|
|
|||
|
|
|||
|
|
|
||
|
Accounting Fraud and
Corporate Governance on |
|||
|
|
|
|||
|
วันที่ได้รับต้นฉบับบทความ : วันที่แก้ไขปรับปรุงบทความ : วันที่ตอบรับตีพิมพ์บทความ : |
ดร.รจนา ขุนแก้ว ดร.จิตติมา วิเชียรรักษ์* ผู้ช่วยศาสตราจารย์ประจำสาขาวิชาการบัญชี คณะวิทยาการจัดการ มหาวิทยาลัยสงขลานครินทร์ (*ผู้ประพันธ์บรรณกิจ) |
|||
|
|
|
|||
|
Received: Revised: Accepted: |
Dr.Rojana Khunkaew Dr.Jittima Wichianrak* Assistant Professor of Department of
Accountancy, Faculty of Management Sciences, Prince of Songkla University (*Corresponding Author) |
|||
|
|
|
|||
|
คำสำคัญ : |
บทคัดย่อ งานวิจัยนี้มีวัตถุประสงค์
เพื่อศึกษาอิทธิพล คุณลักษณะของผู้บริหาร คณะกรรมการบริษัท คณะกรรมการตรวจสอบ และคุณภาพงานสอบบัญชี
ต่อการทุจริตทางบัญชีของบริษัทที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย
โดยมีกลุ่มตัวอย่างเป็นบริษัทที่มีข่าวการกล่าวโทษการทุจริตทางบัญชีบนเว็บไซด์ของคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์
ระหว่างปี พ.ศ. 2552-2567 โดยมีกลุ่มตัวอย่างรวมทั้งสิ้นเป็นจำนวน 122 ชุดข้อมูล
(Firm-Year) ซึ่งจำแนกเป็นบริษัทที่มีข่าวการทุจริตจำนวน 61 ชุดข้อมูล
และกลุ่มตัวอย่างที่ไม่มีการทุจริตทางบัญชี จำนวน 61 ชุดข้อมูล ผลการศึกษาพบว่า
คุณลักษณะของผู้บริหาร เรื่องอายุและระดับการศึกษาของผู้บริหารมีอิทธิพลเชิงลบต่อโอกาสในการทุจริตทางบัญชี
ในขณะปัจจัยค่าตอบแทนของผู้บริหารยังคงเป็นแรงจูงใจให้ผู้บริหารทำการทุจริตเพิ่มขึ้นได้
สำหรับบทบาทของคณะกรรมการบริษัทพบว่า สัดส่วนของคณะกรรมการอิสระนั้น
มีอิทธิพลเชิงลบต่อโอกาสในการเกิดการทุจริตทางบัญชีอย่างมีนัยสำคัญ
ในขณะที่ความถี่ในการประชุมของคณะกรรมการกลับสะท้อนถึงการเพิ่มขึ้นของการทุจริตทางบัญชี
นอกจากนั้นแล้วการมีคณะกรรมการตรวจสอบยังส่งเสริมประสิทธิภาพการกำกับดูแลกิจการและลดทอนการทุจริตทางบัญชีเช่นกัน
โดยการมีคณะกรรมการตรวจสอบจำนวนมากและวาระดำรงตำแหน่งยาวนานจะทำให้มีโอกาสในการเกิดการทุจริตทางบัญชีลดลงได้อย่างมีนัยสำคัญ
อย่างไรก็ตามเป็นที่ประหลาดใจ
การมีคณะกรรมการตรวจสอบที่มีความรู้ทางด้านบัญชีและการเงินในสัดส่วนที่สูงขึ้นกลับมีอิทธิพลต่อการเกิดการทุจริตเพิ่มขึ้นได้
นอกจากกลไกจากภายในแล้วนั้น
การตรวจสอบโดยผู้สอบบัญชีภายนอกยังมีส่วนสำคัญต่อการทุจริตทางบัญชีเช่นกัน
โดยสำนักงานสอบบัญชีขนาดใหญ่ (BIG
4) ส่งผลให้มีโอกาสเกิดการทุจริตลดลงอย่างมีนัยสำคัญ
อย่างไรก็ตามปัจจัยค่าธรรมเนียมการสอบกลับสะท้อนถึงโอกาสของการทุจริตทางบัญชีที่เพิ่มขึ้น |
|||
|
|
|
|||
|
Keywords: Accounting Fraud, |
ABSTRACT This study aims to
examine the influence of executive characteristics, board of directors, audit
committee, and audit quality on accounting fraud among firms listed on the
Stock Exchange of Thailand. The sample comprises firms that were publicly
accused of accounting fraud on the Securities and Exchange Commissions
website between 2009 and 2024, totaling 122 firm-year observations, of which
61 represent fraud cases and 61 represent non-fraud cases. The findings
reveal that executive age and educational level are negatively associated
with the likelihood of accounting fraud, while executive compensation remains
a motivating factor that increases the probability of fraudulent behavior.
With respect to board characteristics, a higher proportion of independent
directors significantly reduces the likelihood of accounting fraud, whereas
board meeting frequency is positively associated with fraudulent activity.
Moreover, the establishment of an audit committee enhances governance
effectiveness, as a greater number of committee members and longer tenure are
both significantly linked to reduced fraud risk. However, it is surprising
that higher levels of financial and accounting expertise within the audit
committee are associated with an increased risk of fraud. Apart from internal
mechanisms, the role of the external audit is equally critical. Evidence
suggests that the appointment of Big 4 audit firms substantially lowers the
probability of accounting fraud, while audit fees tend to signal a higher
risk of fraudulent practices. |
|||
|
|
|
|||
|
|
HOW TO
CITE |
||
|
|
Khunkaew, R., & Wichianrak, J. (2026). Accounting fraud
and corporate governance on the Stock Exchange of Thailand. Journal of
Accounting Profession, 22(74), 44-72. |
||
|
|
|
|||
|
|
REFERENCES Aghaei Chadegani, A. (2011). Review of studies on audit
quality. Available at SSRN 2227359.
Agrawal, A., & Chadha, S. (2005). Corporate
governance and accounting scandals. The
Journal of Law and Economics, 48(2), 371-406. Alhmood, M. A., Shaari, H., & Al-dhamari, R. (2020).
CEO characteristics and real earnings management in Jordan. International Journal of Financial
Research, 11(4), 255-266. Association of Certified Examiners. (2024). Report to
the Nations (2024) Global Study on Occupational Fraud and Abuse. Retrieved
from https://www.acfe.com/report-to-the-nations/2024/ Awolowo, I., Garrow, N., Clark, M., & Chan, D.
(2018). Accounting scandals: Beyond corporate governance. Journal of Modern Accounting and Auditing,
14(8), 399-407. Basu, S., Hwang, L.-S., & Jan, C.-L. (2001).
Differences in conservatism between big eight and non-big eight auditors. Available at SSRN 2428836. Beasley, S., Carcello, J., Hermanson, D., & Neal, T.
(2010). Fraudulent Financial Reporting: 19972007: An Analysis of US Public
Companies. Durham, NC: The Committee of
Sponsoring Organizations of the Treadway Commission (COSO). Bhavani, G., & Amponsah, C. T. (2017). M-Score and
Z-Score for detection of accounting fraud. Accountancy Business and the
Public Interest, 1(1), 68-86. Brazel, J. F. (2018). Do auditors and
audit committees lower fraud risk by constraining inconsistencies between
financial and nonfinancial measures?. Current
Issues in Auditing, 12(2), 7-15. Chaiwong, D.,
Saramath, P., & Tansunpong, S. (2022). The Effect of Audit Quality on the Relationship
betweenInternal Control and Financial Reporting Quality of Listed Companies
on the Stock Exchange of Thailand. Journal of Business Administration
Meajo University, 4(2), 85-108. Cheung, K. Y., & Adelopo, I. (2022). Audit committee
financial expertise, accrual, and real earnings management. Journal of
Corporate Accounting & Finance, 33(3), 102-118. Deekaew, S. (2017). Relationship between board
characteristics and earnings management of companies listed on The Stock
Exchange of Thailand [Masters thesis, Chiang Mai University]. Cmudc.
https://cmudc.library.cmu.ac.th/frontend/Info/item/dc:124903 Dwiyanti, K. T., & Astriena, M. (2018). Pengaruh
kepemilikan keluarga dan karakteristik komite audit terhadap manajemen laba. Jurnal Riset Akuntansi dan Bisnis
Airlangga, 3(2), 447-469. Ebaid, I. E.-S. (2023). Board characteristics and the likelihood
of financial statements fraud: Empirical evidence from an emerging market. Future Business Journal, 9(1), 47. Fama, E. F., & Jensen, M. C. (1983). Separation of
ownership and control. The journal of law and Economics, 26(2),
301-325. Feng, M., Ge, W., Luo, S., & Shevlin, T. (2011). Why
do CFOs become involved in material accounting manipulations? Journal of Accounting and Economics, 51(1-2),
21-36. Gavious, I., Segev, E., & Yosef, R. (2012). Female
directors and earnings management in high-technology firms. Pacific Accounting Review, 24(1),
4-32. Ghafran, C., & O'Sullivan, N. (2013). The governance
role of audit committees: Reviewing a decade of evidence. International Journal of Management
Reviews, 15(4), 381-407. Hair, J. F., William, C., Babin, B. J., & Anderson,
R.E. (2014). Multivariate data analysis (7th ed.). Upper Saddle River:
Pearson New International Edition Huang, H.-W., & Thiruvadi, S. (2010). Audit
committee characteristics and corporate fraud. International Journal of Public Information Systems, 6(1). 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. Kaituko, L. E., Githaiga, P. N.,
& Chelogoi, S. K. (2023). Board
structure and the likelihood of financial statement fraud. Does audit fee
matter? Evidence from manufacturing firms in the East Africa community. Cogent
business & management, 10(2),
2218175. Kamarudin, K. A., Ismail, W. A. W., & Alwi, M. (2014).
The effects of audit committee attributes on fraudulent financial reporting. Journal of Modern Accounting and Auditing,
10(5). Khunkaew, R. (2022). Executives Compensation,
Managerial Power, and Earning Management: A Case Study of Thai Firm Listed in
the Stock Exchange of Thailand (SET). Journal of Accounting Profession, 18(60),
86-114. Khunkaew, R., & Qingxiang, Y. (2019). The
Characteristics Of Top Management And FirmS Earnings Management: The
Evidence Form Thailand. Copernican Journal of Finance & Accounting, 8(3),
49-74. Khunkaew, R., & Suttipun, M. (2023). The Association
between Audit Committee Characteristics and Earnings Quality: The Case of
Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT). Journal of Accounting Profession, 19(61), 5-34. Kusumosari, L., & Rahardjo, S. N. (2023). Audit
committee effectiveness as fraud prevention mechanisms. Jurnal Riset Akuntansi dan Bisnis Airlangga, 8(2), 1602-1623. Longtunman. (8 June 2023). Summary of corruption in
STARK Company, damages 50 billion baht. Retrieved from
https://www.longtunman.com/45717 Martinez, A. L., & Moraes, A. D. J. (2017).
RELATIONSHIP BETWEEN AUDITORS'FEES AND EARNINGS MANAGEMENT. Revista de Administração de Empresas, 57,
148-157. Marzuki, M. M., Haji-Abdullah, N. M., Othman, R., Abdul
Wahab, E. A., & Harymawan, I. (2019). Audit committee characteristics,
board diversity, and fraudulent financial reporting in Malaysia. Asian
Academy of Management Journal, 24(2), 143-167. Meechana, J., Petchchedchoo, P., Kumsuprom, S., &
Panmanee, P. (2024). The Association Accrual-Based Earnings Management on CEO
and CFO Attribute: Thai Listed Companies. Rajapark Journal, 18(61),
267-284. Mousavi, M., Zimon, G., Salehi, M., & Stepnicka, N.
(2022). The effect of corporate governance structure on fraud and money
laundering. Risks, 10(9), 1-25. Nimpi, P., & Jantarakolica, T. (2021). Audit Quality
and Real Earnings Management: Evidence from Thailand. Journal of
International Business Innovation & Management, 2(3), 63-86. Nurliasari, K. E., & Achmad, T. (2020). Pengaruh
karakteristik komite audit terhadap kecurangan pelaporan keuangan (Studi
empiris perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode
2015-2017). Diponegoro Journal of
Accounting, 9(1). Nyamumbo, B. K. (2024). Audit Committee Characteristics
and Fraudulent Financial Reporting. Journal
of Finance and Accounting, 8(8), 74-86. Pathak, S., Samba, C., & Li, M. (2021). Audit
committee diversity and financial restatements. Journal of Management and
Governance, 25(3), 899-931 Peni, E., & Vähämaa, S. (2010). Female executives
and earnings management. Managerial
Finance, 36(7), 629-645. Phakdee, A., & Srijunpetc, S. (2021). The Impact of
Audit Committee Characteristics on Real Earnings Management: Evidence from
Listed Companies in The Stock Exchange of Thailand. University of the Thai
Chamber of Commerce Journal Humanities and Social Sciences, 41(4), 1-26. Pongjitt, W., Jantarakolica, K., & Suwannoi, T.
(2023). Corporate Governance and Financial Statement Fraud of the Listed Companies
in the Stock Exchange of Thailand. Journal of Academic for Public and
Private Management, 5(2), 179-194. Puat Nelson, S., & Devi, S. (2013). Audit committee
experts and earnings quality. Corporate
Governance: The international journal of business in society, 13(4),
335-351. Samakketkarnpol, S., & Petchchedchoo, P. (2018). The
relationship between corporate governance mechanisms and management fraud of
the companies listed in the stock exchange of Thailand. Suthiparithat
Journal, 32(101), 92-109. Sangeamklang, P., & Nakprasit. C.
(2016). The relationship between corporate governance and audit choice: A
case study of listed companies in the stock exchange of Thailand. NRRU
Community Research Journal, 10(3), 73-85. Sharma, V. D., & Iselin, E. R. (2012).
The association between audit committee multiple-directorships,
tenure, and financial misstatements. Auditing: A Journal of Practice &
Theory, 31(3), 149175. Sitthipongpanich, T., & Polsiri, P.
(2012). CEO characteristics and corporate financing in Thailand. International
Research Journal of Finance and Economics, 102, 56-69. Srinidhi, B. I. N., Gul, F. A., & Tsui, J. (2011).
Female Directors and Earnings Quality. Contemporary
Accounting Research, 28(5), 1610-1644. Sukeecheep, S., Yarram, S. R., & Farooque, O. A.
(2013). Earnings management and board characteristics in Thai listed
companies. Paper presented at the International Conference on Business,
Economics and Accounting, Bangkok, Thailand. The Securities and Exchange Commission of Thailand.
(2017). Corporate governance code for listed companies. Retrieved from The Securities and Exchange Commission of Thailand.
(n.d.). Auditor requirements and financial reporting obligations for listed
companies. The Stock Exchange
of Thailand. (2022). Independent director and audit committee. Retrieved from
https://media.set.or.th/set/Documents/2022/Jul/ Independent_Director_and_Audit_Committee.pdf The Sustainable Capital Market Development. (n.d.).
Corporate governance. Retrieved from
https://setsustainability.com/page/corporate-governance The Stock Exchange
of Thailand. (2024a). Qualifications to maintain the listing status. Retrieved
from https://www.set.or.th/en/listing/listed-company/simplified- The Stock Exchange
of Thailand. (2024b). Periodic disclosure - audited
annual financial statements requirement. https://www.set.or.th/en/listing/listed-company/simplified-egulations/disclosure/periodic-disclosure Troy, C., Smith, K. G., & Domino, M. A. (2011). CEO
demographics and accounting fraud: Who is more likely to rationalize illegal
acts? Strategic Organization, 9(4),
259-282. Tutino, M., & Merlo, M. (2019). ACCOUNTING FRAUD: A
LITERATURE REVIEW. Risk Governance & Control: Financial Markets &
Institutions, 9(1). 8-25. Uzun, H., Szewczyk, S. H., & Varma, R. (2004). Board
composition and corporate fraud. Financial
Analysts Journal, 60(3), 33-43. Wilbanks, R. M. (2014). Audit
committee oversight of fraud risk (Doctoral dissertation, Coles College of
Business, Kennesaw State University). Dissertations, Theses and Capstone
Projects, Paper 601. https://digitalcommons.kennesaw.edu/etd/601 Wilbanks, R. M., Hermanson, D. R., & Sharma, V. D. (2017). Audit committee oversight of fraud risk: The role of
social ties, professional ties, and governance characteristics. Accounting
Horizons, 31(3), 2138. Wilbanks, R. M., Hermanson, D. R., & Sharma, V. D. (2024). The Role of the Audit Committee in Fraud Risk
Oversight. Journal of Forensic and Investigative Accounting, 16(2), 144-154. Xie, B., Davidson III, W. N., & DaDalt, P. J.
(2003). Earnings management and corporate governance: the role of the board
and the audit committee. Journal of
Corporate Finance, 9(3), 295-316. Yousefi Nejad, M., Sarwar Khan, A., & Othman, J.
(2024). A panel data analysis of the effect of audit quality on financial
statement fraud. Asian Journal of
Accounting Research, 9(4), 422-445.
|
|||
