Supa Tongkong - Academia.edu (original) (raw)

Papers by Supa Tongkong

Research paper thumbnail of Moderating role of board gender diversity and firm size on the relationship between free cash flow and corporate sustainability of Thai listed companies

Journal of infrastructure, policy and development, Apr 30, 2024

This study seeks to explore the information value of free cash flow (FCF) on corporate sustainabi... more This study seeks to explore the information value of free cash flow (FCF) on corporate sustainability and investigate the moderating effects of board gender diversity and firm size on the association between FCF and corporate sustainability of Thai listed companies. The dataset consists of companies listed on the Stock Exchange of Thailand (SET) in 2022. Multivariate regression analysis is executed in this study. Subsequently, PROCESS macro served to evaluate the proposed hypotheses. This study found that FCF has a significant positive relationship with corporate sustainability. As well, board gender diversity and firm size both moderate the relationship between FCF and corporate sustainability, such that the positive effect of FCF on corporate sustainability is stronger when the proportion of female boards diminishes, while firm size is smaller. However, when firms have a larger proportion of females on the boards of directors for all levels of firm size, free cash flow indicates that there is no statistically significant effect on corporate sustainability. This study contributes to FCF and sustainability literature by understanding the extent of corporate sustainability.

Research paper thumbnail of The moderating impact of institutional shareholders on the relationship between audit quality and firm value

Journal of infrastructure, policy and development, Jan 30, 2024

This research attempts to investigate the effect of audit quality on firm value in the high corpo... more This research attempts to investigate the effect of audit quality on firm value in the high corporate governance context. In addition, this study seeks to examine the role of institutional shareholders as a moderating variable on the relationship between audit quality and firm value. Dataset includes the 95 (out of 575) Thai listed companies which fully and completely implement the Corporate Governance Code (CG Code) voluntary disclosure recommended by OECD (Organisation for Economic Cooperation and Development) in 2021. Multiple linear regression and Hayes's regression-based analysis are done using market capitalization as the dependent variable. The research results illustrate that audit quality relates to firm value in a negative way, while profitability and institutional shareholders relate to firm value in a positive manner. Moreover, the interaction effect between audit quality and institutional shareholders wields a significant negative impact on the association between audit quality and firm value, which indicates that the negative effect of audit quality on firm value is stronger when more firm shares are owned by institutional shareholders. The results of this study would potentially be very useful to managers, financial advisors, and policymakers to observe the nature and vagaries of audit quality in high corporate governance environment, especially when institutional shareholders hold a significant proportion of firm shares. The study offers practical suggestions and recommendations for audit quality and institutional shareholders, which are essential for overall operating efficiency and firm value. The outcomes can help improve corporate governance practices, which in turn enhance the share price and profits.

Research paper thumbnail of Corporate social capital and enterprise performance of technology-based SMEs: The mediating role of knowledge integration ability

Journal of infrastructure, policy and development, Dec 13, 2023

How to improve enterprise performance has been a research topic widely studied by scholars for a ... more How to improve enterprise performance has been a research topic widely studied by scholars for a long time. As economic globalization deepens, the business competition becomes increasingly harsh. Technology-based small and medium-sized enterprises (SMEs) play an important role in the rapid development of the country's economy, especially in China. This study aims to investigate the mediating effect of knowledge integration capability in the relationship between corporate social capital and enterprise performance. The sample group used in this study were 300 technology-based SMEs in China. The research tool was a questionnaire adapted from previous scholars, which passed assessment in terms of content validity and reliability. Data were analyzed using structural equation modelling. The results show that: 1) corporate social capital has a positive impact on enterprise performance, but the impact differs between well-performing and poor-performing enterprises; and 2) knowledge integration ability plays a mediating role in the relationship between corporate social capital and enterprise performance, and the mediating role is the same for both well-performing and poor-performing enterprises. But it played a partial mediating role in the good-performance comparison group and a complete mediating role in the poor-performance comparison group. This study is useful for enterprise management in cultivating and developing the abundant social capital of enterprises and expanding channels for knowledge integration ability to increase enterprise performance.

Research paper thumbnail of The Informative Value of CG Code Voluntary Disclosure on Firm Performance When Moderated by External Auditors

WSEAS transactions on computer research, Sep 20, 2023

The study aims to empirically examine the voluntary disclosure of the corporate governance code (... more The study aims to empirically examine the voluntary disclosure of the corporate governance code (CG Code) of Thai-listed companies. It also examines the effects of the information value of the CG Code on firm performance and the moderating role of external audit quality in this effect. A disclosure specification comprising 137 voluntary items recommended by the OECD is employed to judgmentally evaluate the CG Code disclosed by the 95 fully implementing firms listed on the Stock Exchange of Thailand. The analysis is performed using multivariate regression techniques along with Hayes's regression-based analysis and shows that CG Code and audit quality have a statistically significant positive effect on firm performance. In addition, audit quality was found to moderate the positive effect of the CG Code on firm performance, such that the effect of the CG Code on firm performance is strengthened as the quality of audits increases. Specifically, the positive effect of CG Code on firm performance is stronger when the audit quality is at the average value and above, whereas CG Code shows no statistically significant effect on firm performance when audit quality is below average. The paper has contributed to the academic literature that managers should be motivated to voluntarily disclose the CG Code and also engage with high-quality auditors in general and Thailand in particular.

Research paper thumbnail of Internationalization of enterprises and quality of financial reports in China: Moderating roles of audit committee characteristics

In the process of seeking sustainable development, enterprises have chosen international business... more In the process of seeking sustainable development, enterprises have chosen international business strategy. The purpose of this study is to examine the relationship between the degree of internationalization of Chinese listed firms and financial reporting quality, as well as whether audit committees can moderate the impact of enterprise internationalization on financial reporting quality. The empirical analysis results of Chinese listed manufacturing firms from 2014 to 2018 show that: the degree of corporate internationalization has a significant U-shaped relationship with earnings management. This new finding solves the problem that scholars have inconsistent views on the internationalization of enterprises and the quality of financial reporting. The study also found that audit committees with experience working in accounting firms can inhibit firm earnings management behavior in the early stage of internationalization; audit committees with experience working overseas can inhibit firm earnings management behavior in the later stage of internationalization; the higher the remuneration of audit committee experts, the more it can inhibit firm earnings management behavior in the early stage of internationalization. In the later stage of internationalization, the higher the remuneration of audit committee experts, it helps the earnings management behavior of firms. This provides new evidence on the functioning of the audit committee's role; however, the independence of the audit committee and the proportion of financial experts do not have a significant effect on the inhibition of earnings management.

Research paper thumbnail of Moderating Effects of Founders’ Role on the Influence of Internationalization on IPO Performance of Listed Companies in Thailand

International Journal of Financial Studies, 2021

Previous research suggests that internationalization affects initial public offering (IPO) perfor... more Previous research suggests that internationalization affects initial public offering (IPO) performance in the short term, but it less is known about the founders’ role in the relationship between internationalization and IPO performance. The objectives of this study were to investigate moderating effects of the founders’ role on the impact of internationalization on IPO performance of newly listed companies. The samples included 80 international firms listed in Thailand stock markets from 2013 to 2020. Multiple regression analysis was employed to test the effects of internationalization on IPO performance, and the PROCESS macro was applied to test the moderating effects. Founder CEO as a proxy of a founders’ role was a moderator variable where internationalization was a predictor variable and IPO underpricing, a proxy of IPO performance, was the outcome variable. The results revealed that internationalization demonstrated no statistically significant effect on IPO underpricing. A no...

Research paper thumbnail of Dynamic Panel Data Model for Capital Structural of Listed Companies in SET

The purposes of this study are 1) to determine how these four factors influencing capital structu... more The purposes of this study are 1) to determine how these four factors influencing capital structure decisions, namely industry variable, firm-specific variables, stock market circumstance, macroeconomic conditions, 2) to establish optimal capital structure decision models, and 3) to explore how companies listed in the Stock Exchange of Thailand (SET) adjust their capital structure towards the target levels. This study uses balanced dynamic panel data covering nine consecutive years during 2002 to 2010 which contains 128 companies rooted in industrials, property and construction, and services industries. This paper employs the dynamic trade-off theory. The static multiple linear regression models including FGLS regression, Fixed-effects (within) regression, and Random-effects GLS regression are used in examining factors influencing capital structure decision and estimating optimal capital structure decision models. The dynamic panel regression model comprising Fixed-effects (within) ...

Research paper thumbnail of Key factors influencing capital structure decision and its speed of adjustment of Thai listed real estate companies

Procedia - Social and Behavioral Sciences, 2012

The purposes of this study are 1) to determine the four influential factors, namely, industry var... more The purposes of this study are 1) to determine the four influential factors, namely, industry variable, firm-specific variables, stock market circumstance, macroeconomic conditions, and how these factors influence capital structure decisions, 2) to establish optimal capital structure decision models, and 3) to explore how firms adjust their current capital structure towards the target levels. This study uses balanced dynamic panel data covering nine consecutive years during 2002 to 2010 which contains 128 companies listed in the Stock Exchange of Thailand rooted in industrials, property and construction, and services industries. The analysis employs multiple linear regression models including FGLS regression, Fixed-effects (within) regression, and Random-effects GLS regression in examining factors influencing capital structure decision and estimating optimal capital structure decision models, and dynamic panel regression model comprising Fixed-effects (within) regression, Random-effects GLS regression, one-step and two-step Arellano and Bond GMM estimators in determining the speed of adjustment towards target capital structure. The study indicates the following results. The average values of total book leverage and long-term book leverage are 40% and 13% respectively. The finding reveals that firms have optimal capital structure decision model. Industry leverage, firm size, growth opportunity, and asset tangibility have positive effect to leverage, where profitability, liquidity, and dividend payout are negatively related to leverage level. Both trade off and pecking order theories remain the explanation on optimal capital structure decision. Further, the findings indicate that firms partially adjust capital structure towards their target leverage over time and the speeds of adjustment vary across industries. Listed companies in SET adjust towards target total book leverage at the annual rate of 34% that suggest the half-life of 1.7 years, and move towards long-term book leverage at the speed of 69% which take 0.6 year to close their long-term book leverage back one-half the distance to the target leverage. The finding indicates that listed companies in SET pursue target capital structures during 2002-2010. The results of this study strongly support the dynamic trade-off theory.

Research paper thumbnail of Moderating role of board gender diversity and firm size on the relationship between free cash flow and corporate sustainability of Thai listed companies

Journal of infrastructure, policy and development, Apr 30, 2024

This study seeks to explore the information value of free cash flow (FCF) on corporate sustainabi... more This study seeks to explore the information value of free cash flow (FCF) on corporate sustainability and investigate the moderating effects of board gender diversity and firm size on the association between FCF and corporate sustainability of Thai listed companies. The dataset consists of companies listed on the Stock Exchange of Thailand (SET) in 2022. Multivariate regression analysis is executed in this study. Subsequently, PROCESS macro served to evaluate the proposed hypotheses. This study found that FCF has a significant positive relationship with corporate sustainability. As well, board gender diversity and firm size both moderate the relationship between FCF and corporate sustainability, such that the positive effect of FCF on corporate sustainability is stronger when the proportion of female boards diminishes, while firm size is smaller. However, when firms have a larger proportion of females on the boards of directors for all levels of firm size, free cash flow indicates that there is no statistically significant effect on corporate sustainability. This study contributes to FCF and sustainability literature by understanding the extent of corporate sustainability.

Research paper thumbnail of The moderating impact of institutional shareholders on the relationship between audit quality and firm value

Journal of infrastructure, policy and development, Jan 30, 2024

This research attempts to investigate the effect of audit quality on firm value in the high corpo... more This research attempts to investigate the effect of audit quality on firm value in the high corporate governance context. In addition, this study seeks to examine the role of institutional shareholders as a moderating variable on the relationship between audit quality and firm value. Dataset includes the 95 (out of 575) Thai listed companies which fully and completely implement the Corporate Governance Code (CG Code) voluntary disclosure recommended by OECD (Organisation for Economic Cooperation and Development) in 2021. Multiple linear regression and Hayes's regression-based analysis are done using market capitalization as the dependent variable. The research results illustrate that audit quality relates to firm value in a negative way, while profitability and institutional shareholders relate to firm value in a positive manner. Moreover, the interaction effect between audit quality and institutional shareholders wields a significant negative impact on the association between audit quality and firm value, which indicates that the negative effect of audit quality on firm value is stronger when more firm shares are owned by institutional shareholders. The results of this study would potentially be very useful to managers, financial advisors, and policymakers to observe the nature and vagaries of audit quality in high corporate governance environment, especially when institutional shareholders hold a significant proportion of firm shares. The study offers practical suggestions and recommendations for audit quality and institutional shareholders, which are essential for overall operating efficiency and firm value. The outcomes can help improve corporate governance practices, which in turn enhance the share price and profits.

Research paper thumbnail of Corporate social capital and enterprise performance of technology-based SMEs: The mediating role of knowledge integration ability

Journal of infrastructure, policy and development, Dec 13, 2023

How to improve enterprise performance has been a research topic widely studied by scholars for a ... more How to improve enterprise performance has been a research topic widely studied by scholars for a long time. As economic globalization deepens, the business competition becomes increasingly harsh. Technology-based small and medium-sized enterprises (SMEs) play an important role in the rapid development of the country's economy, especially in China. This study aims to investigate the mediating effect of knowledge integration capability in the relationship between corporate social capital and enterprise performance. The sample group used in this study were 300 technology-based SMEs in China. The research tool was a questionnaire adapted from previous scholars, which passed assessment in terms of content validity and reliability. Data were analyzed using structural equation modelling. The results show that: 1) corporate social capital has a positive impact on enterprise performance, but the impact differs between well-performing and poor-performing enterprises; and 2) knowledge integration ability plays a mediating role in the relationship between corporate social capital and enterprise performance, and the mediating role is the same for both well-performing and poor-performing enterprises. But it played a partial mediating role in the good-performance comparison group and a complete mediating role in the poor-performance comparison group. This study is useful for enterprise management in cultivating and developing the abundant social capital of enterprises and expanding channels for knowledge integration ability to increase enterprise performance.

Research paper thumbnail of The Informative Value of CG Code Voluntary Disclosure on Firm Performance When Moderated by External Auditors

WSEAS transactions on computer research, Sep 20, 2023

The study aims to empirically examine the voluntary disclosure of the corporate governance code (... more The study aims to empirically examine the voluntary disclosure of the corporate governance code (CG Code) of Thai-listed companies. It also examines the effects of the information value of the CG Code on firm performance and the moderating role of external audit quality in this effect. A disclosure specification comprising 137 voluntary items recommended by the OECD is employed to judgmentally evaluate the CG Code disclosed by the 95 fully implementing firms listed on the Stock Exchange of Thailand. The analysis is performed using multivariate regression techniques along with Hayes's regression-based analysis and shows that CG Code and audit quality have a statistically significant positive effect on firm performance. In addition, audit quality was found to moderate the positive effect of the CG Code on firm performance, such that the effect of the CG Code on firm performance is strengthened as the quality of audits increases. Specifically, the positive effect of CG Code on firm performance is stronger when the audit quality is at the average value and above, whereas CG Code shows no statistically significant effect on firm performance when audit quality is below average. The paper has contributed to the academic literature that managers should be motivated to voluntarily disclose the CG Code and also engage with high-quality auditors in general and Thailand in particular.

Research paper thumbnail of Internationalization of enterprises and quality of financial reports in China: Moderating roles of audit committee characteristics

In the process of seeking sustainable development, enterprises have chosen international business... more In the process of seeking sustainable development, enterprises have chosen international business strategy. The purpose of this study is to examine the relationship between the degree of internationalization of Chinese listed firms and financial reporting quality, as well as whether audit committees can moderate the impact of enterprise internationalization on financial reporting quality. The empirical analysis results of Chinese listed manufacturing firms from 2014 to 2018 show that: the degree of corporate internationalization has a significant U-shaped relationship with earnings management. This new finding solves the problem that scholars have inconsistent views on the internationalization of enterprises and the quality of financial reporting. The study also found that audit committees with experience working in accounting firms can inhibit firm earnings management behavior in the early stage of internationalization; audit committees with experience working overseas can inhibit firm earnings management behavior in the later stage of internationalization; the higher the remuneration of audit committee experts, the more it can inhibit firm earnings management behavior in the early stage of internationalization. In the later stage of internationalization, the higher the remuneration of audit committee experts, it helps the earnings management behavior of firms. This provides new evidence on the functioning of the audit committee's role; however, the independence of the audit committee and the proportion of financial experts do not have a significant effect on the inhibition of earnings management.

Research paper thumbnail of Moderating Effects of Founders’ Role on the Influence of Internationalization on IPO Performance of Listed Companies in Thailand

International Journal of Financial Studies, 2021

Previous research suggests that internationalization affects initial public offering (IPO) perfor... more Previous research suggests that internationalization affects initial public offering (IPO) performance in the short term, but it less is known about the founders’ role in the relationship between internationalization and IPO performance. The objectives of this study were to investigate moderating effects of the founders’ role on the impact of internationalization on IPO performance of newly listed companies. The samples included 80 international firms listed in Thailand stock markets from 2013 to 2020. Multiple regression analysis was employed to test the effects of internationalization on IPO performance, and the PROCESS macro was applied to test the moderating effects. Founder CEO as a proxy of a founders’ role was a moderator variable where internationalization was a predictor variable and IPO underpricing, a proxy of IPO performance, was the outcome variable. The results revealed that internationalization demonstrated no statistically significant effect on IPO underpricing. A no...

Research paper thumbnail of Dynamic Panel Data Model for Capital Structural of Listed Companies in SET

The purposes of this study are 1) to determine how these four factors influencing capital structu... more The purposes of this study are 1) to determine how these four factors influencing capital structure decisions, namely industry variable, firm-specific variables, stock market circumstance, macroeconomic conditions, 2) to establish optimal capital structure decision models, and 3) to explore how companies listed in the Stock Exchange of Thailand (SET) adjust their capital structure towards the target levels. This study uses balanced dynamic panel data covering nine consecutive years during 2002 to 2010 which contains 128 companies rooted in industrials, property and construction, and services industries. This paper employs the dynamic trade-off theory. The static multiple linear regression models including FGLS regression, Fixed-effects (within) regression, and Random-effects GLS regression are used in examining factors influencing capital structure decision and estimating optimal capital structure decision models. The dynamic panel regression model comprising Fixed-effects (within) ...

Research paper thumbnail of Key factors influencing capital structure decision and its speed of adjustment of Thai listed real estate companies

Procedia - Social and Behavioral Sciences, 2012

The purposes of this study are 1) to determine the four influential factors, namely, industry var... more The purposes of this study are 1) to determine the four influential factors, namely, industry variable, firm-specific variables, stock market circumstance, macroeconomic conditions, and how these factors influence capital structure decisions, 2) to establish optimal capital structure decision models, and 3) to explore how firms adjust their current capital structure towards the target levels. This study uses balanced dynamic panel data covering nine consecutive years during 2002 to 2010 which contains 128 companies listed in the Stock Exchange of Thailand rooted in industrials, property and construction, and services industries. The analysis employs multiple linear regression models including FGLS regression, Fixed-effects (within) regression, and Random-effects GLS regression in examining factors influencing capital structure decision and estimating optimal capital structure decision models, and dynamic panel regression model comprising Fixed-effects (within) regression, Random-effects GLS regression, one-step and two-step Arellano and Bond GMM estimators in determining the speed of adjustment towards target capital structure. The study indicates the following results. The average values of total book leverage and long-term book leverage are 40% and 13% respectively. The finding reveals that firms have optimal capital structure decision model. Industry leverage, firm size, growth opportunity, and asset tangibility have positive effect to leverage, where profitability, liquidity, and dividend payout are negatively related to leverage level. Both trade off and pecking order theories remain the explanation on optimal capital structure decision. Further, the findings indicate that firms partially adjust capital structure towards their target leverage over time and the speeds of adjustment vary across industries. Listed companies in SET adjust towards target total book leverage at the annual rate of 34% that suggest the half-life of 1.7 years, and move towards long-term book leverage at the speed of 69% which take 0.6 year to close their long-term book leverage back one-half the distance to the target leverage. The finding indicates that listed companies in SET pursue target capital structures during 2002-2010. The results of this study strongly support the dynamic trade-off theory.