Factors Affecting the Existence of Listed Companies on the Stock Exchange of Thailand, SET 100, During the COVID-19 Situation
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Abstract
The objective of this research was to study the factors that affect the existence of listed companies in the Stock Exchange of Thailand, SET 100, during the COVID-19 pandemic. The data was collected from 2019 to 2022 and analyzed using Binary Logistic Regression Analysis. The sample was divided into two groups: 76 companies that were able to remain in the SET100 throughout the COVID-19 situation, and 50 companies that were unable to do so. The total sample consisted of 126 companies, with a total of 378 samples of data.
The results of the research revealed that there were certain factors that influenced the ability of companies to remain in the SET100 during the COVID-19 situation. In 2019, during the initial period of the pandemic, there were four independent variables and one control variable: cash flows from operating activities, cash flows from financing activities, sticky costs behavior of total expenses, future return on equity, and business size. In 2020, during the abnormal situation caused by the pandemic, there were five independent variables and four control variables: cash flows from operating activities, cash flow from investing activities, free cash flows, sticky costs behavior of total expenses, future return on assets, business size, excellent corporate governance, very good corporate governance, and good corporate governance. In 2021, during the adjustment and problem-solving period, there were five independent variables and one control variable: cash flows from operating activities, cash flows from investing activities, cash flows from financing activities, sticky costs behavior of selling and administrative expenses, future return on equity, and business size.
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References
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