The Effects of Ownership Structure and Organizational Performance on Stock Turnover Through Voluntary Disclosure of Thai Listed Companies
DOI:
https://doi.org/10.14456/gjl.2018.18Keywords:
Voluntary Disclosure, Stock Turnover, The Stock Exchange of ThailandAbstract
The objectives of this research were (1) to investigate the effect of ownership structure and organizational performance on voluntary disclosure (2) to investigate the effect of ownership structure on organizational performance (3) to investigate the effects of ownership structure and voluntary disclosure on stock turnover (4) to study the effect of ownership structure on stock turnover through voluntary disclosure. The research samples consisted of 323 companies listed on the stock exchange of Thailand. The data was analyzed by descriptive statistics the AMOS program was employed for factor analysis and variables relationship.The research results found that (1) there are negative relationship between ownerships concentration and managerial ownership on voluntary disclosure (2) there are positive relationships between foreign ownership and organization performance on voluntary disclosure (3) there are negative relationships between ownership concentration and managerial ownership on stock turnover through voluntary disclosure 4) there is a positive relationships between foreign ownership and organizational performance on and stock turnover through voluntary disclosure.
Keywords: Voluntary Disclosure; Stock Turnover; The Stock Exchange of Thailand
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References
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annual reports of Turkish listed companies. African Journal of
Business Management Vol. 5(17), pp. 7651-7657.
Ahmed, K., and Nicholls, D. (1994). The Impact of non - financial company characteristics on mandatory disclosure in developing countries: The case of Bangladesh. International Journal of Accounting Education and Research, 29 (1), 62 – 77.
Alves, H. S. A. (2011). Corporate Governance Determinants of Voluntary Disclosure and Its Effects on Information Asymmetry: An Analysis for Iberian Peninsula Listed Companies. Working Paper Series, University of Coimbra.
Ang, J. S., and Brau, J.C. (2002). Firm transparency and the costs of going public. Journal of Financial Research, XXV 91), 1-17.
Barako, D. G. (2007). Determinants of Voluntary Disclosures in Kenyan Companies Annual Reports. African Journal of Business Management, 1(5), 113.
Beekes, W. and Brown, P., (2006). Do better‐governed Australian firms make more informative disclosures? Journal of Business Finance & Accounting, 33(3‐4), 422-450.
Berle, A.A. and Means, G.C., J (1932). The Modern Corporation and private property. Macmillan, New York.
Biddle, G. C., Hilary, G., & Verdi, R.S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48, 112-131.
Botosan, C. (1997). Disclosure level and the cost of equity capital. Accounting Review, 72(3), 323-349.
Chakroun, R., & Matoussi, H. (2012). Determinants of the Extent of Voluntary Disclosure in the Annual Reports of the Tunisian Firms. Accounting and Management Information Systems, 11(3), 335.
Chau, G.K., & Gray, S.J. (2002). Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting, 37, 247 - 265.
Chobpichien, J. (2013). Technical voluntary disclosure in the annual report. Suratthani Rajabhat University, 428.
Chobpichien, C., Haron, H., & Ibrahim, D.N. (2007). Quality of board of directors, ownership structure and level of voluntary disclosure of listed companies in Thailand. Euro Asia Journal of Management, 17 (1), 3 - 39.
Chobpichien, C., Haron, H., & Ibrahim, D.N. (2008). Corporate governance, executive directors and level of voluntary disclosure: The case of public listed companies in Thailand. Malaysian Management Journal, 12 (1 & 2), 17 - 70.
Coebergh, P. H. (2011). Voluntary Disclosure of Corporate Strategy: Determinants and Outcomes – An Empirical Study into the Risks and Payoffs of Communicating Corporate Strategy. Working Paper Series, University of Applied Sciences Leiden.
Compbell, T. (1979). Optimal investment financing decisions and the value of confidentiality. Journal of financial and Qualitative Analysis, 14, 913-924.
Demsetz, H., (1983). The Structure of Ownership and the Theory of the Firm”, Journal of Law and Economics 26, 375-390.
Dhouibi, R., & Mamoghli, C. (2013). Determinants of Voluntary Disclosure in Tunisian Bank’s Reports. Research Journal of Finance and Accounting, 4 (5), 80.
Diamond, D. W., (1985). Optimal Release of Information By Firms. Journal of Finance 40, 1071-1094.
Djankov, S., La Porta, R., Lopex-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88, 430-465.
Donaldson, L. and Davis, J.H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1).
Elbadry, A., Gounopoulos, D., & Skinner, F. (2015). Governance quality and information asymmetry. Financial Markets, Institutions & Instruments, 24(2-3), 127-157.
El-Gazzar, S. M., Fornaro, J. M., & Jacob, R. A. (2006). An Examination of the Determinants and Contents of Corporate Voluntary Disclosure of Management’s Responsibilities for Financial Reporting. Journal of Accounting, Auditing & Finance, 23(1), 95-114.
Eng, L.L., & Mak, Y.T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22, 325-345.
Fama, E.F. and Jensen, M.C. (1983a). Sepaation of ownership and control. The Journal of Law and Economics, 26(2), 301-325.
Foster, G. (1986). Financial statement analysis. 2nd edition, Englewood Cliffs, New Jersey: Prentice-Hall.
Firer, S., and Williams, S.M. (2005); Firm ownership structure and intellectual capital disclosures. Journal of Accounting Research, Vol. 19.
Francis, J., A. Huang, S. Rajgopal, and A. Zang. 2008. CEO reputation and earnings quality. Contemporary Accounting Research, 25 (1): 109–147.
Freeman, R., and Reed, D. (1983). Stockholders and stakeholders: a new perspective on corporate governance. Californian Management Review, Vol. 25 No.2, pp. 88-106.
Gigler, F., and T. Hemmer. (1998). On the Frequency, Quality, and Informational. Journal of Accounting Research. No.36. p117-147.
Golsten, L., & Milgrow, P. (1985). Bid, Ask and Transaction Pricesin a Specialist Market with heterogeneously informed traders. Journal of Financial Economics, 13, 71-100.
Gompers, P., Ishii, J. and Metrick, A. (2003). Incentives vs. control: An analysis of U.S. dual-class companies. NBER Working Paper Series, No. 10240.
Guthrie, J., Petty, R., Yongvanich, K., & Ricceri, F. (2004). Using content analysis as a research method to inquire into intellectual capital reporting. Journal of intellectual capital, 5(2), 282.
Jensen, M.C. (1986). Agency costs of free cashflow, corporate finance, and takeovers. American Economic Review, 76, 323-329.
Jensen, M.C., & Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, October, 305-360.
Haniffa, R.M., & Cooke, T.E. (2002). Culture, corporate governance and disclosure in Malaysian corporations. ABACUS, 38 (3), 317 – 349.
Healy, P.M. & Palepu. (2001)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature, Journal of Accounting and Economics, 31, 405-440.
Hossain, M., & Hammami, H. (2009). Voluntary Disclosure in the Annual Reports of an Emerging Country: The Case of Qatar. Advances in Accounting, Incorporating Advances in International Accounting, 25(2), 255-265.
Laidroo, L. (2011). Market Liquidity and Public Announcements’ Disclosure Quality on Tallinn, Riga, and Vilnius Stock Exchanges. Emerging Markets Finance and Trade, Vol. 47, No. 4, pp. 54 - 79.
Lambert, R., Leuz, C., & Verrecchia, R. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45, 385-420.
La Porta, R., Lopez-Silanes, F. Shleifer, A., & Vishny, R.W. (2000). Investor protection and corporate governance. Journal of Finance Economics, 58, 3-27.
Lan, Y., Wang, L., & Zhang, X. (2013). Determinants and Features of Voluntary Disclosures in the Chinese Stock Market. China Journal of Accounting Research, 6(4), 265.
Lang, M., & Lundholm, R. (1993). Cross-sectional determinants ofanalyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246---271.
Leuz, C., Nanada, D., & Wysocki, P.D. (2003). Earning management and investor protections: An international comparison. Journal of Financial Economics, 69, 505-527.
Leuz, C. (2010). Different approaches to corporate reporting regulation: How Jurisdictions differ and why. Accounting and Business Research, 40, 229-256.
Lim, S., Matolcsy, Z. and Chow. D. (2007). The Association between Board Composition and Different Types of Voluntary Disclosure. European Accounting Review, 16(3), pp. 555.
Kelly Bao Anh Huynh Vu. (2012), Determinants of Voluntary Disclosure for Vietnamese Listed Firms, Thesis is presented for the Degree of Doctor of Philosophy of Curtin University.
Maksimovic, V., Pichler, P. (2001). Technological innovation and initial public offerings. Review of Financial Studies, 14, 459-494.
Manitkajornkit, E. (2017). Holiday Effect in Stock Exchange of Thailand
from January 1992 - August 2013, Governance Journal 6 (2): 92 – 144
Moore, M.L. ad Buzby, S. (1972, July). The quality of corporate financial disclosure: A comment. Accounting Review.
Morck, R., Shleifer, A., & Vishny, R.W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
Nunnally, J.C. 1978. Psychometric Theory (2nd ed.). New York: McGraw-Hill.
Pagano, Marco, and Ailsa Roell, (1998). The Choice of stock ownership structure: Agency costs, monitoring and the decision to go public. Quarterly Journal of Economics, Forthcoming.
Prado-Lorenzo, J. M., Rodríguez-Domínguez, L., Gallego-Álvarez, I., & García-Sánchez, I. M. (2009). Factors Influencing the Disclosure of Greenhouse Gas Emissions in Companies World-Wide. Management Decision, 47(7), 1133-1157.
Prommin, P., Jumreornvong, S., & Jiraporn, P. (2014). The effect of corporate governance on stock liquidity: The case of Thailand. International Review of Economics & Finance, 32, 132-142.
Maher, M. and T. Anderson (1999). “Corporate Governance: Effects on Firm Performance and Economic Growth”, paper presented at the conference “Convergence and Diversity in Corporate Governance Regimes and Capital Markets”. November 4-5, Tilburg University.
Meek, G. K, Roberts, C. B., & Gray, S. J. (1995). Factors influencing voluntary annual report disclosures by US, UK and continental European multinational corporations. Journal of International Business Studies. Third Quarter, 555-572.
Ray J, et al. (2016). Quantifying Transcription in Real Time with Multi aptameric Reporters. Methods Enzymol, 572:193-213.
SET (Stock Exchange of Thailand). (2010). The 15 principles of good corporate governance. Internet site: http://www.set.or.th/en/regulations/corporate/download/CG15-ENG.pdf.
Shareef, F.and Davey, H. (2006). Accounting for intellectual capital: evidence from listed English football clubs. Journal of Applied Accounting Research, Vol.7 No.3, pp.78-116.
Singhvi, S.S. and Desai, H.B. (1971, January,). An empirical Analysis of the Quality of Corporate Financial Disclosure. The Accounting Review, XLVI (1).pp. 621-632.
Sukcharoensin. S. (2012). The Determinants of Voluntary CSR Disclosure of Thai Listed Firms. International Proceedings of Economics Development and Research, 12.
Sureshchandra, G.S., Rajendran, C., and Anantharaman, R.N. 2002. Determinants of customer – perceived service quality: A confirmatory factor analysis approach. Journal of Services Marketing, 16(1), 9-34.
Wang, K., Sewon, O., & Claiborne, M. C. (2008). Determinants and Consequences of Voluntary Disclosure in an Emerging Market: Evidence from China. Journal of International Accounting, Auditing and Taxation, 17(1), 14.
Warfield, T., Wild, J.J. and Wild, K. (1995). Managerial ownership, accounting choices, and in formativeness of earning. Journal of Accounting and Economics, 20, 61-91.
Welker, M. (1995). Disclosure policy, information asymmetry and liquidity in equity markets. Contemporary Accounting Research, 11 (2), 801---827.
Wiwattanakantang, Y., (2001). Controlling shareholders and corporate value: Evidence from Thailand. Pacific-Basin Finance Journal, 9, pp. 323–62.
Whiting, R. H., & Woodcock, J. (2011). Firm characteristics and intellectual capital disclosure by Australian companies. Journal of Human Resource Costing & Accounting, 15(2), 102-126.
Yosha, O. (1995). Information disclosure costs and the choice of financing source. Journal of Financial Intermediation, 4, 3-20.
annual reports of Turkish listed companies. African Journal of
Business Management Vol. 5(17), pp. 7651-7657.
Ahmed, K., and Nicholls, D. (1994). The Impact of non - financial company characteristics on mandatory disclosure in developing countries: The case of Bangladesh. International Journal of Accounting Education and Research, 29 (1), 62 – 77.
Alves, H. S. A. (2011). Corporate Governance Determinants of Voluntary Disclosure and Its Effects on Information Asymmetry: An Analysis for Iberian Peninsula Listed Companies. Working Paper Series, University of Coimbra.
Ang, J. S., and Brau, J.C. (2002). Firm transparency and the costs of going public. Journal of Financial Research, XXV 91), 1-17.
Barako, D. G. (2007). Determinants of Voluntary Disclosures in Kenyan Companies Annual Reports. African Journal of Business Management, 1(5), 113.
Beekes, W. and Brown, P., (2006). Do better‐governed Australian firms make more informative disclosures? Journal of Business Finance & Accounting, 33(3‐4), 422-450.
Berle, A.A. and Means, G.C., J (1932). The Modern Corporation and private property. Macmillan, New York.
Biddle, G. C., Hilary, G., & Verdi, R.S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48, 112-131.
Botosan, C. (1997). Disclosure level and the cost of equity capital. Accounting Review, 72(3), 323-349.
Chakroun, R., & Matoussi, H. (2012). Determinants of the Extent of Voluntary Disclosure in the Annual Reports of the Tunisian Firms. Accounting and Management Information Systems, 11(3), 335.
Chau, G.K., & Gray, S.J. (2002). Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting, 37, 247 - 265.
Chobpichien, J. (2013). Technical voluntary disclosure in the annual report. Suratthani Rajabhat University, 428.
Chobpichien, C., Haron, H., & Ibrahim, D.N. (2007). Quality of board of directors, ownership structure and level of voluntary disclosure of listed companies in Thailand. Euro Asia Journal of Management, 17 (1), 3 - 39.
Chobpichien, C., Haron, H., & Ibrahim, D.N. (2008). Corporate governance, executive directors and level of voluntary disclosure: The case of public listed companies in Thailand. Malaysian Management Journal, 12 (1 & 2), 17 - 70.
Coebergh, P. H. (2011). Voluntary Disclosure of Corporate Strategy: Determinants and Outcomes – An Empirical Study into the Risks and Payoffs of Communicating Corporate Strategy. Working Paper Series, University of Applied Sciences Leiden.
Compbell, T. (1979). Optimal investment financing decisions and the value of confidentiality. Journal of financial and Qualitative Analysis, 14, 913-924.
Demsetz, H., (1983). The Structure of Ownership and the Theory of the Firm”, Journal of Law and Economics 26, 375-390.
Dhouibi, R., & Mamoghli, C. (2013). Determinants of Voluntary Disclosure in Tunisian Bank’s Reports. Research Journal of Finance and Accounting, 4 (5), 80.
Diamond, D. W., (1985). Optimal Release of Information By Firms. Journal of Finance 40, 1071-1094.
Djankov, S., La Porta, R., Lopex-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88, 430-465.
Donaldson, L. and Davis, J.H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1).
Elbadry, A., Gounopoulos, D., & Skinner, F. (2015). Governance quality and information asymmetry. Financial Markets, Institutions & Instruments, 24(2-3), 127-157.
El-Gazzar, S. M., Fornaro, J. M., & Jacob, R. A. (2006). An Examination of the Determinants and Contents of Corporate Voluntary Disclosure of Management’s Responsibilities for Financial Reporting. Journal of Accounting, Auditing & Finance, 23(1), 95-114.
Eng, L.L., & Mak, Y.T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22, 325-345.
Fama, E.F. and Jensen, M.C. (1983a). Sepaation of ownership and control. The Journal of Law and Economics, 26(2), 301-325.
Foster, G. (1986). Financial statement analysis. 2nd edition, Englewood Cliffs, New Jersey: Prentice-Hall.
Firer, S., and Williams, S.M. (2005); Firm ownership structure and intellectual capital disclosures. Journal of Accounting Research, Vol. 19.
Francis, J., A. Huang, S. Rajgopal, and A. Zang. 2008. CEO reputation and earnings quality. Contemporary Accounting Research, 25 (1): 109–147.
Freeman, R., and Reed, D. (1983). Stockholders and stakeholders: a new perspective on corporate governance. Californian Management Review, Vol. 25 No.2, pp. 88-106.
Gigler, F., and T. Hemmer. (1998). On the Frequency, Quality, and Informational. Journal of Accounting Research. No.36. p117-147.
Golsten, L., & Milgrow, P. (1985). Bid, Ask and Transaction Pricesin a Specialist Market with heterogeneously informed traders. Journal of Financial Economics, 13, 71-100.
Gompers, P., Ishii, J. and Metrick, A. (2003). Incentives vs. control: An analysis of U.S. dual-class companies. NBER Working Paper Series, No. 10240.
Guthrie, J., Petty, R., Yongvanich, K., & Ricceri, F. (2004). Using content analysis as a research method to inquire into intellectual capital reporting. Journal of intellectual capital, 5(2), 282.
Jensen, M.C. (1986). Agency costs of free cashflow, corporate finance, and takeovers. American Economic Review, 76, 323-329.
Jensen, M.C., & Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, October, 305-360.
Haniffa, R.M., & Cooke, T.E. (2002). Culture, corporate governance and disclosure in Malaysian corporations. ABACUS, 38 (3), 317 – 349.
Healy, P.M. & Palepu. (2001)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature, Journal of Accounting and Economics, 31, 405-440.
Hossain, M., & Hammami, H. (2009). Voluntary Disclosure in the Annual Reports of an Emerging Country: The Case of Qatar. Advances in Accounting, Incorporating Advances in International Accounting, 25(2), 255-265.
Laidroo, L. (2011). Market Liquidity and Public Announcements’ Disclosure Quality on Tallinn, Riga, and Vilnius Stock Exchanges. Emerging Markets Finance and Trade, Vol. 47, No. 4, pp. 54 - 79.
Lambert, R., Leuz, C., & Verrecchia, R. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45, 385-420.
La Porta, R., Lopez-Silanes, F. Shleifer, A., & Vishny, R.W. (2000). Investor protection and corporate governance. Journal of Finance Economics, 58, 3-27.
Lan, Y., Wang, L., & Zhang, X. (2013). Determinants and Features of Voluntary Disclosures in the Chinese Stock Market. China Journal of Accounting Research, 6(4), 265.
Lang, M., & Lundholm, R. (1993). Cross-sectional determinants ofanalyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246---271.
Leuz, C., Nanada, D., & Wysocki, P.D. (2003). Earning management and investor protections: An international comparison. Journal of Financial Economics, 69, 505-527.
Leuz, C. (2010). Different approaches to corporate reporting regulation: How Jurisdictions differ and why. Accounting and Business Research, 40, 229-256.
Lim, S., Matolcsy, Z. and Chow. D. (2007). The Association between Board Composition and Different Types of Voluntary Disclosure. European Accounting Review, 16(3), pp. 555.
Kelly Bao Anh Huynh Vu. (2012), Determinants of Voluntary Disclosure for Vietnamese Listed Firms, Thesis is presented for the Degree of Doctor of Philosophy of Curtin University.
Maksimovic, V., Pichler, P. (2001). Technological innovation and initial public offerings. Review of Financial Studies, 14, 459-494.
Manitkajornkit, E. (2017). Holiday Effect in Stock Exchange of Thailand
from January 1992 - August 2013, Governance Journal 6 (2): 92 – 144
Moore, M.L. ad Buzby, S. (1972, July). The quality of corporate financial disclosure: A comment. Accounting Review.
Morck, R., Shleifer, A., & Vishny, R.W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
Nunnally, J.C. 1978. Psychometric Theory (2nd ed.). New York: McGraw-Hill.
Pagano, Marco, and Ailsa Roell, (1998). The Choice of stock ownership structure: Agency costs, monitoring and the decision to go public. Quarterly Journal of Economics, Forthcoming.
Prado-Lorenzo, J. M., Rodríguez-Domínguez, L., Gallego-Álvarez, I., & García-Sánchez, I. M. (2009). Factors Influencing the Disclosure of Greenhouse Gas Emissions in Companies World-Wide. Management Decision, 47(7), 1133-1157.
Prommin, P., Jumreornvong, S., & Jiraporn, P. (2014). The effect of corporate governance on stock liquidity: The case of Thailand. International Review of Economics & Finance, 32, 132-142.
Maher, M. and T. Anderson (1999). “Corporate Governance: Effects on Firm Performance and Economic Growth”, paper presented at the conference “Convergence and Diversity in Corporate Governance Regimes and Capital Markets”. November 4-5, Tilburg University.
Meek, G. K, Roberts, C. B., & Gray, S. J. (1995). Factors influencing voluntary annual report disclosures by US, UK and continental European multinational corporations. Journal of International Business Studies. Third Quarter, 555-572.
Ray J, et al. (2016). Quantifying Transcription in Real Time with Multi aptameric Reporters. Methods Enzymol, 572:193-213.
SET (Stock Exchange of Thailand). (2010). The 15 principles of good corporate governance. Internet site: http://www.set.or.th/en/regulations/corporate/download/CG15-ENG.pdf.
Shareef, F.and Davey, H. (2006). Accounting for intellectual capital: evidence from listed English football clubs. Journal of Applied Accounting Research, Vol.7 No.3, pp.78-116.
Singhvi, S.S. and Desai, H.B. (1971, January,). An empirical Analysis of the Quality of Corporate Financial Disclosure. The Accounting Review, XLVI (1).pp. 621-632.
Sukcharoensin. S. (2012). The Determinants of Voluntary CSR Disclosure of Thai Listed Firms. International Proceedings of Economics Development and Research, 12.
Sureshchandra, G.S., Rajendran, C., and Anantharaman, R.N. 2002. Determinants of customer – perceived service quality: A confirmatory factor analysis approach. Journal of Services Marketing, 16(1), 9-34.
Wang, K., Sewon, O., & Claiborne, M. C. (2008). Determinants and Consequences of Voluntary Disclosure in an Emerging Market: Evidence from China. Journal of International Accounting, Auditing and Taxation, 17(1), 14.
Warfield, T., Wild, J.J. and Wild, K. (1995). Managerial ownership, accounting choices, and in formativeness of earning. Journal of Accounting and Economics, 20, 61-91.
Welker, M. (1995). Disclosure policy, information asymmetry and liquidity in equity markets. Contemporary Accounting Research, 11 (2), 801---827.
Wiwattanakantang, Y., (2001). Controlling shareholders and corporate value: Evidence from Thailand. Pacific-Basin Finance Journal, 9, pp. 323–62.
Whiting, R. H., & Woodcock, J. (2011). Firm characteristics and intellectual capital disclosure by Australian companies. Journal of Human Resource Costing & Accounting, 15(2), 102-126.
Yosha, O. (1995). Information disclosure costs and the choice of financing source. Journal of Financial Intermediation, 4, 3-20.
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Published
2018-06-30
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Pinmee, T., Nilapornkul, N., & Panmanee, P. (2018). The Effects of Ownership Structure and Organizational Performance on Stock Turnover Through Voluntary Disclosure of Thai Listed Companies. Governance Journal, Kalasin University, 7(1), 396–428. https://doi.org/10.14456/gjl.2018.18
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บทความวิจัย (Research Articles)
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