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This research examines the relationships between board structure and ownership structure, earnings quality, and stock returns on the SET. Earnings quality is proposed as a potential mediating variable between the board structure and ownership structure elements of corporate governance and the firm’s stock returns. Earnings quality is proxied by earnings management (abnormal accruals) calculated using the modified Jones (1991) index, while stock returns are aggregate raw returns across the analysis period. Analysis is conducted using structural equation modelling (SEM), with a sample of non-financial firms from the SET (2014-2015) (n = 255). Effects on both earnings quality and stock returns were observed within the variables. Earnings quality did partially mediate some of these effects, though most mediation effects were small. The implication is that earnings quality could be a potential mediator for stock returns.