|
|
|||
|
|
|||
|
|
ลักษณะการกำกับดูแลกิจการที่มีผลต่อคุณภาพการเปิดเผยข้อมูลความรับผิดชอบต่อสังคมของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย |
||
|
An Impact of Corporate
Governance Characteristics on the Quality of Corporate Social Responsibility
Disclosure Among Thai Companies Listed in The Stock Exchange of Thailand |
|||
|
|
|
|||
|
วันที่ได้รับต้นฉบับบทความ : วันที่แก้ไขปรับปรุงบทความ : วันที่ตอบรับตีพิมพ์บทความ : |
นันทนา งามตามพงศ์ คณะบริหารธุรกิจและการบัญชี มหาวิทยาลัยขอนแก่น คณะบริหารธุรกิจและการบัญชี มหาวิทยาลัยขอนแก่น |
|||
|
|
|
|||
|
Received: Revised: Accepted: |
Nantana Ngamtampong Khon Kaen Business
School, Khon Kaen
University Assistant Professor in Accounting Department, Khon Kaen Business
School, Khon Kaen
University |
|||
|
|
|
|||
|
คำสำคัญ : การเปิดเผยข้อมูลความรับผิดชอบต่อสังคม
การกำกับดูแลกิจการ บริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย
คุณภาพการเปิดเผยข้อมูล คณะกรรมการบริษัท |
บทคัดย่อ งานวิจัยนี้มีวัตถุประสงค์
เพื่อศึกษาคุณภาพของการเปิดเผยข้อมูลความรับผิดชอบต่อสังคม (Corporate Social Responsibility: CSR) และความสัมพันธ์ระหว่างลักษณะการกำกับดูแลกิจการ (Corporate
Governance: CG) และคุณภาพการเปิดเผยข้อมูล CSR ของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย
โดยทำการเก็บรวบรวมข้อมูลตั้งแต่ปี พ.ศ. 2558 ถึง 2562 ผลการศึกษาพบว่า คุณภาพการเปิดเผยข้อมูล
CSR ในประเทศไทยยังอยู่ในระดับน้อย
ทำให้เกิดข้อกังวลเรื่องความน่าเชื่อถือของข้อมูล CSR ที่เปิดเผย
ส่วนผลของความสัมพันธ์กับ CG พบว่า
ขนาดและความถี่ในการประชุมของคณะกรรมการบริษัทส่งผลเชิงบวกต่อคุณภาพการเปิดเผยข้อมูล
CSR ในขณะที่คณะกรรมการชุดย่อยทั้งคณะกรรมการตรวจสอบและคณะกรรมการ
CSR ไม่มีความสัมพันธ์อย่างมีนัยสำคัญ
ผลการวิจัยนี้สะท้อนบทบาทที่สำคัญของคณะกรรมการบริษัทต่อคุณภาพการเปิดเผยข้อมูล CSR
และคณะกรรมการชุดย่อยควรได้รับการผลักดันให้มีบทบาทมากขึ้น
โดยเฉพาะคณะกรรมการ CSR ซึ่งเป็นคณะกรรรมการที่รับผิดชอบโดยตรง
และหน่วยงานกำกับดูแลสามารถมีบทบาทในการผลักดัน นอกจากนี้
ผลการวิจัยยังเป็นประโยชน์ต่อผู้มีส่วนได้เสียโดยเฉพาะนักลงทุนที่สามารถพิจารณาลักษณะ
CG ในเรื่องขนาดและจำนวนครั้งในการประชุมของคณะกรรมการบริษัทเป็นแนวทางในการประเมินคุณภาพการเปิดเผยข้อมูล
CSR ของบริษัทเป็นเบื้องต้นก่อนใช้ข้อมูล CSR ประกอบการตัดสินใจเชิงเศรษฐกิจ |
|||
|
|
|
|||
|
Keywords: |
ABSTRACT The research aims to
assess the quality of corporate social responsibility (CSR) disclosure and
its association with corporate governance (CG) characteristics within Thai
firms listed on the stock exchange of Thailand. Data spanned the period from
2015 to 2019. The findings underscore a concerning trend of low-quality CSR
disclosure, prompting questions about the reliability of such information
from Thai listed firms. Notably, the results of the regression analysis
demonstrate a significant positive association between board size and the
frequency of board meetings with the quality of CSR disclosure. In contrast,
sub-committees, encompassing both audit and CSR committees, did not exhibit
significant relationships with disclosure quality. This suggests that while
the board of directors plays a pivotal role in enhancing CSR disclosure
quality among Thai listed firms, sub-committees are less likely to contribute
to this aspect. Consequently, for Thai regulators seeking to bolster CSR
disclosure quality, emphasis should be placed on reinforcing the role of
sub-committees, particularly the CSR committee, given its evident central
responsibility in this domain. As an implication for stakeholders, especially
investors, the research findings can serve as a guide for evaluating CSR
disclosure quality, advocating for an initial focus on a firm's board of
directors before making economic decisions based on CSR information. |
|||
|
|
|
|||
|
|
REFERENCES Adel, C., Hussain,
M. M., Mohamed, E. K., & Basuony, M. A. (2019). Is corporate governance
relevant to the quality of corporate social responsibility disclosure in
large European companies?. International Journal of Accounting &
Information Management, 27(2), 301-332. Adelopo, I. (2011).
Voluntary disclosure practices amongst listed companies in Nigeria. Advances
in Accounting, 27(2), 338-345. Adnan, S. M., Hay,
D., & van Staden, C. J. (2018). The influence of culture and corporate
governance on corporate social responsibility disclosure: A cross country
analysis. Journal of Cleaner Production, 198, 820-832. Aerts, W., &
Cormier, D. (2009). Media legitimacy and corporate environmental
communication. Accounting,
Organizations and Society, 34(1), 1-27. Allen,
A., & Sanders, G. (2009). The effect of governmental accounting standards
board statement 34 on municipal audit fees. Research in Governmental and
Nonprofit Accounting, 12, 215-232. Ananzeh,
H. (2022). Corporate governance and the quality of CSR disclosure: Lessons
from an emerging economy. Society and Business Review, 17(2),
280-306. Andrikopoulos,
A., & Kriklani, N. (2013). Environmental disclosure and financial
characteristics of the firm: The case of Denmark. Corporate Social
Responsibility and Environmental Management, 20(1), 55-64. Baalouch, F., Ayadi, S. D., & Hussainey, K. (2019). A study of the
determinants of environmental disclosure quality: Evidence from French listed
companies. Journal of Management and Governance, 23, 939-971. Barros, C. P., Boubaker, S., & Hamrouni, A. (2013). Corporate
governance and voluntary disclosure in France. Journal of Applied Business
Research (JABR), 29(2), 561-578. Braam, G. J., de
Weerd, L. U., Hauck, M., & Huijbregts, M. A. (2016). Determinants of corporate
environmental reporting: The importance of environmental performance and
assurance. Journal of Cleaner Production, 129, 724-734. Bradford, M., Earp,
J. B., Showalter, D. S., & Williams, P. F. (2017). Corporate
sustainability reporting and stakeholder concerns: Is there a disconnect?. Accounting
Horizons, 31(1), 83-102. Campbell, D. (2004).
A longitudinal and cross-sectional analysis of environmental disclosure in UK
companiesa research note. The British Accounting Review, 36(1),
107-117. Campbell,
D., Moore, G., & Shrives, P. (2006). Cross‐sectional effects in
community disclosure. Accounting,
Auditing & Accountability Journal, 19(1), 96-114. Chan, M. C., Watson, J., & Woodliff, D. (2014). Corporate
governance quality and CSR disclosures. Journal of Business Ethics, 125,
59-73. Cho, C. H., &
Patten, D. M. (2007). The role of environmental disclosures as tools of
legitimacy: a research note. Accounting,
Organizations and Society, 32(7),
639-647. Chong, S., Narayan,
A. K., & Ali, I. (2019). Photographs depicting CSR: Captured reality or
creative illusion?. Pacific Accounting Review, 31(3),
313-335. Chongruksut, W.
(2015). Factors influencing corporate social responsibility disclosure in
Thailand. Kasetsart Journal of Social Sciences, 36(2), 230-243. Clarkson, P. M., Li,
Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation
between environmental performance and environmental disclosure: An empirical
analysis. Accounting, Organizations and Society, 33, 303-327. Coffie, W., Bedi,
I., & Amidu, M. (2018). The effects of audit quality on the costs of
capital of firms in Ghana. Journal of Financial Reporting and Accounting,
16(4), 639-659. Cormier, D., Magnan,
M., & Van Velthoven, B. (2005). Environmental disclosure quality in large
German companies: Economic incentives, public pressures or institutional
conditions?. European Accounting Review, 14(1), 3-39. Cucari, N., Esposito
De Falco, S., & Orlando, B. (2018). Diversity of board of directors and
environmental social governance: Evidence from Italian listed companies. Corporate
Social Responsibility and Environmental Management, 25(3), 250-266. Dalla Via, N., &
Perego, P. (2018). Determinants of conflict minerals disclosure under the
DoddFrank Act. Business Strategy and the Environment, 27(6), 773-788. Danastas, L., &
Gadenne, D. (2006). Social and environmental NGOs as users of corporate
social disclosure. Journal of
Environmental Assessment Policy and Management, 8(1), 85-102. Deegan, C. (2002).
The legitimising effect of social and environmental disclosures a
theoretical foundation. Accounting, Auditing & Accountability Journal,
15(3), 282-311. Fahad, P., & Rahman,
P. M. (2020). Impact of corporate governance on CSR disclosure. International
Journal of Disclosure and Governance, 17(2-3), 155-167. Fallah, M. A., &
Mojarrad, F. (2018). Corporate governance effects on corporate social
responsibility disclosure: Empirical evidence from heavy-pollution industries
in Iran. Social Responsibility Journal, 15(2), 208-225. Fatma,
H., & Chouaibi, J. (2021). Corporate governance and CSR disclosure:
Evidence from European financial institutions. International Journal of Disclosure
and Governance, 1-16. Gray, R., Javad, M.,
Power, D. M., & Sinclair, C. D. (2001). Social and environmental
disclosure and corporate characteristics: A research note and extension. Journal
of Business Finance & Accounting, 28(3-4), 327-356. Gujarati, D.N.,
& Porter, D.
(2009). Basic Econometrics, Mc Graw-Hill, New York. Guthrie,
J., Petty, R., & Ricceri, F. (2006). The voluntary
reporting of intellectual capital: Comparing evidence from Hong Kong and
Australia. Journal of Intellectual Capital, 7(2),
254-271. https://doi.org/10.1108/ 14691930610661890 Haniffa,
R. M., & Cooke, T. E. (2005). The impact of culture and governance on
corporate social reporting. Journal of Accounting and Public Policy, 24(5),
391-430. Ho,
S. S., & Wong, K. S. (2001). A study of the relationship between
corporate governance structures and the extent of voluntary disclosure. Journal
of International Accounting, Auditing and Taxation, 10(2), 139-156. Husted, B. W., & de Sousa-Filho, J. M. (2019). Board
structure and environmental, social, and governance disclosure in Latin
America. Journal of Business Research, 102, 220-227. Issarawornrawanich,
P., & Wuttichindanon, S. (2019). Corporate social responsibility
practices and disclosures in Thailand. Social Responsibility
Journal, 15(3), 318-332. Jensen, M. C., &
Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs
and ownership structure. Journal of Financial Economics, 3(4),
305-360. Kaewhanam, K.,
Sutthachai, S., & Likitwongkajon, N. (2017). The relationship between
corporate governance scored by Thai institute of directors and corporate
performance among Thai Listed Companies. WMS Journal of Management, 6(1),
44-53. Kaymak, T., &
Bektas, E. (2017). Corporate social responsibility and governance:
Information disclosure in multinational corporations. Corporate Social
Responsibility and Environmental Management, 24(6), 555-569. Khaireddine,
H., Salhi, B., Aljabr, J., & Jarboui, A. (2020). Impact of board
characteristics on governance, environmental and ethical disclosure. Society
and Business Review, 15(3), 273-295. Khan,
A., Muttakin, M. B., & Siddiqui, J. (2013). Corporate governance and corporate social responsibility
disclosures: Evidence from an emerging economy. Journal of Business
Ethics, 114, 207-223. Khan,
M., Hassan, A., Harrison, C. & Tarbert, H. (2020). CSR reporting: A
review of research and agenda for future research. Management Research
Review, 43(11), 1395-1419. Kittiwangchai,
M. T., & Yolrabil, O. (2020). The association of corporate
governance with firm performance and firm value growth of the listed
companies on the Stock Exchange of Thailand (SET100) (Doctoral
dissertation, Thammasat University). Kuo, L., & Yi-Ju
Chen, V. (2013). Is environmental disclosure an effective strategy on
establishment of environmental legitimacy for organization?. Management Decision, 51(7), 1462-1487. Li, J., Mangena, M.,
& Pike, R. (2012). The effect of audit committee characteristics on
intellectual capital disclosure. The British Accounting
Review, 44(2), 98-110. Loh, C.M., Deegan,
C., & Inglis, R. (2015). The changing trends of corporate social and
environmental disclosure within the Australian gambling industry. Accounting & Finance, 55(3), 783-823. Madi, H. K., Ishak, Z., & Manaf, N. A. A. (2014). The impact of audit
committee characteristics on corporate voluntary disclosure. Procedia-Social
and Behavioral Sciences, 164, 486-492. Man,
C. K. (2017). A Succinct Survey of Disclosure Quality Measurements. Retrieved
from SSRN: https://ssrn.com/abstract=3031472 or http://dx.doi.org/10.2139/ssrn.3031472. Moerman, L., &
van Der Laan, S. (2005). Social reporting in the tobacco industry: All smoke
and mirrors?. Accounting, Auditing
& Accountability Journal, 18(3),
374-389. Orazalin, N., &
Mahmood, M. (2018). Economic, environmental, and social performance
indicators of sustainability reporting: Evidence from the Russian oil and gas
industry. Energy Policy, 121, 70-79. Reverte, C. (2009). Determinants
of corporate social responsibility disclosure ratings by Spanish listed
firms. Journal of Business Ethics, 88, 351-366. Rupley, K.H., Brown,
D., & Marshall, R.S. (2012). Governance, media and the quality of
environmental disclosure. Journal of
Accounting and Public Policy, 31(6),
610-640. Said, R., Hj Zainuddin, Y., &
Haron, H. (2009). The relationship between corporate social responsibility
disclosure and corporate governance characteristics in Malaysian public
listed companies. Social Responsibility Journal, 5(2), 212-226. Saleh, M., Zulkifli, N., & Muhamad,
R. (2010). Corporate social responsibility disclosure and its relation on
institutional ownership: Evidence from public listed companies in
Malaysia. Managerial Auditing Journal, 25(6), 591-613. Samaha, K., Khlif, H., & Hussainey,
K. (2015). The impact of board and audit committee characteristics on
voluntary disclosure: A meta-analysis. Journal of International
Accounting, Auditing and Taxation, 24, 13-28. Securities
Exchange Commission (SEC) of Thailand (2004). Directors Handbook No. 1.
Securities Exchange Commission of Thailand, Thailand. Retrieved from
https://publish.sec.or.th/nrs/499a5.pdf, dated 10 November 2023. Stanny, E., &
Ely, K. (2008). Corporate environmental disclosures about the effects of
climate change. Corporate Social Responsibility and Environmental
Management, 15(6), 338-348. Stock Exchange of
Thailand (SET) (2023). SET Note. Stock Exchange of Thailand, 14.
Retrieved from
https://storage.googleapis.com/sg-prd-set-mis-cms/common/research/1311.pdf,
dated 10 November 2023. Song, J., &
Windram, B. (2004). Benchmarking audit committee effectiveness in financial
reporting. International Journal of Auditing, 8(3), 195-205. Tarigan, B., Pramono, A. J., Rusmin, R., & Astami,
E. W. (2022). The
impact of ownership structure and audit quality on carbon emission
disclosure: An empirical study from Indonesia. The Journal of Asian
Finance, Economics and Business, 9(4), 251-259. Tilling, M. V.,
& Tilt, C. A. (2010). The edge of legitimacy: Voluntary social and
environmental reporting in Rothmans' 1956‐1999 annual reports. Accounting,
Auditing & Accountability Journal, 23(1), 55-81. Uddin, S., &
Choudhury, J. (2008). Rationality, traditionalism and the state of corporate
governance mechanisms: Illustrations from a less‐developed country. Accounting,
Auditing & Accountability Journal, 21(7), 1026-1051. van der Laan Smith,
J., Adhikari, A., & Tondkar, R. H. (2005). Exploring differences in
social disclosures internationally: A stakeholder perspective. Journal of
Accounting and Public Policy, 24(2), 123-151. Wuttichindanon, S.
(2017). Corporate social responsibility disclosurechoices of report and its
determinants: Empirical evidence from firms listed on the Stock Exchange of
Thailand. Kasetsart Journal of Social Sciences, 38(2),
156-162. Yekini, K.C.,
Adelopo, I., & Adegbite, E. (2017). The impact of community expectations
on corporate community involvement disclosures in the UK. Accounting Forum, 41(3), 234-252. Yekini, K.C., Adelopo, I., Andrikopoulos, P., & Yekini,
S. (2015).
Impact of board independence on the quality of community disclosures in
annual reports. Accounting Forum, 39(4), 249-267. Yusoff,
H., Jamal, A. D. A., & Darus, F. (2016). Corporate governance and
corporate social responsibility disclosures: An emphasis on the CSR key
dimensions. Journal of Accounting and Auditing: Research and Practice, 3(5),
1-14. Zaman, R., Farooq, M. B., Khalid, F., & Mahmood, Z.
(2021). Examining the extent of and determinants for sustainability
assurance quality: The role of audit committees. Business Strategy and the
Environment, 30(7), 2887-2906. |
|||
