The Informative Value of CAMEL on Voluntary Disclosures in Thai Banks

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Nathaporn Gunarapong
Supa Tongkongand
Wachira Boonyanet


Disclosures in banking businesses and attempt to identify the determinants of voluntary disclosures of the industry using fundamental banking information (i.e., types of shareholders, listed status, and CAMEL). The dataset employed information in Thailand, including listed banks. This study aimed to explore the informative value of CAMEL on voluntary disclosures. Firstly, the study replicated the work of Meek, Roberts & Gray (1995) which classified voluntary disclosures into three types; strategic, financial, and non-financial information, then, further developed the voluntary items according to Thai economy and business practice criteria. The summary of significant 200 self-constructed and un-weighted voluntary disclosures were identified. Voluntary disclosure and CAMEL information were collected from annual reports, SETSMART and other sources which the most updated and were publicly available. The data set covered the banks in Thailand over the 2016-2019 reporting period. The data then were analysed using content analysis, descriptive and multiple regressions.

It was found that Thai listed banks were most likely to voluntarily disclose useful information compared to Thai policy banks and foreign banks located in Thailand. At .05 significant level, the listed banks and liquid assets to total assets significantly were more likely to disclose strategic voluntary disclosures, while management efficiency ratio, return on equity and liquid assets to total assets ratio significantly related to financial voluntary disclosures. In addition, size, cost per unit of money lent and liquid assets to total assets ratio significantly related to non-financial voluntary disclosures. The overall conclusion was that CAMEL could be the representative of the voluntary disclosures. This study was benefit to regulators who wish to motivate and reward banks in order that banks would voluntarily disclose vital information to publics. 

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Gunarapong, N., Tongkongand, S., & Boonyanet, W. (2022). The Informative Value of CAMEL on Voluntary Disclosures in Thai Banks. Journal of Arts Management, 6(2), 482–496. Retrieved from
Research Articles


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