The Effects of Accrual-Based Earnings Management, Free Cash Flow Tax Avoidance, and Capital Structure on Firm Value of Listed Companies in The Stock Exchange of Thailand
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Abstract
This research examined the effects of accrual-based earnings management, free cash flow, tax strategies, and capital structure on the firm value of companies listed on the Stock Exchange of Thailand. This study employed a quantitative research design. The population consisted of 500 companies. The sample comprised 230 companies listed on the Stock Exchange of Thailand, with data collected from 2021 to 2025. The sample was selected using purposive sampling, including companies with complete financial data and excluding those in the financial and insurance sectors. The research instrument used for data collection was a financial data recording form based on annual reports and financial statements. Firm value was measured by Tobin’s Q. The data were analyzed using inferential statistics, correlation analysis, and multiple regression analysis. The research findings revealed that: 1) accrual-based earnings management was positively related to firm value; 2) free cash flow was positively related to firm value, whereas book-tax differences were negatively related to firm value; and 3) the effective tax rate and the debt-to-equity ratio showed no relationship with firm value based on the data examined. In addition, firm size was negatively related to firm value.
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