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

and other income) and has generated very low operating cash flow when compared with its total liabilities. As such, the reasons stated above are the limitations faced by the Company in securing debt

% 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

; 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

MBEB possibly is a result of sufficiently high persistence of earnings establishing an earnings string. Several studies described below provide results supporting the link between fundamentals, earnings

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