Relationship between Earnings Management and Dividend Payout of Listed Companies in the Stock Exchange of Thailand


  • Nattakitta Sansai Faculty of Business Administration, Maejo University
  • Ratchaneeya Bangmek Faculty of Business Administration, Maejo University
  • Kulchaya Waenkaeo Faculty of Business Administration, Maejo University
  • Chaiyot Sumritsakun Faculty of Business Administration, Maejo University



Earnings Management, Dividend Payout, The Stock Exchange of Thailand


This research aims to study the relationship between earnings management and dividend payout of listed companies in the Stock Exchange of Thailand. The data are acquired from 925 listed companies during 2018-2020. The gross accrual earnings management variable is measured at the discretion of executives using the model of Yoon et al. (2006). The research hypotheses are tested by using the logistic regression analysis and multiple regression analysis. As a result, it is found that earnings management using the discretionary accrual level is not associated with dividend payouts of the listed companies. This may be because dividends are insufficient to use in making decisions concerning profits, which earnings management may be from other reasons, including returns or incentives in the capital market that will allow investors to be confident in the company's financial statements. The result of this research will be beneficial for stakeholders to apply as a guideline for investment decision-making. It can also be used as a guideline for managers in supervising operations and in planning future dividend payments.


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How to Cite

Sansai, N., Bangmek, R., Waenkaeo, K., & Sumritsakun, C. (2023). Relationship between Earnings Management and Dividend Payout of Listed Companies in the Stock Exchange of Thailand. Economics and Business Administration Journal Thaksin University, 15(2), 109–126.



Research Article