ความสัมพันธ์ของผลการดำเนินงานกับค่าตอบแทนผู้บริหารของบริษัทที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The objective of this independent study is to investigate the relationship between firm performance and management remuneration of listed companies in The Stock Exchange of Thailand using data collected from annual reports, financial statements, annual registration statements (Form 56-1) and firm websites. This independent study was carried out from 2009 to 2013 on 1,545 datas and data analyzed and evaluated by using multiple regression analysis. The dependent variable was management remuneration. The independent variables were return on assets (ROA), earnings before interest, tax, depreciation and amortization (EBITDA), price-earnings ratio (PE) and income. The control variables were size of firms, measured by total assets (unit : thousand million baht) and age of firms (unit : years).

The results of the study showed that for 25.83 percent of firms, management remuneration was over forty million baht, with 17.35 percent paying less than ten million baht. And the results from multiple regression analysis showed that at the significant level 0.01 or 99 percent confidence level, company performance related positively to management remuneration of listed companies in The stock exchange of Thailand. The company performance variables, return on assets and earnings before interest, tax, depreciation and amortization also showed a positive relationship with management remuneration of listed companies in The stock exchange of Thailand. Therefore, firms with good performance can increase the profits, resulting in increasing management remuneration, in accordance with the hypothesis. However, price-earnings ratio had no significant effect on management remuneration. The control variables, size of firms measured by total assets and age of firm were positively related to management remuneration, in other words, large and established firms can therefore generate higher profits than small firms, which concurred with previous research results. Beside, when transformed size of firms by natural logarithms, the results showed the same.