Disclosure of Research and Development information of Thai’ s MAI listed Companies during the application of the Thailand 4.0 model.

https://doi.org/10.37178/ca-c.23.2.010

Abstract

This work aims to examine relationship and effect of R&D Disclosure along with firm characteristics on financial performance (Return on Asset – ROA) of SME in Thailand Market for Alternative Investment (MAI) in the early phase of Thailand 4.0 model implementation. Descriptive statistical analysis and text unit counting are used to collect R&D Disclosure data from 128 sample companies’ annual reports between 2016 and 2018. MRA is used to test effect and relationship. The study shows that first, R&D Disclosure has been on the rise in the past three years but there is no conclusive evidence of R&D Disclosure’s direct effect on financial performance. Second, development closure has negative effect from development disclosure, firm age, leverage (debt to equity ratio: DER), and growth rate on financial performance. Third, there is positive effect from Development Disclosure, along with CEO Age, and business sector (S-Curve group). Fourth, effect of research disclosure on financial performance cannot be concluded. Finally, the TAS No. 38: Intangible Asset contributes to R&D Disclosure in the 56-1 report.