Firm attributes, earnings management, and anti-corruption activities in Thai-listed firms
by Prawat Benyasrisawat
Afro-Asian J. of Finance and Accounting (AAJFA), Vol. 9, No. 4, 2019

Abstract: The Thailand Stock Exchange Commission now requires listed firms to disclose their anti-corruption activities to the public. We explore the unique Thai approach to corruption in three steps. First we study the relationship between anti-corruption activities and firm attributes. Second, we examine the relationship between anti-corruption activities and the quality of earnings. Lastly, we investigate whether the reporting of anti-corruption activity conveys new information to the Thai stock market. The results indicate that firms with superior performance attributes and good corporate governance have higher levels of anti-corruption progress. Earnings management is greater for firms with low levels of anti-corruption progress. We also find evidence that anti-corruption announcements are associated with significant market reactions. This suggests that anti-corruption announcements contain new information that investors consider relevant for firm values.

Online publication date: Mon, 14-Oct-2019

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