Non-financial stakeholders have an influence on the degree of accounting conservatism in financial reports. This study examines the association between a company’s relationship with non-financial stakeholders and accounting conservatism. The sample comprises of 2,295 firm-years of companies listed on the Stock Exchange of Thailand during 2017 to 2021. The measure of accounting conservatism is proxied by Khan and Watts’s (2009) firm-year specific measure. The company’s relationship with non-financial stakeholders is measured by two proxies. The first is the level of corporate social responsibility towards customers. The second is employee influence, which is proxied by intellectual capital, and measured by the value added intellectual coefficient (VAIC). Results from this study is consistent with the hypothesis that a company’s relationship with non-financial stakeholders is positively associated with conservatism. In addition, the association between a company’s relationship with non-financial stakeholders and accounting conservatism is strengthened when dividend payout is higher (dividend payout is the moderator variable). Findings in this study support the stakeholder theory of capital structure. The theory suggests that the use of accounting conservatism is influenced by the financial policy decisions of firms which is driven from the company’s relationship with non-financial stakeholders. Findings from this research concern regulators and policymakers as it implies the need of non-financial stakeholders for higher quality financial reports from the company. Regulators and policymakers should take this concern into account when establishing corporate governance regulations.