full2010.pdf - page 954

916
O109
‡ªµ¤´¤¡´œ›ršµŠ„µ¦Á¤º°Š„´‡»–£µ¡¦µ¥Å—o
Political Connection and Earnings Quality
¡¦¦–›·—µ «¦¸ »ª¦œ´œšr*
Pantida Srisuworanan*
š‡´—¥n°
ª·š¥µœ·¡œ›r·Êœœ¸ÊÁž}œŠµœª· ‹´¥š¸É¤»nŠšÎ µ„µ¦«¹„¬µ¦³®ªnµŠ‡ªµ¤´¤¡´ œ›ršµŠ„µ¦Á¤º°Š ¨³‡»–£µ¡ °Š
¦µ¥Å—oĜÁ·Š o°¤¼¨ °Š¦·¬´ šš¸É‹—š³Á¸¥œÄœ˜¨µ—®¨´„š¦´¡¥r®nŠž¦³Áš«Åš¥ÄœnªŠže 2541-2552 o°¤¼¨
Á„¸É ¥ª„´¦µ¥Å—oœ´Ê œÁž}œ o°¤¼ ¨š¸É ε‡´ š¸É » —°¥nµŠ®œ¹ÉŠš¸É œ´„¨Šš» œ‹³ÄoĜ„µ¦˜´—·œÄ‹Äœ„µ¦¨Šš» œŽ¹ÉŠÄœš¸Éœ¸Ê
®¤µ¥™¹ Š„µ¦¨Šš» œÄœ˜¦µµ¦š» œ®¦º°®»o œÃ—¥ÁŒ¨¸É¥Â¨o ª¡ªn µ µ¥´¤¡´ œ›ršµŠ„µ¦Á¤º °ŠÅ¤nŗo ¦oµŠ
Ÿ¨ž¦³Ã¥œr Ä®o„´„¨»n ¤¦·¬´šš¸É¤¸ µ¥´¤¡´œ›ršµŠ„µ¦Á¤º °ŠÄœÂŠn°Š„µ¦š¸É‹³µ¤µ¦™¤¸ ‡» –£µ¡Á·Š o°¤¼¨
°ŠšµŠ´ ¸ ¨³ o°¤¼¨š¸Éž¦³„µ«Á„¸É¥ª„´¦µ¥Å—oŽ¹É Š„ȇº ° o°¤¼ ¨Ÿ¨ž¦³„°„µ¦¦µ¥že˜ÉÎ µ„ªnµ„¨»n¤¦·¬´šš¸ÉŤn
¤¸ µ¥´¤¡´ œ›ršµŠ„µ¦Á¤º°Š °¥nµŠÅ¦„Șµ¤¡ªnµš´ÊŠ°Š„¨»n ¤œ¸Ê¤¸‡ªµ¤Â˜„˜nµŠ„´œÄœÂŠn°Šž’·„·¦·¥µ °Š˜¨µ—
˜n°„µ¦ž¦³„µ«¦µ¥Å—o ¨³‡» –¤´˜· ž¦³„µ¦°ºÉœÇ Ánœ °´˜¦µn ªœ °Š®œ¸Ê˜n °š»œ Áž}œ˜oœ
‡ÎµÎµ‡´: ‡ªµ¤´¤¡´œ›r šµŠ„µ¦Á¤º°Š, ‡»–£µ¡ °Š o°¤¼¨šµŠ´ ¸, ‡»–£µ¡ °Š¦µ¥Å—o, ¦µ¥Å—o, ž¦³Áš«Åš¥
Abstract
This thesis is a study of the relation between political connections and the quality of accounting
information of the earnings among the listed firms in Thailand during 1998-2008. Earnings is one of the
most important information investors use in investment decisions which this paper would only focus on
stock investment. On an average, it could be concluded from the findings that political connections did not
give extra benefits in the aspect of the ability to have lower quality of earnings information to the
connected firms. However, the connected and non-connected firms were found to gain different market
reaction on earnings announcement and also in other qualities; for instance, debt to equity ratio.
Keywords: Political connection, Quality of accounting information, Quality of earnings, Earnings,
Thailand