The Impact of Sustainability Disclosure the Reporting on the Firm Value of Industrial Businesses Listed on the Stock Exchange of Thailand.
Article Sidebar
Main Article Content
Abstract
The purposes of this research were to study: 1) sustainability disclosure the reporting of industrial businesses listed on the Stock Exchange of Thailand. 2) sustainability disclosure the reporting that affect the firm value. 3) sustainability disclosure the reporting that affect the rate of return of the business. 4) Comparison the firm value between business groups that had disclosure and those that had not disclosure information in the sustainability report. and 5) Comparison the rates of return of businesses between business groups that had disclosure and those that had not disclosure information in the sustainability report. It is quantitative research. Data were collected from annual reports, annual information disclosure form (Form 56 -1 One Report) and sustainability report of a sample group of 92 companies. Data were collected for 5 years (from 2018-2022), totaling 460 data sets, using Panel Regression analysis by using the Fixed-Effect Panel OLS method. The research finding showed that 1) Sustainability disclosure the reporting of industrial businesses listed on the Stock Exchange of Thailand is at 45%. 2) Sustainability disclosure the reporting affects the firm value at the statistical significance, (p < .05). 3) Sustainability disclosure the reporting, it is not statistically significant enough to explain the relationship with the rate of return of the business.
4) The firm value between business groups that had disclosure and those that had not disclosure information in the sustainability report no different. 5) The rates of return of businesses between business groups that had disclosure and those that had not disclosure information in the sustainability report different at the statistical significance, (p < .05). In conclusion, sustainability disclosure the reporting of industrial businesses listed on the Stock Exchange of Thailand affect the firm value and the rates of return of businesses between business groups that had disclosure and those that had not disclosure information in the sustainability report different.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Views and opinions expressed in the journal do not necessarily reflect those of the editors.
References
Baothum, S., Sangsawang, T., Inthikoth, P., Boonperm, P., & Hutthasan, N. (2022). Level of Sustainability Reporting for Thai Listed Companies Case Study: Agriculture and Food Industry Group. College of Asian Scholars, 12(1), 156-165. (in Thai)
Bodie, Z., Kane, A., & Marcus, A. J. (2007). Investments. (Lonkani, R., Trans.) Bangkok: McGraw-Hill.
Brine, M., Brown, R., & Hackett, G. (2007). Corporate Social Responsibility and Financial Performance in the Australian Context. Economic Round-up, 2, 47-58.
Buallay, A. M. (2020). The level of sustainability reporting and its impact on firm performance: the moderating role of a country’s sustainability reporting law. (Doctor of Philosophy in Accounting). Brunel University. London.
Buhmann, K. (2013). The Danish CSR Reporting Requirement as Reflexive Law: Employing CSR as a Modality to Promote Public Policy Objectives through Law. European Business Law Review, 24(2), 187-216.
Channantaphiphat, C., Prasatranuwat, K., & Anuson, A. (2023). Corporate Sustainability Disclosure: The Keys, Benefits, and Challenges. Retrieved March 24, 2024, from https://tdri.or.th/2023/06/sustainability-report-disclosure/. (in Thai)
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's q. Financial management, 23(3), 70-74.
Freeman, R. E. (1984). Strategic management: a stakeholder approach. Massachusetts: Pitman.
Global Reporting Initiative. (2011). Sustainability reporting guidelines 2011. Retrieved August 16, 2023, from http://www.globalreporting.org
Manapreechadeelert, P., & Yanyongpanic, B. (2023). The level of sustainability reporting on investor confidence and firm performance of companies on the stock exchange of Thailand. Journal of Value Chain Management and Business Strategy, 2(3), 54-72. (in Thai)
Martin, P.R., & Moser, D.V. (2016). Managers’ green investment disclosures and investors’ reaction. Journal of Accounting and Economics, 61(1), 239-254.
Mutiha, A. H. (2022). The Quality of Sustainability Report Disclosure and Firm Value: Further Evidence from Indonesia. Proceedings 2022, 83(1), 26. https://doi.org/10.3390/proceedings2022083026
Nugrahani, T. S., & Artanto, D. A. (2022). Sustainability Reporting by Disclosing Economic, Social and Environmental Performance. Studies in Business and Economics, 17(2), 216-226.
Peatrat, N. (2021). The Relationship between the Social Responsibility Investment Disclosure and the Firms’ Market Values. University of the Thai Chamber of Commerce Journal, 41(3), 73-87. (in Thai)
Pinta, N. (2016). The impact of the sustainability report on the organization performance for companies listed on the ASEAN Stock Exchange. Journal of Social Science for Local Rajabhat Mahasarakham University, 3(6), 112-126. (in Thai)
Piriyakul, M. (2013). Panel data analysis. Ramkhamhaeng Research Journal of Sciences and Technology, 30(2), 41-54. (in Thai)
Poowadin, P., Waiyawout, K., & Kittilapanon, N. (2020). Corporate sustainability information disclosure effect on business performance of the financial institutions in Indonesia, Thailand, Philippines, and Singapore. RMUTSB Academic Journal (Humanities and Social Sciences), 5(2), 136-152. (in Thai)
Ratanacharoenchai, C., Rachapradit, P., & Nettayanun, S. (2017). The Impact of Corporate Governance and Sustainability Report and Their Impact on Firm Value: Evidence from Stock Exchange of Thailand. Journal of Accounting Profession, 13(37), 53-72. (in Thai)
Saraphat, S. (2022). The impact of sustainability disclosure on performance of the listed companies on the stock exchange of Thailand. Journal of Management Sciences Kasetsart University, 1(2), 58-81. (in Thai)
Sebrina, N., Taqwa, S., Afriyenti, M., & Septiari, D. (2022). Analysis of sustainability reporting quality and corporate social responsibility on companies listed on the Indonesia stock exchange. Cogent Business & Management, 10(1). ttps://doi.org/10.1080/23311975.2022.2157975
Thanjunpong, S., Dechsiri, P., & Awirothananon, T. (2019). The Impact of Sustainable Development Report Disclosures on Firm Value. Journal of Accountancy and Management, 11(1), 131-144. (in Thai)
The Stock Exchange of Thailand. (2012). Sustainability Reporting Guidelines. Retrieved March 1, 2023, from https://www.setsustainability.com/download/1oleg7tkbwsm4ar. (in Thai)
The Stock Exchange of Thailand. (2017). Sustainability Disclosure & Reporting. Retrieved February 26, 2023, from https://www.setsustainability.com/page/disclosure. (in Thai)
Tobin, J., & Brainard, W. C. (1977). Asset Markets and the Cost of Capital. Economic Progress, Private Values and Public Policy: Essays in Honor of William Fellner, edited by B. Belassa and R. Nelson. Amsterdam: North Holland.
Van Linh, N., Hung, D. N., & Binh, T. Q. (2022). Relationship between sustainability reporting and firm’s value: Evidence from Vietnam. Cogent Business & Management, 9(1). 1-20. https://doi.org/10.1080/23311975.2022.2082014.
Varnaprux, R. (2015). The relationship between a performance and a disclosure of social and environmental information of Thai listed companies in the Stock Exchange of Thailand in property and construction section (Research Report). Sripatum University. (in Thai)