การจัดการกำไรและมูลค่าหนี้สินของบริษัทในกลุ่มอาหารและเครื่องดื่มในตลาดหลักทรัพย์แห่งประเทศไทย Earnings Management and Debt of Food and Beverage Companies Listed in the Stock Exchange of Thailand
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Abstract
This study aims to measure earnings management and investigate the influence of debt on earnings management of 24 food and beverage companies listed in the Stock Exchange of Thailand during 2003 – 2014, totaling 282 company-years. Additionally, earnings management in this study is measured by discretionary accruals in absolute term which is calculated by Modified Jones Model while debt is measured by total debt to total assets ratio. The findings reveal that food and beverage companies in this study obviously had earnings management with the average discretionary accruals in absolute term of 6.746 percent of total assets. However, earnings management of these companies, on average, exhibited a downward trend during the study period. Moreover, the results from multiple regression analyses suggest that total debt has the negative influence on earnings management of listed food and beverage companies. Moreover, when considering the effect of current and non-current debts on earnings management, the findings reveal that both types of debt also have the negative effect on earnings management of these companies. Additionally, cash flow from operation, growth opportunity of company and size of company are also found to have the significant effect on earnings management.