The Impact of Financial Variables on Net Profit and Stock Price of Companies Listed on Thailand's Market for Alternative Investment (MAI)
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Abstract
This study aims to analyze the impact of financial variables, namely total assets, total liabilities, return on assets (ROA), return on equity (ROE), and price-to-earnings (P/E) ratio on net profit and stock price of companies listed on Thailand's Market for Alternative Investment (MAI) during the period from 2021 to Q2 2025. This study employs a quantitative research design and collects secondary data from the fact sheets of 225 listed companies. The data was analyzed using descriptive statistics (mean and standard deviation), correlation analysis, and multiple regression analysis.
The results from the net profit model indicated that the financial variables explain 76% of the variance in net profit. The variables with statistically significant positive effects include total assets and ROE, while total liabilities show a statistically significant negative effect. ROA and P/E ratio have no significant effects on net profit. With respect to the stock price model, the financial variables explain only 26% of the variance in stock price. Total assets have a statistically significant positive effect, whereas total liabilities have a statistically significant negative effect on stock price. However, ROA, ROE, and P/E ratio do not have statistically significant effects on stock prices.
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