The Influence of Sustainability Report Disclosure, Board Roles and Responsibilities, and Capital Structure on the Rate of Return of Technology Companies Listed on the Stock Exchange of Thailand

Abstract

This study aims to investigate the influence of sustainability reporting disclosure, board roles, and capital structure on the return on investment of technology companies listed on the Stock Exchange of Thailand. Secondary data was collected between 2020 and 2024 from annual reports, information disclosure statements, and the SETSMART database. The sample consisted of 49 technology companies listed on the Stock Exchange of Thailand. Statistical analyses included descriptive statistics, correlation coefficient analysis, and multiple regression analysis.

The research findings reveal that environmental disclosure in sustainability reporting has a positive influence on company returns, as measured by the dividend payout ratio, at a statistically significant level of 0.05. Regarding board responsibilities, board size has a negative influence on the dividend payout ratio at a statistically significant level of 0.01. However, both factors do not influence the return on equity (ROE) or the price-to-earnings (P/E) ratio.In terms of capital structure, the debt-to-equity ratio has a negative influence on ROE, while the debt-to-total assets ratio has a positive influence on both the P/E ratio and dividend payout ratio at a statistically significant level of 0.01. Additionally, the study found that sustainability reporting disclosure in social and go vernance aspects, board responsibilities regarding the proportion of independent directors and the frequency of board meetings, as well as firm size, have no influence on company returns across all three measurement dimensions.