Detecting Corporate’s Earnings Manipulation in Thailand Corporate Governance Attributes and Audit Report Timeliness: Mediating Role of Corporate Disclosure and Transparency and Moderating Role of

European fixed income – trends and analysis SEC Classification : ใชภ้ายใน (Internal) - R E S P O N S I B L E I N V E S T M E N T - ESG Incorporation & Investment Strategies in Fixed Income Carmen

% Total comprehensive income (loss) attributable to owners of the parent Operating Profit (Loss) EBIT Net Profit (Loss) Total Comprehensive income for ther period Revenue from transmission and

) (2.97) (7.86) (2.84 4.66 (37.22) Total sales 418.00 99.35 266.26 96.02 (151.74) (36.30) Other income/1 2.73 0.65 11.05 3.98 8.32 304.76 Total revenue 420.73 100.00 277.31 100.00 (143.42) (34.09) Notes: /1

1,458.0 million baht or 52.5 percent. After corporate income tax, net gain was 846.4 million baht of which gain attributable to equity holders of the Company at the amount of 787.9 million baht. Earnings

; Aerts & Zhang, 2014) 5 Patterns of Earnings Management • Income minimization/ Taking a big bath - during periods of high profitability - during the crisis (Kousenidis et al. , 2013) - to avoid political

- - Total revenue from sales & service 770.1 686.0 12.3% 771.8 -0.2% Cost of sales 349.1 322.2 8.3% 355.1 -1.7% Gross profit 421.0 363.8 15.7% 416.7 1.0% % 54.7% 53.0% 54.0% Other Income 4.3 3.6 21.2% 3.5

266.27 96.02 171.73 91.32 (94.54) (35.51) Other income/1 11.05 3.98 16.32 8.68 5.27 47.69 Total revenue 277.32 100.00 188.05 100.00 (89.27) (32.19) Notes: /1 Other income comprises mainly of interest

94.77 182.18 91.48 (177.04) (49.28) Other income/1 19.78 5.23 16.95 8.52 (2.83) (14.31) Total revenue 379.00 100.00 199.13 100.00 (179.87) (47.46) Notes: /1 Other income comprises mainly of interest

) (5.74) (4.54) 70.17 Total sales 249.78 95.70 172.91 90.16 (76.87) (30.78) Other income/1 11.21 4.30 18.88 9.84 7.67 68.42 Total revenue 260.99 100.00 191.79 100.00 (69.20) (26.51) Notes: /1 Other income