THE ANALYSIS OF CAUSAL FACTORS INFLUENCING ON INFORMATION ASYMMETRY OF LISTED COMPANIES ON THE STOCK EXCHANGE OF THAILAND

Abstract

Data transparency is crucial for decision-making in the capital market, which serves as a source of funds for those who have savings and want to save money. There are benefits and drawbacks for those who invest in the capital market due to the information asymmetry, which lessens the balance in the market. This study aimed to investigate and examine the causal elements of corporate governance, financial reporting disclosure quality, earning management, and dividend payment that affect and impact information asymmetry. Quantitative research looks like this. The 301 companies listed on the Stock Exchange of Thailand made up the research sample group. Using Path Analysis, the data were gathered between 2015 and 2019. The study concluded that the factors of corporate governance and earning management had a direct and indirect impact on the asymmetry of the data. Information asymmetry was directly impacted negatively by sound corporate governance and high-quality financial reporting disclosure. In the meantime, the data asymmetry was positively affected by the corporate governance with a family shareholder structure, shareholder concentration structure, dividend payment, and profit management.