ความสัมพันธ์ระหว่างคุณภาพกำไรกับการจ่ายเงินปันผลของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย กลุ่มอุตสาหกรรมอสังหาริมทรัพย์และก่อสร้าง

Abstract

The purposes of this research were to study earnings quality, dividend payment, and the relationship between earnings quality and dividend payment of listed Companies in Property and Construction Industry Group in the Stock Exchange of Thailand. The proxy used as the representative for earnings quality was the levels of discretionary accruals which was based on Modified Jones Model (1995).

The samples of this study were 94 companies listed in property and construction industry group in the Stock Exchange of Thailand from 2010 to 2015. The secondary data were collected through each company’s financial statement report on the database of the Stock Exchange of Thailand. Descriptive statistics including mean, maximum, minimum, and standard deviation were used to analyze the data collected and inferential statistics which included Logistic Regression Analysis, Pearson’s Product Moment Correlation Coefficient, and multiple Linear Regression Analysis were used to test the hypotheses at the statistical significance level of 0.05.

The results indicated that the discretionary accruals of the companies in the property and construction industry group had the average 0.1684 times of total assets at the year t-1 while the mean for dividend payout ratio was at 27.52 percent.  The findings also found that the earnings quality of the construction services sector was lower than the property development sector and the construction materials sector at the significant level of 0.05. Moreover, it was pointed out that the discretionary accruals had negative relation to dividend payout ratio at the significant level of 0.05, which implied that high earnings quality companies, those had lower level of discretionary accruals, might have higher level of dividend payout.