• Nantiya Promtong Faculty of Liberal Arts and Management Science, Kasetsart University
  • Pattarasiri Thiptanamanee Faculty of Management Science, Pibulsongkram Rajabhat University
  • Worravit Kultangwattana Faculty of Liberal Arts and Management Science, Kasetsart University


Management Discussion and Analysis Disclosure, Information Disclosure, Stock Exchange of Thailand


This research aims to provide empirical evidence regarding the factors influencing the disclosure of Management Discussion and Analysis (MD&A), which reflects the financial position and operating performance of firms listed on the Stock Exchange of Thailand (SET). The sample group consists of 87 companies registered on the Stock Exchange of Thailand that have participated in preparing MD&A with the Securities and Exchange Commission. Data were collected from annual reports and the Stock Exchange of Thailand website. The data were analyzed using descriptive statistics, including mean, percentage, standard deviation, maximum, and minimum values, as well as inferential statistics, specifically multiple regression analysis. The findings reveal that the shareholder structure, ownership by foreign investors, and the identification of MD&A disclosures in corporate policies and strategies are positively correlated with the degree of MD&A disclosure. The results indicate that businesses with foreign shareholders holding ordinary shares or those seeking international investments should be attentive to augmenting voluntary disclosure, promoting transparency, and ensuring sufficient information disclosure. Explicitly stating MD&A disclosure in corporate policies and strategies can instill confidence, potentially attracting investors to eventually invest in the company.


Download data is not yet available.


Agyei-Mensah, B. K. (2017). The relationship between corporate governance, corruption and forward-looking information disclosure: A comparative study. Corporate Governance: The International Journal of Business in Society, 17(2), 284-304.

Alhazaimeh, A., Palaniappan, R., & Almsafir, M. (2014). The impact of corporate governance and ownership structure on voluntary disclosure in annual reports among listed Jordanian companies. Procedia-Social and Behavioral Sciences, 129, 341-348.

Alm El-Din, M. M., El-Awam, A. M., Ibrahim, F. M., & Hassanein, A. (2022). Voluntary disclosure and complexity of reporting in Egypt: the roles of profitability and earnings management. Journal of Applied Accounting Research, 23(2), 480-508.

Farras, F. A., & Faisal, F. (2020). The influence of good corporate governance and voluntary disclosure on information asymmetry. Diponegoro Journal of Accounting, 9(4).

Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The ownership structure, and the environmental, social, and governance (ESG) disclosure, firm value and firm performance: The audit committee as moderating variable. Economies, 10(12), 314.

Harjoto, M. A., & Jo, H. (2011). Corporate governance and CSR nexus. Journal of business ethics, 100, 45-67.

Hieu, P.D., Lan, D.T.H. (2015). Factors Influencing the Voluntary Disclosure of Vietnamese Listed Companies. Journal of Modern Accounting and Auditing, 11(12), 656-676.

Indrati, M., & Aulia, S. O. (2022). The Effect of Firm Size, Profitability, Leverage, and Financial Distress on Voluntary Disclosure in Annual Report. International Journal of Science and Society, 4(3), 326-340.

Jensen, M. C, & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3(4), 305-360.

Khlif, H., Ahmed, K., & Souissi, M. (2017). Ownership structure and voluntary disclosure: A synthesis of empirical studies. Australian Journal of Management, 42(3), 376-403.

Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.

Lindrianasari, L., & Alvi, L. (2017). Management discussion and analysis, corporate governance perception index and market reaction. Corporate Ownership & Control, 14(4), 165-175.

Md Zaini, S., Samkin, G., Sharma, U., & Davey, H. (2018). Voluntary disclosure in emerging countries: a literature review. Journal of Accounting in Emerging Economies, 8(1), 29-65.

Rouf, M. A., & Akhtaruddin, M. (2018). Factors affecting the voluntary disclosure: a study by using smart PLS-SEM approach. International Journal of Law and Management, 60(6), 1498-1508.

Singh, V., & Singla, H. (2022). Quality, readability, and narrative aspects of MD&A reports: literature review and future research potential. Asian Journal of Research in Banking and Finance, 12(8), 1-13.

Yusuf, M. A., Fodio, M. I., & Nwala, M. N. (2018). Effect of ownership structure on voluntary disclosure of listed financial firms in Nigeria. International Journal of Economics, Commerce and Management, 6(10), 493-516.