The Value Relevance of CSR Reporting: Empirical Evidence from the Stock Exchange of Thailand
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Abstract
The objective of this research is to investigate value relevance of CSR information related to intellectual capital, i.e. human capital, organizational capital, and relational capital, and investigate the effect of qualitative and quantitative characteristics of the report. Samples are the report of the year 2013 of listed companies in SET 100 index. Variables are measured by 2 approaches: quantifying based on labor economics concept and content analysis. Multiple regression analysis was used in this study. The results show negative relationship between labor productivity and market value of equity indicated to support the labor intensity concept that company with higher number of employees is more likely to create firm value in the future. There is no relationship between other reported information and market value of equity and the effect of qualitative and quantitative characteristics of the report was not found. In addition, this research conducts additional analysis by using the 2013 CSR awarded firms and finds that labor productivity and level of labor have negative relationship with market value of equity. Report of organizational capital has positive relationship with market value of equity. As a result, the evidences of this research suggests to the existent of value relevance of intellectual capital information that reported in CSR reporting; however, it may subject to specific qualifications, e.g. SET100 index listed or CSR awarded, and reporting in qualitative or quantitative forms are not matter.
Article Details
บทความที่ได้รับการตีพิมพ์เป็นลิขสิทธิ์ของมหาวิทยาลัยเทคโนโลยีราชมงคลอีสาน
ข้อความที่ปรากฏในบทความแต่ละเรื่องในวารสารวิชาการเล่มนี้เป็นความคิดเห็นส่วนตัวของผู้เขียนแต่ละท่านไม่เกี่ยวข้องกับมหาวิทยาลัยเทคโนโลยีราชมงคลอีสานและคณาจารย์ท่านอื่นๆในมหาวิทยาลัยฯ แต่อย่างใด ความรับผิดชอบองค์ประกอบทั้งหมดของบทความแต่ละเรื่องเป็นของผู้เขียนแต่ละท่าน หากมีความผิดพลาดใดๆ ผู้เขียนแต่ละท่านจะรับผิดชอบบทความของตนเองแต่ผู้เดียว
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