The Relationship Between Financial Ratios and Stock Prices of Listed Companies on the Stock Exchange of Thailand: Service Industry Before and During the COVID-19 Crisis
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Abstract
The purpose of this study was to study the relationship between financial ratios and market prices of securities of listed companies on the Stock Exchange of Thailand and to study the influence of the period of the COVID-19 crisis on the relationship between financial ratios and market prices of listed companies on the Stock Exchange of Thailand, in the Service industry groups, by collecting data between 2018 – 2021. The information used to study was from the quarterly financial statements of listed companies on the Stock Exchange of Thailand in the service industry group, commercial business category, media and publishing ad hoc service, and tourism and recreation. The study found that during the COVID-19 crisis, the impact statistically significant effect on the stock price. This had a positive impact on the relationship between the debt-to-equity ratio and the stock price and a negative impact on the relationship between the liquidity ratio, the total asset turnover, the return on equity, and the stock price. Therefore, it can be concluded from this study that the relationship between financial ratios and market prices of listed companies on the Stock Exchange of Thailand in the service industry before and during the COVID-19 crisis was different.
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