Impact of A Mediator on Corporate Governance Characteristics and Real Earning Management of Thai Listed Companies


  • Phimpaka Jaimuk
  • Napaporn Nilapornkul
  • Sungworn Ngudgratoke


The objective was to study the Impact of a mediator on corporate governance characteristics and real earning management of Thai Listed Companies. The secondary data were collected from companies listed on the Stock Exchange of Thailand during 2016-2018, except for companies in the fund business group and companies that are currently restructuring. The data used in the study consisted of 702 data from 234 companies and the statistical analysis was conducted by using descriptive statistics analysis and multiple regression analysis. The results show that good corporate governance of the shareholder structure of the highest percentage of shareholders against unconditional conservatism has a positive relationship. The shareholder structure of the percentage of institutional investors has a negative relationship with unconditional conservatism. The relationship of unconditional conservatism and real earning management demonstrated significant positive relationships such as cash flow from on real earnings management (REM_CFO), real earnings management (REM_PROXY), and discretionary expenses on real earnings management (REM_DISEXP) while production t costs on real earnings management (REM _ PROD) illustrated a negative relationship. Impact of a mediator on corporate governance characteristics and real earning has direct effect of good corporate governance relationship through accounting conservatism to Discretionary Expenses on real earnings management (REM_DISEXP) leading to a positive relationship. Normal discretionary expense will reflect that executives show increased profits from discretionary profit margins. It also is a tool of the company to show high profits and to show the performance of the company. This significantly affects the unconditional accounting conservatism to measure listed Thai companies.