There are only five papers examining environmental disclosures by companies in Thailand, with all
investigating disclosures made in annual reports. William (1999) analysing 28 corporate annual reports, found
that culture and the political and civil system were determinants of the quantity of disclosures. Kunsirikun et
al. (2004) investigated corporate environmental disclosures in annual reports of 63 Thai firms in 1993 and 84
firms in 1999, finding a slight increase in narrative disclosures from 44% to 45%. Using a sample of 120 Thai
listed companies’ annual reports to test relationships between environmental reporting and market valuation
and corporate accounting performance, Connelly and Limpaphayon (2004) found that there was a significant
positive correlation between market valuation and disclosures.