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The Relationship Between Key Audit Matters (KAM) disclosure and stock price ofSET 100 companies from the Stock Exchange of Thailand

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*,2 °µ‹µ¦¥r, ‡–³ª·š¥µ„µ¦‹´—„µ¦ ¤®µª·š¥µ¨´¥­Š…¨µœ‡¦·œš¦r ª·š¥µÁ…˜®µ—Ä®n

*,2 Lecturer, Faculty of Management Sciences, Prince of Songkla University, Hatyai Campas

3-6 œ´„«¹„¬µ ž¦·µÃš ®¨´„­¼˜¦´¸¤®µ´–”·˜ ‡–³ª·š¥µ„µ¦‹´—„µ¦ ¤®µª·š¥µ¨´¥­Š…¨µœ‡¦·œš¦r ª·š¥µÁ…˜®µ—Ä®n

3-6 Master of Student, Master of Accountancy, Faculty of Management Sciences, Prince of Songkla University, Hatyai Campas

Abstract

The study’s objectives aimed to investigate the extend of key audit matter (KAM) disclosure of auditor’s report, to test the different level of KAM disclosure between before (year 2014-2015) and after (year 2016-2017) regulation in Thailand, and to examine the relationship between KAM discloser after regulation and stock price of SET 100 companies from the Stock Exchange of Thailand. Samples of this study were 57 companies that had been in SET 100 during the years 2014 to 2017. Descriptive analysis, t-test, and multiple regression are used to analyze the data. The results show that, the level of KAM disclosure before regulation was 0.49 topic per year, while it was 2.25 topics per year after regulation. There was significantly different level of KAM disclosure between before and after regulation.

More over, there was a positively significant relationship between number of KAM disclosure and the stock price.

Keywords:

KAM disclosure, stock price, the Stock Exchange of Thailand

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®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥˜µ¤­¤¤˜·“µœ H2 ×¥­¤„µ¦Á·ŠÁ­oœ…°Š„µ¦«¹„¬µª·‹´¥‡¦´ÊŠœ¸ Ê Å—o„n Y ɴ₀+ɴ₁X1 + error (˜´ªÂ 1)

Y ɴ₀+ɴ₁X₁+ɴ₂X₂+ɴ₃X₃+error (˜´ªÂ 2)

2 ®¨´„š¦´¡¥rĜ„¨»n¤š¦´¡¥µ„¦ ¤¸¤¼¨‡nµ®¨´„š¦´¡¥r˜µ¤¦µ‡µ˜¨µ—Äœ­´—­nªœš¸É­¼Š¤µ„Äœ˜¨µ—®¨´„š¦´¡¥r ¨³¥´ŠÁžÈœ

ž´‹‹´¥¡º ʜ“µœšµŠÁ«¦¬“„·‹š¸É¤¸‡ªµ¤­Îµ‡´Äœ„µ¦¡´•œµž¦³Áš« ¤¸Ÿ¨„µ¦—εÁœ·œŠµœ°¥¼nĜ¦³—´š¸Éœnµ­œÄ‹ ¤¸ÂœªÃœo¤„µ¦Á˜·Ã˜­¼Š

¨³¤¸„µ¦…¥µ¥˜´ªÁžÈœ°¥nµŠ¤µ„˜µ¤‡ªµ¤˜o°Š„µ¦Äoš¦´¡¥µ„¦ ‹µ„ (2014 : ÁªÈžÅŽ˜r)

48 •Ÿ‘˜Ÿ‘wŸ‘‹žÖ¢«“ÝwŸ‘}ž†wŸ‘™Ÿ•¡‰Ÿ“ž™Ÿ˜Ÿ‘zŸ

×¥˜´ªÂ 1 ÁžÈœ„µ¦š—­°‡ªµ¤­´¤¡´œ›r…°Š„µ¦Áž·—ÁŸ¥…o°¤¼¨Äœ®´ª…o°Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­°

(KAM) ˜n°„µ¦¦´¦¼o…°Šœ´„¨Šš»œ—oª¥¦µ‡µ®¨´„š¦´¡¥rĜ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥„¨»n¤ SET 100

¨³˜´ªÂ 2 ÁžÈœ„µ¦š—­°‡ªµ¤­´¤¡´œ›r…°Š„µ¦Áž·—ÁŸ¥…o°¤¼¨Äœ®´ª…o°Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­°

(KAM) ¨³˜´ªÂž¦‡ª‡»¤°ºÉœ˜n°„µ¦¦´¦¼o…°Šœ´„¨Šš»œ—oª¥¦µ‡µ®¨´„š¦´¡¥rĜ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥

„¨»n¤ SET 100

­¦»žŸ¨„µ¦ª·‹´¥Â¨³„µ¦°£·ž¦µ¥Ÿ¨„µ¦«¹„¬µ

‹µ„„µ¦Á„ȝ¦ª¦ª¤…o°¤¼¨‹µ„¦µ¥Šµœž¦³‹Îµž¸ Â­—Š¦µ¥„µ¦ 56-1 ¦µ¥ŠµœŸ¼o­°´¸…°Š¦·¬´š

š¸É‹—š³Á¸¥œ Ĝ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥„¨»n¤ SET100 š´ÊŠ 4 ž¸ ‹Îµœªœ 228 …o°¤¼¨ „µ¦ª·Á‡¦µ³®r­™·˜·Á·Š

¡¦¦–œµ ¨³­™·˜·Á·Š°œ»¤µœ ¤¸Ÿ¨˜µ¤˜µ¦µŠš¸É 2 ¨³˜µ¦µŠš¸É 3 —´Šœ¸ Ê

˜µ¦µŠ 2 ˜µ¦µŠÂ­—ŠŸ¨„µ¦ª·Á‡¦µ³®r­™·˜·Á·Š¡¦¦–œµ ­—Š‡nµ‡ªµ¤™¸É ¦o°¥¨³

ž¦³Á£š°»˜­µ®„¦¦¤ ‡ªµ¤™¸É (¦·¬´š) ¦o°¥¨³

›»¦„·‹š¦´¡¥µ„¦ 9 15.80

Ťnčn›»¦„·‹š¦´¡¥µ„¦ 48 84.20

ž¦³Á£š¦µ¥ŠµœŸ¼o­°´¸ ‡ªµ¤™¸É (¦·¬´š) ¦o°¥¨³

Å¤n¤¸ÁŠºÉ°œÅ… 56 98.2

¤¸ÁŠºÉ°œÅ…,Ťn™¼„˜o°Š,Ťn­—Š‡ªµ¤Á®Èœ 1 1.8

˜µ¦µŠ 2 ­—Š…o°¤¼¨Á·Šž¦·¤µ–…°Š˜´ªÂž¦°·­¦³ ˜´ªÂž¦˜µ¤ ¨³˜´ªÂž¦‡ª‡»¤ —´Šœ¸ Ê ž¦³Á£š›»¦„·‹

š¦´¡¥µ„¦¤¸‹Îµœªœ 9 ¦·¬´š ¦o°¥¨³ 15.80 Ťnčn›»¦„·‹š¦´¡¥µ„¦‹Îµœªœ 48 ¦·¬´š ¦o°¥¨³ 84.20 ­nªœ„µ¦Â­—Š

‡ªµ¤Á®Èœ…°ŠŸ¼o­°´¸˜n°Š„µ¦ÁŠ·œš¸É˜¦ª‹­° ¡ªnµÁžÈœÂÅ¤n¤¸ÁŠºÉ°œÅ… ¤¸‹Îµœªœ 56 ¦·¬´š ¦o°¥¨³ 98.3 ¨³Â¤¸ÁŠºÉ°œÅ…®¦º°Å¤n™¼„˜o°Š®¦º°Å¤n­—Š‡ªµ¤Á®Èœ ‹Îµœªœ 1 ¦·¬´š ¦o°¥¨³ 1.8

˜µ¦µŠ 3 ­—ŠŸ¨„µ¦ª·Á‡¦µ³®r ­™·˜·Á·Š¡¦¦–œµ ‡nµ˜Îɵ­»— ­¼Š­»— ÁŒ¨¸É¥ ¨³­nªœÁ¸É¥ŠÁœ¤µ˜¦“µœ

˜´ªÂž¦ ‡nµ˜Îɵ­»— ‡nµ­¼Š­»— ‡nµÁŒ¨¸É¥ ­nªœÁ¸É¥ŠÁœ

¤µ˜¦“µœ

¦µ‡µ®¨´„š¦´¡¥rÁŒ¨¸É¥®¨´ŠÁž·—ÁŸ¥¦µ¥Šµœ

5 ª´œšÎµ„µ¦

1.75 490.00 69.04 100.95

‹ÎµœªœÁ¦ºÉ°ŠÁ¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­° (KAM) ÁŒ¨¸É¥ ž¸ ¡.«.2559-2560

1.00 4.50 2.25 0.97

˜µŠ¦µŠ 3 ­—Š¦µ‡µ®¨´„š¦´¡¥rÁŒ¨¸É¥®¨´ŠÁž·—ÁŸ¥¦µ¥ŠµœŸ¼o­°´¸Â¨³Š„µ¦ÁŠ·œž¦³‹Îµž¸ ‹Îµœªœ

5 ª´œšÎµ„µ¦ž¸ ¡.«. 2559 ¨³¡.« 2560 ¡ªnµ¤¸‡nµÁŒ¨¸É¥ 69.04 µš ‡nµ­¼Š­»— 490 µš ‡nµ˜Îɵ­»— 1.75 µš

‡nµÁ¸É¥ŠÁœ¤µ˜¦“µœ 100.95 ­nªœ‹ÎµœªœÁ¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­°¡ªnµ ¤¸‡nµÁŒ¨¸É¥ 2.25 Á¦ºÉ°Š ‡nµ­¼Š­»— 4.50 Á¦ºÉ°Š ‡nµ˜Îɵ­»— 1 Á¦ºÉ°Š ‡nµÁ¸É¥ŠÁœ¤µ˜¦“µœ 0.97

˜µ¦µŠ 4 ¦³—´‡ªµ¤Â˜„˜nµŠ„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Šš¸É­Îµ‡´‹µ„„µ¦˜¦ª‹­°Äœ¦µ¥Šµœ…°ŠŸ¼o­°´¸ÂÁ—·¤

„´ÂÄ®¤n

¦³—´„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Š­Îµ‡´

Ĝ„µ¦˜¦ª‹­° (KAM) Mean N

Std Deviation

Std Error Mean

t P-value

‹ÎµœªœÁ¦ºÉ°Šž¸¡.«. 2557-2558 0.4912 57 .7876 .1043 -13.807 .000

‹ÎµœªœÁ¦ºÉ°Šž¸¡.«. 2559-2560 2.2544 57 .9502 .1258

¦³—´œ´¥­Îµ‡´š¸É 0.05

˜µ¦µŠ 4 ¡ªnµ¦³—´Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Šš¸É­Îµ‡´‹µ„„µ¦˜¦ª‹­°Äœ¦µ¥Šµœ…°ŠŸ¼o­°´¸ÂÁ—·¤

ž¸ ¡.«. 2557 ¨³ ¡.«. 2558 š¸ÉÁž·—ÁŸ¥Äœ®´ª…o°ÁœoœÂ¨³®´ª…o°°ºÉœÁŒ¨¸É¥‹Îµœªœ 0.49 Á¦ºÉ°Š Ĝ…–³š¸É„µ¦Áž·—ÁŸ¥Äœ

¦µ¥Šµœ…°ŠŸ¼o­°´¸ÂÄ®¤n ž¸ ¡.«.2559 ¨³ 2560 š¸ÉÁž·—ÁŸ¥Äœ®´ª…o°Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­° (KAM) ÁŒ¨¸É¥‹Îµœªœ 2.25 Á¦ºÉ°Š „µ¦«¹„¬µ¥´ŠšÎµ„µ¦š—­°Ã—¥Äo­™·˜· Pair Sample t-test Á¡ºÉ°š—­°¦³—´„µ¦Áž·—ÁŸ¥

…o°¤¼¨ Á¦ºÉ°Š­Îµ‡´‹µ„„µ¦˜¦ª‹­°Äœ¦µ¥ŠµœŸ¼o­°´¸ …°Š¦·¬´š‹—š³Á¸¥œ SET100 ¦³®ªnµŠž¸ ¡.«.2557- 2558 „´ž¸ ¡.«.2559-2560 ¤¸‡ªµ¤Â˜„˜nµŠ„´œ®¦º°Å¤n ¡ªnµ‡nµš¸ÉčoĜ„µ¦š—­°‡nµ—´œ¸¦³—´„µ¦Áž·—ÁŸ¥…o°¤¼¨

Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­°Äœ¦µ¥ŠµœŸ¼o­°´¸ Ášnµ„´ -13.807 šÎµÄ®oŗo‡nµ P-Value œo°¥„ªnµ 0.01 ‹¹Š¥°¤¦´

­¤¤»˜·“µœ H1 ­¦»žªnµ„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­°Äœ¦µ¥ŠµœŸ¼o­°´¸ …°Š¦·¬´š‹—š³Á¸¥œ

Ĝ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥„¨»n¤ SET100 ž¸ ¡.«. 2557-2558 „´ ¡.«. 2559-2560 ¤¸‡ªµ¤Â˜„˜nµŠ„´œ

°¥nµŠ¤¸œ´¥­Îµ‡´ Ÿ¨„µ¦«¹„¬µ¤¸‡ªµ¤­°—‡¨o°Š„´Ÿ¨„µ¦«¹„¬µÄœ°—¸˜š¸ÉÁ„¸É¥ª…o°Š Church et al. (2008) ¨³ Tangruenrat (2017) š¸É¡ªnµ„µ¦š¸É®œnª¥Šµœ„ε„´—¼Â¨Å—o„ε®œ—„‘®¤µ¥Ä®oŸ¼o­°´¸˜o°ŠÁž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Šš¸É

­Îµ‡´‹µ„„µ¦˜¦ª‹­°Äœ¦µ¥ŠµœŸ¼o­°´¸¤¸°·š›·¡¨˜n°ž¦·¤µ–¨³®´ª…o°Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­° (KAM)

š¸ÉŸ¼o­°´¸˜o°ŠÁž·—ÁŸ¥¤µ„„ªnµ„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­° (KAM) ­¤´‡¦Ä‹ Á®˜»Ÿ¨

ÁœºÉ°Š¤µ‹µ„ŤnčnÁ¡¸¥ŠŸ¼o™º°®»oœÂ¨³Ÿ¼o¨Šš»œÁšnµœ´Êœš¸É˜o°Š„µ¦š¦µ„µ¦Áž·—ÁŸ¥…o°¤¼¨š¸É­Îµ‡´ ˜nŸ¼o¤¸­nªœÅ—oÁ­¸¥°¸„

®¨µ¥„¨»n¤„Șo°Š„µ¦Á…oµ™¹Š…o°¤¼¨š¸É»‡‡¨š¸É­µ¤šÎµ„µ¦˜¦ª‹­°´¸…°ŠšµŠ¦·¬´š Ťnªnµ¡œ´„Šµœ ¨¼„‡oµ Ÿ¼o…µ¥

‡¼n…nŠÂ¨³Ÿ¼o¤¸­nªœÅ—oÁ­¸¥°ºÉœÇ

­nªœ„µ¦ª·Á‡¦µ³®r‡ªµ¤­´¤¡´œ›r—oª¥­´¤ž¦³­·š›·Í­®­´¤¡´œ›r ™¹Š„µ¦Áž·—ÁŸ¥…o°¤¼¨Äœ®´ª…o°Á¦ºÉ°Š­Îµ‡´

Ĝ„µ¦˜¦ª‹­° (KAM) „´¦µ‡µ®¨´„š¦´¡¥rĜ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥Äœž¸ ¡.«.2559-2560 ‡–³Ÿ¼oª·‹´¥

š—­°‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ˜´ªÂž¦°·­¦³š´ÊŠ®¤—š¸ÉčoĜ„µ¦«¹„¬µ ץčoÁ¤š¦·„Žr‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ˜´ªÂž¦

¨³‡nµ…¥µ¥˜´ª…°Š‡ªµ¤Âž¦ž¦ªœ (Variance Inflation Factor : VIF) ¡ªnµ‡nµ­´¤¼¦–r…°Š‡nµ­´¤ž¦³­·š›·Í

­®­´¤¡´œ›r…°Š˜´ªÂž¦š´ÊŠ®¤— ¤¸‡nµ°¥¼n¦³®ªnµŠ 0.113 ™¹Š 0.304 Ž¹ÉŠ¤¸‡nµœo°¥„ªnµ 0.90 ¨³¡ªnµ‡nµ VIF ¤¸‡nµ°¥¼n

¦³®ªnµŠ 1.021 ™¹Š 1.084 Ž¹ÉŠ¤¸‡nµœo°¥„ªnµ 10 ‹³Á®ÈœÅ—oªnµŸ¨¨´¡›rš¸Éŗo‹µ„„µ¦š—­°‡ªµ¤­´¤¡´œ›r…°Š˜´ªÂž¦

°·­¦³¤¸‡nµÅ¤n­¼ŠÁ„·œž„˜· (Hair at el., 2010) Ž¹ÉŠ‹µ„˜µ¦µŠÁ®ÈœÅ—oªnµ˜´ªÂž¦Â˜n¨³˜´ª¤¸‡ªµ¤­´¤¡´œ›rĜ¦³—´š¸É˜Îɵ

°¸„š´ÊŠ˜´ªÂž¦Â˜n¨³˜´ª¤¸°·­¦³š¸É˜„˜nµŠ„´œ

5 •Ÿ‘˜Ÿ‘wŸ‘‹žÖ¢«“ÝwŸ‘}ž†wŸ‘™Ÿ•¡‰Ÿ“ž™Ÿ˜Ÿ‘zŸ

˜µ¦µŠ 5 ­—ŠŸ¨„µ¦ª·Á‡¦µ³®r‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­°Â¨³ ¦µ‡µ®¨´„š¦´¡¥r …°Š¦·¬´šš¸É‹—š³Á¸¥œÄœ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥

˜´ªÂž¦ ˜´ªÂ 1 ˜´ªÂ 2

B t P-value B t P-value

‡nµ‡Šš¸É -3.697 -0.111 0.912 -13.284 -0.394 0.695

‹Îµœªœ KAM (X₁) 0.304 2.364 0.022* 0.328 2.469 0.017*

ž¦³Á£š¦µ¥ŠµœŸ¼o­°(X₂) - - - -.160 -1.210 .231

š¦´¡¥µ„¦(X₃) - - - .137 1.067 .291

R Square 0.092 0.139

Adjusted R² 0.076 0.090

F-value 5.588 2.844

*¦³—´œ´¥­Îµ‡´š¸É 0.05

˜µ¦µŠ 5 ­nªœ˜´ªÂ 1 ­—ŠŸ¨„µ¦ª·Á‡¦µ³®r‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Š­Îµ‡´Äœ

„µ¦˜¦ª‹­°Äœ¦µ¥ŠµœŸ¼o­°´¸ ˜n°¦µ‡µ®¨´„š¦´¡¥r…°Š¦·¬´šš¸É‹—š³Á¸¥œÄœ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥

¡ªnµ„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­°Äœ¦µ¥ŠµœŸ¼o­°´¸ ¤¸‡ªµ¤­´¤¡´œ›r˜n°„µ¦¦´¦¼o…°Šœ´„¨Šš»œ

—oª¥¦µ‡µ®¨´„š¦´¡¥r…°Š¦·¬´š °¥nµŠ¤¸œ´¥­Îµ‡´š¸É¦³—´‡ªµ¤ÁºÉ°¤´ÉœÄœšµŠ­™·˜· 0.05 —´Šœ´Êœ ‹¹Š¥°¤¦´­¤¤˜·“µœ

®¨´„ H2 ­nªœ ˜´ªÂ 2 ­—ŠŸ¨„µ¦ª·Á‡¦µ³®r‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­°

Ĝ¦µ¥ŠµœŸ¼o­°´¸˜n°¦µ‡µ®¨´„š¦´¡¥r ×¥¤¸˜´ªÂž¦‡ª‡»¤ ¡ªnµ¤¸‡ªµ¤­´¤¡´œ›r˜n°„µ¦¦´¦¼o…°Šœ´„¨Šš»œ—oª¥

¦µ‡µ®¨´„š¦´¡¥r…°Š¦·¬´šÂ¨³Á¤ºÉ°¡·‹µ¦–µ„´˜´ªÂž¦‡ª‡»¤Â˜n¨³—oµœ ¡ªnµ ˜´ªÂž¦š»„˜´ª­nªœÄ®nŤn¤¸

‡ªµ¤­´¤¡´œ›r„´¦µ‡µ®¨´„š¦´¡¥r…°Š¦·¬´š °¥nµŠ¤¸œ´¥­Îµ‡´š¸É¦³—´‡ªµ¤ÁºÉ°¤´ÉœÄœšµŠ­™·˜· 0.05 ˜nš´ÊŠœ¸ ʋµ„

‡nµ R² …°Šš´ÊŠ­°Š˜´ªÂ¤¸‡nµÅ¤n­¼Š¤µ„œ´„ (¦o°¥¨³ 9.2 ¨³ 13.9 ˜µ¤¨Îµ—´) °µ‹Â­—ŠÄ®oÁ®Èœªnµ „µ¦Áž¨¸É¥œÂž¨Š

…°Š¦µ‡µ®¨´„š¦´¡¥r ¤¸°·š›·¡¨¤µ‹µ„„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­°Á¡¸¥ŠµŠ­nªœ š¸ÉÁ®¨º°°¸„„ªnµ

¦o°¥¨³ 80 ¤µ‹µ„ž´‹‹´¥š¸É„ε®œ—¦µ‡µ®¨´„š¦´¡¥r °µš·Ánœ Ÿ¨˜°Âšœš¸É‡µ—ªnµ‹³Å—o¦´ ÁŠ·œž´œŸ¨‹nµ¥£µª³ Á«¦¬“„·‹ÄœnªŠœ´Êœ SET(2015) ™¹ŠÂ¤oªnµŸ¨„µ¦«¹„¬µš¸Éŗo‹³‡oµœ„´Ÿ¨„µ¦«¹„¬µ…°Š Srijunpetch (2017) ¨³ Mock et al., (2013) š¸ÉŤn¡‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ„µ¦Áž·—ÁŸ¥…o°¤¼¨Á¦ºÉ°Š­Îµ‡´Äœ„µ¦˜¦ª‹­° (KAM) ¨³¦µ‡µ

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