Relationship between Assets Growth and Stock Returns of Listed Companies on The Stock Exchange of Thailand

  • Sirirat Jodnok คณะบริหารธุรกิจ มหาวิทยาลัยเชียงใหม่
  • Chaiwuth Tangsomchai คณะบริหารธุรกิจ มหาวิทยาลัยเชียงใหม่
  • Athimet Chetteeraphat ภาควิชาการเงินและการธนาคาร คณะบริหารธุรกิจ มหาวิทยาลัยเชียงใหม่
Keywords: Total asset, Asset growth, Stock returns


This study examined the relationship between asset growth and stock return of listed companies in The Stock Exchange of Thailand. The samples used in the study were the company listed on the Stock Exchange of Thailand in total of 414 companies during the period from 2003 to 2016 with a total of 5,796 data. Conducted through two steps, the first step was to study the relationship between asset growth and stock return. While comparing the influence of asset growth and other independent variables, the test results from this stage showed that asset growth and the stock return had an inverse relationship. Asset growth was an independent variable that influenced stock return the most. The second step examined various types of asset growth and stock return. The test results from the second stage showed that there was an inverse relationship between asset growth and stock return, especially that from the external source of financing.



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How to Cite
Jodnok, S., Tangsomchai, C., & Chetteeraphat, A. (2020). Relationship between Assets Growth and Stock Returns of Listed Companies on The Stock Exchange of Thailand. KKU Research Journal (Graduate Studies) Humanities and Social Sciences, 8(1), 153-163. Retrieved from
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