affecting profit quality of companies listed on the Stock Exchange of Thailand during the COVID-19 pandemic.

The research methodology is multiple regression analysis used in the data analysis and the test of accounting

performance used as an intermediate variable according to the concept of [16]. The sample group consists of

companies listed on the Stock Exchange of Thailand from 2018-2021. The data used in the study was a total of

2,604 data. The research results revealed that from the mediator variables before COVID-19 (2018-2019)

totalling 2 years, the good corporate governance scores have an influence on profit quality. The rate of return

on equity is some intermediate variable. It shows that a good corporate governance score has an influence on

accounting performance as measured by the return on equity ratio of the shareholders and profit quality.

However, the results of the test on the intermediate variable after COVID-19 (2020-2021) did not meet the test

criteria for good corporate governance influencing profit quality at the statistical significance level of 0.05.

1 Introduction

From the COVID-19 pandemic situation, the duties

of the Board in risk management are immediately

more intense, especially when encountering the

unexpected events affecting the business operations.

However, in reality, the Board should routinely

monitor risks in both normal and uncertain

circumstances, [12]. Listed companies are an

important mechanism to drive the country’s

economy in terms of income generation,

with good governance will gain credibility, trust and

faith. Having good governance will help create the

motivation to work with the organization. The

Securities and Exchange Commission (SEC) tries to

promote this by rewarding listed companies on the

good corporate governance and accounting

performance affecting the profit quality of

companies listed on the Stock Exchange of Thailand

during the COVID-19 pandemic.

2 Literature Review

The researcher has reviewed the literature of foreign

and domestic research to be developed as the

research conceptual framework. The conceptual

Independent variables: scores of good

corporate governance

In [21], the authors present a conceptual

framework for corporate governance. It is divided

into 2 categories; Category 1 Internal Governance

Mechanism and Category 2 External Governance

Mechanism. Moreover, the researcher studied the

criteria for the Corporate Governance Report of

Thai Listed Companies. The criteria used in

considering this project have been developed on the

companies of the Stock Exchange of Thailand used

as a framework for consideration. It is divided into 5

sections, [7], as follows:

The researcher has applied all 5 categories of

good corporate governance principles as part of the

benefits both in terms of providing information to

investors and improving the overall level of corporate

governance. The indicators of good corporate

governance, [7], for use in this research are divided

into 2 groups:

Group 0 = Group of Non-awarded Good

Corporate Governance refers to the companies listed

measure the return on equity reflecting the

management ability to generate returns for the

shareholders who own the business, [32]. If this

ratio is higher, it will demonstrate efficiency in

making profits.

profit quality of each company from the 2018-2021

financial statements of companies listed on the

Stock Exchange of Thailand.

an accrual basis and operating cash flow known as

the Quality of Earnings Index, it should be close to

one. It can be said that the quality profit level is the

ratio of cash flow from operations divided by

earnings before interest and income tax

depreciation. The amortization values must be equal

to one. If the ratio has deviated from one, it will be

regarded as quality profit, [9]. The quality of profit

(scores of 90-100), respectively.

good corporate governance, [30], having the good

corporate governance scores to be considered an

important foundation for a listed company. In [10]

the authors said that corporate governance is the

basis for sustainable success that has received

attention and is accepted by organizations around

the world as a factor that will make businesses

accounting performance affecting the profit quality

of companies listed on the Stock Exchange of Thailand

during the COVID-19 pandemic.

considered that the mediator variables can pass the

absolute influence. However, if the found

coefficient of the independent variable (C’) has

statistical significance from the test but is less than

the coefficient of the independent variable (C), it

can be concluded that the mediator variables can

only partially transmit the influence.

governance score factor influences the accounting

performance.

governance score factor influences the profit quality

through accounting turnover variables.

Step 1: The good corporate governance score

influences the profit quality.

influences the accounting performance.

quality.

score influences the accounting performance and is

measured by the return on assets and the return on

equity of shareholders. It was found that a good

corporate governance score had an influence on the

accounting performance measured from the return

on equity at a statistically significant level of 0.05.

For other variables, the p-value is overall greater

than 0.05.

on equity at a statistically significant level of 0.05.

For other variables, the p-value is overall greater

than 0.05.

is measured by the return on assets and return on

equity of shareholders influences the profit quality

shows that the accounting performance has no

influence on profit quality at a statistically

significant level of 0.05. For other variables, the p-

mediator variables before COVID-19 (2018-2019)

totaling 2 years using the data from 2018 to 2019

can explain the analysis results that the independent

variable is the good corporate governance score.

The mediator variable is the accounting

performance which is measured by the return on

assets and the rate of return on equity. The

dependent variable was profit quality. It was found

that a good corporate governance score had an

(2020-2021) using data from 2020 to 2021 did not

meet the testing conditions.

5 Discussion

Testing mediator variables in accounting

performance which is measured by the return on

assets and return on equity have the objective to

performance measured from the return on equity at a

statistically significant level of 0 . 0 5 . For other

variables, the p-value was overall greater than 0.05.

For the test of mediator variables, it was found that

the accounting performance which was measured by

the return on equity [5], [6] requires the

dissemination of Financial Ratios for the investors

to use as information for making investment

decisions. It is the mediator variable between good

6 Conclusion

According to the results of this research, the

researcher has some recommendations for

companies listed on the Stock Exchange of Thailand

in preparation or even risk management and

business adaptation in the event of various crises

such as the recent COVID-19 crisis. This includes

promoting concrete practices, promoting good

corporate governance by the regulatory body in the

capital market development of Thailand. The

clarity in principles rather than just form, including

preparedness for coping, adaptation, or even finding

the ways to prove that it actually works or not. This

can also build confidence among those who are

interested in investing both domestically and

internationally.

creation as suggested by the researcher for listed

companies in the Stock Exchange of Thailand. It

can be applied as a guideline for implementation to

stringently and internationally. The clarity of

principles can be increased rather than specific

forms. The ways can be found to prove whether

there is a practice or not. The confidence can be

built among those who are interested in investing in

the country and abroad in order to plan to fix the

financial failure of the company, for example, in the

[16] Baron, R.M., & Kenny, D.A., The moderator-

[17] Brigham, E.F., & Ehrhardt, M.C., Financial

[18] Brown, L.D., & Caylor, M.L., Corporate

[19] Brown, L.D., & Caylor, M.L., Corporate

[20] Chatchawanchanchanakij, P., Arpornpisal, C.,

[22] Hair, J. F., Jr., Anderson, R.E., & Tatham, R.

[23] Klapper, L.F., & Love, I., Corporate

[33] Thunputtadom, P., Pongsupatt, T., Srijunpetch,