View of The Impact of Sustainable Development Report Disclosures on Firm Value

The Impact of Sustainable Development Report Disclosures on Firm Value

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Sathaya Thanjunpong*, Patyot Dechsiri² and Thatphong Awirothananon³

Received: March 9,2018, Revised: June 11,2018, Accepted : June 25,2018

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* Assistant Professor of Accountancy Department, Faculty of Business Administration, Maejo University.

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2 Lecturer of Accountancy Department, Faculty of Business Administration, Maejo University.

3 Ÿ¼onª¥«µ­˜¦µ‹µ¦¥rž¦³‹Îµ­µ…µª·µ„µ¦ÁŠ·œ ‡–³¦·®µ¦›»¦„·‹ ¤®µª·š¥µ¨´¥Â¤nËo

3 Assistant Professor of Finance Department, Faculty of Business Administration, Maejo University

Abstract

This paper aims to examine the impact of sustainable development report disclosures on the firm value of listed companies, which exclude financial sectors, in the Stock Exchange of Thailand (SET).

The paper is based only on firms in 2016 and the sample size consists of 340 companies. The questionnaires of Global Report Initiative are used for evaluation of sustainable development report disclosures. The firm performance is also measured by Tobin’s q. Data analysis is utilized by correlation analysis and multiple regression analysis. This paper finds that the sustainable development report disclosures has not effects on firm value. Regarding control variable, firm size has negative effects on firm value while financial leverage, return on assets and capital intensity have positive effects on firm value. Moreover, the relationship between sustainable development report disclosures and firm value is significantly positive with the significance level of 0.01 when hiring internal auditor who graduated in accounting and/or financing major. While, the relationship is weak and non-significant for firms when hiring internal auditor who graduated in other fields.

The results are useful to provide the guideline to the regulators in developing the rule and encouraging listed firms to disclosures better sustainable development report.

Keywords

: Sustainable Development Report Disclosures, Firm Value, Internal Audit, Listed Companies, Stock Exchange of Thailand

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­¤¤˜·“µœš¸É 1: „µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœš¸É¤¸Ÿ¨„¦³š˜n°¤¼¨‡nµ„·‹„µ¦

œ°„‹µ„„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœÂ¨oª ‡»–¨´„¬–³…°ŠŸ¼o˜¦ª‹­°£µ¥Äœ„È ÁžÈœ­nªœ­Îµ‡´š¸É¤¸Ÿ¨„¦³š˜n°„µ¦„ε„´—¼Â¨„·‹„µ¦š¸É—¸Ánœ„´œ ‹µ„Šµœª·‹´¥…°Š Endaya & Hanafah (2016) ¡ªnµ

‡»–¨´„¬–³…°ŠŸ¼o˜¦ª‹­°£µ¥Äœ¤¸Ÿ¨„¦³šÄœÁ·Šª„˜n°ž¦³­·š›·£µ¡…°Š„µ¦˜¦ª‹­° ¨³ Mohamed (2011)

¡ªnµ ‡»–¨´„¬–³…°ŠŸ¼o˜¦ª‹­°£µ¥Äœš¸É¤¸‡ªµ¤¦¼ošµŠ—oµœ´¸ —oµœ­°´¸Â¨³—oµœ„µ¦ÁŠ·œ ‹³­nŠŸ¨„¦³š˜n°

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¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœÂ¨³¤¼¨‡nµ„·‹„µ¦Â˜„˜nµŠ„´œ®¦º°Å¤n š¸É„ε®œ—ÁžÈœ­¤¤˜·“µœ —´Šœ¸ Ê

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‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœÂ¨³¤¼¨‡nµ„·‹„µ¦

5.ª·›¸„µ¦—εÁœ·œ„µ¦ª·‹´¥

5.1 ž¦³µ„¦Â¨³„¨»n¤˜´ª°¥nµŠ

ž¦³µ„¦ ‡º° ¦·¬´š‹—š³Á¸¥œÄœ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥Äœž¸ 2559 ¤¸š´ÊŠ­· ʜ 720 ¦·¬´š

(…o°¤¼¨ – ª´œš¸É 21 ¡§«‹·„µ¥œ ¡« 2559 ) ¨³„µ¦«¹„¬µÁŒ¡µ³ž¸ ¡« 2559 ‡–³Ÿ¼oª·‹´¥Å¤nÁ¨º°„„¨»n¤›»¦„·‹—´Š˜n°Åžœ¸ Ê

¤µ«¹„¬µ 1) ›»¦„·‹„µ¦ÁŠ·œ 58 ¦·¬´šÂ¨³„°Šš»œ¦ª¤°­´Š®µ¦·¤š¦´¡¥r 65 ¦·¬´š ÁœºÉ°Š‹µ„„¨»n¤›»¦„·‹„µ¦ÁŠ·œ¤¸„‘®¤µ¥

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—εÁœ·œŠµœ 12 ¦·¬´š Á¡¦µ³˜o°Šž’·´˜·˜µ¤…´Êœ˜°œ„µ¦—εÁœ·œŠµœÂ¨³‹´—šÎµÂŸœ¢ºÊœ¢¼„·‹„µ¦˜µ¤š¸É˜¨µ—®¨´„š¦´¡¥r

„ε®œ— 3) „¨»n¤®¨´„š¦´¡¥rĜ˜¨µ— Á°È¤ Á° Å° 132 ¦·¬´š šÎµÄ®o„¨»n¤˜´ª°¥nµŠš¸ÉÁ¨º°„¤¸š´ÊŠ®¤— 453 ¦·¬´š

˜n°‹µ„œ´Êœ‡–³Ÿ¼oª·‹´¥Å—oÁ„ȝ¦ª¦ª¤…o°¤¼¨‹µ„Â­—Š¦µ¥„µ¦…o°¤¼¨ž¦³‹Îµž¸ ( 56-1) ¦µ¥Šµœ

ž¦³‹Îµž¸ ÁªÈÅŽ˜r…°Š¦·¬´š ¨³“µœ…o°¤¼¨°·Á¨È„š¦°œ·„­r…°Š˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥ (SET SMART) ×¥¤¸¦°¦³¥³Áª¨µ´¸­Îµ®¦´ž¸­· ʜ­»—ª´œš¸É 31 ›´œªµ‡¤ Á¡ºÉ°‡ª‡»¤‡ªµ¤Â˜„˜nµŠšµŠ—oµœÁª¨µ Ž¹ÉŠ°µ‹šÎµÄ®o¤¼¨‡nµ

˜¨µ—…°Š®¨´„š¦´¡¥r˜„˜nµŠ„´œÂ¨³°µ‹¤¸Ÿ¨˜n°‡nµ Tobin’s q ¦ª¤š´ÊŠ„µ¦Á„ȝ…o°¤¼¨¦µ¥ŠµœšµŠ„µ¦ÁŠ·œÄo…o°¤¼¨

Š„µ¦ÁŠ·œ¦ª¤š¸É¤¸…o°¤¼¨Á„¸É¥ª„´¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœÂ¨³…o°¤¼¨šµŠ—oµœÁŠ·œš¸É‡¦™oªœ­¤¼¦–r Á¤ºÉ°Á„ȝ¦ª¦ª¤…o°¤¼¨ž¦µ„’ªnµ¤¸„¨»n¤˜´ª°¥nµŠ‡ŠÁ®¨º°‹Îµœªœ 340 ¦·¬´š —´Šœ¸ Ê

„¨»n¤˜´ª°¥nµŠš´ÊŠ®¤— 453 ¦·¬´š

®´„ ¦·¬´šš¸ÉŤn¤¸¦°¦³¥³Áª¨µ´¸­Îµ®¦´ž¸­· ʜ­»—ª´œš¸É 31 ›´œªµ‡¤ 23 ¦·¬´š

¦·¬´šš¸ÉŤn­µ¤µ¦™Á„ȝ…o°¤¼¨Å—o‡¦™oªœ 78 ¦·¬´š

„¨»n¤˜´ª°¥nµŠš¸É¤¸‡nµŸ·—ž„˜· (Outliers) (Ťnŗo°¥¼nĜnªŠ ± 3

Standard Deviation) 12 ¦·¬´š

„¨»n¤˜´ª°¥nµŠ‡ŠÁ®¨º° 340 ¦·¬´š

5.2 „µ¦ª´—‡nµ…°Š˜´ªÂž¦

¤¼¨‡nµ„·‹„µ¦ (Firm Value) „µ¦ª´—‡nµ¤¼¨‡nµ„·‹„µ¦ ˜´ª¸Êª´—š¸Éœ·¥¤ ‡º° Tobin’s q ×¥‡Îµœª–‹µ„

¤¼¨‡nµ˜¨µ—…°Š®¨´„š¦´¡¥rª„„´¤¼¨‡nµšµŠ´¸…°Š®œ¸ Ê­·œš´ÊŠ®¤— ®µ¦—oª¥¤¼¨‡nµ˜µ¤´¸…°Š­·œš¦´¡¥r¦ª¤˜µ¤

œªšµŠ…°Š Chung ¨³ Pruitt (1994)

‡³Âœœ„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ (Sustainability Development Report Score: SD Score) ‹³‡Îµœª–‹µ„ž¦³Á¤·œ„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœš¸É‡–³Ÿ¼oª·‹´¥Å—o¤¸

„µ¦¡´•œµ…¹Êœ¤µÃ—¥°¥¼nœ¡º ʜ“µœ…°Š„µ¦Áž·—ÁŸ¥…o°¤¼¨ÁŒ¡µ³Á‹µ³‹Š˜µ¤®¨´„Á„–”r…°Š The Global Sustainability Standards Board (GSSB): GRI G4 Ž¹ÉŠž¦³„°—oª¥ 3 ®¤ª—®¨´„ ž¦³„°—oª¥šµŠ—oµœÁ«¦¬“„·‹ 5 …o°

—oµœ­·ÉŠÂª—¨o°¤ 9 …o° ¨³šµŠ—oµœ­´Š‡¤ 4 …o° ¦ª¤ 18 …o° ץĮo‡³ÂœœÁšnµ„´ 1 Á¤ºÉ°¦·¬´šÅ—o¤¸„µ¦ž’·´˜·˜µ¤

®¦º°Áž·—ÁŸ¥…o°¤¼¨ ¨³Ä®o‡³ÂœœÁšnµ„´ 0 Á¤ºÉ°¦·¬´šÅ¤nŗož’·´˜·˜µ¤®¦º°Å¤nÁž·—ÁŸ¥…o°¤¼¨

˜µ¦µŠ 1 ­—Š­¦»ž…o°¤¼¨Á„¸É¥ª„´„µ¦ª´—‡nµ˜´ªÂž¦š¸ÉÁ„¸É¥ª…o°Š ¨³˜´ªÂž¦‡ª‡»¤

˜´ªÂž¦ ºÉ°˜´ªÂž¦ ˜´ªª´—

¤¼¨‡nµ„·‹„µ¦ Tobin’s q (¤¼¨‡nµ˜¨µ—…°Š®¨´„š¦´¡¥r¤¼¨‡nµšµŠ´¸…°Š®œ¸ Ê­·œ

š´ÊŠ®¤—)¤¼¨‡nµ˜µ¤´¸…°Š­·œš¦´¡¥r¦ª¤

„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ ‡ªµ¤¥´ÉŠ¥ºœ

SD ž¦³Á¤·œ‡³Âœœ„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ

„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ

…œµ—¦·¬´š SIZE ª´—‹µ„‡nµ¨°„µ¦·›¹¤›¦¦¤µ˜·…°Š­·œš¦´¡¥r¦ª¤

‡ªµ¤Á­¸É¥ŠšµŠ„µ¦ÁŠ·œ LEV ª´—‹µ„°´˜¦µ­nªœ®œ¸ Ê­·œ¦ª¤˜n°­·œš¦´¡¥r¦ª¤

‡ªµ¤­µ¤µ¦™Äœ„µ¦šÎµ„εŦ ROA „εŦ­»š›·˜n°­·œš¦´¡¥r¦ª¤

¦³—´„µ¦¨Šš»œÄœ­·œš¦´¡¥rš¸É¤¸˜´ª˜œ CAP ª´—‹µ„°´˜¦µ­nªœš¸É—·œ °µ‡µ¦Â¨³°»ž„¦–r˜n°­·œš¦´¡¥r¦ª¤

Ÿ¼o˜¦ª‹­°£µ¥Äœ IA čo˜´ªÂž¦Áš¸¥¤ (0,1) ÁžÈœ˜´ªª´— ¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°

£µ¥Äœš¸É‹„µ¦«¹„¬µšµŠ—oµœ´¸Â¨³/®¦º°„µ¦ÁŠ·œÄ®o

‡nµÁžÈœ 1 ¨³¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ‹„µ¦«¹„¬µ

šµŠ—oµœ°ºÉœÄ®o‡nµÁžÈœ 0

5.3 „µ¦ª·Á‡¦µ³®r…o°¤¼¨

„µ¦ª·Á‡¦µ³®r…o°¤¼¨ ‹³Äo„µ¦ª·Á‡¦µ³®r­®­´¤¡´œ›rÁ¡¸¥¦r­´œ (Pearson Correlation Analysis) ¨³

„µ¦ª·Á‡¦µ³®r‡ªµ¤™—™°¥Á·Š¡®» (Multiple Regression Analysis) ¤µÄoš—­°Ÿ¨„¦³š…°Š„µ¦Áž·—ÁŸ¥…o°¤¼¨

¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœš¸É¤¸˜n°¤¼¨‡nµ„·‹„µ¦ Ž¹ÉŠÄo˜´ªÂÄœ„µ¦ª·Á‡¦µ³®r¨³‡ªµ¤­´¤¡´œ›rÁ…¸¥œÁžÈœ­¤„µ¦

š¸É (1) —´Šœ¸ Ê

˜´ªÂ 1 LNTobin’s q_i = ȕ₀ +ȕ₁SD_i + ȕ₂SIZE_i + ȕ₃LEV_i + ȕ₄ROA_i + ȕ₅CAP_i + ȕ₆IA_i

œ°„‹µ„œ´ÊœÄœ„µ¦ª·‹´¥‡¦´ÊŠœ¸ Ê Å—onŠ„¨»n¤˜´ª°¥nµŠ°°„ÁžÈœ 2 „¨»n¤ ‡º° „¨»n¤¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ

š¸É‹„µ¦«¹„¬µšµŠ—oµœ´¸Â¨³/®¦º°„µ¦ÁŠ·œ ¨³„¨»n¤¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ‹„µ¦«¹„¬µšµŠ—oµœ°ºÉœ

Á¡ºÉ°š—­°‡ªµ¤Â˜„˜nµŠ…°ŠŸ¨„¦³š…°Š„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœš¸É¤¸˜n°¤¼¨‡nµ„·‹„µ¦

…°Šš´ÊŠ­°Š„¨»n¤ Á…¸¥œÁžÈœ­¤„µ¦š¸É (2) —´Šœ¸ Ê

˜´ªÂ 2 LNTobin’s q_i = ȕ₀ + ȕ₁SD_i + ȕ₂SIZE_i + ȕ₃LEV_i + ȕ₄ROA_i + ȕ₅CAP_i

6. Ÿ¨„µ¦ª·‹´¥

¨´„¬–³Ã—¥š´ÉªÅž…°Š˜´ªÂž¦„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ ¤¼¨‡nµ„·‹„µ¦Â¨³˜´ªÂž¦

‡ª‡»¤ Ĝ¦¼ž…°Š‡nµÁŒ¨¸É¥Â¨³­nªœÁ¸É¥ŠÁœ¤µ˜¦“µœ ­—ŠÄœ˜µ¦µŠ 2 ¡ªnµ ¤¸„¨»n¤˜´ª°¥nµŠš´ÊŠ®¤—‹Îµœªœ 340 ¦·¬´š

×¥£µ¡¦ª¤¤¸‡nµÁŒ¨¸É¥ LNTobin’s q Ášnµ„´ 0.374 ¤¸‡nµÁŒ¨¸É¥„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœÁšnµ„´

11.590 ¨³¤¸‡nµÁŒ¨¸É¥‡nµ¨°„µ¦·›¹¤›¦¦¤µ˜·…°Š­·œš¦´¡¥r¦ª¤ž¦³¤µ– 22.606 œ°„‹µ„œ´Êœ ¤¸‡ªµ¤Á­¸É¥ŠšµŠ„µ¦ÁŠ·œ

Ášnµ„´ 0.439 ¨³¤¸‡ªµ¤­µ¤µ¦™Äœ„µ¦šÎµ„εŦ Ášnµ„´ 0.038 ¦ª¤š´ÊŠ¤¸¦³—´„µ¦¨Šš»œÄœ­·œš¦´¡¥rš¸É¤¸˜´ª˜œÁšnµ„´

0.340 ¨³¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœš¸É‹„µ¦«¹„¬µšµŠ—oµœ´¸Â¨³/®¦º°„µ¦ÁŠ·œ¦o°¥¨³78.50

˜µ¦µŠ 2 ­—Š‡nµ­™·˜·¡¦¦–œµ…°Š˜´ªÂž¦

˜´ªÂž¦ ˜´ª°¥nµŠ¦ª¤

(n = 340)

¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°

£µ¥Äœ‹„µ¦«¹„¬µ

šµŠ—oµœ´¸Â¨³/®¦º°

„µ¦ÁŠ·œ (n = 267)

¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°

£µ¥Äœ‹„µ¦«¹„¬µ

šµŠ—oµœ°ºÉœ (n= 73)

t-statistics of mean difference Mean Std.

Deviation

Mean Std.

Deviation

Mean Std.

Deviation

LNTobin’s q 0.374 0.639 0.383 0.700 0.341 0.516 0.492 SD 11.590 3.055 11.650 2.968 11.380 3.369 0.664

SIZE 22.606 1.517 22.645 1.575 22.463 1.282 1.018

LEV 0.439 0.252 0.431 0.209 0.468 0.368 -0.835

ROA 0.038 0.097 0.037 0.099 0.043 0.087 -0.525

CAP 0.340 0.236 0.334 0.239 0.363 0.226 -0.938

IA 0.785 0.411

®¤µ¥Á®˜» LNTobin’s q = ª´—‹µ„‡nµ¨°„µ¦·›¹¤›¦¦¤µ˜·…°Š(¤¼¨‡nµ˜¨µ—…°Š®¨´„š¦´¡¥rª„¤¼¨‡nµšµŠ´¸…°Š®œ¸Ê­·œš´ÊŠ®¤—®µ¦—oª¥

¤¼¨‡nµ˜µ¤´¸…°Š­·œš¦´¡¥r¦ª¤) SD = ª´—‹µ„‡³Âœœ„µ¦ž¦³Á¤·œ„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ SIZE = ª´—‹µ„‡nµ

¨°„µ¦·›¹¤›¦¦¤µ˜·…°Š­·œš¦´¡¥r¦ª¤ LEV = °´˜¦µ­nªœ…°Š®œ¸Ê­·œ¦ª¤˜n°­·œš¦´¡¥r¦ª¤ ROA = °´˜¦µ­nªœ…°Š„εŦ­»š›·˜n°­·œš¦´¡¥r¦ª¤

CAP = ª´—‹µ„°´˜¦µ­nªœš¸É—·œ °µ‡µ¦Â¨³°»ž„¦–r˜n°­·œš¦´¡¥r¦ª¤ IA = ¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ‹„µ¦«¹„¬µšµŠ—oµœ´¸Â¨³

®¦º°„µ¦ÁŠ·œÄ®o‡nµÁžÈœ 1 ¨³¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ‹„µ¦«¹„¬µšµŠ—oµœ°ºÉœÄ®o‡nµÁžÈœ 0 (čo°›·µ¥˜´ªÂž¦Äœ˜µ¦µŠ 3 ¨³˜µ¦µŠ 4)

„µ¦ª·Á‡¦µ³®r­®­´¤¡´œ›rÁ¡¸¥¦r­´œ ­—ŠÄœ˜µ¦µŠ 3 ¡ªnµ ‡nµ­®­´¤¡´œ›r…°Š SD „´ LNTobin’s q ¤¸‡nµ Ášnµ„´ 0.096 ­—Š™¹Š„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ¤¸‡ªµ¤­´¤¡´œ›rĜÁ·Šª„„´¤¼¨‡nµ„·‹„µ¦

œ´Éœ‡º°¦·¬´šš¸É¤¸„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœÁ¡·É¤…¹Êœ ‹³¤¸‡ªµ¤­´¤¡´œ›r„´¤¼¨‡nµ„·‹„µ¦š¸ÉÁ¡·É¤…¹Êœ

¨³‡nµ­®­´¤¡´œ›r…°Š SIZE „´ SD ¤¸‡nµÁšnµ„´ 0.354 ­—Š™¹Š…œµ—¦·¬´š¤¸‡ªµ¤­´¤¡´œ›rĜÁ·Šª„„´„µ¦Áž·—ÁŸ¥

…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ œ´Éœ‡º°¦·¬´šš¸É¤¸…œµ—Ä®n‹³¤¸„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ

¤µ„…¹Êœ …–³š¸É‡nµ­®­´¤¡´œ›r…°Š SIZE „´ LEV ¤¸‡nµÁšnµ„´ 0.332 ­—Š™¹Š…œµ—¦·¬´š¤¸‡ªµ¤­´¤¡´œ›rĜÁ·Šª„

„´‡ªµ¤Á­¸É¥ŠšµŠ„µ¦ÁŠ·œ œ´Éœ‡º°¦·¬´šš¸É¤¸…œµ—Ä®n‹³¤¸‡ªµ¤Á­¸É¥ŠšµŠ„µ¦ÁŠ·œÁ¡·É¤…¹Êœ

œ°„‹µ„œ´Êœ ‡nµ­®­´¤¡´œ›r…°Š ROA „´ LNTobin’s q SD SIZE ¤¸‡nµÁšnµ„´ 0.315 0.206 ¨³ 0.150

˜µ¤¨Îµ—´ ­—Š™¹Š‡ªµ¤­µ¤µ¦™Äœ„µ¦šÎµ„εŦ ¤¸‡ªµ¤­´¤¡´œ›rĜÁ·Šª„„´¤¼¨‡nµ„·‹„µ¦ „µ¦Áž·—ÁŸ¥…o°¤¼¨

¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ ¨³…œµ—¦·¬´š œ´Éœ‡º°¦·¬´šš¸É¤¸‡ªµ¤­µ¤µ¦™Äœ„µ¦šÎµ„εŦ­¼Š‹³ÁžÈœ¦·¬´š…œµ—

Ä®n ¤¸„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœÁ¡·É¤…¹ÊœÂ¨³¤¸¤¼¨‡nµ„·‹„µ¦Á¡·É¤…¹Êœ …–³š¸É‡nµ­®­´¤¡´œ›r…°Š

ROA „´ LEV ¤¸‡nµÁšnµ„´ -0.306 ­—Š™¹Š‡ªµ¤­µ¤µ¦™Äœ„µ¦šÎµ„εŦ ¤¸‡ªµ¤­´¤¡´œ›rĜÁ·Š¨„´‡ªµ¤Á­¸É¥ŠšµŠ

„µ¦ÁŠ·œ œ´Éœ‡º°¦·¬´šš¸É¤¸‡ªµ¤­µ¤µ¦™Äœ„µ¦šÎµ„εŦ­¼Š ‹³¤¸‡ªµ¤Á­¸É¥ŠšµŠ„µ¦ÁŠ·œ¨—¨Š ­Îµ®¦´‡nµ­®­´¤¡´œ›r…°Š

CAP „´ LNTobin’s q ¤¸‡nµÁšnµ„´ 0.141 ­—Š™¹Š¦³—´„µ¦¨Šš»œÄœ­·œš¦´¡¥rš¸É¤¸˜´ª˜œ ¤¸‡ªµ¤­´¤¡´œ›rĜÁ·Šª„

„´¤¼¨‡nµ„·‹„µ¦ œ´Éœ‡º°¦·¬´šš¸É¤¸¦³—´„µ¦¨Šš»œÄœ­·œš¦´¡¥rš¸É¤¸˜´ª˜œÁ¡·É¤…¹Êœ ‹³­nŠŸ¨Ä®o¦·¬´š¤¸¤¼¨‡nµ„·‹„µ¦Á¡·É¤…¹Êœ

˜µ¦µŠ 3 ­—Š­®­´¤¡´œ›r…°Š˜´ªÂž¦ (Pearson Correlation)

˜´ªÂž¦ LNTobin’s q SD SIZE LEV ROA CAP IA

LNTobin’s q 1.000

SD 0.096* 1.000

SIZE -0.069 0.354** 1.000

LEV 0.019 0.035 0.332** 1.000

ROA 0.315** 0.206** 0.150** -0.306** 1.000

CAP 0.141** 0.045 -0.021 -0.024 0.023 1.000

IA 0.027 0.036 0.049 -0.061 -0.029 -0.051 1.000

®¤µ¥Á®˜»: **,* = ¤¸œ´¥­Îµ‡´šµŠ­™·˜·š¸É¦³—´ 0.01 ¨³ 0.05 ˜µ¤¨Îµ—´

„µ¦¡·‹µ¦–µ‡nµ­®­´¤¡´œ›r¦³®ªnµŠ˜´ªÂž¦°·­¦³Â˜n¨³‡¼n ¡ªnµ˜´ªÂž¦°·­¦³¤¸‡ªµ¤­´¤¡´œ›r„´œÁ°Š°¥nµŠ¤¸

œ´¥­Îµ‡´®¨µ¥‡¼n ˜n‡ªµ¤­´¤¡´œ›r°¥¼nĜ¦³—´š¸ÉŤn­¼Š¤µ„œ´„ ­´ŠÁ„˜‹µ„‡nµ­®­´¤¡´œ›r…°Š˜´ªÂž¦°·­¦³¦³®ªnµŠ SIZE

„´ SD š¸É¤¸‡nµ­¼Š­»—Ášnµ„´ 0.354 ×¥¤¸‡ªµ¤­´¤¡´œ›r„´œ – ¦³—´œ´¥­Îµ‡´ 0.01 ˜n‡ªµ¤­´¤¡´œ›r—´Š„¨nµªÅ¤nÁ„·œ 0.7

‹¹Š¥´Š™º°ªnµ°¥¼nĜ¦³—´Å¤n­¼Š¤µ„œ´„ (Hair, et al., 2010) ¦ª¤š´ÊŠÁ¡ºÉ°Ä®oÁ„·—‡ªµ¤ÁºÉ°¤´Éœªnµ‹³Å¤nÁ„·—ž´®µ‡ªµ¤­´¤¡´œ›r

„´œ…°Š˜´ªÂž¦ (Multicollinearity) …¹Êœ ‹¹ŠšÎµ„µ¦˜¦ª‹­°Ã—¥„µ¦‡Îµœª–‡nµ Variance Inflation Factor (VIF) ¨³‡nµ Tolerance ¡ªnµ VIF š»„‡nµÄœ„µ¦ª·Á‡¦µ³®r‡ªµ¤™—™°¥Á·Š¡®»¤¸‡nµÅ¤nÁ„·œ 10 ¨³ ‡nµ Tolerance š»„‡nµ¤¸‡nµ

¤µ„„ªnµ 0.2 ­—Šªnµ Ťn¤¸ž´®µÁ„¸É¥ª„´˜´ªÂž¦¤¸‡ªµ¤­´¤¡´œ›r„´œÁ°Š

„µ¦ª·Á‡¦µ³®r‡ªµ¤™—™°¥Á·Š¡®»…°ŠŸ¨„¦³š…°Š„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœš¸É¤¸˜n°

¤¼¨‡nµ„·‹„µ¦ ­—ŠÄœ˜µ¦µŠ 4 Ĝ£µ¡¦ª¤‹µ„„µ¦¡·‹µ¦–µ‡nµ­´¤ž¦³­·š›·Í™—™°¥ ¤¸‡nµÁšnµ„´ 0.017 ¨³Å¤n¤¸

œ´¥­Îµ‡´šµŠ­™·˜· ®¤µ¥‡ªµ¤ªnµ „µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ¤¸Ÿ¨„¦³šÄœÁ·Šª„˜n°¤¼¨‡nµ

„·‹„µ¦Á¨È„œo°¥

­Îµ®¦´˜´ªÂž¦‡ª‡»¤ Á¤ºÉ°¡·‹µ¦–µ‡nµ­´¤ž¦³­·š›·Í™—™°¥…°Š‡nµ SIZE „´ LNTobin’s q ‹µ„„µ¦¡·‹µ¦–µ

‡nµ­´¤ž¦³­·š›·Í™—™°¥¤¸‡nµÁšnµ„´ -0.097 ¨³¤¸œ´¥­Îµ‡´šµŠ­™·˜· ®¤µ¥‡ªµ¤ªnµ …œµ—¦·¬´š¤¸Ÿ¨„¦³šÄœÁ·Š¨

„´¤¼¨‡nµ„·‹„µ¦ „¨nµª‡º° Á¤ºÉ°¦·¬´š¤¸„µ¦…¥µ¥„·‹„µ¦ ‹³­nŠŸ¨„¦³š˜n°¤¼¨‡nµ„·‹„µ¦š¸É¨—¨Š ¨³‡nµ­´¤ž¦³­·š›·Í

™—™°¥…°Š‡nµ LEV ROA CAP „´ LNTobin’s q ‹µ„„µ¦¡·‹µ¦–µ‡nµ­´¤ž¦³­·š›·Í™—™°¥¤¸‡nµÁšnµ„´ 0.567 2.646 ¨³ 0.357 ˜µ¤¨Îµ—´ ¨³¤¸œ´¥­Îµ‡´šµŠ­™·˜· ®¤µ¥‡ªµ¤ªnµ ‡ªµ¤Á­¸É¥ŠšµŠ„µ¦ÁŠ·œ ‡ªµ¤­µ¤µ¦™Äœ

„µ¦šÎµ„εŦ ¨³¦³—´„µ¦¨Šš»œÄœ­·œš¦´¡¥rš¸É¤¸˜´ª˜œ¤¸Ÿ¨„¦³šÄœÁ·Šª„„´¤¼¨‡nµ„·‹„µ¦ „¨nµª‡º° ¦·¬´šš¸É¤¸

‡ªµ¤Á­¸É¥ŠšµŠ„µ¦ÁŠ·œ ‡ªµ¤­µ¤µ¦™Äœ„µ¦šÎµ„εŦ ¨³¦³—´„µ¦¨Šš»œÄœ­·œš¦´¡¥rš¸É¤¸˜´ª˜œÁ¡·É¤…¹Êœ ­nŠŸ¨šÎµÄ®o

¦·¬´š¤¸¤¼¨‡nµ„·‹„µ¦Á¡·É¤…¹Êœ ˜nÁ¤ºÉ°¡·‹µ¦–µ‡nµ­´¤ž¦³­·š›·Í™—™°¥…°Š‡nµ IA „´ LNTobin’s q ‹µ„„µ¦¡·‹µ¦–µ

‡nµ­´¤ž¦³­·š›·Í™—™°¥¤¸‡nµÁšnµ„´ 0.104 ¨³Å¤n¤¸œ´¥­Îµ‡´šµŠ­™·˜· ®¤µ¥‡ªµ¤ªnµ Ÿ¼o˜¦ª‹­°£µ¥Äœš¸É‹

„µ¦«¹„¬µšµŠ—oµœ´¸Â¨³/®¦º°„µ¦ÁŠ·œ ¤¸Ÿ¨„¦³šÄœÁ·Šª„˜n°¤¼¨‡nµ„·‹„µ¦Á¨È„œo°¥

Á¤ºÉ°ÂnŠ„¨»n¤˜´ª°¥nµŠÁžÈœ 2 „¨»n¤ ‡º° 1) „¨»n¤¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ‹„µ¦«¹„¬µšµŠ—oµœ´¸Â¨³/

®¦º°„µ¦ÁŠ·œ ‹Îµœªœ 267 ¦·¬´š ¨³„¨»n¤¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ‹„µ¦«¹„¬µšµŠ—oµœ°ºÉœ ‹Îµœªœ 73 ¦·¬´š

¡ªnµ„¨»n¤¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ‹„µ¦«¹„¬µšµŠ—oµœ´¸Â¨³/®¦º°„µ¦ÁŠ·œ ¤¸Ÿ¨„µ¦ª·‹´¥­°—‡¨o°Š„´

Ÿ¨„µ¦ª·‹´¥Äœ£µ¡¦ª¤ ¥„ÁªoœÄœÁ¦ºÉ°ŠŸ¨„¦³š…°Š„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœš¸É¤¸˜n°¤¼¨‡nµ

„·‹„µ¦ ‹µ„„µ¦¡·‹µ¦–µ‡nµ­´¤ž¦³­·š›·Í™—™°¥ ¤¸‡nµÁšnµ„´ 0.026 ¨³¤¸œ´¥­Îµ‡´šµŠ­™·˜· – ¦³—´ 0.10

®¤µ¥‡ªµ¤ªnµ „µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ¤¸Ÿ¨„¦³šÄœÁ·Šª„˜n°¤¼¨‡nµ„·‹„µ¦ …–³š¸É„¨»n¤

¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ‹„µ¦«¹„¬µšµŠ—oµœ°ºÉœ Á¤ºÉ°¡·‹µ¦–µ‡nµ­´¤ž¦³­·š›·Í™—™°¥ ¤¸‡nµÁšnµ„´ -0.006 ¨³ Ťn¤¸œ´¥­Îµ‡´šµŠ­™·˜· ®¤µ¥‡ªµ¤ªnµ „µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ‡ªµ¤¥´ÉŠ¥ºœ¤¸Ÿ¨„¦³šÄœÁ·Š¨˜n°¤¼¨‡nµ

„·‹„µ¦Á¨È„œo°¥ ¨³‡nµ­´¤ž¦³­·š›·Í™—™°¥…°Š‡nµ SIZE „´ LNTobin’s q ‹µ„„µ¦¡·‹µ¦–µ‡nµ­´¤ž¦³­·š›·Í™—™°¥

¤¸‡nµÁšnµ„´ -0.034 ¨³Å¤n¤¸œ´¥­Îµ‡´šµŠ­™·˜· ®¤µ¥‡ªµ¤ªnµ …œµ—¦·¬´š¤¸Ÿ¨„¦³šÄœÁ·Š¨„´¤¼¨‡nµ„·‹„µ¦

Á¨È„œo°¥ ¦ª¤š´ÊŠÁ¤ºÉ°¡·‹µ¦–µ‡nµ­´¤ž¦³­·š›·Í™—™°¥…°Š‡nµ CAP „´ LNTobin’s q ‹µ„„µ¦¡·‹µ¦–µ‡nµ­´¤ž¦³­·š›·Í

™—™°¥¤¸‡nµÁšnµ„´ 0.400 ¨³Å¤n¤¸œ´¥­Îµ‡´šµŠ­™·˜· ®¤µ¥‡ªµ¤ªnµ¦³—´„µ¦¨Šš»œÄœ­·œš¦´¡¥rš¸É¤¸˜´ª˜œ¤¸Ÿ¨„¦³š

ĜÁ·Šª„„´¤¼¨‡nµ„·‹„µ¦Á¨È„œo°¥

˜µ¦µŠ 4 ­—Š°·š›·¡¨…°ŠŸ¼o˜¦ª‹­°£µ¥Äœš¸É¤¸Ÿ¨˜n°‡ªµ¤­´¤¡´œ›r¦³®ªnµŠ„µ¦Áž·—ÁŸ¥…o°¤¼¨¦µ¥Šµœ„µ¦¡´•œµ

‡ªµ¤¥´ÉŠ¥ºœÂ¨³¤¼¨‡nµ„·‹„µ¦

˜´ªÂž¦

LNTobin’s q

˜´ª°¥nµŠ¦ª¤

(n = 340)

¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°

£µ¥Äœ‹„µ¦«¹„¬µ

šµŠ—oµœ´¸Â¨³/®¦º°

„µ¦ÁŠ·œ

(n = 267)

¦·¬´šš¸É¤¸Ÿ¼o˜¦ª‹­°£µ¥Äœ

‹„µ¦«¹„¬µšµŠ—oµœ°ºÉœ

(n= 73)

˜´ªÂ 1 ˜´ªÂ 2.1 ˜´ªÂ 2.2

b ‡nµ­™·˜· t b ‡nµ­™·˜· t b ‡nµ­™·˜· t

Intercept 1.832 3.625*** 2.282 3.870*** 0.604 0.618

SD 0.017 1.460 0.026 1.863 * -0.006 -0.332

SIZE -0.097 -3.971*** -0.119 -4.064*** -0.034 -0.757

LEV 0.567 3.881*** 0.642 3.039*** 0.569*** 3.041

ROA 2.646 7.255*** 2.467 5.977*** 3.648*** 4.699

CAP 0.357 2.647*** 0.361 2.280** 0.400 1.661

IA 0.104 1.337

F-value 11.714*** 10.682*** 5.308***

R² 0.174 0.170 0.284

Adjust R² 0.159 0.154 0.230

®¤µ¥Á®˜»: b = ‡nµ­´¤ž¦³­·š›·Í™—™°¥ ¨³ ***,**, * = ¤¸œ´¥­Îµ‡´šµŠ­™·˜·š¸É¦³—´ 0.01 0.05 ¨³ 0.10 ˜µ¤¨Îµ—´

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ž¦³Áš«Åš¥. ªµ¦­µ¦ª·µ¸¡´¸, 13(37), 53-72.

–´“µ £¼n¦³¥´ œ·˜·¡Š¬r ­nŠ«¦¸Ã¦‹œr ¨³ ª¸¦¥µ £´š¦°µµ´¥. (2560). Ÿ¨„¦³š…°Šª´•œ›¦¦¤›¦¦¤µ£·µ¨š¸É¤¸Ÿ¨

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¤®µª·š¥µ¨´¥¤®µ­µ¦‡µ¤9(2), 103-113.

­™µ´œ›»¦„·‹Á¡ºÉ°­´Š‡¤ ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥. (2555). œªšµŠ‡ªµ¤¦´Ÿ·—°˜n°­´Š‡¤…°Š„·‹„µ¦

„¦»ŠÁš¡²: Á¤‹·„Á¡¦­.

­´˜¥µ ˜´œ‹´œš¦r¡Š«r. (2558). „µ¦„ε„´—¼Â¨„·‹„µ¦š¸É—¸¤¸°·š›·¡¨˜n°Ÿ¨„µ¦—εÁœ·œŠµœŸnµœ„µ¦ªµŠÂŸœ£µ¬¸…°Š¦·¬´š

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