Factors Affecting Capital Gain Yield of Sustainable and Non-Sustainable Stocks in the Property and Construction Industry During 2015-2023
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Abstract
This study investigates the factors influencing capital gain yield of sustainable and non-sustainable stocks in the real estate and construction industry of the Stock Exchange of Thailand from 2015 to 2023. The sample comprises 108 listed companies, classified according to the Thailand Sustainability Investment (THSI) list. Variables examined include the Property and Construction Industry Index (PROPCON), Gross Domestic Product (GDP), Construction Materials Price Index (CMI), Return on Assets (ROA), Return on Equity (ROE), Debt-to-Equity Ratio (DE), Net Profit Margin (NPM), firm size, firm age, and a dummy variable distinguishing sustainable from non-sustainable stocks. Descriptive statistics, correlation analysis, and multiple regression with panel data are employed. The results show that PROPCON, GDP, and ROA positively affect capital gain yield, while CMI, ROE, and the interaction between ROA and the sustainability dummy exert negative effects. The findings identify key determinants shaping capital gain yield in Thailand’s real estate and construction sector.
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
ลิขสิทธิ์ของบทความ
ผลงานที่ได้รับการตีพิมพ์ถือเป็นลิขสิทธิ์ของมหาวิทยาลัยหอการค้าไทย ห้ามมิให้นำเนื้อหา ทัศนะ หรือข้อคิดเห็นใด ๆ ของผลงานไปทำซ้ำ ดัดแปลง หรือเผยแพร่ ไม่ว่าทั้งหมดหรือบางส่วนโดยไม่ได้รับอนุญาตเป็นลายลักษณ์อักษรจากมหาวิทยาลัยหอการค้าไทยก่อน
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