Purpose: The aim is to analyze which financial instruments effectively determine firm performance as key indicators of business success and the fundamental analysis of stocks. Design/methodology/approach: The study analyzed firm performance using financial statements for 100 listed Thailand companies via 513 observations during the period 2016-2020, including the economic COVID-19 crisis. The methodology was divided into two stages, at identifying the relevant dimensions of financial tools and firm size on firm performance using the ordinary least square regression logarithm. During the second stage, quantile regression was used to evaluate financial instruments as a determinant of firm performance using a set of regression functions to non-normal errors and outliers. Findings: The ordinary least square results indicated that both the price earnings ratio and book-to-market ratio are significantly negative determinants of firm performance. The interest coverage ratio was a positive determinant of earnings per share. Meanwhile, the price earnings ratio, book-to-market ratio, and interest coverage ratio were also main determinants of firm performance in both earnings per share and return on equity in all quantiles of the firm. Practical implications: The finding not only identifies firm performance indicators to propel an organization's capability, but also motivates that managers should make to evaluate operating results to effectively deal with a company's high performance. These indicators truly provide insight into the operation of the business by reflecting on the operation to maintain professional boundaries to earn profit that benefits both investors' decision and shareholders.Originality/value: The novelty of this paper lies on the differently distinguished performance companies in Thailand. These investigations enrich the perception of firm performance indicators that motivate whether a company fully manages its operation to generate profit. The price earnings ratio, book-to-market ratio, interest coverage ratio, and firm size have been assessed to be outstanding indicators to contribute effective strategy of firm performance. Most investors consider fundamental value as an indicator of a firm's performance in order to investing decisions in the stock market.
Purpose: The purpose of this study aims to examine the composition effect of fiscal policy variables, labor effectiveness, Thailand's innovation, public debt, and personal income on human capital. Design/Methodology/Approach: To achieve this purpose, regression models are used, with time series data, employed form 1985 to 2019. The simple model was employed to investigate the effect of fiscal policy and personal income toward both long-run and shortrun human capital. Findings: The results found that in the long run after changing fiscal policy, labor effectiveness, Thailand's innovation, and personal income are positive coefficient and significant for human capital while public debt has a negative coefficient and is significant for human capital in Thailand. Only public debt and personal income are short run significant of human capital accumulation. Practical Implication: Based on the finding of this study, it recommended that appropriate fiscal policy is still worthwhile and fiscal policy authorities must use an effective framework to build the education system in order to improve human capital in Thailand. Originality/Value: Because of this finding, indicating how the effective roles both policy maker and lecturer in university including education pattern should be shaped and reformed. This finding will be the track to enhance labor performance in the long-term human capital and all part of involvement will be aware the future developing target of country in order to ultimately obtain the highest successful not only in Thailand's labor bot also throughout the world particularly in developing countries..
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