ความสัมพันธ์ระหว่างคุณภาพการสอบบัญชีกับราคาหุ้นสามัญของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Kenika Haekerd; Nimnual  Visedsun

Authors

Kenika Haekerd Master Student Program, Faculty of Accountancy, Rangsit University
Nimnual Visedsun Assistant Professor, Ph.D., Faculty of Accountancy

Keywords:

Audit quality, Common stock prices, Financial statement anomalies

Abstract

This study investigated the relevance of audit quality in relation to the market price of common equity among Thai firms listed on the Stock Exchange. Audit quality was measured by using three proxies: audit firm size, audit fees, and financial statement anomalies, as estimated by the Beneish M-Score model. The research was based on secondary data from Bloomberg's data system and integrated reports of 404 publicly traded businesses from 2021 to 2023, for a total of 1,212 firm-year observations. Descriptive statistics and robust multiple regression approaches were used to investigate the relationships between audit quality metrics and stock prices, while firm size was controlled. The research findings indicated that the quality of auditing, specifically the size of the auditing firm, had a positive correlation with common stock prices, while financial statement irregularities had a negative correlation with common stock prices. The size of the business, measured by total assets, serves as a control variable that also had a positive impact on the company's common stock prices. Therefore, these research findings reflect the relevance of the auditing firm's size and financial statement anomalies to the value of common stocks, which investors can utilize in making investment decisions in the Stock Exchange of Thailand.

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