RELATIONSHIPS AMONG COMPANY CHARACTERISTICS AND FINANCIAL STRATEGIC FACTORS TOWARDS FINANCIAL PERFORMANCE: EVIDENCE FROM MANUFACTURING COMPANIES IN THAILAND STOCK MARKET
JANTHORN SINTHUPUNDAJA
Logistics and Supply Chain Systems Engineering Program (LSCSE), School of Manufacturing Systems and Mechanical Engineering (MSME), Sirindhorn International Institute of Technology (SIIT), Thammasat University, Thailand.
NATHRIDEE SUPPAKITJARAK
Faculty of Commerce and Accountancy, Chulalongkorn University, Thailand.
NAVEE CHIADAMRONG *
Logistics and Supply Chain Systems Engineering Program (LSCSE), School of Manufacturing Systems and Mechanical Engineering (MSME), Sirindhorn International Institute of Technology (SIIT), Thammasat University, Thailand.
*Author to whom correspondence should be addressed.
Abstract
This study investigated companies’ characteristics, especially the factors of growth, size and age comparing the financial strategies in funding their operations with their impact on the companies’ financial performance. Data from Thai manufacturing public companies listed in the Stock Exchange of Thailand were analyzed by Structural Equation Modeling to identify significant effects among these relationships. The results show that certain company characteristics and financial strategic factors have an impact on each other and also with the company’s financial performance. This finding has implications for understanding the relationships among companies’ characteristics with their financial strategies and performances.
Keywords: Firm financial performance, Structural Equation Modeling (SEM), Thailand stock markets, company characteristics, financial strategies