Macroeconomic and Firm-Specific Factors Influencing Stock Prices of Thai Listed Companies Investing in CLMV Countries
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Abstract
This study examines the effects of macroeconomic conditions in Cambodia, Lao PDR, Myanmar, and Vietnam (CLMV), together with firm-specific fundamentals, on the stock prices of Thai listed companies included in the SET CLMV Exposure Index. The macroeconomic variables are exchange rates, inflation, policy interest rates, and economic growth, while the firm-specific variables are current ratio, asset turnover, debt-to-equity ratio, return on assets, return on equity, and firm size. The population comprised 57 listed companies. Purposive sampling retained 51 firms with complete information over 2021–2025, producing a stated research design of 255 firm-year observations. Secondary data were collected from SETSMART, the Stock Exchange of Thailand, annual reports, Form 56-1 One Reports, the World Bank, the International Monetary Fund, and CLMV central banks. Descriptive statistics, Pearson correlation analysis, variance inflation factors, tolerance values, and multiple linear regression were employed. The regression model was statistically significant and explained 31.10% of the variation in stock prices. Inflation and policy interest rates had positive and statistically significant effects. Return on assets, current ratio, and firm size also had positive effects, whereas asset turnover had a significant negative effect. Exchange rates, economic growth, debt-to-equity ratio, and return on equity were not significant at the 5% level according to the study conclusions. The findings show that valuation of Thai firms exposed to CLMV economies requires the joint consideration of regional macroeconomic signals and company fundamentals.
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