ความสัมพันธ์ระหว่างค่าใช้จ่ายพนักงานกับผลการดำเนินงานของบริษัท ในกลุ่มเซ็ต ๑๐๐ ที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The objective of this study was to explore relationship between employee expenses and firm performance of SET100 companies listed on The Stock Exchange of Thailand. Data was collected from Setsmart database and annual registration statement (Form 56-1) published on the website of The Stock Exchange of Thailand from year 2014 to 2018. In all, there were 77 companies listed in The Stock Exchange of Thailand and 385 data were collected. The main independent variable was employee expenses; the dependent variables were return on assets and income; and the control variables were size of a business, age of a business, amount of income per employee, income growth, and the total-debt-to-total-assets ratio. According to the analysis done by descriptive statistics, the results shows that the return on assets were 7.59% with 100.2 billion baht income per year and 3.91 billion baht employee cost per year. In addition, by using multiple regression analysis with 5 years overall data, it suggested that the employee expenses were related to the performance of the companies (including average return on assets and income) at a significance level of 0.01. There was a positive correlation which meant that the more companies spent on employee expenses, the better the company performance will be. Moreover, it was found that the size of a business and the total-debt-to-total-assets ratio had negative correlation with company performance that measured by return on assets. Also, it was suggested that the size of a business had positive correlation with company performance that measured by income while the age of business, amount of income per employee, and the total-debtto- total-assets ratio had negative correlation with company performance that measured by income at a significance level of 0.01.