INFLUENCE OF REPORTING OF CORPORATE SOCIAL RESPONSIBILITY AND EARNING MANAGEMENT AFFECTING FIRM VALUE OF COMPANIES LISTED IN THE STOCK EXCHANGE OF THAILAND

Abstract

          The objectives of this research article were to study influence of Reporting of Corporate Social Responsibility affecting firm value of companies listed in the Stock Exchange of Thailand and to study influence of earning management affecting firm value of companies listed in the Stock Exchange of Thailand. Population of this study was 486 companies listed in the Stock Exchange of Thailand excluding financial business, property fund, and listed companies in the process of rehabilitation. Three hundred and fourteen, financial statement and annual report completed data, companies were returned. Five years financial statement data were collected from 2557 - 2561 (B.E.). Independent variables were reporting of Corporate Social Responsibility reporting in 5 aspects consisting of environment, energy, employee or staff, community, and product responsibility, and earning management under Modified Jones Model and Yoon Model. Dependent variable was firm value measured by Tobin’s Q method. For descriptive statistic and inferential statistic, Path Analysis, was used to analyze and confirm established model. The results found that reporting of Corporate Social Responsibility of environment, energy, employee and staff, community, and product responsibility have positive influence with firm value of companies listed in the Stock Exchange of Thailand under Tobin’s Q method at 0.05 significant level while earning management under Yoon Model by has negative influence with firm value of companies listed in the Stock Exchange of Thailand by Tobin’s Q method at 0.10 significant level. It is recommended to investors and stakeholder to obtain the most benefit from their investment.