ความสัมพันธ์ระหว่างการดำเนินธุรกิจระหว่างประเทศกับต้นทุนเงินทุนส่วนของผู้ถือหุ้นของบริษัทในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The purpose of this study is to examine the relationship between firm internationalization and cost of equity of listed companies in the stock exchange of Thailand. The analysis utilizes annual data from 670 listed companies, covering the period from 2014 to 2021, resulting in a total of 5,360 observations. This empirical study employs a fixed effect regression model to analyze the relationship. The results of the study indicate that firm internationalization has a significantly positive relationship with the cost of equity. Specifically, an increase in the level of internationalization corresponds with a rise in the cost of equity for companies. Nevertheless, the analysis shows that firms operating in highly competitive domestic industries tend to benefit more from internationalization than firms in less competitive domestic industries. This is evidenced by a comparatively lower cost of equity in the highly competitive domestic industries group.