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The Influence of
Corporate Governance and Tax Planning on Market Performance: Evidence from
the SET Industrial Sector during the COVID-19 Recovery Period |
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วันที่ได้รับต้นฉบับบทความ
: วันที่แก้ไขปรับปรุงบทความ
: วันที่ตอบรับตีพิมพ์บทความ
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รุ่งนภา
นุ่นจันทร์ ธนพร
สามเมือง มลิวัลย์
แก้วสวัสดิ์ นักศึกษาระดับปริญญาตรี
หลักสูตรบัญชีบัณฑิต คณะศิลปศาสตร์และวิทยาการจัดการ
ดวงใจ
ตันติวัตรกุล อาจารย์ประจำหลักสูตร
บัญชีบัณฑิต คณะศิลปศาสตร์และวิทยาการจัดการ
(ผู้ประพันธ์บรรณกิจ) |
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Received: Revised: Accepted: |
Rungnapa Nunjan Thanaporn Sammueang Maliwan Kaewsawat Bachelor of Accountancy, Prince of Songkla
University, Surat Thani Campus Duangjai Tantivattrkul Lecturer of Bachelor of Accountancy Program, Faculty of Liberal Arts and Management
Sciences, Prince of Songkla
University, Surat Thani Campus (Corresponding Author) |
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คำสำคัญ : |
บทคัดย่อ การวิจัยนี้มุ่งศึกษาอิทธิพลของการกำกับดูแลกิจการ
(CG) และการวางแผนภาษีที่มีต่อผลการดำเนินงานทางตลาด
(Tobin's Q) ของบริษัทกลุ่มสินค้าอุตสาหกรรมในตลาดหลักทรัพย์แห่งประเทศไทย
ช่วงฟื้นฟูจากวิกฤตโควิด-19
(พ.ศ. 2564–2566) จำนวน 138
ตัวอย่าง
และวิเคราะห์ด้วยแบบจำลองเชิงผสม
(Mixed Model) ผลการศึกษาพบว่า
ระดับ CG ที่แตกต่างกันมีอิทธิพลต่อมูลค่ากิจการแตกต่างกัน
โดยพบว่า
ระดับ 4
ดาวมีความสัมพันธ์เชิงบวกอย่างมีนัยสำคัญ
ในขณะที่ระดับ
5
ดาวไม่มีนัยสำคัญ
ผลดังกล่าวสอดคล้องกับแนวคิด
Non-Linear Relationship ที่บ่งชี้ว่า
การกำกับดูแลที่เข้มงวดเกินไปอาจก่อให้เกิดต้นทุนสูงกว่าประโยชน์ที่ได้รับ
นอกจากนี้การวางแผนภาษี
ซึ่งวัดจาก ETR
และ TAX/ASSETS ไม่มีอิทธิพลต่อมูลค่ากิจการ
เนื่องจากนักลงทุนให้ความสำคัญกับความสามารถในการทำกำไร
(ROA) มากกว่าการประหยัดภาษี
ซึ่งเป็นผลที่ตามมาจากโครงสร้างอุตสาหกรรม
เช่น
สิทธิประโยชน์จากการส่งเสริมการลงทุน
(BOI) งานวิจัยนี้เสนอแนะให้ผู้บริหารรักษาสมดุล
CG ที่ระดับ
4
ดาวเพื่อคงความคล่องตัว
และมุ่งเน้นการสร้างผลกำไรจากการดำเนินงานหลักมากกว่ากลยุทธ์ภาษีเชิงรุก
ซึ่งไม่ได้สร้างมูลค่าเพิ่มในมุมมองของตลาดทุน
ตลอดจนเป็นแนวทางให้หน่วยงานกำกับดูแลออกแบบนโยบายได้สอดคล้องกับพฤติกรรมของนักลงทุน |
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Keywords: Corporate Governance, |
ABSTRACT This study
investigates the influence of corporate governance (CG) and tax planning on
market performance (Tobin's Q) of industrial sector companies listed on the
Stock Exchange of Thailand during the post-COVID-19 recovery period
(2021–2023), using 138 observations analyzed through a mixed model. The
findings reveal that different levels of CG exert different effects on firm
value, with the 4-star level demonstrating a significant positive
relationship, whereas the 5-star level yields no statistically significant
effect. These findings are consistent with the non-linear relationship
concept, which suggests that overly stringent governance may generate costs
exceeding its benefits. Furthermore, tax planning, as proxied by ETR and
TAX/ASSETS, exhibits no significant influence on firm value, as investors
prioritize profitability (ROA) over tax savings, which are perceived as mere
byproducts of industry-specific structural factors such as BOI tax
incentives. The study recommends that executives maintain a balanced CG at
the 4-star level to preserve operational flexibility and emphasize core
operating profitability rather than pursuing aggressive tax strategies that
do not generate additional market value. These findings also provide
regulatory bodies with guidance for designing policies aligned with investor
behavior. |
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HOW TO
CITE |
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Nunjan, R., Sammueang, T., Kaewsawat, M., & Tantivattrkul,
D. (2026). The influence of corporate governance and tax planning on market
performance: Evidence from the SET industrial sector during the COVID-19
recovery period. Journal of Accounting Profession, 22(75), 45-74. https://doi.org/10.14456/jap.2026.12 |
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