บทบาทของกลไกการกำกับดูแลกิจการในการกำกับความสัมพันธ์ระหว่างการจัดการกำไรกับผลการดำเนินงานด้าน ESG

 

The Moderating Role of Corporate Governance Mechanisms on the Relationship between Earnings Management and ESG Performance

 

 

วันที่ได้รับต้นฉบับบทความ :
20 มิถุนายน 2568

วันที่แก้ไขปรับปรุงบทความ :
12 สิงหาคม 2568

วันที่ตอบรับตีพิมพ์บทความ :
22 สิงหาคม 2568

ดร.จิรารัช พิพัฒน์นราพงศ์

อาจารย์ประจำกลุ่มวิชาเทคโนโลยีสารสนเทศ

คณะบัญชี มหาวิทยาลัยหอการค้าไทย

(ผู้ประสานงานหลัก)

เยาวรักษ์ สุขวิบูลย์

รองศาสตราจารย์ประจำสาขาวิชาการบัญชี

คณะบัญชี มหาวิทยาลัยรังสิต

วัฒนี รัมมะพ้อ

อาจารย์ประจำประจำสาขาวิชาการบัญชี

คณะบัญชี มหาวิทยาลัยรังสิต

 

 

Received:
June 20, 2025

Revised:
August 12, 2025

Accepted:
August 22, 2025

Dr.Jirarat Pipatnarapong

Lecturer in Department of Information Technology,

School of Accountancy, University of the Thai Chamber of Commerce

(Corresponding Author)

Yaowarak Sukwiboon

Associate Professor in Accounting,

Faculty of Accountancy, Rangsit University

Wattanee Rammapor

Lecturer in Accounting,

Faculty of Accountancy, Rangsit University

 

 

คำสำคัญ :
การจัดการกำไร ความยั่งยืน ผลการดำเนินงานด้าน ESG การกำกับดูแลกิจการ กรรมการหญิง

บทคัดย่อ

การวิจัยครั้งนี้มีวัตถุประสงค์ เพื่อศึกษาความสัมพันธ์ระหว่างการจัดการกำไรกับผลการดำเนินงานด้าน ESG และศึกษาบทบาทของกลไกการกำกับดูแลกิจการในการกำกับความสัมพันธ์ดังกล่าว โดยใช้ข้อมูลบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทยระหว่างปี พ.ศ. 2561 – 2565 การวัดค่าผลการดำเนินงานด้าน ESG ใช้คะแนน ESG จากฐานข้อมูล Refinitive Eikon ส่วนการวัดการจัดการกำไรใช้โมเดล Jones, Modified Jones และ Modified Jones with ROA control ทั้งในรูปแบบที่พิจารณาทิศทางของการจัดการกำไร และรูปแบบที่พิจารณาขนาดของการจัดการกำไรโดยไม่สนใจทิศทาง ผลการวิเคราะห์พบว่า การจัดการกำไรเชิงทิศทางที่วัดโดยโมเดล Modified Jones with ROA control มีความสัมพันธ์เชิงลบกับคะแนน ESG อย่างมีนัยสำคัญทางสถิติที่ระดับ 1% สะท้อนว่า องค์กรที่ตกแต่งกำไรมีแนวโน้มให้ความสำคัญกับ ESG น้อย ในส่วนของรูปแบบที่พิจารณาขนาดของการจัดการกำไร พบความสัมพันธ์เชิงลบในโมเดล Jones และ Modified Jones อย่างมีนัยสำคัญ ขณะที่ในโมเดล Modified Jones with ROA control ไม่พบความสัมพันธ์อย่างมีนัยสำคัญ ซึ่งอาจเป็นผลจากการควบคุมผลการดำเนินงาน (ROA) ในแบบจำลองดังกล่าว ทำให้ผลกระทบของการจัดการกำไรต่อ ESG ลดลงในเชิงสถิติ สะท้อนให้เห็นว่า ความสัมพันธ์ที่ตรวจพบในโมเดล Jones และ Modified Jones อาจเป็นผลลวงจากข้อจำกัดของแบบจำลองมากกว่าจะเป็นความสัมพันธ์ที่เกิดขึ้นจริงระหว่างตัวแปร ซึ่งทำให้ค่าคงค้างสูงถูกตีความว่า เป็นผลจากการจัดการกำไร ทั้งที่ในความเป็นจริงอาจเกิดจากประสิทธิภาพในการดำเนินงานของกิจการเอง สำหรับบทบาทของกลไกการกำกับดูแลพบว่า ขนาดและความเป็นอิสระของคณะกรรมการไม่มีอิทธิพลอย่างมีนัยสำคัญต่อความสัมพันธ์ระหว่างการจัดการกำไรกับการดำเนินงานด้าน ESG อย่างไรก็ตามพบว่า ความหลากหลายทางเพศของคณะกรรมการ โดยเฉพาะสัดส่วนกรรมการหญิงมีผลในเชิงลดทอนความสัมพันธ์เชิงลบดังกล่าวอย่างมีนัยสำคัญในบางโมเดล ซึ่งชี้ให้เห็นถึงบทบาทของความหลากหลายทางเพศในการกำกับและควบคุมพฤติกรรมที่อาจส่งผลเสียต่อความยั่งยืนขององค์กร

 

 

Keywords:

Earnings Management, Sustainability, ESG Performance, Corporate Governance, Female Directors

ABSTRACT

This study aims to examine the relationship between earnings management and ESG performance, as well as to explore the role of corporate governance mechanisms that may influence this relationship. The data consists of firms listed on the Stock Exchange of Thailand during the period 2018 – 2022. ESG performance is measured using ESG scores from the Refinitiv Eikon database. Earnings management is assessed using the Jones model, the Modified Jones model, and the Modified Jones with ROA control, with both directional (signed) and magnitude-based (absolute) approaches. The analysis reveals that directional earnings management, as measured by the Modified Jones with ROA control, is significantly negatively associated with ESG scores at the 1% significance level. This suggests that firms engaging in earnings manipulation tend to place less emphasis on ESG initiatives. For the magnitude-based approach, a significant negative relationship was found under the Jones and Modified Jones models. In contrast, the Modified Jones model with ROA control did not yield a statistically significant relationship. This may result from the inclusion of return on assets (ROA) in the model, which reduces the statistical impact of earnings management on ESG performance. This finding suggests that the relationships observed in the Jones and Modified Jones models may reflect model misspecification rather than a true association between the variables. Specifically, high accruals may have been misinterpreted as earnings management, when in fact they could stem from the firm’s operational efficiency. Regarding the role of corporate governance, board size and independence do not significantly influence the relationship between earnings management and ESG performance. However, gender diversity on the board—the proportion of female directors—significantly moderates the negative relationship in some models. This highlights the important role of gender diversity in overseeing and mitigating behaviors that may undermine organizational sustainability.

 

 

 

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