Pathama Komentcharas and Anupong Awiruttha
This research studies the relationship between fundamental factors and returns on securities in the tourism and recreation group according to differences in market situations. The objective of this research is to study the relationship of factors affecting returns on securities in the tourism and recreation service industry in bull and bear market situations from January 2018 to December 2022 by using a multiple regression model to test the results. The results of the study found that market return factors affect returns on securities in bull and bear market conditions.
