The Impact of Accounting Conservatism and Financial Leverage on Firm Value in the Property and Construction Sector Listed on the Stock Exchange of Thailand: The Moderating Role of Return on Assets
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Abstract
This study aims to examine the impact of accounting conservatism and financial leverage on firm value in the property and construction sectors listed on the Stock Exchange of Thailand. In addition, the study analyzes return on total assets as a moderating variable and firm age as a control variable. The sample consists of 72 companies, with secondary data collected annually from 2014 to 2023, covering a 10-years period. A multiple linear regression model was used to analyze the relationships among the four variables. The first group comprises the independent variables: accounting conservatism and financial leverage. The second group includes the moderating variable: return on total assets. The third group represents the control variable: firm age. The fourth group comprises the dependent variable: firm value. The results show that accounting conservatism and return on total assets have a positive influence on firm value. However, firm age and financial leverage have a negative influence on firm value. Furthermore, return on total assets is found to moderate the relationship between financial leverage and firm value, but not the relationship between accounting conservatism and firm value.
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1. กองบรรณาธิการสงวนสิทธิ์ในการพิจารณาและตัดสินการตีพิมพ์บทความในวารสาร
2. บทความทุกเรื่องจะได้รับการตรวจสอบทางวิชาการโดยผู้ทรงคุณวุฒิ แต่ข้อความและเนื้อหาในบทความที่ตีพิมพ์เป็นความรับผิดชอบของผู้เขียนแต่เพียงผู้เดียว มิใช่ความคิดเห็นและความรับผิดชอบของมหาวิทยาลัยศรีปทุม
3. การคัดลอกอ้างอิงต้องดำเนินการตามการปฏิบัติในหมู่นักวิชาการโดยทั่วไป และสอดคล้องกับกฎหมายที่เกี่ยวข้อง
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