FACTORS AFFECTING THE CAPITAL STRUCTURE OF THE TEACHER SAVING COOPERATIVE IN THAILAND
ปัจจัยที่มีอิทธิพลต่อโครงสร้างเงินทุนของสหกรณ์ออมทรัพย์ครูในประเทศไทย
คำสำคัญ:
Capital structure, Internal funds, External funds, Debt-to-asset ratio, Teachers' savings cooperativeบทคัดย่อ
This study aims to analyze the factors influencing the capital structure of 82 teacher savings cooperatives in Thailand, using annual data from the fiscal years 2019 to 2023. The Fixed Effect Model is employed to examine the relationship between the capital structure, measured by the Debt-to-Asset Ratio (DA), and asset-related independent variables, including Return on Assets (ROA), Liquidity, Fixed Assets, Asset Growth (Growth), and Cooperative Size (Size). The results indicate that ROA and Liquidity have a statistically significant negative relationship with the capital structure, whereas Asset Growth and Cooperative Size show a statistically significant positive relationship. Fixed Assets exhibit no relationship with the capital structure of teacher savings cooperatives in Thailand.
เอกสารอ้างอิง
Chigviang, V., & Terdpaopong, K. (2021). Factors related to the capital structure of Thai financial industry. Journal of Federation of Accounting Professions, 3(8), 96–114. https://so02.tci-thaijo.org/index.php/JFAC/article/view/250010
Cooperative Auditing Department. (2023). Statistics on cooperative/group operations and financial status over the past 5 years. Cooperative Auditing Department.
Cooperative League of Thailand. (2021). Special article: Cooperative fund management. https://www.cltcoop.com/17584900/cooperative-league-of-thailand?utm_source=chatgpt.com
Dirse, M. T., & Japee, G. P. (2025). Funding sources and their implications for the long-term financial sustainability of saving and credit cooperatives in Ethiopia. Journal of Co-operative Organization and Management, 13(1), Article 100258. https://doi.org/10.1016/j.jcom.2024.100258
Durbin, J., & Watson, G. S. (1951). Testing for serial correlation in least squares regression. II. Biometrika, 38(1–2), 159–178. https://doi.org/10.1093/biomet/38.1-2.159
Edward, R. T. (1988). A conversation with Cuthbert Daniel. Statistical Science, 3(4), 413–424. https://doi.org/10.1214/ss/1177012760
Farah, I., Amin, C., & Pramudianto, P. (2021). The effect of debt to asset ratio, long term debt to equity ratio and time interest earned ratio on profitability. Bina Bangsa International Journal of Business and Management, 1(1), 68–78. https://doi.org/10.46306/bbijbm.v1i1.8
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271. https://doi.org/10.2307/1913827
Janwagornwong, N., & Pongsupatt, A. (2023). Factors affecting the capital structure of commercial banks registered in the Stock Exchange of Thailand. Journal of Buddhist Education and Research (JBER), 9(3), 123–136. https://so06.tci-thaijo.org/index.php/jber/article/view/268102
Kannika, W., & Banchuenvijit, W. (2019). Factors which affect the capital structure of listed companies in SET CLMV. Interdisciplinary Social and Communication, 2(3), 207–221.
https://so02.tci-thaijo.org/index.php/ISSC/article/view/207646
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment: Reply. The American Economic Review, 48(3),261-297. https://www.jstor.org/stable/1809766
Mohammed, R. I., Gawdan, K. M. A., & Babela, I. S. T. (2017). Factors affecting capital structure of the banks listed on Iraqi Stock Exchange (2009–2014). Humanities Journal of University of Zakho, 5(2), 487–495. https://doi.org/10.26436/hjuoz.2017.5.2.355
Muhammad, T., & Sharif, M. J. (2019). Determinants of capital structure: Empirical evidence from listed banks of Bangladesh. The Cost and Management, 47(5), 49–57. https://archive.icmab.gov.bd/wp-content/uploads/2019/12/5.Determinants.pdf
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
https://doi.org/10.1016/0304-405X(84)90023-0
Noohuang, J., & Pongsupatt, A. (2021). Factors affecting capital structure of listed companies in the Stock Exchange of Thailand 100 Index (SET100). Journal of Buddhist Education and Research (JBER), 7(3), 16–29. https://so06.tci-thaijo.org/index.php/jber/article/view/254975
Pearson, K. (1920). Notes on the history of correlation. Biometrika, 13(1), 25–45. https://doi.org/10.1093/biomet/13.1.25
Phetkong, P., & Yupabhorn, B. (2019). The relationship of capital structure on firm value and profitability of listed companies in Market for Alternative Investment (MAI). Journal of Federation of Accounting Professions, 1(3), 62–81. https://so02.tci-thaijo.org/index.php/JFAC/article/view/225446
Pojanavatee, S. (2024). Impact of debt levels on savings cooperatives' profitability. BU Academic Review, 23(2), 121–133. https://so01.tci-thaijo.org/index.php/buacademicreview/article/view/275378
Pornpradub, Y., & Bosakoranu, S. (2021). The capital management structure and profitability of large savings cooperatives in Thailand. Muban Chombueng Rajabhat University Research Journal, 9(2), 139–154. https://so03.tci-thaijo.org/index.php/hssj/article/view/251835
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
Ratchapaetayakom, S., & Bangchokdee, S. (2021). Firm characteristics related to capital structure of CG rating companies in the Stock Exchange of Thailand. Srinakharinwirot Business Journal, 11(2), 112–129. https://ejournals.swu.ac.th/index.php/MBASBJ/article/view/13595
Serghiescu, L., & Văidean, V.-L. (2014). Determinant factors of the capital structure of a firm: An empirical analysis. Procedia Economics and Finance, 15, 1447–1457. https://doi.org/10.1016/S2212-5671(14)00610-8
Songjarean, P. (2022). The relationship between capital structure and profitability of listed companies in the Stock Exchange of Thailand. Rajapark Journal, 16(47), 177–188.
https://so05.tci-thaijo.org/index.php/RJPJ/article/view/255879
White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817–838. https://doi.org/10.2307/1912934
ดาวน์โหลด
เผยแพร่แล้ว
รูปแบบการอ้างอิง
ฉบับ
ประเภทบทความ
สัญญาอนุญาต
ลิขสิทธิ์ (c) 2026 วารสารบริหารธุรกิจศรีนครินทรวิโรฒ
อนุญาตภายใต้เงื่อนไข Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
ลิขสิทธิ์ของบทความที่ได้รับการตีพิมพ์ในารสารบริหารธุรกิจศรีนครินทรวิโรฒ เป็นของวารสาร โดยผู้เขียนยินยอมโอนสิทธิ์ในการเผยแพร่และจัดพิมพ์บทความให้แก่วารสาร เมื่อบทความได้รับการตอบรับเพื่อตีพิมพ์ วารสารมีสิทธิ์ในการจัดพิมพ์ เผยแพร่ และจัดเก็บบทความในรูปแบบสิ่งพิมพ์และสื่ออิเล็กทรอนิกส์
ทางวารสารอนุญาตให้นำเนื้อหาไปใช้เพื่อประโยชน์ทางการศึกษาและการวิจัยที่ไม่แสวงหากำไรได้ โดยต้องอ้างอิงแหล่งที่มาอย่างถูกต้องครบถ้วน การนำไปใช้ ดัดแปลง เผยแพร่ซ้ำ หรือใช้ในเชิงพหาณิชย์ ต้องได้รับอนุญาตเป็นลายลักษณ์อักษรจากวารสารก่อน
