Influence of Financial Performance and Non-financial Performance to Affects the Stock Returns of Listed Companies on the Stock Exchange of Thailand
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Abstract
The objective of this study was to study the influence of financial performance and non-financial performance on the stock returns of listed companies on the Stock Exchange of Thailand during the years 2016–2020. Quantitative research using financial data was collected from a sample group of listed companies on the Stock Exchange of Thailand during the five years from 2016 to 2020. Simple random sampling selected 561 companies. Data analysis was done through calculation methods using a linear structural equation model (path analysis). The results showed that financial performance, i.e., Earnings per Share growth rate (DEPS) has a direct positive influence on Capital Gains Yield (CGY) and Revenue growth rate (DR) has a positive direct influence on Price-Earnings Ratio (P/E) ratio, Return on Assets growth rate (DROA) has a negative direct influence on Price-Earnings Ratio (P/E), Return on Equity growth rate (DROE) has a negative direct influence on Stock Price (SP), Earnings per Share growth rate (DEPS) and Revenue growth rate (DR) have a negative direct influence on Dividend yield (DY). As for non-financial performance i.e., Corporate Social Responsibility (CSR) has a direct positive influence on Stock Price (SP), Responsibilities to Shareholders (RS), Corporate Social Responsibility (CSR) and Corporate Governance (CG) have a positive direct influence on Dividend Yield (DY) and Corporate Governance (CG) has a negative direct influence on Capital Gains Yield (CGY).
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