ความสัมพันธ์ระหว่างสัดส่วนการดำเนินธุรกิจระหว่างประเทศกับความสามารถในการทำกำไรและมูลค่าของบริษัทที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

This research aims to investigate the relationship between internationalization and the profitability and firm value of companies listed on the Thai Stock Exchange. The sample comprises companies registered on the exchange during the period from 2014 to 2018. The findings indicate a significant correlation between engaging in internationalization and the profitability and firm value of registered companies. Both the proportion of foreign sales to total sales (FSTS) and the proportion of overseas subsidiaries to total subsidiaries (OSTS) exhibit an inverse relationship with Return on Equity (ROE) at a 95% confidence level. Furthermore, variations in the level of internationalization impact profitability and firm value differently. Companies engaging in internationalization within the range of 45% to 80% experience a decrease in ROE. The study also reveals that internationalization has a time-dependent effect on profitability. The increase in the proportion of overseas subsidiaries to total subsidiaries (OSTST) and the proportion of foreign sales to total sales (FSTS) in the 1-2 years preceding a given period leads to a decrease in ROE. Additionally, employing the Two-Stage Least Squares (2SLS) method, the study finds that the proportion of foreign capital to total capital (PFCTC) and the proportion of foreign sales to total sales (PFSTS) influence Return on Assets and Return on Equity positively.