The Relationship between Earnings Quality and Market Prices of Securities for Listed Companies in the Stock Exchange of Thailand, Focusing on the Property and Construction Sectors
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Abstract
The objective of this research is to examine earnings quality and analyze the relationship between earnings quality and the market price of securities for publicly listed companies in the Stock Exchange of Thailand, specifically in the real estate and construction sectors. Secondary data from financial statements covering the years 2019 - 2021, with a total of 261 samples, were collected. Data analysis included descriptive statistics such as mean, minimum, maximum, and percentage, along with inferential statistics, namely multiple correlation and multiple regression analysis. The research findings revealed that earnings quality, measured by discretionary accruals (DAC), has a statistically significant positive relationship with the stock prices (SP) at the 0.05 level. Among the control variables, company size (SIZE) showed a statistically significant positive relationship with the stock prices (SP) at the 0.01 level, while financial leverage (LEV) demonstrated a statistically significant negative relationship with the stock prices (SP) at the 0.05 level. Other control variables, including large audit firm affiliation (AUDIT FIRM), growth rate (GROWTH), and return on assets (ROA), showed no statistically significant relationship with the stock prices (SP).
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