The influence of intellectual capital on the cost of debt and performance of companies listed on the Stock Exchange of Thailand
Article Sidebar
Main Article Content
Abstract
This research aims to 1) study the influence of intellectual capital on the cost of debt and 2) study the influence of intellectual capital on the performance of listed companies on the Stock Exchange of Thailand. The quantitative research methodology utilized secondary data from 441 listed companies on the Stock Exchange of Thailand, comprising a total of 1,323 records collected over three years, from 2022 to 2024. The data were collected from annual reports, financial statements, annual information forms (Form 56-1), and SETSMART. The statistics used in the research were 1) descriptive statistics, including minimum, maximum, mean, and standard deviation; and 2) inferential statistics, including Pearson's product moment correlation coefficient and multiple regression analysis. The results of the research found that intellectual capital, in terms of structural capital and relational capital, affects the cost of debt, while intellectual capital, in terms of human capital, affects performance. These findings provide knowledge that can be applied both at the theoretical level and in the strategic management of organizations, as well as for investors to use in making investment decisions
Article Details
This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.
References
ตลาดหลักทรัพยแหงประเทศไทย (2568). บริษัทจดทะเบียนในตลาดหลักทรัพย์. สืบค้นเมื่อ 12
สิงหาคม 2568, จากเว็บไซต์: https://www.set.or.th.
บรรจงรัตน พรหมสุวรรณศิริ, วนิดา ชุติมากุล, และ สุรินทร พรหมรักษกิจ. (2565). ประสิทธิภาพของ
ทุนทางปญญาที่มีตอผลการดำเนินงานของบริษัท. Arts Managemrnt, 1066.
บุษกร วัฒนบุตร. (2564). พฤติกรรมใหม่การเรียนรู้ของทุนมนุษย์ในยุค COVID-19. วารสาร มจร
สังคมศาสตร์ปริทรรศน์, 297–310.
ภาคภูมิ เผ่ามงคล. (2564). ความสัมพันธ์ระหว่างทุนทางปัญญากับผลการดำเนินงานทางการเงินของ
บริษัทจดทะเบียนในตลาดหลักทรัพยแหงประเทศไทยหมวดธุรกิจการแพทย. วิทยานิพนธ
ปริญญามหาบัณฑิต, มหาวิทยาลัยศรีนครินทรวิโรฒ.
Abad, D., & Garcia-Padron, C. (2023). The impact of intellectual capital on the cost of
debt: A quantile regression approach. Journal of Intellectual Capital, 24(1),
-222.
Aboud, A., & Yang, X. (2022). Intellectual capital and the cost of debt: Evidence from
the UK. Journal of Intellectual Capital, 23(3), 541-561.
Al-Ahdal, W. M., Al-Ghazali, B. M., & Al-Hadi, A. (2022). Board characteristics, audit
committee and the cost of debt: Evidence from India. Journal of Financial
Reporting and Accounting, 20(3/4), 549-571.
Al-Homaidi, E. A., Al-Matari, E. M., & Al-Hadi, A. (2021). The influence of board
characteristics on the cost of debt: evidence from the emerging market of
India. Journal of Financial Reporting and Accounting, 19(3), 393-415.
Al-Musali, M. K., & Ismail, K. N. I. K. (2021). Intellectual capital and its components and
the cost of debt: Evidence from the GCC countries. Journal of Financial
Reporting and Accounting, 19(3), 416-440.
Amin, A., & Lukviarman, N. (2022). The role of intellectual capital in reducing the cost
of debt: An empirical study of ASEAN countries. Cogent Business &
Management, 9(1), 2115161.
Burn, N., & Grove, S. K. (2009). The practice of nursing research: Appraisal, synthesis,and
generation of evidence. 6, St.Louis, MO: Sauders Elsevier.
El-Chaarani, H., Abraham, R., & Skaf, Y. (2022). The impact of corporate governance on
the financial performance of the banking sector in the MENA region: An
immunity analysis of the COVID-19 pandemic. Journal of Risk and Financial
Management, 15(2), 84.
Haris, M., Yao, H., Tariq, G., Malik, A., & Javaid, H. M. (2020). Intellectual capital
performance and cost of debt: A study on the manufacturing sector of
Pakistan. Journal of Risk and Financial Management, 13(9), 219.
Janošević, S., & Dženopoljac, V. (2022). The impact of intellectual capital on the cost
of debt: Evidence from emerging markets of Central and Southeast Europe.
Economic Research-Ekonomska Istraživanja, 35(1), 5945-5967.
Nguyen, T. H., & Nguyen, A. H. (2021). The impact of corporate governance on firm
value: Evidence from Vietnam. Journal of Asian Finance, Economics and
Business, 8(3), 291-300.
Sharif, S., & Al-Jaifi, A. (2022). Intellectual capital and financial performance: A study of
the Malaysian technology sector. Journal of Intellectual Capital, 23(6), 1369
Soewarno, N., & Tjahjono, S. (2021). The effect of intellectual capital on financial
performance and firm value: An analysis of the Indonesian banking sector.
Journal of Asian Finance, Economics and Business, 8(3), 1145-1154.
Tjahjadi, B., Soewarno, N., & Mustikaningtiyas, F. (2021). The role of intellectual capital
in improving firm performance. Journal of Intellectual Capital, 22(5), 919-940.
Vo, X. V., & Le, T. T. (2021). Intellectual capital and the cost of debt: Evidence from
Vietnam. Journal of Asian Finance, Economics and Business, 8(2), 73-82.
Xu, J., & Zhang, Y. (2021). Intellectual capital and the cost of debt financing: Evidence
from China. Technology Analysis & Strategic Management, 33(12), 1435-1449.
