RELEVANT OF FAIR VALUE AND DISCLOSURE FOR FINANCIAL INSTRUMENT WITH MARKET VALUE: CASE FINANCIAL INSTITUTION
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Abstract
This study aimed to examine the relationships between (1) fair value and (2) disclosures in the notes to the financial statements related to financial instruments and firm value measured by market value. The sample was classified into three groups—banks, insurance companies, and other financial institutions (non-banks). Data were collected from the financial statements of 55 firms listed on the Stock Exchange of Thailand over the period 2015–2019. Regression analysis was employed. The results indicated that fair value and the components of financial instrument disclosures were directly associated with market-based firm value across all three groups of financial institutions. This is because fair value measurement and related disclosures reflect continuously changing prices more effectively than historical cost, thereby affecting the income statement directly. Moreover, financial instrument disclosures provide comprehensive information about risk exposure, capturing overall risk, which is consistent with evidence from international studies. The findings also showed that other factors associated with market-based firm value included financial institutions’ operating performance, the book value of financial instruments, and the initial value of financial derivatives. In contrast, the book value of non-financial items was not related to the market-based firm value of financial institutions.
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บทความที่ได้รับการตีพิมพ์เป็นลิขสิทธิ์ของคณะวิทยาการจัดการ มหาวิทยาลัยราชภัฏอุดรธานี
ข้อความที่ปรากฏในบทความแต่ละเรื่องในวารสารวิชาการเล่มนี้ ไม่ใช่ความคิดเห็นและความรับผิดชอบของผู้จัดทำ บรรณาธิการ กองบรรณาธิการ และคณะวิทยาการจัดการ มหาวิทยาลัยราชภัฏอุดรธานี ความรับผิดชอบด้านเนื้อหาและการตรวจร่างบทความแต่ละเรื่องเป็นความคิดเห็นของผู้เขียนบทความแต่ละท่าน
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