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ECON CMU Student Wins Two Capital Market Research Awards

27 September 2026
Faculty of Economics
On 24 September 2026, the Faculty of Economics, Chiang Mai University, congratulated Mr. Jiraphat Chinkarn, a student at the Faculty of Economics, Chiang Mai University, on receiving two capital market research awards: the Best Paper Award and the Corporate Value Enhancement Research Award for his research entitled “When Does Debt Create Value? ESG Thresholds and Capital Structure in Thailand.”

The research received the awards under the 2026 Capital Market Research Funding Programme for Undergraduate and Graduate Students, organised by the Stock Exchange of Thailand, with Assoc. Prof. Woraphon Yamaka, Ph.D. serving as the research adviser.

The study examines the relationship between capital structure, debt financing, and Environmental, Social and Governance (ESG) factors, with a focus on identifying the conditions under which debt can contribute to enhancing corporate value in the Thai context. The research addresses issues relevant to financial management and the efficient and sustainable development of the capital market.

Receiving both awards reflects the research potential of ECON CMU students in applying knowledge of economics and finance to contemporary issues and developing academic research that connects theoretical knowledge with practical implications for businesses and capital markets.

The Faculty of Economics, Chiang Mai University, extends its congratulations to Mr. Jiraphat Chinkarn and Assoc. Prof. Woraphon Yamaka, Ph.D. on this achievement.

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