Factors Affecting Performance and Stock Returns of Listed Companies in the Stock Exchange of Thailand
Article Sidebar
Main Article Content
Abstract
The purpose of this research was to study the factors affecting the performance of return on assets, return on equity and net profit margin of the listed companies in the Stock Exchange of Thailand. It will study the performance which affects stock return in abnormal returns and cumulative abnormal returns of the listed companies in the Stock Exchange of Thailand. The population, which have been used in research, are the listed companies in the Stock Exchange of Thailand, 8 industry groups, totaling 541 companies. The researchers have selected the sampling by using the calculation formula of Taro Yamane and have finalized the sampling to be 230 companies. The sampling has been selected using the data between the year 2560-2564. This is a 5-year period in data collection by using statistical analysis through the multiple regression analysis test hypotheses.
The results of the analysis found that social responsibility, disclosure and transparency, taxation, auditing, financial risk and corporate governance affect the performance of return on assets, return on equity and net profit margin of the listed companies in the Stock Exchange of Thailand different. The results performance also found that return on assets, return on equity and net profit margin affect the stock returns of abnormal returns and cumulative abnormal returns of the listed companies in the Stock Exchange of Thailand statistically and significantly.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Views and opinions appearing in articles in the Journal of Arts of Management It is the responsibility of the author of the article. and does not constitute the view and responsibility of the editorial team I agree that the article is copyright of the Arts and Management Journal.
References
Anderson, T. (1992). Accounting earnings announcements and differential predisclosure information. Abacus, 28(2), 121-132.
Belsley, D.A. (1991). Conditioning diagnostics collinearity and weak data in regression. Willey.
Blowfield, M., & Frynas, J.G. (2005). Setting new agendas: Critical perspectives on corporate social responsibility in the developing world. Journal of International Affairs, 81(3), 499-513.
Brigham, E.F., & Houston, J.F. (2001). Fundamentals of financial management. (9th ed.). McGraw-Hill.
Easton, P.D., Eddey, P.H., & Harris, T.S. (1993). An investigation of revaluation of tangible long lived assets. Journal of Accounting Research, 31(3), 1-38.
Evans, J.L., & Archer, S.H. (1968). Diversification and the reduction of dispersion: an empirical analysis. Journal of Finance, 23, 761-767.
Foxall, G.R., & Yani-de-Soriano, M.M. (2005). Situational influences on consumers’ attitudes and behavior. Journal of Business Research, 58(4), 518-525.
Gruszczynski, M. (2006). Corporate governance and financial performance of companies in Poland. International Advances in Economic Research, 126(2), 251-259.
Hayn, C. (1989). Tax attributes as determinants of shareholder gains in corporate acquisitions. Journal of Financial Economics, 23(1), 121-153.
Hossain, M., Prevost, A.K., & Rao, R.P. (2001). Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performance. Pacific-Basin Finance Journal, 9, 119-145.
Hu, S.Y. (1998). The effects of the stock transaction tax on the stock market-Experiences from Asian markets. Pacific Basin Finance Journal, 6(3/4), 347-364.
Javed, Z.H., Rao, H.H., Akram, B., & Nazir, M.F. (2015). Effect of financial leverage on performance of the firms: Empirical evidence from Pakistan. SPOUDAI-Journal of Economics and Business, 65(1-2), 87-95.
Jeffrey, G., Matthew, E., & Witt, S. (2012). Analyzing vehicle fuel saving opportunities through intelligent driver feedback SAE International. Journal of Passenger Cars-Electronic and Electrical Systems, 5(2), 450-461.
Kallunki, J.P., Martikainen, M., & Martikainen, T. (1998). Accounting income, income components and market to book equity ratios. International Journal of Accounting, 33(3), 359-375.
Leventis, S., & Wetman, P. (2004). Timeliness of financial reporting applicability of disclosure theories in an emerging capital market. Accounting and Business Research, 34(1), 43-56.
Pope, P., & Inyangete, C.G. (1992). Differential information, the variability of UK stock returns, and earnings announcements. Journal of Business Finance & Accounting, 19(4), 603-623.
Sincharoonsak, T. (2018). The Impact of the Disclosure in the Annual Report on the Decisions of Investors of Listed Companies in the Stock Exchange of Thailand. PSAKU International Journal of Interdisciplinary Research, 7(1), 141-160.
The Stock Exchange of Thailand. (2017). Corporate governance code for listed companies 2017. http://www.sec.or.th/cgthailand/TH/Documents/Regulation/CGCode.pdf
Walden, W.D., & Schwartz, B.N. (1997). Environmental disclosures and public policy pressure. Journal of Accounting and Public policy, 16(2), 125-154.
Weber, M. (2008). The business case for corporate social responsibility: A company–level measurement approach for CSR. European Management Journal, 26(4), 247–261.
Yamane, T. (1973). Statistics: An introductory statistics. (2nd ed.). Harper & Row.
ZarZeski, M. T. (1996). Spontaneous harmonization effects culture and market forces on accounting disclosure practices. Accounting Horizons, 10(1), 18-37.