@article{Kumpha_2020, title={The causal relationship model of the financial ratios and the return on equity of the listed companies in Thailand Sustainability Investment}, volume={11}, url={https://so02.tci-thaijo.org/index.php/mbs/article/view/221611}, abstractNote={<p>The objective of this research was to study the causal relationship model of the financial ratios and the return on equity of 57 listed companies in Thailand Sustainability Investment (THIS), recognized by the Stock Exchange of Thailand. These companies were listed between 2013 and 2017. The study revealed that the current ratio has a direct negative impact on the return on equity while debt to equity ratio, net profit margin and return on assets have a positive impact on the return on equity. In addition, quick ratio has an indirect negative impact on the return on equity through debt to equity ratio, net profit margin and return on assets. The developed causal relationship model conformed to the empirical data with c<sup>2</sup>= 4.598, df = 7, c<sup>2</sup>/df = .657, P = .709, GFI = .972, AGFI = .916, RMSEA = .000, CFI = 1.000 as well as 91 percent predictability.</p>}, number={4}, journal={Journal of Accountancy and Management}, author={Kumpha, Pranorm}, year={2020}, month={Jan.}, pages={160–173} }