• Thanida Chitnomrath College of Innovative Business and Accountancy, Dhurakij Pundit University


Financial Decisions, Financing, Investment, Dividend Policy, Market value


The objective of this research is to study the impact of financial decisions on market value of Thai listed companies in the SETCLMV Exposure index. Financial decisions studied include financing, investment, and dividend policy decisions. Financial data of all 31 companies in the SETCLMV Exposure index which are large companies are collected from Form 56-1 for a period of 5 years from 2014-2018. The total number of observations is 152. The set of statistics used in the analysis consists of descriptive statistics and multiple regressions including correlation analysis. The results show that all financial decisions have a statistically significant impact on market value of the large companies. Financing decisions as measured by debt to equity ratio and investment decisions as measured by the return on assets have positive effects on the price to book ratio as a proxy of market value. The decision on dividend policy, which is measured by the dividend yield, has a negative effect on market value. The results indicate that financial decisions of large companies (financing, investment, and dividend decisions) are important for an increase or decrease in their market value


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