The Influence of Corporate Governance, Corporate Social Responsibility Disclosure, and Intellectual Capital Disclosure towards Firm Value: Evidence from Companies Listed in the Stock Exchange of Thailand

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Supattra Apichaimongkol
Sannudee Selaratana
Poomthan Rangkakulnuwat


The objective of this study was to explore the influences of corporate governance, corporate social responsibility disclosure, and intellectual capital disclosure on firm value of companies listed on the Stock Exchange of Thailand with 896 observations during the years 2018 and 2019. Tobin’s Q ratio was used for the measurement of firm value variables. The corporate governance variables consisted of corporate governance score, major shareholder ratio, number of meetings of the board of directors, and directors’ remuneration. Disclosure variables were measured using content analysis with 5 score levels (minimum 0=no disclosure, maximum 4=disclosure of text; monetary and non-monetary). The corporate social responsibility disclosure variable consisted of 43 indicators covering 4 areas, which were: environment, community, workplace, and marketplace. The intellectual capital disclosure variable consisted of 32 indicators covering 6 areas, which were: employees, information technology, processes, research and development, customers, and strategy. Control variables include firm size, firm age, financial leverage, dividend policy, investment opportunity, productivity of the firm and industry sector. In terms of hypothesis testing, multiple linear regression was applied. The findings revealed that corporate governance and intellectual capital disclosure significantly and positively impacted firm value. In addition, control variables that significantly impacted firm value consisted of investment opportunity, productivity of the firm, firm age, and financial leverage. A suggestion for future research is to extend the period of study because the measurement of efficiency and effectiveness of corporate social responsibility disclosure might take a long period of time.

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Apichaimongkol, S., Selaratana, S., & Rangkakulnuwat, P. (2022). The Influence of Corporate Governance, Corporate Social Responsibility Disclosure, and Intellectual Capital Disclosure towards Firm Value: Evidence from Companies Listed in the Stock Exchange of Thailand . Journal of Arts Management, 6(4), 1990–2008. Retrieved from
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