The Influence of Sustainability Disclosure and Credit Risk on the Market Value of Firm’s of Listed Companies Resource Industry on the Stock Exchange of Thailand

Abstract

This research aims to study the influence of sustainability disclosure and credit risk on the market value of listed companies in the resource industry group on the Stock Exchange of Thailand. The study population consisted of 61 companies in the resource industry group. Data was collected from financial statements, annual information disclosure statements, and annual reports from 2020 to 2024 (5-year period). Data analysis included descriptive statistics, correlation coefficient analysis, and multiple regression analysis. The research findings revealed that disclosure of environmental sustainability information had a statistically significant positive influence on the company's market value, measured by share price and the price-to-book ratio (at the 0.01 level), but no influence on the price-to-earnings ratio. Conversely, disclosure of social sustainability information had a statistically significant negative influence on share price (at the 0.01 level), but no influence on the price-to-earnings ratio or the price-to-book ratio. However, the research also found that disclosure of sustainability information related to corporate governance and credit risk, including interest payment ability, payables term, and cash flow to total liabilities ratio, had no influence on the company's market value, measured by the price-to-earnings ratio, share price, and the price-to-book ratio.