Human Capital and Firm Valuation: An Evidence from the Stock Exchange of Thailand
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Published:
Jun 28, 2017
Keywords:
Market Value of Equity Human Capital SET
Main Article Content
Abstract
The objective of this research is fi nd the relationship between human capital and market value of equity, i.e. value relevance of human capital. The analysis has been conducted by using 368 fi rm year observations during the years 2010 - 2012 of listed fi rms in the Stock Exchange of Thailand (SET). Data were analyzed by multiple regression. The results show that human capital has a positive relationship with the market value of equity and reveal the incremental value relevance of human capital beyond the book value of equity. The industry, as a control variable in the regression model, has a signifi cant eff ect and the comparative analysis presents the signifi cant diff erence of human capital among fi rm sizes and industries. As a result, the evidence suggests to the existence of value relevance of human capital.
Article Details
How to Cite
ศิริสม จ., & เอี่ยมชุ่ม ว. (2017). Human Capital and Firm Valuation: An Evidence from the Stock Exchange of Thailand. RMUTI Journal Humanities and Social Sciences, 5(1), 147–159. Retrieved from https://so05.tci-thaijo.org/index.php/RMUTI_SS/article/view/189669
Section
Research Articles
บทความที่ได้รับการตีพิมพ์เป็นลิขสิทธิ์ของมหาวิทยาลัยเทคโนโลยีราชมงคลอีสาน
ข้อความที่ปรากฏในบทความแต่ละเรื่องในวารสารวิชาการเล่มนี้เป็นความคิดเห็นส่วนตัวของผู้เขียนแต่ละท่านไม่เกี่ยวข้องกับมหาวิทยาลัยเทคโนโลยีราชมงคลอีสานและคณาจารย์ท่านอื่นๆในมหาวิทยาลัยฯ แต่อย่างใด ความรับผิดชอบองค์ประกอบทั้งหมดของบทความแต่ละเรื่องเป็นของผู้เขียนแต่ละท่าน หากมีความผิดพลาดใดๆ ผู้เขียนแต่ละท่านจะรับผิดชอบบทความของตนเองแต่ผู้เดียว
References
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Brennan, N. (2001). Reporting intellectual capital in annual reports: evidence from Ireland. Accounting. Auditing and Accountability Journal. Vol. 14. No. 4. pp. 423-436. DOI: 10.1108/14013380810872752
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Cormier, D., Ledoux, M., and Magnan, M. (2011). The informational contribution of social and environmental disclosures for investors. Management Decision. Vol. 49. Issue 8. pp. 1276-1304. DOI: 10.1108/00251741111163124
Easton, P. (1999). Security returns and the value relevance of accounting data. Accounting Horizons. Vol. 13. No. 4. pp. 399-412
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Edvinsson, L. and Sullivan, P. (1996). Developing a model for managing intellectual capital. European Management Journal. Vol. 14. Issue 4. pp. 356-364. DOI: 10.1016/0263-2373(96)00022-9
Feltham, G. and Ohlson, J. (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research. Vol. 11. No. 2. pp. 689-731
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Graham, R., King, R., and Bailes, J. (2000). The value relevance of accounting information during a fi nancial crisis: Thailand and the 1997 decline in the value of the Baht. Journal of International Financial Management and Accounting. Vol. 11. Issue 2. pp. 84-105.
DOI: 10.1111/1467-646X.00057
Guthrie, J., Petty, R., Yongvanich, K., and Ricceri, F. (2004). Using content analysis as a research method to inquire into intellectual capital reporting. Journal of Intellectual Capital. Vol. 5. Issue 2. pp. 282-293. DOI: 10.1108/14691930410533704
Lajili, K. and Zeghal. D. (2005). Labour cost voluntary disclosures and fi rm equity values: Is human capital information value-relevant?. Journal of International Accounting, Auditing and Taxation. Vol. 14. No. 2. pp. 121-138. DOI:10.1016/j.intaccaudtax.2005.08.003
Lajili, K. and Zeghal. D. (2006). Market performance impacts of human capital disclosures. Journal of Accounting and Public Policy. Vol. 25. Issue 2. pp. 171-194. DOI: 10.1016/j.jaccpubpol. 2006.01.006
Lev, B. and Zarowin, P. (1999). The boundaries of fi nancial reporting and how to extend them. Journal of Accounting Research. Vol. 37. Issue 2. pp. 353-385.
Lo, K. and Lys, T. (2000). The Ohlson model: contribution to valuation theory, limitations, and empirical applications. Journal of Accounting, Auditing, and Finance. Vol. 15. No. 3. pp. 337-367
Sirisom, J. (2003). Determinants of incremental information content of cash fl ows beyond earnings: evidence from the stock exchange of Thailand. Ph.D. Dissertation. Chulalongkorn University
Sujan, A. and Abeysekera, I. (2007). Intellectual capital reporting practices of the top Australian fi rms. Australian Accounting Review. Vol. 17. Issue 42. pp. 71-83. DOI: 10.1111/j.1835-2561. 2007.tb00445.x
Szekely, F. and Knirsch, M. (2005). Responsible leadership and corporate social responsibility: Metrics for sustainable performance. European Management Journal. Vol. 23. No. 6. pp. 628-647
Teoh, S., Welch, I., and Wong, T. (1998). Earnings management and the underperformance of seasoned equity off erings. Journal of Financial Economics. Vol. 50. No. 1. pp. 63-99
Toulson, P. and Dewe, P. (2004). HR accounting as a measurement tool. Human Resource Management Journal. Vol. 14, No. 2, pp. 75-90
ปัญญา สัมฤทธิ์ประดิษฐ์. (2545). การศึกษาปัจจัยที่มีผลกระทบต่อความสามารถของกำไรทางบัญชีและมูลค่าตามบัญชีในการใช้อธิบายราคาหลักทรัพย์หุ้นสามัญในตลาดหลักทรัพย์แห่งประเทศไทย. วิทยานิพนธ์ปริญญาบัญชีดุษฎีบัณฑิต. จุฬาลงกรณ์มหาวิทยาลัย
สถาบันไทยพัฒน์. (2555). การรายงานข้อมูล CSR ขั้นพื้นฐานแบบบูรณาการ. กรุงเทพมหานคร: สถาบันไทยพัฒน์
Abeysekera, I. and Guthrie, J. (2004). Human capital reporting in a developing nation. British Accounting Review. Vol. 36. Issue 3. pp. 251-268
Abeysekera, I. and Guthrie, J. (2005). An empirical investigation of annual reporting trends of intellectual capital in Sri Lanka. Critical Perspectives on Accounting. Vol. 16. No. 3. pp.151-163
Abhayawansa, S. and Abeysekera, I. (2008). An explanation of human capital disclosure from the resource based perspective. Journal of Human Resource Costing and Accounting. Vol. 12. Issue 1. pp. 51-64
Brennan, N. (2001). Reporting intellectual capital in annual reports: evidence from Ireland. Accounting. Auditing and Accountability Journal. Vol. 14. No. 4. pp. 423-436. DOI: 10.1108/14013380810872752
Collins, D., Maydew, E. and Weiss, I. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics. Vol. 24. No. 1. pp. 39-67
Cormier, D., Ledoux, M., and Magnan, M. (2011). The informational contribution of social and environmental disclosures for investors. Management Decision. Vol. 49. Issue 8. pp. 1276-1304. DOI: 10.1108/00251741111163124
Easton, P. (1999). Security returns and the value relevance of accounting data. Accounting Horizons. Vol. 13. No. 4. pp. 399-412
Easton, P. and Harris, S. (1991). Earnings as an explanatory variable for returns. Journal of Accounting Research. Vol. 29. Issue 1. pp. 19-36
Edvinsson, L. and Sullivan, P. (1996). Developing a model for managing intellectual capital. European Management Journal. Vol. 14. Issue 4. pp. 356-364. DOI: 10.1016/0263-2373(96)00022-9
Feltham, G. and Ohlson, J. (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research. Vol. 11. No. 2. pp. 689-731
Graham, R. and King, R. (2000). Accounting practices and the market valuation of accounting numbers: Evidence from Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand. The International Journal of Accounting. Vol. 35. No. 4. pp. 445-470. DOI: 10.1016/S0020-7063(00)00075-3
Graham, R., King, R., and Bailes, J. (2000). The value relevance of accounting information during a fi nancial crisis: Thailand and the 1997 decline in the value of the Baht. Journal of International Financial Management and Accounting. Vol. 11. Issue 2. pp. 84-105.
DOI: 10.1111/1467-646X.00057
Guthrie, J., Petty, R., Yongvanich, K., and Ricceri, F. (2004). Using content analysis as a research method to inquire into intellectual capital reporting. Journal of Intellectual Capital. Vol. 5. Issue 2. pp. 282-293. DOI: 10.1108/14691930410533704
Lajili, K. and Zeghal. D. (2005). Labour cost voluntary disclosures and fi rm equity values: Is human capital information value-relevant?. Journal of International Accounting, Auditing and Taxation. Vol. 14. No. 2. pp. 121-138. DOI:10.1016/j.intaccaudtax.2005.08.003
Lajili, K. and Zeghal. D. (2006). Market performance impacts of human capital disclosures. Journal of Accounting and Public Policy. Vol. 25. Issue 2. pp. 171-194. DOI: 10.1016/j.jaccpubpol. 2006.01.006
Lev, B. and Zarowin, P. (1999). The boundaries of fi nancial reporting and how to extend them. Journal of Accounting Research. Vol. 37. Issue 2. pp. 353-385.
Lo, K. and Lys, T. (2000). The Ohlson model: contribution to valuation theory, limitations, and empirical applications. Journal of Accounting, Auditing, and Finance. Vol. 15. No. 3. pp. 337-367
Sirisom, J. (2003). Determinants of incremental information content of cash fl ows beyond earnings: evidence from the stock exchange of Thailand. Ph.D. Dissertation. Chulalongkorn University
Sujan, A. and Abeysekera, I. (2007). Intellectual capital reporting practices of the top Australian fi rms. Australian Accounting Review. Vol. 17. Issue 42. pp. 71-83. DOI: 10.1111/j.1835-2561. 2007.tb00445.x
Szekely, F. and Knirsch, M. (2005). Responsible leadership and corporate social responsibility: Metrics for sustainable performance. European Management Journal. Vol. 23. No. 6. pp. 628-647
Teoh, S., Welch, I., and Wong, T. (1998). Earnings management and the underperformance of seasoned equity off erings. Journal of Financial Economics. Vol. 50. No. 1. pp. 63-99
Toulson, P. and Dewe, P. (2004). HR accounting as a measurement tool. Human Resource Management Journal. Vol. 14, No. 2, pp. 75-90