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  • The Effect of Corporate Social Responsibility (CSR), Corporate Governance

    (CG), and Code of Conducts (COC) on the Corporate Return on Operations

    (CRO) of the Companies Listed in the Stock Exchange of Thailand (SET)

    .. 2550

  • :

    : / : / : 2554 : 154 :

    *

    (1) (2) (3) (SET) 118

    1. 60.00 3

    2.

    3. 2549 2549 2549-2550 2549-2550

    *

  • Title : The effect of corporate social responsibility, corporate governance, and code of conducts on corporate return on operations of the companies listed in the Stock Exchange Researcher : Phusit Wonglorsaichon Faculty/Department : Business Admistration /International Business The University of the Thai Chamber of Commerce Year of Accomplishment : 2011 No. of Pages : 154 pages Key words : corporate social responsibility, corporate governance, code of conducts , corporate return

    on operations

    Abstract*

    The study of the effect of corporate social responsibility, corporate governance, and code of

    conducts on corporate return on operations of the companies listed in the Stock Exchange of Thailand has the objectives 1) to study the practice and the level of importance of corporate social responsibility, corporate governance, and code of conducts of the companies listed in the Stock Exchange of Thailand 2) to study the relationship between corporate social responsibility, corporate governance, and code of conducts of the companies listed in the Stock Exchange of Thailand 3) to study the effect of corporate social responsibility, corporate governance, and code of conducts on corporate return on operations of the companies listed in the Stock Exchange of Thailand. The sample is 118 of the companies listed in the Stock Exchange of Thailand. The results are:

    1. 60% of sample conducts all of corporate social responsibility, corporate governance, and code of conducts. The most importance is code of conducts, corporate governance, and corporate social responsibility consecutively.

    2. Corporate social responsibility has the relationship with code of conducts and corporate governance has the relationship with code of conducts.

    3. Corporate social responsibility affects on return on equity in 2006. Code of conducts of social supporting affects on return on equity in 2006 and economic value added in 2006 and 2007 and code of conducts of risk reduction affects on economic value added in 2006 and 2007.

    * This research was financially supported by the University of The Thai Chamber of Commerce

  • . .

    14 2554

  • ................................................................................................................................................................................................................................................................................................................

    ....................................................................................................................................................................................................................................................................................

    .......................................................................................................................................................

    ................................................................................................................................................................................................................................................................................................

    ............................................................................................................................................................................................................................................................................................

    11 .................................................................................................................................................................................................................................................................................................. 11

    ................................................................................ 1 ............................................................................................................. 2 ................................................................................................................. 3 .................................................................................................................... 3 .............................................................................................................................. 4 ........................................................................................................... 5

    22 .................................................................................................................................................................. 77

    ...................................................................................... 7 ..................................................................................................... 22 ........................................................................................ 47 (Corporate Return on Operations: CRO) ........ 50 2549 2550 ................................................................. 51 2549 2550 .................................................................... 54 .............................................................................................. 55

    33 ........................................................................................................................................................................................................................................................ 6363

    ......................................................................................................... 63 ............................................................................................................. 65 ........................................................................................... 66 ............................................................................................................ 67 .................................................................................... 67 .................................................................................................................... 68

    4 4 ................................................................................................................................................................................................................................................................................ 6969

    ............................................................................................................................... 69

  • ................................................................................................ 77 ......... 82 ............................................................................................................... 89

    55 ...................................................................................................................................................................... 112112

    ....................................................................................................................... 112 ............................................................................................................................. 118 ............................................................................................................................ 138

    ............................................................................................................................................................................................................................................................................................ 139139

    .............................................................................................................................................................................................................................................................................. 144144

    .................................................................................................................................................................................................................................................................................................... 146146

    ...................................................................................................... 147 ........................................................................................................ 153

    .............................................................................................................................................................................................................................................................................................. 154154

  • 1 .. 2543 CLSA ................................................................... 45 2 .. 2545 IMD ............................................................. 47 3 2549 2550 ......................................................................................... 53 4 2549-2550 .......................................................................... 55 5 ............................................................................................................................................... 63 6 .......................................................................................................................................... 65 7 ............................................................................................................................................................... 70 8 ........................................................................................................................... 72 9 .......................................................................................................................... 73 10 .............................................................................................................................. 73 11 ....................................................................... 76 12 ................................................................................ 78 13 ............................................................................................ 79 14 ............................................................................... 80 15 .............................. 81 16 ............................................... 81 17 .................................. 82 18 2550 .................................................................. 83 19 2550 2549 .................................. 84 20 2550 2549 ..................................... 84 21 2550 .................................................................................... 85 22 2550 2549 .................................................... 86 23 2550 2549 ...................................................... 86 24 2550 ....................................................................... 87 25 2550 2549 ...................................... 88 26 2550 2549 ......................................... 88 27 ............................... 89 28

    2550 .................................................................................................................................................................... 91 29

    2549 .................................................................................................................................................................... 91 30 2550 ................. 92 31 2549 .................. 92 32 2550 ............................ 93 33 2549 ............................ 93 34 2550 ......................... 95 35 2549 ......................... 95

  • 36 2550 .................................... 96 37 2549 .................................. 96 38 2550 ............................................ 97 39 2549 ............................................ 97 40 2550 ............ 99 41 2549 ............ 99 42 2549 ..................... 100 43 2549 ................. 101 44 2550 .............................. 102 45 2549 .............................. 102 46 (Factor loading) ................................................................................ 104 47 6 .......................................................................................................... 105 48 (factor loading) ..................................................................................... 107 49 2550 ............................ 108 50 2549 .............................. 108 51 2549 ......................................... 109 52 2549 ......................................... 109 53 2550 .................................................. 110 54 2549 .................................................. 110 55 ................. 111 56 ........................ 131 57 .................................... 133

  • 1 .......................................................................................................................................................... 6 2 ............................................................. 37 3 ............................................................................................................ 38 4 ............................................................................................................................... 39 5

    2546 2550 ................................................................................................. 55 6 ........................................................................................................... 75

  • 1

    World Economic Forum 31 2542 The Global Compact 26 2543 2,735 ( 2548) 10 (http://www.unglobalcompact.org 4 2550) (Corporate Governance) ( 2549) 5 (1) (2) (3) (4) (5) 5 (www.thaicsr.com, 2550)

    http://www.unglobalcompact.org/http://www.thaicsr.com/

  • 2

    ( 2549) (Corporate Social Responsibility) (Corporate Governance) 3

    1. (Corporate Social Responsibility) (Corporate Governance) (Code of Conducts)

    2.

    3.

  • 3

    2

    1. 2.

    4 1. 4

    1.1 (Corporate Social Responsibility : CSR) 1.2 (Corporate Governance : CG) 1.3 (Code of Conducts : COC) 1.4 (Corporate Return on Operations)

    2.

    3. (The Stock

    Exchange of Thailand - SET) 4. 1 2550 31 2553

  • 4

    1. (The Stock Exchange of Thailand - SET) .. 2517 (...)

    2. (Corporate Social Responsibility: CSR)

    3. (Corporate Governance: CG)

    4. (Code of Conducts: COC)

    5. (Corporate Return on Operations)

    (Return on Equity: ROE)

    http://th.wikipedia.org/wiki/%E0%B8%95%E0%B8%A5%E0%B8%B2%E0%B8%94%E0%B8%AB%E0%B8%A5%E0%B8%B1%E0%B8%81%E0%B8%97%E0%B8%A3%E0%B8%B1%E0%B8%9E%E0%B8%A2%E0%B9%8Chttp://th.wikipedia.org/wiki/%E0%B8%9B%E0%B8%A3%E0%B8%B0%E0%B9%80%E0%B8%97%E0%B8%A8%E0%B9%84%E0%B8%97%E0%B8%A2http://th.wikipedia.org/wiki/%E0%B8%9E%E0%B8%A3%E0%B8%B0%E0%B8%A3%E0%B8%B2%E0%B8%8A%E0%B8%9A%E0%B8%B1%E0%B8%8D%E0%B8%8D%E0%B8%B1%E0%B8%95%E0%B8%B4http://th.wikipedia.org/wiki/%E0%B8%9E.%E0%B8%A8._2517http://th.wikipedia.org/wiki/%E0%B8%84%E0%B8%93%E0%B8%B0%E0%B8%81%E0%B8%A3%E0%B8%A3%E0%B8%A1%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%81%E0%B8%B3%E0%B8%81%E0%B8%B1%E0%B8%9A%E0%B8%AB%E0%B8%A5%E0%B8%B1%E0%B8%81%E0%B8%97%E0%B8%A3%E0%B8%B1%E0%B8%9E%E0%B8%A2%E0%B9%8C%E0%B9%81%E0%B8%A5%E0%B8%B0%E0%B8%95%E0%B8%A5%E0%B8%B2%E0%B8%94%E0%B8%AB%E0%B8%A5%E0%B8%B1%E0%B8%81%E0%B8%97%E0%B8%A3%E0%B8%B1%E0%B8%9E%E0%B8%A2%E0%B9%8Chttp://th.wikipedia.org/wiki/%E0%B8%84%E0%B8%93%E0%B8%B0%E0%B8%81%E0%B8%A3%E0%B8%A3%E0%B8%A1%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%81%E0%B8%B3%E0%B8%81%E0%B8%B1%E0%B8%9A%E0%B8%AB%E0%B8%A5%E0%B8%B1%E0%B8%81%E0%B8%97%E0%B8%A3%E0%B8%B1%E0%B8%9E%E0%B8%A2%E0%B9%8C%E0%B9%81%E0%B8%A5%E0%B8%B0%E0%B8%95%E0%B8%A5%E0%B8%B2%E0%B8%94%E0%B8%AB%E0%B8%A5%E0%B8%B1%E0%B8%81%E0%B8%97%E0%B8%A3%E0%B8%B1%E0%B8%9E%E0%B8%A2%E0%B9%8Chttp://th.wikipedia.org/wiki/%E0%B8%95%E0%B8%A3%E0%B8%B2%E0%B8%AA%E0%B8%B2%E0%B8%A3%E0%B8%97%E0%B8%B8%E0%B8%99

  • 5

    (Price/Earning Ratio: P/E Ratio) (Economic Value Added: EVA)

    6. (Return on Equity: ROE)

    7. (Price/Earning Ratio: P/E Ratio)

    8. (Economic Value Added: EVA)

    (Economic Profit)

    3 1.

    2.

    3.

  • 6

    1

    Corporate Social Responsibility (CSR)

    1. 2. 3. 4. 5. 6.

    Corporate Governance (CG)

    1. 2. 3. 4. 5.

    Code of Conducts (COC)

    1. 2.

    3. 4. 5. 6. 7. 8. 9. 10.

    (Corporate Return on Operations) 1.

    (ROE) 2.

    (P/E) 3. (EVA)

  • 2

    7 1 2 3 4 5 2549 2550 6 2549 2550 7 1 : (Corporate Social Responsibility: CSR)

    (Orlitzky, 2005) OECD UN Global Compact (ILO Conventions on Workplace Practice) (ISO Standards) ISO14001S Accountability 1000S (AA1000S) Social Accountability 8000 (SA8000)

  • 8

    (Sahlin-Andersson, 2006)

    McWilliams & Siegel (2001) Kotler Lee (2005) World Business Council for Sustainable Development (The Orgranizatin Business for Social Responsibility) ( Kotler & Lee, 2005) (www.thaicsr.com, 2550) (Baron, 2001) (Friedman, 1970)

    Kotler Nancy (2005) 6

    1. (Cause Promotions)

  • 9

    2. (Cause-Related Marketing) (Non-Profit Organization)

    3. (Corporate Social Marketing)

    4. (Corporate Philanthropy)

    5. (Community Volunteering)

    6. (Socially Responsible Business Practices)

    CSR

    (Corporate Social Responsibility Instituer : CSIR) (, 2551) 4

  • 10

    1 (mandatory level) (legislation)

    2 (elementary level) (economic profit)

    3 (preemptive level) (business code of conduct)

    4 (voluntary level) (voluntary action)

    1

    (www.thaicsr.com, 2550) CSR network and Radley Yeldar (2007) 10

    1. DePaul (1997) Harvard

    http://www.thaicsr.com/

  • 11

    (Stakeholder) 4 8

    2. (Socially Responsible Investment - SRI) 2001 12% 12% ( 2546)

    3.

    4.

    5. CSR Europe/MORI 2000 70% 1 5 1 6 CSR

    6.

    7. 78% (www.csreurope.org)

  • 12

    8.

    9.

    10.

    (McWilliams & Siegel, 2001) (Mackey et al, 2007) Campbell (2007) (Institutional theory of corporate social responsibility)

  • 13

    Waddock Graves (1997) (Return on Assets) (Return on Sales) Orlitzky, Schmidt Rynes (2003) 1970 (Barnett, 2007)

    (Return of Assets) (Return on Equity) (Orlitzky, 2005)

    Standwick and Stanwick (1998) 5 6

    Orlitzky (2001) (Path Analytic Model)

  • 14

    (Barnett, 2007) 2 1

    (UN) 5 UN (ILO, UNDP, UNEP, UNCHR, UNIDO) / (http://www.csri.or.th/ knowledge/csr /190)

    (2543) Wollongong

    http://www.csri.or.th/

  • 15

    () (http://www.measwatch.org/autopage/show_page.php?t=&s_id= 228&d_id=228&page=2&start=1)

    (2549) (1) SRI (Social Responsibility Investing) 2 (2) (3) (, 66 - 2549)

    http://www.measwatch.org/autopage/show_page.php?t=&s_id=%20228&d_id=228&page=2&start=1http://www.measwatch.org/autopage/show_page.php?t=&s_id=%20228&d_id=228&page=2&start=1

  • 16

    () () 50% 75% ( 2550)

    (2548)

    " " " 1 2 3 4 5 "

  • 17

    85% CEO 5 (http://www.nidambe11.net/ekonomiz/2005q3/ article2005july04p5.htm)

    (2553)

    () ( ) CSR Club (http://www.thaigoodonline.com/main.php?dev=poster&poster_id=277)

    http://www.nidambe11.net/ekonomiz/2005q3/

  • 18

    : Corporate Social Responsibility Good governance (http://www.siamhrm.com/report/ management_report.php? max=133)

    James C.Colins. & Jerry J. Porras.

    18 50 1 1926 6,356 1990 1 1926 955 1990 6 (http://www.csri.or.th/ knowledge/csr/188. Builtto Last)

    Yankelovich (2004) A Crisis of Confidence

    80 80 94

    Fortune

    (http://www.csri.or.th/knowledge/csr/188)

    http://www.siamhrm.com/report/http://www.csri.or.th/%20knowledge/csr/188.%20

  • 19

    92% 14% (http://www.csri.or.th/ knowledge/csr /190)

    4 8 (http://www.csri.or.th/ knowledge/csr/188)

    (2548: ) 60% 59% 73% 87%

    http://www.csri.or.th/http://www.csri.or.th/

  • 20

    75%

    (CSIR)

    (, 2551)

    Ipsos Mori

    25,000 26 (brand) (http://www.csri.or.th/knowledge/csr /190)

  • 21

    2

    "The Market for Virtue : The Potential and Limits of Corporate Responsibility" SRI (http://www.7sme.com/news/page.php?news_id=622)

    (Milton Friedman) (philanthropy) (http://www.thaigoodonline.com/ main.php?dev=poster&poster_id=277)

    ()

    http://www.7sme.com/news/page.php?news_id=622http://www.thaigoodonline.com/

  • 22

    2 :

    ( : )

    ( 2: 2) (T )

    1. (Accountability) 2. (Transparency) 3. (Equity)

    ( ) ( : 216)

  • 23

    ( : ) Corporate Governance

    (2549: 203)

    (Corporation) (Governance)

    (Corporation)

    G

    (Governance)

    ( takeholders)

  • 24

    (The rganization for

    Economic Co-Operation and Development; OECD : 24)

    (CALPERS

    : )

    ( : ) .

    (US SEC) 1. (Integrity of Character) 2. (Integrity of Information) 3. (Integrity of Auditing

    and Compliance System) 4. (And Above all, (Integrity of

    Mission)

    Shleifer and Vishny (1997 : ) ( ) ( ) ( )

    The Toronto Stock Exchange Committee ( : 25)

  • 25

    The Organization for Economic Co-Operation and Development (1999) ( ) ( ) (McKinsey & Company)

    The Organization for Economic Co-Operation and Development (1999)

    1. (Ensuring the Basis for an Effective Corporate

    Governance Framework) 2. (The Rights of Shareholder and Key Ownership Functions) 3. (Equitable Treatment of Shareholders) 4. (Role of Stakeholder in Corporate Governance) 5. (Disclosure and Transparency) 6. (Responsibilities of Board) ( )

    1.

    1. 2.

  • 26

    3. 4. 5.

    ( )

    2. :

    3. :

    4.

    ( )

  • 27

    5.

    6.

    7.

    8. (code of ethics or statement of business conduct)

  • 28

    9. (controlling significant shareholders)

    10.

    11.

  • 29

    ( )

    . . .

    12.

    13.

    14.

  • 30

    (compliance controls)

    15.

    16.

    ( nvestor elations)

    (IOD) (McKinsey &

    Company)

    1. (Rights for Shareholders) (Proxy voting)

    2. (Equi table Treatment of Shareholders)

  • 31

    3. (Role of Stakeholder)

    4. (Disclosure and Transparency)

    5. (Board Responsibilities)

    The Organization for Economic Co-Operation and Development (1999) ( ) ( ) (McKinsey & Company) EC

    2549 5 2545 15 OECD (The Organization for Economic Co-Operation and Development) 2549

  • 32

    1.

    2.

    3.

  • 33

    4.

    .

    5.

    1 3 3 OECD (2004) 6

  • 34

    Ho (2005) Bauer et al (2004) Net Profit Margin (Return on Equity: ROE)

  • 35

    ( : )

    1.

    2.

    3.

    4.

  • 36

    1. ( ) ( tewards)

    2. ( )

    ( iduciary duties) ( uty of oyalty) (Duty of Care)

    3.

  • 37

    2 : ( : )

    ( )

  • 38

    3 : ( : )

  • 39

    4 : ( : ) : (Structure and Process)

    1. 2. 3. 4.

    (Structure + Process)

    (Ethics + Integrity) (Competence + Wisdom)

  • 40

    5.

    : (Ethics and Integrity)

    (Senior Executive) 1. 2. 3. 4. ( ) : (Competence + Wisdom)

    (knowledge) ( kills) ( roficiency) (Expertise)

    ( rofitability) ( tability) (Growth) (Contribution to ociety)

  • 41

    . . (CLSA) (Emerging market) (Market capital) ( : )

    ( , 2551) ( )

    ( ) ( ) ( )

    ( . . .) ( ) (Good Governance) (Good rating) . . . ( )

    1.

  • 42

    2. . . .

    3. (Fast track) filing . . .

    1.

    2. Premium

    remium

    ( )

    1. 2. 3. 4. 5. 6. ( )

  • 43

    ( ( ) 2543) ( : - ) . . ( ) ( ) . . . . . . . . ( )

  • 44

    . . . Corporate Governance Rating ( : ) T .

    1.

    2. 3.

  • 45

    . . (C ) 1 CLSA

    (1-10)

    1. 7.5

    2. 7.1

    3. 6.8

    4. 6.5

    5. 5.9

    6. 5.7

    7. 5.6

    8. 5.3

    9. 5.2

    10. 4.9

    11. 4.2

    12. 4.2

    13. 4.2

    14. 3.7

    15. 3.7

    16. 3.6

    17. 3.2

  • 46

    (1-10)

    18. 3.1

    19. 3.0

    20. 3.0

    21. 2.9

    22. 2.9

    23. 2.8

    24. 2.7

    25. 2.3 : CLSA. 2000. Corporate governance; Whos Swimming Naked [Online]. Available URL: http://www.thaicg.org/Rank/clsa43t.html . . nstitute of Management and evelopment ( M ) . . ord Competit iveness earbook 2002

  • 47

    2 IMD

    1. 6.90

    2. 7.36

    3. 17.45

    4. 18.64

    5. 21.27

    6. 31.45

    7. 31.81

    8. 32.27

    9. 47.45 : IMD. 2002. World Competitiveness Yearbook. [Online]. Available URL: http://www.thaicg.org/Rank/corprank43t.html 3 : (Code of Conducts: COC)

  • 48

    ( , 2550)

    (ThaiBMA) (http://www.thaibma.or.th/doc/governance.pdf)

    10 1. 2.

    http://www.thaibma.or.th/doc/governance.pdf

  • 49

    3. 4.

    5. 6. 7. 8. 18

  • 50

    9. 10. ( , 2550)

    1. (Credit) 2. (Devotion)

    3. (Good Image) 4. 5.

    4 : (Corporate Return on Operations: CRO) (Return on Equity: ROE)

    () 100

  • 51

    (Price/Earning Ratio: P/E Ratio)

    12 P/E Ratio (Economic Value Added: EVA)

    (Economic Profit) EVA EVA (Net Operation Profit After Tax: NOPAT) (Capital Charges) (Average Invested Capital) (Cost of Capital) 5 : 2549 2550

    2550 2549 ( ) 2550 5.2 6.6 3

    2550 4.2 4,211.0

  • 52

    3 2550 4.5 3 2550 4.7 3 3 2550 14.1 145,981.0 7.7 136,722.0 2550 9,259.0 3

    2550 1.1 3

    -0.3 3

    2550 2549 38.0 34.5 3

    2550 1.0-1.25%

    2550 1.8-2.3% 2550 5

  • 53

    2550 2549 60-65 ( 63 ) 2549 25-28 26-29 3 2549 2550

    2549 2550-F 1/ % 9.2 6.6 1/ % 5.4 5.2

    - 1/ % 3.3 3.3 - 1/ % 2.6 2.5 - 1/ % 2.7 2.0

    GDP () 2/ 7,813.0 8,469.0 GDP ( 2531) 2/ 4,044.0 4,211.0 2/ % 5.0 4.2 ()

    - 2/ % 4.4 4.5 - 2/ % 6.1 4.7

    () - 2/ % 3.1 1.1 - 2/ % 4.0 -0.3

    3/ US $ 127,941.0 145,981.0 % 17.2 14.1 3/ US $ 126,947.0 136,722.0 % 7.8 7.7 3/ US $ 994.0 9,259.0 3/ / US $ 38.0 34.5

    : 1/

    2/ 3/

    F 2550

  • 54

    6 : 2549 2550

    (2550) 2550 858.10 679.84 2549 26 915.03 616.75 31 5.08 2549 6.64 2550 6 3.96 2549 4.19 2550 17,097

    2549 4.23 2549 3.31 2550 2550 12.63 8.10 2549 5 4

    : (2549-2550)

  • 55

    5 2546 2550

    4 2549-2550

    2549 2550

    9.96 7.88**

    10.00* 8.87 8.96 9.18 9.40 9.65 8.43 10.45 8.03 11.11 8.20 12.37 8.00 11.75 7.89** 12.04 8.35 13.08*

    8.71 12.20 8.10 12.63 * **

    : (2549-2550)

    7 :

    John L. Campbell (2007)

  • 56

    1. G

    2. 3

    John L. Campbell (2007) G

    Mackey, Mackey, & Barney (2007)

  • 57

    (Socially Responsible Investment) ()

    1. 2. 3.

    Barnett (2007) inancial nvestment case by case takeho lde r n f l uence Capac i t y G

  • 58

    C

    (Social Responsibility) 3.8 5 50% 5 3.31 3.23

    100 % 3

  • 59

    63.33 % 53.33 % 26.67% 23.33 % 16.67% 6.67% 50% 46.67% 43.33% " (2548: ) (1) (2) (3) (Focus Group Interview) (Quota Sampling) (Focus Group Interview) 2 250

    1.

  • 60

    ( 3.88 1 5)

    2. / 50 / / / /

    3.

    4. 3 3 5 (1) (2) (3)

  • 61

    (4) (5)

    5. (1) . () () (1991) () (2) () . () (1991) (3) (1991) () . () () (4) () . () () (1991) (5) (1991) () . () () (6) () (1991) . () (7) () . () (1991) () (8) . () () (1991)

  • 62

    (2551) 300 18-65 60% 90

    1. 4 5 30 30

    2. 5 32% . 6% 5% 4% 4% 16% 25% 20% 12% 12%

    3.

    4. 18%

  • 3

    6 1 2 3 4 5 6

    (SET) 449 ( 11 2550) 25 8 5 5

    1 20 2 26 3 25 4 12 5 6 6 35

  • 64

    7 13 8 17 9 21 10 3 11 13 12 13 13 20 14 54 15 29 16 1 17 21 18 13 19 15 20 14 21 2 22 15 23 25 24 11 25 25 25 8 449

    (SET) 187 6

  • 65

    6 1 30 2 27 3 51 4 41 5 4 6 5 7 20 8 9

    8 187

    (Questionnaire) (Close-ended questionnaire) (Open-ended questionnaire) 4

    1 2 (Corporate

    Return on Operations) 3

    4

    2, 3 4

    (Corporate Return on Operations) (ROE) (P/E) (EVA)

  • 66

    (Validity) (Reliability)

    1. (Validity) (Content Validity)

    2. (Pre-test) 30

    (Rating Scale) (Reliability Coefficient Alpha) (Cronbachs Coefficient alpha) , 2549

    = k 1- Vi k-1 Vt = k = Vi = Vt =

    0.799

  • 67

    1.

    2. (Questionnaire)

    (Validity) (Reliability)

    / / 2 1

    5 4 3 2 1

  • 68

    4.21 5.00 3.41 4.20 2.61 3.40 1.81 2.60 1.00 1.80

    1. (Correlation Coefficient)

    2. (Multiple Regression Analysis)

    3. (Factor Analysis)

    4. (Multiple Regression Analysis) ()

  • 4

    187 4 1 2 3 4

    1

    1.1

    64.60 45 54 42.50 35 44 55 64 61.30 5 10 43.60 11 16 7

  • 70

    7

    117.00 64.60 64.00 35.40 () 34 2.00 1.10 35 44 56.00 30.90 45 54 77.00 42.50 55 64 35.00 19.30 64 11.00 6.10 12.0 6.60 55.0 30.40 114.0 63.00 () 5 39.0 21.50 5 10 79.0 43.60 11 16 41.0 22.70 17 22 19.0 10.50 22 3.0 1.70 : 6

    1.2

  • 71

    27.30 50.00 21.90 16.00 16.00 8 1,526.00 2545 2551 9

    2550 2549 6.76, 18.31 24,253,000,000 10

  • 72

    8

    51.00 27.30 30.00 16.00 13.00 7.00 8.00 4.30

    41.00 21.90 16.00 8.6.00 15.00 8.00 7.00 3.70 2.00 1.10 1.00 0.50

    30.00 16.00 17.00 9.10 13.00 7.00

    27.00 14.40 16.00 8.60 8.00 4.30 3.00 1.60

    20.00 10.70 2.00 1.10 1.00 0.50 7.00 3.70 1.00 0.50 2.00 1.10 7.00 3.70

    9.00 4.80 1.00 0.50 8.00 4.30

    5.00 2.70 5.00 2.70

    4.00 2.10 4.00 2.10

  • 73

    9

    46.00 14,396.00 1,526.00 2,264.270 2445 2551 - - 10

    2550

    -284.86 49.62 6.76 26.71

    2549

    -831.45 74.07 5.75 64.34

    2550

    N/A 340.27 18.31 32.22

    2549

    N/A 76.52 11.84 8.66

    2550 -141,000,000 1,590,000,000,000 24,253,000,000 133,067,000,000

    2549 -70,612,000.00 1,490,000,000,000 23,158,000,000 126,856,000,000

    2549-2550 2549-2550 2549-2550 2549-2550 6

  • 74

    ROE2550 Stem-and-Leaf Plot 7.00 Extremes (==36) Stem width: 10.00 Each leaf: 1 case(s)

    ROE2549 Stem-and-Leaf Plot 2.00 Extremes (==43) Stem width: 10.00 Each leaf: 1 case(s)

    PE2550 Stem-and-Leaf Plot 5.00 0 . 00001 5.00 0 . 22233 6.00 0 . 444555 22.00 0 . 6666666666667777777777 22.00 0 . 8888888889999999999999 16.00 1 . 0000000000001111 12.00 1 . 222223333333 12.00 1 . 444455555555 11.00 1 . 66666667777 9.00 1 . 888999999 5.00 2 . 00011 4.00 2 . 2333 5.00 2 . 44555 .00 2 . 3.00 2 . 899 8.00 Extremes (>=34) Stem width: 10.00 Each leaf: 1 case(s)

    PE2549 Stem-and-Leaf Plot 1.00 -0 . 0 6.00 0 . 000111 1.00 0 . 3 18.00 0 . 444444455555555555 24.00 0 . 666666666666777777777777 22.00 0 . 8888888888888899999999 21.00 1 . 000000000011111111111 10.00 1 . 2222223333 9.00 1 . 444555555 9.00 1 . 666667777 8.00 1 . 88889999 5.00 2 . 00111 2.00 2 . 23 2.00 2 . 45 2.00 2 . 66 5.00 Extremes (>=31) Stem width: 10.00 Each leaf: 1 case(s)

  • 75

    EVA2550 Stem-and-Leaf Plot 2.00 -0 . 01 50.00 0 . 00000000011111111122233334444444455566666777778889 17.00 1 . 00224456788899999 14.00 2 . 01233444556679 8.00 3 . 01224456 8.00 4 . 23344589 3.00 5 . 456 4.00 6 . 0789 4.00 7 . 5567 2.00 8 . 12 3.00 9 . 347 2.00 10 . 18 1.00 11 . 0 1.00 12 . 8 1.00 13 . 1 2.00 14 . 04 .00 15 . 1.00 16 . 5 1.00 17 . 2 21.00 Extremes (>=2E+010) Stem width: 1.0E+009 Each leaf: 1 case(s)

    EVA2549 Stem-and-Leaf Plot 2.00 -0 . 00 49.00 0 . 0000001111111111111222233334444555566666667788889 20.00 1 . 11233344566777888888 14.00 2 . 12233355667779 9.00 3 . 345566778 7.00 4 . 2688999 3.00 5 . 335 4.00 6 . 3578 3.00 7 . 125 2.00 8 . 33 5.00 9 . 02469 1.00 10 . 8 1.00 11 . 3 .00 12 . 1.00 13 . 1 1.00 14 . 2 2.00 15 . 35 21.00 Extremes (>=2E+010) Stem width: 1.0E+009 Each leaf: 1 case(s)

    6

    2549-2550 27.31 15.30 2549-2550 25.54 28.28 2549-2550 7.80 7.60 11

  • 76

    11

    2550 5.91 6.17 2.67 9.06 7.60 14.35 8.62 15.30

    2549 12.67 2.28 -9.44 11.14 18.47 10.40 14.73 27.31

    2550 10.02 18.38 27.74 12.33 28.28 19.51 21.42 9.60

    2549 9.30 8.21 12.22 12.13 15.42 25.54 15.84 8.90

    2550 2.3507* 2.5242* 6.8672** 7.8015* 3.7042* 2.4169** 9.7830* 2.1865**

    2549 1.9875* 2.4192* 6.5108** 7.6017* 4.5848* 1.9493** 1.0391** 2.1507**

    * , **

  • 77

    2

    60.00 3 4.26 3.95 3.89 2.1

    ( 81.80) ( 77.50) ( 77.00)

    18.20-28.30 5 5.30

    (3.89) (4.18) (4.11) (4.04) 12

    2.2

  • 78

    (3.95) (4.35) (4.04) (3.82) 13 2.3

    ( 97.30) ( 96.80) ( 95.20)

    2.70-33.70 5 8.00

    (4.26) (4.70) (4.68) (4.62) 14

    12

    ()

    5

    81.80 18.20 - 4.11 0.61

    77.00 23.00 - 4.04 0.84

    70.60 28.30 1.10 3.82 0.81

    77.50 22.50 - 4.18 0.74

  • 79

    ()

    5

    66.30 28.30 5.30 3.69 0.82

    75.90 24.10 - 3.70 0.71

    - - - 3.89 0.51

    13

    ()

    5

    - - - 4.04 0.67

    - - - 4.35 0.76

    - - - 3.80 0.65

    - - - 3.82 0.86

    - - - 3.75 0.72

    3.95 0.45

  • 80

    14

    ()

    5

    97.30 2.70 - 3.54 0.65

    95.20 4.80 - 4.50 0.72

    96.80 3.20 - 4.24 0.68

    86.10 13.90 - 4.68 0.50

    73.80 26.20 - 4.07 0.37

    86.60 13.40 - 4.50 0.62

    67.90 28.90 3.2 4.09 0.51

    65.20 31.60 3.2 4.62 0.69

    65.20 26.70 8.0 4.06 0.56

    61.50 33.70 4.8 4.70 0.63

    4.26 0.31

    4.29 3.65 4.20 4.38 3.68 3.96 15-17

  • 81

    15

    4.53 4.04 4.03 3.90 4.00 4.00 4.13 4.11

    3.93 3.86 4.11 4.25 4.25 4.00 3.80 4.29

    4.14 4.11 3.75 3.42 4.25 3.67 3.42 4.13

    4.67 4.45 4.03 3.75 4.50 4.60 3.79 4.43

    4.46 3.88 3.43 3.13 4.67 - 3.21 3.75

    4.07 3.94 3.57 3.42 4.33 - 3.44 3.88

    4.26 4.00 3.82 3.67 4.29 4.23 3.65 4.06

    16

    4.13 3.89 4.10 4.02 4.25 4.00 3.85 4.22

    4.47 4.15 4.45 4.51 3.75 3.40 4.25 4.22

    4.00 3.78 3.78 3.73 3.75 3.60 3.80 3.78

    4.40 4.04 3.76 3.49 4.50 4.20 3.35 3.67

    4.00 4.15 3.69 3.61 3.50 3.20 3.65 3.44

    4.20 4.00 3.96 3.87 3.95 3.68 3.78 3.87

  • 82

    17

    3.89 3.81 3.50 3.32 3.50 3.50 3.40 3.33

    4.90 4.33 4.52 4.45 4.50 4.20 4.44 4.11

    4.17 4.19 4.29 4.24 4.75 4.60 4.10 4.22

    4.85 4.76 4.69 4.63 4.33 4.20 4.65 4.56

    3.92 4.11 4.10 4.06 4.67 4.00 4.13 4.14

    4.57 4.64 4.52 4.53 4.25 4.00 4.47 4.13

    3.85 4.27 4.14 4.25 4.50 4.00 4.13 3.78

    4.81 4.90 4.59 4.56 5.00 5.00 4.60 4.00

    4.08 4.11 4.08 4.07 5.00 5.00 4.07 3.50

    4.71 5.00 4.79 4.76 5.00 4.00 4.64 4.00

    4.38 4.30 4.27 4.23 4.23 4.17 4.21 3.96

    3

    98.91 98.77 2550 2549

  • 83

    2

    1. 10.90% 20% 166.00 90.22 20-40% 15.00 8.15 2550 5.25% 20% 180.00 97.30 20-40% 5.00 2.70 18-19

    2. 2550 11.46% 20% 97.00 52.43 20-40% 88.00 47.57 20

    18 2550

    20% 166.00 90.22 20-40% 15.00 8.15 41-60% - - 61-80% - - 80% 1.00 0.54 2.00 1.09 :

    1. 10.90%

    2. 3 2550

  • 84

    19 2550 2549

    20% 180.00 97.30 20-40% 5.00 2.70 41-60% - - 61-80% - - 80% - - :

    1. 5.25% 2. 2

    2550 2549

    20 2550

    2549

    20% 97.00 52.43 20-40% 88.00 47.57 41-60% - - 61-80% - - 80% - - :

    1. 11.46% 2. 2

    2550 2549

    2

    1. 18.01%

    20% 84.00 51.53 20-40%

  • 85

    75.00 46.01 2550 11.53% 20% 101.00 54.59 20-40% 84.00 45.41 21-22

    2. 2550 6.68% 20% 178.00 96.22 20-40% 7.00 3.78 24

    21 2550

    20% 84.00 51.53 20-40% 75.00 46.01 41-60% 1.00 0.61 61-80% - - 80% 1.00 0.61 2.00 1.23 :

    1. 18.01% 2. 24

    2550

  • 86

    22 2550 2549

    20% 101.00 54.59 20-40% 84.00 45.41 41-60% - - 61-80% - - 80% - - :

    1. 11.53% 2. 2

    2550 2549

    23 2550 2549

    20% 178.00 96.22 20-40% 7.00 3.78 41-60% - - 61-80% - - 80% - - :

    1. 6.68% 2. 2

    2550 2549

    2

    1. 17.96% 20-40% 92.00 56.44 20% 63.00 38.65

  • 87

    2550 8.06% 20% 171.00 92.43 20-40% 10.00 5.41 24-25

    2. 444.00 2,000 145.00 88.96 2,001-4,000 15.00 9.20 2550 11.69% 20% 94.00 50.81 20-40% 91.00 49.19 26

    24 2550

    20% 63.00 38.65 20-40% 92.00 56.44 41-60% - - 61-80% - - 80% 6.00 3.68 2.00 1.23 :

    1. 17.96%

    2. 24 2550

  • 88

    25 2550 2549

    20% 171.00 92.43 20-40% 10.00 5.41 41-60% 4.00 2.16 61-80% - - 80% - - :

    1. 8.06% 2. 2

    2550 2549

    26 2550

    2549

    20% 94.00 50.81 20-40% 91.00 49.19 41-60% - - 61-80% - - 80% - - :

    1. 11.69% 2. 2

    2550 2549

  • 89

    4

    4.1

    (Correlation Coefficient) 27 1) .05 2) .05 3) .05 27

    Correlation 1.000

    Significance (2-tailed) .

    Df 0

    Correlation 0.137 1.000

    Significance (2-tailed) .064 .

    Df 181 0

    Correlation 0.311 0.485

    Significance (2-tailed) .000* .000* .

    Df 181 181 0

    * .05

  • 90

    4.2

    2549-2550 (Multiple Regression Analysis)

    Y = a + b1X1 + b2X2 + b3X3 + b4X4 + b5X5 + b6X6 Y =

    X1 = X2 = X3 = X4 = X5 = X6 =

    2550 2549-2550 28 32-33

    2549 .05 2549 .05 2550 .05 29-33

  • 91

    28 2550

    2550

    Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -.346 -.010 .992 -3.734 -.122 -.701 .486 2.529 .110 .685 .496 .000 .000 .000 1.000 -4.798 -.183 -.889 .378 3.279 .124 .588 .559 5.632 .179 1.294 .201 R = .252a , R2 = .064, Adjusted R2 = -.035, Sig = .0.693a

    29 2549

    2549

    Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -192.835 -2.192 .032 -3.734 -.122 -.701 .486 -14.105 -.108 -.833 .408 19.698 .145 1.194 .237 -3.802 -.026 -.129 .898 14.317 .096 .581 .563 46.977 .266 2.208* .031 R = .266a , R2 = .071, Adjusted R2 = .056, Sig = .0.031a

    * .05

  • 92

    30 2550

    2550 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    270.901 3.956 .000 -30.561 -.423 -2.946* .005 -30.977 -.584 -4.322* .000 46.352 .792 4.716* .000 -47.820 -.755 -4.586* .000 12.368 .191 1.115 .270 -5.637 -.074 -.636 .528 R = .645a , R2 = .416, Adjusted R2 = .346, Sig = .0.000a

    * .05

    31 2549

    2549 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -8.693 -.636 .527 -.415 -.038 -.204 .839 4.981 .580 3.324* .002 -5.569 -.639 -2.669* .010 1.747 .178 .750 .457 2.892 .294 1.271 .210 .850 .074 .555 .581 R = .513a , R2 = .263, Adjusted R2 = .173, Sig = .0.016a

    * .05

  • 93

    32 2550

    2550 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -3.068E10 -.084 .933 -2.606E10 -.081 -.470 .640 1.513E10 .063 .395 .695 4.022E10 .160 .776 .441 5.243E10 .195 .937 .353 -6.338E10 -.231 -1.100 .276 -6.373E9 -.020 -.141 .888 R = .248a , R2 = .061, Adjusted R2 = -.034, Sig = .696

    33 2549

    2549 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -2.468E10 -.072 .943 -2.537E10 -.084 -.489 .627 1.392E10 .062 .387 .700 3.828E10 .163 .788 .434 4.924E10 .195 .939 .352 -5.949E10 -.231 -1.102 .275 -6.270E9 -.021 -.148 .883 R = .247a , R2 = .062, Adjusted R2 = -.033, Sig = .688

  • 94

    4.3

    2549-2550 (Multiple Regression Analysis)

    Y = a + b1X1 + b2X2 + b3X3 + b4X4 + b5X5 Y =

    X1 = X2 = X3 = X4 = X5 =

    .05 34-39

  • 95

    34 2550

    2550

    Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    6.710 .371 .711 1.296 .033 .433 .666 .323 .009 .109 .913 .102 .003 .026 .979 2.749 .089 1.106 .270 -4.670 -.126 -1.349 .179 R = .144a , R2 = .021, Adjusted R2 = -.007, Sig = .593 a 35

    2549

    2549 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    17.047 .391 .696

    -.586 -.006 -.081 .935

    -3.498 -.042 -.489 .625

    -.551 -.006 -.058 .954

    6.793 .092 1.139 .256

    -4.699 -.053 -.568 .570

    R = .117a , R2 = .014, Adjusted R2 = -.014, Sig = .778 a

  • 96

    36 2550

    2550 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    11.422 .492 .624

    -.408 -.009 -.108 .914

    -.630 -.015 -.152 .879

    .101 .002 .020 .984

    2.036 .054 .612 .541

    .815 .019 .185 .853

    R = .059a , R2 = .004, Adjusted R2 = -.029, Sig = .991 a 37

    2549 2549 Unstandardized

    Coefficients (b) Standardized

    Coefficients (beta) t Sig

    1.395 .029 .977

    -0.707 -.007 -.089 .929

    5.134 .059 .633 .528

    3.778 .039 .360 .719

    -7.039 -.091 -1.037 .301

    -0.769 -.009 -.084 .933

    R = .109a , R2 = .012, Adjusted R2 = -.020, Sig = .866 a

  • 97

    38 2550

    2550 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -2.547E10 -.283 .778

    -6.360E9 -.032 -.421 .675

    -5.747E9 -.033 -.386 .700

    1.039E10 .051 .534 .594

    1.803E10 .118 1.458 .147

    -2.223E9 -.012 -.129 .898

    R = .141a , R2 = .020, Adjusted R2 = -.008, Sig = .616 a

    39 2549

    2549 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -2.079E10 -.242 .809

    -7.147E9 -.038 -.496 .620

    -6.827E9 -.041 -.480 .632

    1.196E10 .062 .645 .520

    1.718E10 .118 1.454 .148

    -2.397E9 -.014 -.145 .884

    R = .148a , R2 = .022, Adjusted R2 = -.006, Sig = .564 a

    4.4

  • 98

    2549-2550 (Multiple Regression Analysis)

    Y = a + b1X1 + b2X2 + b3X3 + b4X4 + b5X5 Y =

    X1 = X2 = X3 = X4 = X5 = X6 = X7 = X8 = X9 = X10 =

    2549-2550 .05 40-45

    2549 2549-2550 .05 2549-2550 .05 43 44-45

  • 99

    40 2550

    2550

    Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    41.440 .447 .656 1.706 .027 .182 .856

    -7.907 -.159 -.856 .394

    8.733 .131 .463 .644 5.473 .056 .222 .825 -8.396 -.079 -.398 .692 -5.873 -.090 -.371 .712

    3.079 .035 .156 .876

    5.480 .093 .267 .790 2.093 .030 .112 .911 -10.930 -.183 -.433 .666 R = .197a , R2 = .039, Adjusted R2 = -.073, Sig = .965 a

    41 2549

    2549

    Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -16.821 -.132 .895 4.286 .027 .208 .836

    -25.590 -.203 -1.434 .155

    24.965 .149 1.207 .231 -60.060 -.241 -2.186* .031 -58.983 -.229 -1.273 .206

  • 100

    41 2549

    2549

    Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    47.528 .306 3.055* .003

    -36.900 -.166 -1.476 .143

    24.377 .140 .804 .424 -16.868 -.112 -.496 .621 R = .314a , R2 = .099, Adjusted R2 = .080, Sig = .007a

    * .05

    42 2549

    2550 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -32.279 -.961 .340 -.123 -.006 -.033 .974

    1.107 .062 .318 .752

    -.485 -.021 -.067 .946 .248 .008 .027 .979 7.941 .217 1.022 .310 3.509 .150 .573 .569

    .636 .021 .087 .931

    -5.133 -.259 -.683 .497 .045 .002 .006 .995 3.145 .156 .343 .733

  • 101

    2550 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    R = .241a , R2 = .058, Adjusted R2 = -.076, Sig = .926a 43

    2549 2549 Unstandardized

    Coefficients (b) Standardized

    Coefficients (beta) t Sig

    -4.468E7 -.178 .859 -2.095E7 -.130 -.781 .437

    3700281.207 .028 .142 .887

    1.551E7 .088 .290 .773 -5502831.349 -.022 -.080 .937 -3205555.498 -.012 -.055 .956 1.588E7 .091 .347 .729

    -1.025E7 -.045 -.188 .851

    -8547414.199 -.058 -.152 .879 1.337E7 .073 .255 .799 8096759.858 .054 .118 .906 R = .122a , R2 = .015, Adjusted R2 = -.118, Sig = 1.000 a

  • 102

    44 2550

    2550 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    3.612E11 1.494 .139 1.248E10 .043 .314 .754

    -4.793E10 -.205 -1.508 .135

    4.267E10 .137 1.345 .182 1.711E11 .370 3.016* .003 -8.709E10 -.182 -1.075 .285 -1.069E11 -.370 -3.281* .001

    -2.952E10 -.071 -.362 .718

    -1.461E10 -.053 -.305 .761 -1.652E11 -.510 -4.051* .000 7.623E10 .272 .771 .443 R = .408a , R2 = .167, Adjusted R2 = -.140, Sig = .001 a

    * .05

    45 2549

    2549 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    3.402E11 1.493 .139 1.125E10 .041 .299 .765

    -4.476E10 -.204 -1.493 .139

    4.059E10 .139 1.359 .178 1.606E11 .370 3.005* .003

  • 103

    2549 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -8.095E10 -.180 -1.061 .292 -1.004E11 -.370 -3.269* .002

    -2.903E10 -.075 -.378 .706

    -1.336E10 -.052 -.296 .768 -1.553E11 -.511 -4.042* .000 7.238E10 .275 .776 .440 R = .409a , R2 = .167, Adjusted R2 = -.140, Sig = .001 a

    * .05

    4.5 (Factor Analysis)

    21 6 5 10 21 21 46-48

    46

  • 104

    46 (Factor loading)

    1 2 3 4 5 6 .582 .553 -.151 -.082 -.329 .386

    -.414 -.125 .344 .239 .595 .105

    .873 .083 -.062 -.123 .110 -.002

    .958 .075 -.047 .174 .027 -.117

    .931 .207 .017 -.006 -.137 .202

    .508 -.207 .603 -.530 .033 -.044

    -.135 -.457 .629 .120 .035 .171

    .007 .061 -.016 .954 -.108 -.009

    .084 -.389 .662 -.070 .373 .391

    .867 .031 .293 .075 -.223 -.266

    .152 .315 .855 .061 .109 .066

    .758 -.047 .442 .300 .218 .155

    .223 .060 .111 .745 .291 -.005

    .246 -.537 .099 .006 .773 .102

    .217 .754 .044 .483 .037 -.292

    -.454 .508 .098 .039 .608 .153

    .753 -.130 -.017 .216 -.216 .499

    .028 -.084 .284 -.045 .198 .919

    .191 .952 -.198 .009 -.108 -.032

    -.270 .836 .425 -.044 .047 .066

    .173 .941 -.154 .121 -.157 -.066

  • 105

    47 6

    1 2 3 4 5 6

  • 106

    47 6

    1 2 3 4 5 6

    6 6

    1 2 3 4 5 6

    (factor loading)

    5.758 4.520 48

  • 107

    48 (factor loading) Rotation Sums of Squared Loadings

    Total % of Variance Cumulative % 1. 5.758 27.421 27.421 2. 4.520 21.521 48.943 3. 2.715 12.931 61.873 4. 2.274 10.826 72.700 5. 1.933 9.204 81.903 6. 1.719 8.188 90.091

    4.6

    21

    6 2549-2550 (Multiple Regression Analysis)

    Y = a + b1X1 + b2X2 + b3X3 + b4X4 + b5X5 + b6X6 + b7X7 + b8X8 + b9X9 Y =

    X1 = X2 = X3 = X4 = X5 = X6 =

  • 108

    49-54

    2549 .05 2549-2550 .05 49-54

    49 2550

    2550

    Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    9.328 2.613 .013 -1.412 -.061 -.372 .712 -4.372 -.199 -1.205 .237 .623 .029 .175 .862 -3.124 -.144 -.875 .388 2.552 .117 .712 .481 -.129 -.006 -.036 .971 R = .284a , R2 = .080, Adjusted R2 = -.082, Sig = .807 a

    50 2549

    2549

    Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    -4.986 -.256 .800 42.072 -.319 2.130* .048 -26.357 -.200 -1.348 .185 7.724 -.137 .381 .706 -18.022 -.080 -.888 .380 -10.607 .013 -.523 .604 1.778 .088 .931 R = .319a , R2 = .102, Adjusted R2 = -.079, Sig = .0.039 a

    * .05

  • 109

    51 2549

    2550 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    14.804 *6.085 .000 .856 .058 .319 .752 .028 .002 .012 .991 1.435 .112 .624 .537 .940 .074 .412 .683 2.261 .172 .955 .347 1.532 .114 .635 .530 R = .264a , R2 = .070, Adjusted R2 = -.123, Sig = .897 a

    52

    2549 2549 Unstandardized

    Coefficients (b) Standardized

    Coefficients (beta) t Sig

    10.902 9.189 .000 -.773 -.093 -.588 .561 -1.730 -.230 -1.465 .153 1.825 .250 1.612 .118 1.295 .179 1.150 .259 2.024 .271 1.736 .093 1.453 .190 1.219 .232 R = .528a , R2 = .278, Adjusted R2 = .134, Sig = .108 a

  • 110

    53 2550

    2550 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    42,870,000,000 1.162 .253 23,830,000,000 .097 .652 .519 -30,530,000,000 -.125 -.842 .405 -20,680,000,000 -.084 -.560 .579 15,250,000,000 .062 .409 .685 49,680,000,000 .203 1.375 .177 -81,780,000,000 -.334 -2.238* .035 R = .334a , R2 = .111, Adjusted R2 = .089, Sig = .031 a

    * .05

    54 2549

    2549 Unstandardized Coefficients (b)

    Standardized Coefficients (beta)

    t Sig

    40,320,000,000 1.167 .251 22,350,000,000 .097 .653 .518 -28,850,000,000 -.125 -.825 .415 -19,560,000,000 -.085 -.566 .575 14,270,000,000 .062 .408 .686 46,980,000,000 .204 1.387 .173 -76,880,000,000 -.334 -2.198* .035 R = .334a , R2 = .112, Adjusted R2 = .090, Sig = .030 a

    * .05

    55 2549

  • 111

    55

    2550 -

    2549 -

    -

    2550 -

    -

    2549 -

    -

    2549-2550 -

    -

  • 5

    187 3 (1) (Corporate Social Responsibility) (Corporate Governance) (Code of Conducts) (2) (3) 3 (1) (2) (3)

    1.

    1.1

    ( 64.60) 45 54 ( 42.50) ( 61.30) 5 10 ( 43.60)

    1.2

    ( 27.30) 50.00 ( 16.00)

  • 113

    1,526.00 2545 2551

    2550 2549 6.76, 18.31 24, 253,000,000

    2549-2550 ( 27.31 15.30) 2549 -2550 ( 25.54 28.28) 2549-2550 ( 7.80 7.60) 2.

    60.00 3 ( 4.26) ( 3.95) ( 3.89)

    2.1

    ( 81.80) ( 77.50)

    18.20-28.30 5 ( 5.30)

    (3.89) (4.18) (4.11)

  • 114

    2.2

    (3.95) (4.35) (4.04)

    2.3

    ( 97.30) ( 96.80)

    2.70-33.70 5 ( 8.00)

    (4.26) (4.70) (4.68)

    ( 4.29) ( 3.65) ( 4.20 4.38) ( 3.68) ( 3.96)

  • 115

    3.

    98.91 98.77 2550 2549

    3.1 10.90% 5.25% . 11.46%

    3.2 18.01% 11.53% . 6.68%

    3.3 17.96% 8.06% . 11.69%

    4. 1

    1) 2) 3)

  • 116

    2

    1) 2550 2549-2550 2549 2549 2550

    2)

    3) 2549-2550 2549 2549-2550 2549-2550

    (Factor Analysis) 6

    1 2

  • 117

    3 4 5 6

    6

    1 ( 5.758) 2 3 4 5 6

    2549 2549-2550 2549

    47 4 1 () (CSR) (CG) (COC) 4 2 1 2 (

  • 118

    ) 6 () 3 1.

    2550 2549 6.76, 18.31 24, 253,000,000 (2548-2549) (2549-2550) 2550 4.2 4,211.0 187 2550 2549 2550 2550 12.63 8.10 2549 187 2550 2549 2.

    60.00 3

  • 119

    ( 4.26) ( 3.95) ( 3.89) (CSIR) (2551) (2550) 4 2 1 mandatory level (legislation) 2 elementary level (economic profit) 2 (Credit) (Devotion) (Good Image) (code of ethics or statement of business conduct) ( : - ) . .

  • 120

    2 . Corporate Governance ating (