Human Capital and Firm Valuation: An Evidence from the Stock Exchange of Thailand


  • จุลสุชดา ศิริสม คณะการบัญชีและการจัดการ มหาวิทยาลัยมหาสารคาม
  • วิชนี เอี่ยมชุ่ม คณะการบัญชีและการจัดการ มหาวิทยาลัยมหาสารคาม


Market Value of Equity, Human Capital, SET


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.


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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



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