A mail survey was employed to collect data for this study as this type of questionnaire can be filled out whenever the respondent has time (Collis & Hussey 2003). In this way, there is a better chance that respondents will take the time to think about their replies (Zikmund 2003). In preparation for this mail survey, the Thai Department of Business Development (DBD) was contacted to provide a list of individual shareholders in specific industries in Thailand. A package including a brief letter to individual shareholders explaining the purpose of the study, the questionnaire and a freepost envelope was sent to individual shareholders in specific industries (identified by the DBD) for participation. In this study, population refers to the individual shareholders with large asset bases in the 194 listed companies in the SET, which are in the Resources, Industrials, and, Property and Construction industries. A random sampling process was applied in order to draw a probability sample. This process allows each unit of the population to have an equal chance of being selected in the sample (Collis & Hussey 2003). In total, 420 questionnaires were sent to individual Thai’ shareholders, with a response rate of 25.48 percent