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Ea nings quali y and i m alue: Does co po a e
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Ea nings quali y and fi m alue: Does co po a e
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Pane n In a a, Klangjai Sangwichi & On-anong Sa aya ak
To ci e his a icle: Pane n In a a, Klangjai Sangwichi & On-anong Sa aya ak (2024) Ea nings
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Ea nings quali y and i m alue: Does co po a e go e nance ma e ?
pane n in a aa , Klangjai sangwichi a and on-anong sa aya akb
aDepa men o Business adminis a ion, Facul y o Managemen sciences, P ince o songkla uni e si y, Ha yai, hailand;
bDepa men o accoun ing, Facul y o Managemen sciences, P ince o songkla uni e si y, Ha yai, hailand
ABSTRACT
his s udy examines he ela ionship be ween ea nings quali y and he i m alue o
lis ed companies in he s ock exchange o hailand (se ) in he p ope y and
cons uc ion sec o . his esea ch u he in es iga es whe he e ec i e co po a e
go e nance (cg) mechanisms enhance he ela ionship be ween ea ning quali y
(measu ed by he acc uals componen and o al acc uals) and i m alue (measu ed by
obin’s Q). he in o ma ion is ga he ed om 84 lis ed companies comp ising 672
i m-yea obse a ions co e ing he pe iod om 2014 o 2021. he empi ical indings
indica e a s a is ically signi ican posi i e ela ionship be ween ea nings quali y and i m
alue. We disco e ha i ms wi h s ong cg end o expe ience a s onge posi i e
ela ionship be ween ea nings quali y and i m alue han hose wi h weak cg. he
esul s a e obus di e en p oxies o i m alue measu emen .
1. In oduc ion
Financial epo ing is c ucial o e alua ing a company’s success, e lec ing i s posi ion and pe o mance
o s akeholde s (la i e al., 2017), such as execu i es and in es o s. hese epo s a e essen ial ools o
analyzing and making in es men decisions and communica ing inancial ac i i ies e ec i ely. he eli-
abili y o inancial epo s di ec ly in luences decision accu acy (shahwan, 2008; on ise , 2015), wi h
p o i o en being he key ac o conside ed by inancial epo s’ use s (sMe Bank o hailand, 2022).
inadequa e anspa ency and adjus men s in inancial epo ing diminish s akeholde con idence in da a
accu acy, po en ially leading o inancial epo s ha mus accu a ely ep esen he company’s pe o -
mance and inancial posi ion, hus a ec ing s akeholde s’ us (schippe & incen , 2003; s i a apipa ,
2015). Quali y p o i s a e de ined as p o i s wi h high cash low componen s and low acc uals (schippe
& incen , 2003) ha a ise om no mal ope a ions and ecu ing e enue ha can be con e ed in o
cash su icien o eplace dep ecia ing asse s ( ummanon, 2006).
ea ning quali y (eQ) is a c ucial indica o d awing a en ion om a ious s akeholde s. i accu a ely
p edic s u u e pe o mance and inancial insigh s, aiding e ec i e economic decisions (hung e al., 2020;
salehi e al., 2020). penman and Zhang (2002) de ine eQ as a i m’s capaci y o p edic u u e income.
icha dson e al. (2001) e alua e eQ h ough u u e income pe sis ence, and Beneish and a gus (2002)
concu ha a i m’s e enue pe sis ence indica es i s ea ning quali y. in es o s in he capi al ma ke hea -
ily ely on inancial s a emen da a o assess a i m’s u u e cash low and an icipa e e u ns (F ancis
e al., 2004). he e o e, in o de o make e ec i e decision, he inancial epo s’ use s equi e high qual-
i y inancial in o ma ion.
he signi ican c ises in he inancial wo ld ha occu ed in he pas include he 1997 Asian inancial
c isis and he 2008 subp ime mo gage c isis. hese a e wo wo ldwide inancial c ises ela ed o ea n-
ings managemen and una oidably in luence eQ. he challenging issue associa ed wi h he c isis is
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT Klangjai sangwichi [email p o ec ed] Depa men o Business adminis a ion, Facul y o Managemen sciences, P ince
o songkla uni e si y, Ha yai, hailand.
supplemen al da a o his a icle can be accessed online a h ps://doi.o g/10.1080/23311975.2024.2386158.
h ps://doi.o g/10.1080/23311975.2024.2386158
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 19 Decembe
2023
e ised 23 July 2024
Accep ed 25 July 2024
KEYWORDS
ea nings quali y; i m
alue; co po a e
go e nance
SUBJECTS
Finance; Business,
Managemen and
Accoun ing; indus y &
indus ial s udies
2 p. in A A e Al.
ea ning managemen . he p essu e o such c ises o en mo i a es manipula ion o accoun ing da a
be o e i s public elease (pe sakis, 2018; osne , 2003), which may impac he quali y o ea nings epo ed
by i ms (An, 2017). eco ding impai ed eal es a e deb as sales is an example o accoun ing dis o ion,
esul ing in inc eases in p o i s on a company’s inancial s a emen s. howe e , he ac ual condi ion o he
eal es a e is no eco e ing, causing some i ms o accumula e losses and e en ually go bank up
(lioudis, 2023). Addi ionally, ano he sec o p one o accoun ing dis o ion is he cons uc ion and eal
es a e de elopmen indus y, which is o en mo i a ed o expedi e income o sales ecogni ion o he
bene i o s akeholde s (sincha oonsak, 2013).
he e a e some p e ious s udies explo ing he ela ionship be ween eQ and i m pe o mance o
s ock e u n; limi ed esea ch exis s on he ela ionship be ween ea ning quali y and i m alue
(Asimakopoulos e al., 2020; choi, 2008; gaio & aposo, 2011; la i e al., 2017; heophillus & oyesola,
2018). in hailand, especially in he p ope y and cons uc ion sec o , as he con ex o his s udy, he e
is no li e a u e explo ing he ela ionship be ween eQ and i m alue. he indings o p e ious s udies
also indica e inconclusi e esul s. Fo example, some p io ela ed s udies ound a posi i e ela ionship
be ween eQ and i m alue (Asimakopoulos e al., 2020; chia-Wu, 2012; choi, 2008; gaio & aposo, 2011;
Jiujin e al., 2013; la i e al., 2017; heophillus & oyesola, 2018), whe eas hu agaol-Ma owidjojo e al.
(2019) ound he nega i e ela ionship be ween eQ and i m alue o companies lis ed on he Jaka a
s ock exchange. he ela ionship be ween eQ and i m alue o i ms lis ed in his sec o emains ques-
ionable. his unce ain y is an oppo uni y o u he in es iga ion.
co po a e go e nance o cg p ac ice is he managemen idea ha a ec s a company in many aspec s,
including p o ec ing in es o s’ in e es s (la po a e al., 2000; u ama e al., 2017), ensu ing he in eg i y
o he company, mi iga ing he po en ial o co up ion (Alqoo i, 2020), imp o ing he in es men e i-
ciency (Agyei-Mensah, 2021; ullah e al., 2020), and p o iding ad an ages o i m’s und- aising ( he
s ock exchange o hailand, 2017). Mo e impo an ly, he cg p ac ice plays a ole in educing he oppo -
uni ies o ea nings managemen p ac ices (Al-haddad & Whi ing on, 2019), which may inc ease he
quali y o ea nings, imp o e and de elop anspa ency ( o chia & calab ò, 2016; ulcanaza-p ie o & lee,
2022), enhance he quali y o inancial epo ing (Alzeban, 2020; Mouselli e al., 2014).
his esea ch is d i en by se e al mo i a ion, i s , he p ope y and cons uc ion sec o is one o
hailand’s mos impo an leading sec o s, signi ican ly con ibu ing o he na ional economy
(Klinchuanchun, 2023; Wo ld Bank Blogs, 2009). his sec o p o ided 10% o hailand’s gDp in 2022
(K ungs i esea ch, 2023), as well as he p ope y and cons uc ion sec o impac he de elopmen o
o he indus ies, such as inance, elec ical appliances, and u ni u e. second, he inc easing impo ance
o hailand’s p ope y and cons uc ion sec o coupled wi h challenges in he quali y o inancial epo s,
especially p o i . i he ea nings p o ided in he hai eal es a e i m’s inancial epo s a e o high quali y,
such in o ma ion could encou age mo e in es o s o in es in he indus y. Fu he mo e, o be consis en
wi h he p inciple o long- e m in es men o sus ainabili y (su ipun, 2023), i his s udy can p o e ha
eQ is signi ican in enhancing i m alue, hen eQ may be an essen ial componen in assis ing wi h
in es men decisions. las , in he con ex o his sec o , he e ha e ye o be any comp ehensi e s udies
on he ela ionship be ween eQ and i m alue. his s udy is no el and could se e as e idence o i ms
in he p ope y and cons uc ion sec o o become mo e awa e o he impo ance o eQ.
Based on he compelling easons abo e, his s udy aims o (1) in es iga e he ela ionship be ween
eQ and he i m alue o lis ed i ms in he p ope y and cons uc ion sec o o he s ock exchange o
hailand and (2) examine whe he i ms wi h di e en le els o cg p ac ices ha e di e en ela ionships
be ween eQ and i m alue. he e a e wo esea ch ques ions: Wha is he ela ionship be ween eQ and
he i m alue o lis ed i ms in he p ope y and cons uc ion sec o o he s ock exchange o hailand?
and could s onge cg p ac ices enhance he ela ionship be ween eQ and i m alue?
Balanced panel da a o 84 p ope y and cons uc ion companies lis ed on he hailand s ock exchange
be ween 2014 and 2021 we e used in his s udy. he s udy ound ha eQ is posi i ely and signi ican ly
ela ed o i m alue. Fi ms wi h s ong cg end o ha e a s onge posi i e ela ionship be ween eQ and
i m alue han hose wi h weak cg. e ec i e cg mechanisms enhance he posi i e ela ionship be ween
eQ and i m alue. in u he es s, we demons a e ha ou p ima y indings emain obus o al e na-
i e measu es o a company alua ion. s ong cg e ec i ely moni o s he manage ial oppo unis ic
beha io o ea nings managemen , inc easing eQ. ou indings con ibu e o he inance li e a u e in
cogen Business & MAnAgeMen 3
di e en dimensions. Fi s ly, he s udy demons a es how eQ ela es o i m alue. secondly, his s udy
also ein o ces he impo ance o cg in enhancing he posi i e ela ionship be ween eQ and i m alue.
ega ding p ac ical con ibu ions, he s udy’s indings a e essen ial o execu i es and in es o s. he i m
alue may be a ained by enhancing he quali y o inancial epo s and implemen ing cg p inciples
h oughou he i m.
he pape is o ganized as ollows: sec ion 2 shows he li e a u e e iews and hypo heses de elop-
men . sec ion 3 explains he esea ch design. sec ion 4 p esen s he empi ical esul s and discussion.
Finally, sec ion 5 p o ides a summa y and conclusion, policy implica ions, limi a ions, and sugges ions o
u u e s udies.
2. Li e a u e e iew and hypo hesis de elopmen
his s udy used agency and signaling heo ies o explain he ela ionship be ween eQ and i m alue
and cla i y he e ec o di e en cg p ac ices on he ela ionships be ween eQ and i m alue. he e a e
h ee sec ions in his s udy including a heo e ical li e a u e e iew, ea ning quali y and i m alue, and
he ole o cg p ac ice on he ela ionship be ween eQ and i m alue.
2.1. Theo e ical li e a u e e iew
he e a e wo ounda ion heo ies in his s udy, which a e agency heo y and signaling heo y. Jensen
and Meckling (1976) explained ha agency heo y is a ela ionship be ween he p incipal and agen . As
he i m’s owne , he p incipal ag ees o ans e esou ces and managemen igh s o ano he pe son
known as an agency, which adminis e s hem so ha he p incipal achie es he maximum e u ns while
he agen ecei es compensa ion. As long as he managemen (agen ) decides o in es o c ea e he
highes e u n, aiming o c ea e sha eholde ’s weal h, he ela ionship o sha eholde s as p incipal and
agen emains e ec i e. on he con a y, i he in e es s and objec i es o sha eholde s and managemen
do no align, agency p oblems may occu and lead o agency cos s and may ha e a nega i e impac on
he business since he agen s may decide in he way ha p io i izes hei in e es ins ead o he sha e-
holde s weal h (Jensen & Meckling, 1976; Wahyudin & solikhah, 2017; Wo okinasih & Zaini, 2020).
Mo eo e , spence (1973) in oduced ha i m in o ma ion sha ing is impo an . i sugges s ha i ms
should gi e all s akeholde s essen ial in o ma ion, such as hei inancial pe o mance, p ospec s, and
go e nance p ac ices (cha e jee & akshi , 2020; De ie e al., 2020; Dey, 2008; Kye e & Ausloos, 2020).
2.2. Ea ning quali y and i m alue
p o i is inancial in o ma ion ha in es o s o en use o make in es men decisions. i p o i s a e
ela ed o s ock p ices o e u ns, hen quali y p o i s can be help ul in e ec i e o ecas ing and in es -
men analysis. Quali y p o i s a e p o i s gene a ed du ing a pe iod co esponding o cash low c e-
a ion. eQ is an e ec i e cu en pe o mance e lec ed in inancial epo s and will be a eliable
p edic o o u u e pe o mance and he i m’s in insic alue. Meanwhile, he mo e complica ed he
p ocess o es ima ing cash lows, he mo e likely he p o i will be o poo quali y (s ickney, 1996). in
addi ion, high-quali y p o i s should esul om egula ope a ions and be con e ible in o cash su i-
cien o mee needs. his is consis en wi h sukse m (2007), who s a ed ha quali y p o i s esul om
ecu ing ac i i ies and a e con e ible in o cash su icien o eplace dep eciable asse s. ea ning qual-
i y (eQ) is he ela ionship be ween acc uals and cash lows, which a e p o i componen s. Acco ding
o his iewpoin , quali y p o i s a e de ined as p o i s wi h high cash low componen s and minimized
acc uals (schippe & incen , 2003). Meanwhile, eQ mainly e e s o he absence o ea nings manage-
men (healy & Wahlen, 1999; Kama udin & ismail, 2014). Manage s may manipula e inancial s a e-
men s by in la ing cu en ea nings, exagge a ing sales and e enue, o in en ionally de la ing cu en
pe iod cos s and expenses, all o which p esen a be e indica ion o he i m’s abili y. he e o e, he
le el o ea nings managemen will a ec eQ.
high-quali y ea nings ep esen cu en ope a ing pe o mance, a e a eliable p edic o o u u e ope -
a ing pe o mance, and app op ia ely e lec he in insic alue o he i m (Dechow & sch and, 2004),
4 p. in A A e Al.
while weak eQ is a sign o in o ma ion asymme y be ween ex e nal and in e nal s akeholde s (pimen el
& Jo ge, 2019; salehi e al., 2020, 2022). gaio and aposo (2011) conduc ed a s udy measu ing eQ based
on se en income a ibu es. he esul ound ha highe eQ leads o a s a is ically signi ican inc ease in
i m alue. his is consis en wi h a s udy o 214 non- inancial lis ed i ms in pakis an, which ound ha
eQ posi i ely con ibu es o maximizing i m alue (la i e al., 2017) and aligh o a s udy by
Asimakopoulos e al. (2020), lis ed companies on he A hens s ock exchange wi h highe quali y o ea n-
ings ha e a g ea e i m alue.
choi (2008) in es iga ed he in luence o eQ on he i m alue o manu ac u ing i ms lis ed on he
Ko ea s ock exchange be ween 2003 and 2005. he s udy disco e ed he posi i e in luence o eQ on i m
alue. he highe he eQ, he highe he i m alue. Financial in o ma ion eliabili y is c ucial when de e -
mining Ko ean public companies’ ma ke alue. he esul s o his s udy also ein o ce he impo ance o
eQ in educing in o ma ion isk and cos o equi y. heophillus and oyesola (2018) examined he impac
o eQ on obin’s Q o 51 i ms lis ed on he nige ian s ock exchange be ween 2000 and 2016. he ind-
ings e ealed ha ea nings pe sis ence, a measu e o eQ, posi i ely a ec ed i m alue. Jiujin e al. (2013)
s udied eQ’s impac on sMes’ i m alue on he shenzhen s ock exchange be ween 2009 and 2012. he
ea nings managemen beha io o execu i es con ibu es o a dec ease in eQ. he s udy’s indings show
ha manipula ing ea nings signi ican ly nega i ely impac s he company’s alue. companies lis ed in he
aiwan s ock exchange ( Wse) we e used o s udy he impac o eQ on isk- aking le el and i m alue.
he da a we e di ided in o wo pe iods: be o e he inancial c isis (2001–2007) and a e he inancial
c isis (2008–2010). he s udy ound ha eQ esul s in a dec ease in isk- aking le els and an inc ease in
i m alue. companies wi h low eQ o high acc uals ha e lowe i m alue, especially a e he 2008
inancial c isis (chia-Wu, 2012). high eQ and g ea e liquidi y in Jo danian public sha eholding companies
in he indus ial sec o can inc ease he ma ke alue o hei sha es (Alsu y e al., 2020). he posi i e
ela ionship be ween ea ning quali y and i m alue in many eu opean coun ies has been ound (Fassas
e al., 2023).
s udies on he impac o eQ on i m alue and i m pe o mance in he hai con ex a e qui e limi ed,
and he indings a y om p e ious s udies. chumsai na Ayudhya (2007) s udied he impac o eQ on
he i m alue o lis ed companies lis ed on he s ock exchange o hailand be ween 2003 and 2005.
o al acc ual was used o measu e eQ, while he ma ke alue o equi y measu ed i m alue. he s udy
ound ha he ma ke alue o equi y dec eases wi h high accoun ing acc uals, which can be caused by
low cash low componen s and esul in low eQ. ph omin (2017) examined he ela ionship be ween i m
pe o mance, eQ, and ma ke s ock p ice o lis ed i ms in he sDe in he echnology indus y g oup
be ween 2014 and 2016. Wo king capi al acc uals (WcA) and o al ne ope a ional acc uals (noA) we e
used o de e mine eQ. he analysis disco e ed ha WcA and noA ha e an ad e se ela ionship wi h he
s ock p ice. A dec ease in he acc ual componen indica es ha ne p o i can be e e lec cash low,
e lec ing he quali y o ea nings and inc easing he s ock ma ke p ice. suaplai (2011) s udied he ela-
ionship be ween eQ and he i m alue o 42 lis ed companies in he Ma ke o Al e na i e in es men
(MAi) be ween 2007 and 2010 wi h 168 i m-yea obse a ions. he acc uals componen measu ed eQ,
while obin’s Q measu ed i m alue. howe e , he s udy ound ha eQ had no e ec on i m alue,
while i m size and capi al s uc u e, which a e con ol a iables, posi i ely impac ed i m alue.
Fu he mo e, eQ could a ec o he ac o s and c ea e changes in business alue, such as he quali y o
inancial in o ma ion; accoun ing p o i di ec ly impac s on lowe ing he cos o capi al (easley & o’ha a,
2004; leuz & e ecchia, 2005). eQ dec eases he cos s o agency con lic s as well as deli e s a be e
u u e cash low o sha eholde s. his means ha eQ can educe he cos o equi y (Wa s, 2003). Wi h
a high le el o in o ma ion asymme y be ween sha eholde s and manage s, sha eholde s may equi e a
high a e o e u n o compensa e o he isk. he e o e, eQ is one o he mos essen ial in o ma ion
le els. highe eQ may lead sha eholde s o expec a lowe equi ed a e o e u n, esul ing in a lowe
cos o capi al and an inc ease in i m alue.
he esul s o he abo e empi ical s udies e ealed inconsis encies and he ela ionship be ween eQ
and i m alue emains un esol ed. consequen ly, he e exis s a need o mo e li e a u e and a esea ch-
able gap be ween eQ and i m alue, which is he subs ance o his s udy. conside ing he indings
abo e ega ding he ela ionship be ween eQ and i m alue, including he abo e conclusions, he ol-
lowing hypo hesis was p oposed:
cogen Business & MAnAgeMen 5
Hypo hesis 1. The e is a signi ican and posi i e ela ionship be ween ea ning quali y (EQ) and i m alue o lis ed
companies in SET in he p ope y and cons uc ion sec o .
2.3. Role o co po a e go e nance (CG) p ac ice on he ela ionship be ween EQ and i m alue
he s ock exchange o hailand (2017) de ines co po a e go e nance (cg) as a sys em ocusing on he
ela ionships o all s akeholde s, including he managemen eam, he boa d o di ec o s, sha eholde s,
and o he s. in he mean ime, he o ganiza ion o economic coope a ion and De elopmen (oecD)
(2015) de ines cg as a con ol sys em ha sepa a es he oles and igh s o all s akeholde s as well as
de ines he p ocedu es o making decisions based on he i m’s objec i es. Mo eo e , s ijunpe ch (2012)
desc ibed cg as a quali y managemen sys em ha p omo es e iciency, c ea es compe i i eness, and
adds i m alue h ough anspa en disclosu es.
he in o ma ion asymme y be ween s akeholde s in luences he di icul ies o con olling and moni-
o ing he agen ’s ac ions (Jensen & Meckling, 1976). he e o e, companies may p e en agency con lic s
by implemen ing cg, which inc eases i m alue (subanidja e al., 2016). ulcanaza-p ie o and lee (2022)
in es iga e whe he e ec i e cg in e enes in he nega i e ela ionship be ween ea nings managemen
and i m alue. While nasi e al. (2024) e eal ha cg p ac ices imp o e a i m’s alue and co po a e
pe o mance. e en hough he e a e ew s udies ha ha e examined he ole o cg in he ela ionship
be ween eQ and i m alue. on he o he hand, he e is a link be ween cg p ac ices and eQ (Beki is &
Doukakis, 2011; Mah ani & soewa no, 2018; Mollah & Zaman, 2015; suhadak e al., 2019; jahjadi e al.,
2021). he e al. (2009) men ioned ha i ms wi h s ong cg p ac ices in oduce he accoun ing-moni o ing
p ocess, imp o e sha eholde con idence, educe oppo unis ic ea nings managemen , and enhance eQ.
ha ymawan and nowland (2016) showed ha s onge go e nmen e ec i eness esul s in highe eQ.
el-helaly e al. (2018) examined he ela ionship be ween cg and ea nings managemen and ound ha
e ec i e cg p ac ice was nega i ely associa ed wi h ea nings managemen . he s a is ically signi ican
nega i e ela ionship be ween ea nings managemen and i m alue disappea s o i ms wi h s ong cg,
implying ha cg plays a mode a ing ole in he nega i e ela ionship be ween ea nings managemen
and i m alue. Mo eo e , manage s’ oppo unis ic beha io s dec ease when i ms adop cg policies
emphasizing anspa ency and disclosu e.
in his con ex , s ong cg may enhance he ela ionship be ween eQ and i m alue because cg cha -
ac e is ics in oduce e icien in e nal con ol, disclosu e, and anspa ency, educing he oppo uni ies o
ea nings managemen in he i m’s p ocesses; i ms can educe in o ma ion asymme y, which a ec s eQ
and he i m alue. Fi ms wi h be e cg p ac ice ha e a s onge ela ionship be ween eQ and i m alue
han i ms wi h poo cg p ac ice. he e o e, ou second hypo hesis is p esen ed as ollows:
Hypo hesis 2. E ec i e CG mechanisms enhance he posi i e ela ionship be ween ea ning quali y (EQ) and i m
alue o lis ed companies in SET in he p ope y and cons uc ion sec o .
3. Resea ch design
his s udy examines lis ed companies in he p ope y and cons uc ion sec o o he s ock exchange o
hailand (se ) om 2014 o 2021 o es whe he ea ning quali y in luences i m alue. he seconda y
da a, which consis s o annual epo s and inancial in o ma ion, can be e ie ed om he se sMA
da abase p epa ed by he s ock exchange o hailand. he e a e h ee sub-sec ions: (1) popula ion and
sample, (2) da a collec ion and a iable measu emen , and (3) esea ch model.
3.1. Popula ion and sample
he popula ion and sample o his s udy is all he lis ed companies in he p ope y and cons uc ion
sec o o he s ock exchange o hailand (se ). As men ioned in he in oduc ion sec ion, we selec
samples based on he easons as ollows: (1) he eal es a e sec o is a p ominen indus y in hailand,
subs an ially con ibu ing o he coun y’s economy. Fu he mo e, his sec o ’s ad ancemen signi ican ly
in luences he expansion o o he businesses; including inance, elec ical appliances, and u nishings;
6 p. in A A e Al.
and (2) no comp ehensi e in es iga ions ha e examined he ela ionship be ween ea ning quali y and
i m alue o he companies in his sec o . his s udy is no el and p o ides c edible da a o i ms in his
sec o o enhance hei awa eness o ea ning quali y. he ini ial sample consis s o 161 i ms. ou sample
is hen educed because o he incomple eness o da a. eal es a e mu ual unds, eal es a e in es men
us s, and lis ed companies wi h less han eigh yea s o inancial in o ma ion a e excluded om he
sample. he e o e, he inal sample consis s o 84 i ms wi h 672 i m-yea obse a ions, as de ailed in
he able 1.
3.2. Da a collec ion and a iable measu emen
Da a is collec ed using seconda y da a om annual epo s be ween 2014 and 2021 epo ing pe iods
om he se secu i y Ma ke Analysis and epo ing ool (se sMA ) da abase. he e a e ou main
a iable g oups in his s udy, which include (1) i m alue ep esen ed by obin’s Q, (2) he main inde-
penden a iable; ea ning quali y, measu ed by wo di e en p oxies; acc uals componen (sloan, 1996)
and o al acc uals ( icha dson, 2003), (3) mode a ing a iable, he co po a e go e nance sco e (cg). he
con e ing app oach o he cg le el in o ma ion was used o measu e cg sco es o his s udy, and (4)
con ol a iables. Fi e i m-speci ic cha ac e is ics a e used as he con ol a iables: i m size, i m g ow h,
ne p o i ma gin, e u n on asse s, and le e age. All con ol a iables’ p oxies a e chosen by he p e ious
ela ed s udies (Asimakopoulos e al., 2020; chumsai na Ayudhya, 2007; gaio & aposo, 2011; salehi
e al., 2022; ulcanaza-p ie o & lee, 2022). All he a iable measu emen s and no a ions used a e shown
in able 2.
Table 1. sample.
numbe o i m-yea in he p ope y and cons uc ion sec o be ween
2014 and 2021 (161 i ms o 8 yea s)
1,288
Less Real es a e mu ual unds and eal es a e in es men us s (458)
Lis ed companies wi h less han eigh yea s o inancial in o ma ion (158)
o al numbe o i m-yea obse a ion 672
No e: se sMaR Da abase (2022) and Resea che s’ own calcula ion.
Table 2. Desc ip ion o a iables.
Va iables Measu emen P edic ed sign P e ious esea ch
independen a iable
obin’s Q ( Q)
Ma ke Capi aliza ion+P e e ed S ock+Ne Deb
Book Valueo To all A s s e s
Chung and P ui (1994)
Dependen Va iables
acc uals componen (eQ1)
( CA CASH) ( CL STD TP) DEP
A e age To al Asse s
∆ ∆ ∆∆ ∆
− − − −−
+sloan (1996)
o al acc uals (eQ2)
Ea nings CFO CFI
A e age To al Asse s
i, i, i,
i,
−−
+Richa dson (2003)
Co po a e go e nance (Cg) he con e ing app oach o he Cg le el
in o ma ion o hai ioD
+issa angkul na ayu hya (2015)
Khamk u (2019)
Po isi (2018)
Wu hisingchai (2019)
Con ol Va iables
Fi m size (siZe) Ln( o al asse s) +asimakopoulos e al. (2020)
ulcanaza-P ie o and Lee (2022)
Fi m g ow h (gRoW H)
(Sales Sales )
Sales
i, i, 1
i, 1
−−
−
+gaio and Raposo (2011)
ne P o i Ma gin (nPM) Ne Income
To al Re enue
+Chumsai na ayudhya (2007)
Re u n on asse s (Roa) Ne Income
To al Asse s
+asimakopoulos e al. (2020)
salehi e al., 2022
Le e age (LeV)
To alLiabili ies
To al Asse s
–asimakopoulos e al. (2020)
ulcanaza-P ie o and Lee (2022)
cogen Business & MAnAgeMen 7
3.2.1. Dependen a iables
3.2.1.1. Fi m alue (FV). he o al p esen alue o all income o bene i s expec ed o be made du ing
he li e o a business ope a ion is e e ed o as he i m alue. in o he wo ds, i m alue consis s o
ac ual and po en ial bene i s ha a i m can p o ide, exp essed in he o m o alue we can es ima e
using he app op ia e me hod. he e a e a ious app oaches and echniques o de e mining he i m’s
alue. in gene al, hese app oaches concen a e mainly on h ee pe spec i es: (1) iewpoin s based on
co po a e asse s, (2) iewpoin s based on inancial pe o mance, and (3) ma ke -based iewpoin s.
his s udy in ends o employ pe spec i es based on inancial pe o mance, which is a iewpoin ha
aims o measu e i m alue based on business epo s, such as inancial pe o mance and capi al s uc-
u e o capi al mobiliza ion. Acco ding o chung and p ui (1994), obin’s Q index is calcula ed as ollows:
Tobin sQ=
Ma ke Capi aliza ion+P e e ed S ock Value+Ne Deb
B
′
oook Value o To al Asse s (1)
whe e ma ke capi aliza ion is he cu en ma ke alue o indi idual s ock, which can be calcula ed by
mul iplying he cu en ma ke sha e p ice and numbe o sha es ou s anding, ne deb is he di e ence
be ween he book alue o cu en liabili ies and he book alue o cu en asse s and includes he book
alue o long- e m deb . obin’s Q alues mo e han one show ha he company is mo e expensi e han
he eplacemen cos o i s asse s, while alues be ween ze o and one mean he company is unde al-
ued, as he cos o eplace i s asse s exceeds i s ma ke alue.
3.2.2. Independen a iables
3.2.2.1. Ea ning quali y (EQ). his s udy used wo di e en p oxies o eQ, e e ing o sloan (1996) and
icha dson (2003). Acco ding o sloan (1996), he o al acc uals can be calcula ed by aking he
changes in non-cash wo king capi al and deduc ing he dep ecia ion expense, which should be scaled
by a e age o al asse s. non-cash wo king capi al e e s o he di e ence be ween non-cash cu en
asse s and cu en liabili ies, less sho - e m deb and axes payable. o al acc uals (Acc) can be
de ined as ollows:
Acc uals componen
( CA CASH) ( CL STD TP) DEP
A e age To
=
− −− −−
∆ ∆ ∆∆ ∆
aal Asse s (2)
whe e ΔcA is he cu en asse ’s change, and ΔcAsh is he change in cash i ems. Δcl and Δs D a e he
changes in cu en liabili ies and he cu en po ion o long- e m deb , Δ p is he change in ax pay-
ables, and Dep is dep ecia ion and amo iza ion.
he acc uals componen is he numbe o acc uals ha can eliably and adequa ely con e p o i s
in o cash. he acc uals componen compa es o he ne p o i in he inancial s a emen s. i he acc uals
componen is low, he ne p o i can be ep esen ed as cash low, indica ing ha he p o i is high qual-
i y. howe e , i he acc uals componen is high, he epo ed ne p o i ails o ep esen cash low p o i
accu a ely, implying ha he company’s p o i s a e o low quali y. Fo he simplici y o in e p e a ion, he
calcula ed acc uals componen alues a e mul iplied by a numbe o nega i e one so ha high alues
indica e good eQ, while low alues indica e low eQ.
Acco ding o icha dson (2003), eQ is measu ed h ough ea nings managemen o measu e he qual-
i y o p o i s h ough ex ao dina y acc ual/ea nings. We employ icha dson (2003) o measu e he qual-
i y o ea nings, which can be exp essed as ollows.
To al Acc uals
Ea nings CFO CFI
A e age To al As
i,
i, i, i,
=
−−
()
ss e s i,
(3)
whe e o al acc ualsi, is he a io o o al acc uals di ided by he a e age ne asse s o i m i a yea ,
ea ningsi, is ne income be o e he ex ao dina y i em o i m i a yea . cFoi, , and cFii, a e he ope -
a ing cash low and in es ing cash low o i m i a yea , espec i ely.
o al acc uals a e he o al acc uals scaled by a e age o al asse s. o al acc uals and p o i quali y o
ea ning quali y a e in e sely co ela ed. high o al acc uals mean low p o i o ea ning quali y. in
14 p. in A A e Al.
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