WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 23, 2026
The Relationship between Debt Structure and accounting conservatism of the Listed Companies in the Stock Exchange of Thailand
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Abstract: This study examines the debt structure and the relationship between accounting conservatism and the debt structure of listed companies on the Stock Exchange of Thailand from 2017 to 2020. The results show that the main sources of debt financing are loans from financial institutions, bond issuance, trade payables, and leases. Key factors in debt financing include tax benefits, profitability, asset structure, access to capital, financing purposes, interest rates, contract terms, collateral, debt seniority, and government support. The study also finds a positive relationship between accounting conservatism and debt structure, indicating that companies use conservatism to reduce bankruptcy risk, lower financial costs, and make prudent decisions under uncertainty.
Keywords:
accounting conservatism, debt structure, external financing, Stock Exchange of Thailand, leverage, revolving credit, corporate governance, bankruptcy risk
Pages: 1867-1877
DOI: 10.37394/23207.2026.23.146