View of The Relationship between Intangible Assets and Abnormal Returns of Listed Companies in the Stock Exchange of Thailand

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The Relationship between Intangible Assets and Abnormal Returns of Listed Companies in the Stock Exchange of Thailand

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SarunyooThessrimuang^* and Kanok-on Kaewprapa²

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*Master student, Master of Business Administration, Kasetsart University Chalermphrakiat SakonNakhon Province Campus

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2An Accounting Lecturer of Faculty of Liberal Arts and Management Science,Kasetsart University Chalermphrakiat

Abstract

The purpose of this study was to examine the relationship between intangible assets and abnormal returns of listed companies in The Stock Exchange of Thailand from year 2013 to 2015.

The samples were 460 companies. The statistics used for analyzing data include mean, percentage, standard deviation, correlation analysis, and multiple regression analysis. The results indicated that combined Intangible assets were positively correlated with abnormal returns because intangible assets can be used for earnings forecast Intangible assets are unspecified as Goodwill had no relationship with abnormal returns Therefore, from the perspective of investor, Goodwill did not increase cash flows and other assets. Investors should set priority to invest in intangible assets, Which increase returns on their investment.

Keywords : Stock exchange, Intangible assets, Goodwill, Abnormal return.

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