Not only was natures tenacity evident in Turtles Hatching, O'Connor has also brought this theme to the readers attention in To Kill An Olive. O'Connor has started out To Kill An Olive, diving straight into the resilience and persistence of olives trees.He has accumulated the many things that are incompetent of killing an olive tree elucidating just how determined they are at overpowering man. â€Å"Hack one down, grub out a ton of main root for furl, and next spring every side-root sends up shoots†. O'Connor has described visually these connotations of just how in destructive these tree s are, despite are the treatment it is being subject to. O'Connor has made reference to the prolonged period of time these olive trees has been persistent in overcoming mans many obstacles. â€Å"Burnt-out ribs  of siege machines† not only highlights how long these olive trees have been standing for, but also how the tree has overcome the old-timed machines and gone and lived another age. The distinctively visual images used here can encapsulate this theme and gives readers a deeper understanding of the tenacity these olive trees are willing to relinquish. O'Connor is fascinated by just how much humans underestimate nature. The smallest creatures can overcome any adversity and the dullest of trees can overpower any man. Nature, if it wants to, can be just as powerful as man. In Turtles Hatching, Mark O'Connor has done just this.

Capital structure - Free Essay Example

Sample details Pages: 12 Words: 3505 Downloads: 2 Date added: 2017/06/26 Category Management Essay Type Research paper Did you like this example? Does capital structure affect firm value? Hypothesis: H0 : There is no a significant relationship between capital structure and their total market value in the stock exchange Thailand. H1: There is a significant relationship between capital structure and their total market value in the stock exchange Thailand. Research question Are there any optimal capital structure of firms in stock exchange Thailand and to examine for the relationship between capital structure and company value. Does capital structure affect firm value? An empirical analysis of firms listed in energy and utilities sector in stock exchange Thailand (SET) Don’t waste time! Our writers will create an original "Capital structure" essay for you Create order 1.Introduction 1.1 Background of study Capital structure plays an important role in financial management of the company. Every firms can mix of debt and equity in different way in order to increase the wealth of ordinary shareholder. There are several type of debt and equity such as common share, preference share ,hybrids ,convertible bonds and so on. Therefore the firms can raise debt and equity finance in countless combination because they need to find the best combination that minimize the weigh average cost of capital and to achieve the objective of management is to maximize the firm value. Basically better management can increase the shareholders wealth by considering the investment project with optimal gearing ratio. From that point of view nevertheless the positive investment project increase the wealth of shareholder , the financial decision is also the key to prospect company future. Groth and Anderson (1997)stated that â€Å"understanding capital structure and its practical implications is important to the professional manager regardless of functional area of expertise. The seminal work in the area of capital structure earned the researchers Nobel Prizes†. Therefore the financial managers would have a duty to determine which debt and equity are used in the capital structure could increase wealth. Typically each company is seeking for profitability by use any strategies that can bring down low cost and gain the company return and value for the operating side. In additional to the financial side is to get the efficiency combination of debt and equity because it reduces the cost of capital. However there are several debates for which capital structure do effect the company value. Is it possible to increase shareholder wealth by changing the gearing ratio or level? How can we find an optimal capital structure? Hence, in this paper will mostly discuss the literature reviews and the research methodology for answering that question. 1.2 Statement of problem Over the past decades, there have been a large number of theoretical and empirical studies appeared. The first famous theory that has been issued by Modigliani and Millers in 1958 was known as proposition 1mention that where the firms are running in the same type of business at the same particular operating risks their capital structure is irrelevant to shareholder wealth. Therefore the firm must have the same total value and they can issue any mix of fund. However the proposition 1 is based on the perfection of capital market and ignore tax , the costs of bankruptancy, financial distress and so on but in the real situation the market is seem to be imperfect. Myer(2001) argued that capital structure theory depend on some circumstances . Each theory can give us the different result regard the cost and benefits from financial strategies. This study will therefore answer the question to what extend different theories of capital structure can identify the impact on the company va lue in stock exchange Thailand market and are there any relationship between the capital structure and the financial performance of the company. 2. Literature Review 2.1 Modiglini and Miler Theory of capital structure Nowadays most of literature review and article have examined and expanded from the famous theory of Modiglini and Miller theory of capital structure. Start with the theory published in 1958 under assumption that in a perfect market the value of the firm is unaffected by its choice of capital structure. Therefore the total value of the firm is stable regardless of debt to equity ratio. To give support under this assumption imagine that two firm with the same operation of business but different in capital structure. Where firm U is unlevered ,the total value of its equity (EU) is the same as the total value of the firm (VU) . Additionally where the firm L is levered, thus the total value of the firm L is equal to the value of the debt less value of the equity of the firm L. As a result the total value for both company will be the same. Because Modiglini and Miler (1958) believe that when there are no taxes and capital markets function well , it makes no different whether the firm should borrow or individual shareholders should borrow . The market value of a company does not depend on its capital structure. They proved the assumption by represent that the arbitrage opportunity would emerge if the total value of the firm relevant to capital structure. The arbitrage should not be in the practical and real situation. The proposition 1 can be illustrated as VL = VU or Value of the levered firm = Value of unlevered firm In order to prove that their proposition (1958) was viable , They make assumption that there are no tax and transaction cost exist in the market. Individual and corporation can borrow at the same rate. However there are a large number of articles argued with his article because it seems to be unrealistic. Thus, in 1963 Modiglini and Miller published second literature which is known as preposition 2 to modify and fix proposition 1 by considering the corporation tax. It stated that the expected rate of return on the common stock of a leve red firm increases in proportion to the debt-equity ratio. While proposition 1 says that financial leverage has no effect on shareholder wealth. In contrast to proposition 2 says that the expected rate of return increases as the firms debt to equity ration increases. This means that when the debt-equity ratio increases the risk is also increases and therefore shareholders expect the high rate of return according to the level of risk they face. Hence, the firm can take benefit as levered firm rather than keep the status as unlevered firm because the corporation can deduct interest payment as an expense but dividend payment are non deductible. As Modiglini and Miller theory stated that the optimal capital structure will exist where the cost of capital or weigh average cost of capital (WACC) minimize and the total market value of the firm maximize. Modiglini and Miller theory with tax illustrated that gearing up by raising debt finance rather than equity finance reduces the WACC and the value of the firm rise. Finally an optimal capital structure does exist at point where debt is 100% The proposition 2 can formulate as: Value of levered firm = Value of un-levered firm + Value of tax saving It is used under assumptions that there is corporation tax in the market but without transaction cost exists. The individual and corporation can still borrow money at the same rate. Therefore the best of capital structure should be 100% debt finance because of tax deductible on interest. Under criticism of theory there are a great amount of articles expanded due to can not used in the real world. 2.2 Trade off Theory of capital structure The trade off theory explains the idea how the firm chooses to raise equity and debt finance by balancing the costs and benefits. Brealey and Myer (2008) presented that each firm should set their own target debt ratio which is vary from firm to firm. The firms with safe tangible asset and plenty of taxable income to shield ought to have high target ratio. Unprofitable companies with risky intangible assets ought to rely primarily on equity financing. Trade off theory has been used widely for study corporate of capital structure because it justify the fact that to raise part of debt finance the company obtain benefit from tax saving nevertheless the firm face with the cost of capital such as cost of financial distress including bankruptcy cost and financial distress without bankruptcy mostly related to customers and suppliers because they are extra cautious about for the firm that may not be around for long. Potential employee leaving or difficult to recruit is also costly for fi nancial distress. In addition to the firm increase gearing result in an increased level of financial risk. So that the shareholder require higher expected return in order to compensate that financial risk. However there are several articles has been question about the relevance of trade off theory. Brealey and Myer (2008) stated that the trade off theory of capital structure can explain how company actually behave because this theory successfully explains many industry differences in capital structure. High technology growth companies whose asset are risky and mostly intangible normally use relatively little debt. Graham and Harvey(2001) pointed out that Airlines can and do borrow heavily because their assets are tangible and relatively safe. There is some evidence that in contrast to the trade off theory of capital structure in real life that the most profitable companies commonly borrow the least (Ward ,1999). Because under this theory it stated that high profits shoul d mean more debt capacity and more tax saving as a result give a higher target debt ratio. 2.3 Bankruptcy cost Corporate bankruptcies concept does exist when stock holders exercise their right to default. Where the firm is coping with the problem but the limited liabilities allows stockholders to diminish and leaving all trouble to their creditor. The former creditors then become the new stockholders and the previous stockholder left with nothing (Brealey and Myer 2008) Warner (1977) classify two type of bankruptcy costs which are direct and indirect. Direct costs include lawyers fee , accountants fee and the value of the managerial time spent in administering the bankruptcy cost. Indirect costs include lost sales, lost profits and possibly the inability of the firm to obtain credit or to issue securities except under especially onerous terms. He did the research by investigate 11 railroads to seek the relationship between bankruptcy costs and the market value of the firm. The evidence shows that while the higher market value railroads generally did incur higher bankruptcy cost, the cost do not appear to be directly proportional to market value. While Warner supported the direct bankruptcy cost, Baxter(1967) introduced the indirect bankruptcy cost. He developed optimal capital structure models which incorporated bankruptcy cost. These model show that the value of a firm is maximized by increasing the level of debt financing to a point where the marginal present value benefit of the tax shied equal the marginal present value of the cost of bankruptcy. Extentions of the Modigliani-Miller theory have been provided by many researchers. Titman(1984) refers the idea of indirect bankruptcy cost . He argues that stakeholders not represented at the bankruptcy bargaining table, such as customers, can suffer material costs resulting from the bankruptcy. He shows that the bankruptcy status may occur according to the firm ‘s liquidation decision. He pointed out that the firms end up with the cost that can impose on their customers, suppliers and workers by liquidati ng are relevant to their capital structure decision. Titman and Wassels (1988) refer there are plenty of authors have suggested that leverage ratio may be related to the firm size. They proved that direct bankruptcy costs seem to constitute a larger proportion of a firms value as that value decreases. The large firm tends to be more diversified and less prone to bankruptcy. As a result , large firm should be more highly leverages 2.4 The Pecking order Theory There is an argument that there is not necessary to find an optimal capital structure through the theory. Therefore the pecking order Theory refer to the idea that the investment is financed first with internal funds, reinvested earnings primarily and then by new issues of debt and finally with new issues of equity. New equity issue are a last resort when the company runs out of debt capacity. (Brealey and Myer 2008) In contrast to the static trade off theory Myers(1984) summarizes the concept of pecking order theory as follow: 1. Firms prefer internal finance. 2. They adapt their target dividend payout ratios to their investment opportunities, while trying to avoid sudden changes in dividends. 3. Sticky dividend policies, plus unpredictable fluctuations in profitability and investment opportunities mean that internally generated cash flow may be more or less than investment outlay . If it is less,the firm first draw down the cash balance or marketable securities. 4. If external finance is required, firms issue the safest security first. That is ,they start with debt,then possibly hybrid securities such as convertible bonds,then perhaps equity as a last resort. Base on the theory,there is no well-defined target debt-equity mix because there are two kinds of equity,internal and external,one at the top of pecking order and one at the bottom. Each firms observed debt ratio reflects its cumulative requirements for external finance. Brealey and Myer (2008) explain why the most profitable firms generally borrow less not because they have low target debt ratios but they dont need outside money. In the opposite way ,less profitable firms issue debt because they do not have internal sufficient fund for investment and debt financing is first resort for external financing following to the pecking order theory 2.5 The agency cost Previously Modiglini and Miller theory(1958) ignored taxation. Since then 1963 they amended the model by implication corporation tax. From that point it is suggested that the higher the level of taxation, the lower the combined cost of capital. That means if the firm use higher level of the gearing ,the higher the value of the company. The company financial strategy should choose a 99.9% gearing level However in practice most of the firm can not go for high levels of gearing because according to Modiglini and Miller theory is still far from perfect. They distort the problems which can occur from raising high level of gearing such as bankruptcy risk. There is the possibility of bankruptcy as gearing increase result in increase the WACC and the value of the share price reduce. Agency cost is also the main problem does not exist in Modiglini and Miller theory. Jensen and Meckling (1976) argued that the combination of debt and equity does affect the cost such as agency cost, bank ruptcy cost and so on. The benefit of tax saving of raising debt produces an optimal capital structure less than a 100% because the benefit form tax is traded off offset the likelihood of incurring the costs. Jensen and Meckling(1976) define an agency relationship as a contract under which one or more persons (the principal) engage another person (the agent) to perform some service on their behalf which involve delegation some decision making authority to the agent. If both parties to the relationship are utility maximizes, there is good reason to believe that the agent will not always act in the best interest of the principal. In addition, they identify and examine the concept of agency costs by generating the existence of debt and outside equity. They found that bondholders agency cost move in reverse direction. It is falling when the level of debt increase. Thus,it follows that at some point the minimum cost of agency will exist by combined the firms debt and equity securit ies. 3. Research objective The main objective for the corporate finance to study capital structure is to review the literature of capital structure in different theories according to their effect on company value and test the implication of theories that seek to justify an optimal capital structure Since 1958 Modigliani and Miller model stated that the value of the company is irrespective to the capital structure. Based on that model MM make assumption for the perfect market so they ignore the tax issue , losses from bankruptcy cost , the agency cost and so on. As a result there are several literatures have been expanded from Modigliani and Miller model. Thus, this study paper is seeking for investigation and gives the explanation for the existence of optimal capital structure and the financial performance. The aim of this research is to answer the question whether the relationship between the capital structure and the value of the firm. 4.Research Methodology In order to answer the question of the project . It is necessary to set up the hypotheses then answer them. The hypotheses to be tested for this project are as follow: HO : There is no a significant relationship between capital structure and their total market value in the Stock Exchange Thailand (SET) H1 : There is a significant relationship between capital structure and their total market value in the Stock Exchange Thailand (SET) Sampling Method Additionally, this study also gain the data from sampling method. It is very practical and to prove that the project is reliable by identify the group of data which is the listed firms of energy and utilities sector in the stock exchange Thailand (SET). The project represents 25 listed companies ,the total amount of the share is 287,181,000 and the market value is 8,551,158,000 baht. It can be stated that the market value of the share for group representative is significantly more than half of the whole total market value(19,130,000,000baht). Therefore they can be good sample of the project. Explanatory Variables It is important to justify the variables that do affect the company value In this study there are as follow: 1.Earning per share (EPS) Earning per share is widely used to measure company success therefore it is the basic tool to indicate the company performance. Earning per share = profit after interest, after tax and after preference dividends/number of ordinary share in issue 2. Gearing Gearing is used to measure of risks. High gearing mean high risk . Gearing = Total Debt/shareholder equity 3. Dividend per share (DPS) The dividend per share is calculated to show the shareholder how much of the overall dividend payout they are entitle to Dividend per share = total ordinary dividend/total number/total number of share issued 4.Return on equity (ROE) Return on equity measures how much profit a company generates for its ordinary shareholders with the money they have invested in the company. ROE = Profit after tax and preference dividends/Ordinary share capital plus reserveÃâ€"100% 5.Data collection Methods Research design mainly focuses on data collection and sources. Therefore to research for this project will use the quantitative analysis by use the secondary data that has already been researched because of limited resources. The second data can collect from the journal of finance Economics, Journal of Banking and Finance, textbook from library, the stock market data, the financial annual report and so on. Most of the source of data such as financial statement , dividend payout ,the data from stock market to use calculate the variables is mainly available from website https://www.setsmart.com. It is the source of data open public for the investor who interested to buy the share in stock exchange Thailand (SET). However to acquire the information must have the username and password. 6. Project Planning Process Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Revised literature review * Data analysis procedures customization * * * Development of the detailed methodology * * * Secondary data collecting * * * Secondary data analysis and interpretation * * Preparing questionnaire for interviews * * Carrying out interviews * Transcribing interviews * Chapters writing and coordinating with supervisor * * * Summarized analysis of findings * * Draft Conclusions * Draft Recommendations * Final conclusions, recommendations * Project Final submission * 7. Bibliography and References Brealey,R.A.and Myers,S.C.and Allen,F.(2008) ‘Principle of Corporate Finance.9th edition.Boston:Mcgraw-Hill/Irwin Graham,J. and Harvey, C. The theory and practice of corporate finance : evidence from the field.Journal of Financial Economics 60 (May/June2001),pp.187-244. Groth, J. and Anderson, R.(1997), capital Structure: Perspectives for Managers,Management Decision Jensen,M.C.and Meckling,W.H.(1976) Theory of the firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, Vol. 3, No. 4,(July 1, 1976).Available at SSRN:https://ssrn.com/abstract=94043 10.2139/ssrn.94043.(accessed:24/08/09) Modigliani, F.; Miller, M. (1958). ‘The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review 48 (3): 261-297. Available at https://www.jstor.org/stable/1809766.(accessed:21/08/09) Modigliani, F.; Miller, M. (1963). ‘Corporate income taxes and the cost of capital: a correction. American Eco nomic Review 53 (3): 433-443. Available at https://www.jstor.org/stable/1809167. (accessed:22/08/09) Myers, S.C., 1984, The Capital Structure Puzzle, The Journal of Finance, Vol. 39, No. 3, Papers and Proceedings, Forty-Second Annual Meeting, American Finance Association, July, pp. 575-592 Myers,S.C.(1984)The capital Structure Puzzle. The journal of finance,Vol.39,No.3,(July 1984),pp575-592. Available at https://www.jstor.org/stable/2327916.(accessed:23/08/09) Oscar,B.U shaped cost of equity function? Digging into Modigliani-Miller(1958)Mistake'(September2006). Available at SSRN:https://ssrn.com/abstract=934550(accessed:21/08/09) Titman,S.(1984).The effect of capital structure on a firms liquidation decision.The Journal of finance Economics 13 (March 1984),pp.137-151. Titman,S.and Wessels,R.(1988) ‘The Determinants of capital structure choice.The Journal of finance Economics43 (March 1988),pp1-19. Available at https://www.jstor.org/stable/2328319?seq=6.(accessed :23/08/09) Wald,J.K.,How firm characteristics after capital structure : An International comparison.Journal of Financial Resarch22 ( Summer1999),pp.161-187. Warner,J.B.(1977)Bankruptcy Costs:Some evidence. The Journal of Finance,Vol32,Issue2, (May,1977),pp337-347.