The Influences of Research and Development Expenditure and Corporate Income Tax towards the Stock Prices of Listed Companies on the Stock Exchange of Thailand and the Market for Alternative Investment (MAI)
Keywords:
Research and Development Expenditure, Corporate Income Tax, Stock Price, The Stock Exchange of Thailand, The Market for Alternative Investment (MAI)Abstract
The objective of this research was to study the influences of research and development expenditure and corporate income tax towards the Stock Prices of Listed Companies on the Stock Exchange of Thailand and the Market for Alternative Investment (MAI). The sample group consisted of 204 companies, and data were collected between 2017 and 2021 by using simple random sampling. The 1,020 annual registration statements (Form 56-1) and annual reports of the companies were compiled to obtain data on research and development expenditure, corporate income tax, and stock prices measured from the average stock prices three days before and after the date of annual report announcements. The data were analyzed using the descriptive statistics and the inferential statistics with multiple regression analysis. The results of the study revealed that research and development expenditure had a positive influence stock prices at the statistical significance level of 0.01. On the other hand, it did find the influence of corporate income tax towards stock prices. Moreover, it found a positive influence of the size of the firm, profitability, and the age of the business aspects towards stock prices at the statistical significance level of 0.01. The result of the study should be the information for management of the Stock Prices of Listed Companies on the Stock Exchange of Thailand and the Market for Alternative Investment (MAI) to create their investment strategies implementation. Moreover, investors can use the information for investment planning as well as risk management planning in the future.
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