The Impact of Capital Structure and Cash Flow on Stock Return of Listed Companies in The Stock Exchange of Thailand: Service Industry Group

Abstract

This research is a quantitative research.The purposes areto study theimpact of Capital Structure and Cash Flow on the rate of return of securities,consisting of dividend yields and the rate of return from the price changeof listed companies on the Stock Exchange of Thailand: service industry groups.Collecting data from the annual registration statement (Form 56-1) and SETSMART database during 2014-2018, with 5 years of continuous operating. Statistical data were analyzed using Multiple Regression Analysis at the statistical significance level of .05.

The research found that Capital structure is the proportion of foreign investors' shares. With the age of the business, EPS is a controlled variable affect the dividend yields.Positively Proportion of major shareholders, Proportion of shares of institutional investors, Proportion of foreign investors' shares with the age of the business, EPS is a controlled variable affect to the rate of return from a price change at the statistically significant level of .05. That is to showthat the company has a high concentrated of shares will make the dividend yields at a high level. As the major shareholders have a high level of ownership will have a lot of power to manage and manage. Thereforneeds a very high share of the investment. Businesses that have a long operating life have a high dividend yield. The earnings per share affects to the price changed. Cash flow factors from operations, Cash flow from investment and cash flow from financing affects the return of securities in the same direction.