Integrated Reporting on Firm Value by Listed Companies in the Stock Exchange of Thailand (SET100)

Main Article Content

Nitinan Phramhan
Patilya Thongjuaphet
Pattamas Niamkaew
Punthira Maneepairat
Phatnicha Supattachaiwong
Muttanachai Suttipun


The objectives of this study are to examine the extent and nature of the Integrated Reporting (IR) practice in annual reports from 2014 to 2016 and to estimate the impact of IR to the value of firm. The populations and samples used in the study were 64 Thai listed companies in SET100 index between 2014 and 2016, and the study used descriptive analysis and multiple regression to analyze the data of study. Our finding illustrates there is a growing trend of overall IR elements over three years with the average level of 25.27 points, even though the three-year trends varied within different elements. Moreover, empirical results show that the IR content elements in business model and strategy and resource allocation have significantly negative impact on firm value. However, the study also found that firm age establishes a negative and significant relationship with Tobin’s Q.


Download data is not yet available.

Article Details

How to Cite
Phramhan, N., Thongjuaphet, P., Niamkaew, P., Maneepairat, P., Supattachaiwong, P., & Suttipun, M. (2019). Integrated Reporting on Firm Value by Listed Companies in the Stock Exchange of Thailand (SET100). Journal of Management Science Chiangrai Rajabhat University, 14(2), 112–132. Retrieved from
Research Articles
Author Biographies

Nitinan Phramhan, Faculty of Management Sciences, Prince of Songkla University Hat Yai Campus

Master of Business (MBus) in Accounting, Queensland University of Technology, (2560). ปัจจุบันเป็น
อาจารย์ประจำภาควิชาการบัญชี คณะวิทยาการจัดการ มหาวิทยาลัยสงขลานครินทร์ วิทยาเขตหาดใหญ่

Patilya Thongjuaphet

M.Acc. Faculty of ManagementSciences,PrinceofSongkla University (2017)

Pattamas Niamkaew

M.Acc. Faculty of ManagementSciences,PrinceofSongkla University (2017)

Punthira Maneepairat

M.Acc. Faculty of ManagementSciences,PrinceofSongkla University (2017)

Phatnicha Supattachaiwong

M.Acc. Faculty of ManagementSciences,PrinceofSongkla University (2017)

Muttanachai Suttipun

Ph.D. (Accounting and Finance) University of Newcastle (2012), Currently a Lecturer in Accounting, Facultyof ManagementSciences, Prince ofSongkla University.


Al-Tuwaijri, S. A., Christensen, T. E. & Hughes, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach. Accounting, Organizations and Society. 29(5). 447-471.

Ameer, R. & Othman, R. (2012). Sustainability practices and corporate financial performance: a study based on the top global corporations. Journal of Business Ethics. 108(1). 61-79.

Aras, G., Aybars, A. & Kutlu, O. (2010). Managing corporate performance: investigating the relationship between corporate social responsibility and financial performance in emerging markets. International Journal of productivity and Performance management. 59(3). 229-254.

Belsley, D. A., Kuh, E. & Welsch, R. E. (1980). Regression diagnostics: identifying influential data and sources of collinearity. New York: John Wiley & Sons.

Busco, C., Frigo, M. L., Riccaboni, A. & Quattrone, P. (eds.). (2013). Integrated reporting: concepts and cases that redefine corporate accountability. Cham: Springer Science & Business Media.

Chongruksut, W. (2016). Corporate social responsibility disclosure in Thailand. Srinakharinwirot Research and Development (Journal of Humanities and Social Sciences). 8(15). 128-144. (in Thai)

Chu, W. (2011). Family ownership and firm performance: influence of family management, family control, and firm size. Asia Pacific Journal of Management. 28(4). 833-851.

Chung, K. H. & Pruitt, S. W. (1994). A simple approximation of Tobin's q. Financial Management. 23(3). 70-74.

Churet, C. & Eccles, R. G. (2014). Integrated reporting, quality of management, and financial performance. Journal of Applied Corporate Finance. 26(1). 56-64.

Coad, A., Holm, J. R., Krafft, J. & Quatraro, F. (2016). Firm age and performance. Journal of Evolutionary Economics. 28(1).1-11.

Coad, A., Segarra, A. & Teruel, M. (2013). Like milk or wine: Does firm performance improve with age?. Structural Change and Economic Dynamics. 24. 173-189.

Connelly, J. T. & Limpaphayom, P. (2004). Environmental reporting and firm performance: evidence from Thailand. The Journal of Corporate Citizenship. 13. 137.

Eccles, R. G., Ioannou, I. & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science. 60(11). 2835-2857.

Edward, F. R. (1984). Strategic management: a stakeholder approach. Boston: Pitman, 46

Frias Aceituno, J. V., Rodríguez‐Ariza, L. & Garcia‐Sánchez, I. M. (2014). Explanatory factors of integrated sustainability and financial reporting. Business strategy and the environment. 23(1). 56-72.

Healy, P. M. & Palepu, K. G. (1993). The effect of firms' financial disclosure strategies on stock prices. Accounting Horizons. 7(1). 1.

Ioannou, I. & Serafeim, G. (2012). The consequences of mandatory corporate sustainability reporting (No. 11-100). Boston: Harvard Business School.

Jensen, J. C. & Berg, N. (2012). Determinants of traditional sustainability reporting versus integrated reporting: an institutionalist approach. Business Strategy and the Environment. 21(5). 299-316.

Kang, K. H., Lee, S., & Huh, C. (2010). Impacts of positive and negative corporate social responsibility activities on company performance in the hospitality industry. International Journal of Hospitality Management. 29(1). 72-82.

Kurucz, E. C., Colbert, B. A. & Wheeler, D. (2008). The Oxford handbook of corporate social responsibility. Oxford: Oxford University Press.

Loderer, C. & Waelchli, U. (2010). Firm age and performance. Retrieved December 12, 2017 from

Nakao, Y., Amano, A., Matsumura, K., Genba, K. & Nakano, M. (2007). Relationship between environmental performance and financial performance: an empirical analysis of Japanese corporations. Business Strategy and the Environment. 16(2). 106-118.

Naklerd, S. & Suttipun, M. (2016) An influence of corporate governance on environment disclosures of listed companies in the Stock Exchange of Thailand. Chulalongkorn Business Review. 38(3). 1-37. (in Thai)

Omondi, M. M. & Muturi, W. (2013). Factors affecting the financial performance of listed companies at the Nairobi Securities Exchange in Kenya. Research Journal of Finance and Accounting. 4(15). 99-105.

Pieper, T. M., Klein, S. B. & Jaskiewicz, P. (2008). The impact of goal alignment on board existence and top management team composition: evidence from family‐influenced businesses. Journal of Small Business Management. 46(3). 372-394.

Qiu, Y., Shaukat, A. & Tharyan, R. (2016). Environmental and social disclosures: link with corporate financial performance. The British Accounting Review. 48(1). 102-116.

Saikon, M. & Thitiyapramote, N. (2018) The effect of corporate social responsibility and environmental accounting disclosure of industrial production has been certified ISO 14001 in Thailand. Journal of Management Science Chiangrai Rajabhat University. 12(2). 78-101. (in Thai)

Srijunpetch, S. (2017). Social responsibility accounting. Journal of Business Administration (The Association of Private Higher Education Institutions of Thailand). 6(1). 25-32. (in Thai)

Surroca, J., Tribó, J. A. & Waddock, S. (2010). Corporate responsibility and financial performance: the role of intangible resources. Strategic Management Journal. 31(5). 463-490.

Suttipun, M. (2017). The effect of integrated reporting on corporate financial performance: evidence from Thailand. Corporate Ownership & Control. 15(1). Doi: 10.22495/cocvl15ilart13

The Stock Exchange of Thailand. (2017). List of stocks in SET50 index/SET100 index. Retrieved December 10, 2017, from

Wongteanchai, S. (2015). Corporate social responsibility information disclosures and organizational performance of listed companies in the Stock Exchange of Thailand. BEC Journal of Naresuan University. 10(2). 107-121. (in Thai)