Download or read book Earnings Quality Corporate Governance Structure and Corporate Social Performance of Manufacturing Companies Listed on the Stock Exchange of Thailand written by Chutima Nakprasit and published by . This book was released on 2020 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to investigate the relationship between earnings quality, corporate governance structure and corporate social performance (CSP) emphasizing on 317 manufacturing companies listed on the Stock Exchange of Thailand (SET). Earnings quality is calculated from four measurements while corporate governance structure is represented by ownership concentration, foreign ownership, board independence and CEO duality. In this study, CSP disclosure index is constructed in accordance with Thai institution guideline based on GRI (Global Reporting Initiative) framework in order to assess the extent of CSP. Regression analysis reveals a significant positive relationship between earnings quality and CSP. The result also indicates a significant positive relationship between ownership concentration and CSP. It implies that ethical and transparent character of Thai companies and ownership concentration contributes to CSP commitment.
Download or read book The Relationship Between Corporate Governance and Performance Measures of Companies Listed in the Stock Exchange of Thailand s Set100 written by Pitchanan Pasopa and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this research is to study the Relationship between Corporate Governance and Performance Measures of Companies Listed in The Stock Exchange of Thailand's SET100 by collecting the data on the corporate governance, rate of return on assets, earnings per share, and Tobin's Q from SET SMART in 2016, except for financial business group due to their different business lines and financial structure. The sample group consists of 86 companies. The research methodology was Empirical Research using the Descriptive Statistics. The hypothesis testing is done with the Inferential Statistics of multiple regression analysis. The results are analyzed using Adjusted R2 as a measure of corporate governance with the rate of return on assets, earnings per share and Tobin's Q. All the tests use a statistically significant level of 0.05. The findings reveal that 1) Corporate governance and financial risk have negative impact on the rate of return on assets significantly, 2) Corporate Governance on the proportion of independent directors and size of business has a positive influence on earnings per share. For the financial risk, there is negative impact on earnings per share significantly, 3) Corporate governance on the size of the business has negative influence on the value of business significantly.
Download or read book Corporate Governance of Listed Companies in Thailand written by Sakulrat Montreevat and published by Institute of Southeast Asian Studies. This book was released on 2006 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an understanding of corporate governance in the context of Thailand. It explains the background and scope of corporate governance in Thailand before and after the Asian financial crisis, and details the roles of the relevant agencies and the key elements of corporate governance for listed companies. The author reviews the assessments made by both local and international organizations and concludes by looking at the challenges ahead and offering policy recommendations for raising the level of corporate governance in Thailand.
Download or read book Effects of Corporate Social Responsibility and Corporate Governance on Firm Value written by Watcharapong Tunpornchai and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study demonstrates the empirical impact of Corporate Social Responsibility (CSR) and Corporate Governance (CG) on Firm Value (FV). The CSR was measured using the CSR index developed by KLD Research & Analytics, Inc (KLD rating model). The CSR was categorized into the following six areas including (1) environment, (2) community, (3) diversity, (4) employee relations, (5) product, and (6) corporate governance, CG was measured by the proportion of ownership structure, institutional ownership structure, and board structure. Additionally, firm value was calculated by market value using Tobin's Q. The results revealed that the average overall CSR Score of 0.7997. Employee relation exhibited the highest score of 0.9625. On the other hand, community had the lowest score of 0.5625. Multiple regression analysis result revealed a positive overall effects of CSR and CG on FV. All six areas of CSR demonstrated consistent results with positive significant effects.
Download or read book Dynamics of Corporate Performance in Thailand written by Mr.V. Haksar and published by International Monetary Fund. This book was released on 2003-11-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent crises in emerging markets have highlighted the role of the corporate sector in transmitting financial shocks to the macroeconomy. This paper takes stock of the performance of the Thai corporate sector in emerging from the Asian crisis, and discusses remaining challenges and vulnerabilities. Econometric evidence is presented on the impact of excess leverage on performance. Debt levels, though high, have fallen from post-crisis peaks, while returns and corporate cash flows have stabilized. However, the aggregate picture masks significant firm-level variation, which is analyzed by examining estimated distributions for various indicators across firms.
Download or read book Corporate Governance Ownership Structure and Firm Performance written by Narong Preedanan and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between ownership structures and the performance of listed Thai financial firms, using a sample of 39 companies which is accounted for 86% of the market capitalisation of all financial firms listed on the Stock Exchange of Thailand (SET) in 1996. The study employs both univariate and multivariate regression analysis. The empirical results reveal that the presence of controlling shareholders is associated with higher performance, particularly when measured, for example, by return on equity (ROE). This evidence is consistent with the view that large shareholders mitigate the “free-rider” problem of monitoring a management team, and reduce agency costs, as contended by Shleifer and Vishny (1986) and Admati et al. (1994). In addition, the separation of voting and cash-flow rights through the use of pyramid and cross-shareholding is not detrimental to the value of a firm. The study does not find evidence to support the argument that a family’s involvement in management has a negative effect on company performance. Rather, there is strong evidence to support the hypotheses that state-owned financial institutions display superior performance. Finally, the study does not find evidence to support the argument that there is a non-monotonic relationship between ownership concentration and company value. Nevertheless, there is strong evidence that, at higher levels of ownership (in this case 50-75%), the involvement in management by controlling shareholders has a positive effect on firm performance, in terms of accounting, ROE, and market measures, price-to-book ratio. The results add to the literature that evaluates an empirical the link between ownership structure and firm performance, and provide additional information to policy-makers engaged in the ongoing development of corporate governance in developing countries, particularly in Thailand.
Download or read book Corporate Governance and the Cost of Capital of the Companies Listed in the Stock Exchange of Thailand written by and published by . This book was released on 2009 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates the relationship between corporate governance and cost of capital of the companies listed in the Stock Exchange of Thailand (SET) during 2000-2007. This study uses corporate governance index (CGI) which capture major aspects of corporate governance that are board structure, conflict of interest, board responsibility, shareholder rights, and disclosure and transparency. The cost of debt is estimated by predicting the credit rating which estimated by Altman model, Blume model, Campbell model, Shumway model and Zmijewski model and being converted in to the cost of debt by using the yield spread technique. The cost of equity calculated from CAPM, three-factor model, DDM and Easton model. After ignoring invalid model namely CAPM and DDM, the regression result shows a negative relationship between corporate governance, the cost of debt, the cost of equity and the cost of capital. The result can be interpreted that corporate governance can reduce the cost of capital.
Download or read book The Impact of Corporate Governance on Operational Performance of Listed Companies In the Stock Exchange of Thailand written by Piyanat Thunputtadom and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study is to investigate the variation of the corporate governance mechanisms which effects on the operational performance of listed companies in the Stock Exchange of Thailand (SET). The qualitative research methods were used to collect data and used the Panel Data Random Effects to analyze data. The research sampling was selected from the listed Companies in the SET, recorded during 2011-2015. The selected 1,665 listed Companies were used to analyze the impact of the corporate governance. The research results found that corporate governance mechanism, CEO Duality and the number of board meeting held the significant negative impacts on the operational performance of listed companies in the SET. Whereas the board size and the board independence have no significant impacts on the operational performance of listed companies in the SET.
Download or read book Factors of Good Governance Scores and Accounting Performance Affecting the P E Ratio for Listed Companies on the Stock Exchange of Thailand written by Thantip Setan and published by . This book was released on 2019 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this research is to study the factors of good governance scores and accounting performance affecting the P/E Ratio for listed companies in the Stock Exchange of Thailand. The research methodology is multiple regression analysis for the data analysis. The accounting performance is tested as the mediator variable according to Baron & Kenny's concept (1986) by using the sample group consisting of the listed companies in the Stock Exchange of Thailand from 2012-2016. The data used in the study are a total of 1,710 data. The results of the study conclude that the factors of good governance scores have positive influence on the price-to-earnings ratio. For testing the mediator variables, it is found that the accounting performance is not the mediator variable between the good corporate governance scores and price-to-earnings ratio at the statistical significance level of 0.05.
Download or read book The Influence of Institutional Shareholdings on Corporate Governance written by Peeriya Peerapongpipath and published by . This book was released on 2019 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional investors have high influence on capital market so that this research aims to examine the influence of institutional shareholdings on corporate governance (CG) of the listed companies on the Stock Exchange of Thailand in the SET 100. Institutional shareholdings were categorized into four types as follows: 1. commercial banks, mutual funds, insurance companies, and securities public companies in Thailand (FIBTMF), 2. government agencies and state enterprises of Thailand (FIGV), 3. Foreign banks (FIBF), and 4. International investors (FIIN). The CG was measured by the CG scoring of Thai Institute of Directors Association (IOD). The study period covered 2013 to 2017. In addition, the data were analyzed by logistic regression analysis, separated into two models: the first model investigated overall institutional investors toward CG; whilst, the second model examined the four categories of institutional investors as earlier mentioned. As a result, the study revealed that the overall institutional investors had statistically positive influence on the CG at 0.05 level of significance. The second model exposed that government agencies and state enterprises of Thailand as well as international investors had statistically positive impact on the CG at 0.05 and 0.10 level of significance, respectively. Therefore, this research implied the important role of institutional investors toward the CG.
Download or read book The Determinants of Corporate Governance Oractices written by and published by . This book was released on 2010 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the effects of the firms' ownership firm characteristics, and firm perfprmance on corporate governmance practices of firms listed in The Stock Exchange of Thailand (SET) during 2007-2008 by using multiple regression analysis. Firms' ownership structure consists of ownership concentration, institutional ownership, foreign ownership, government ownership, family ownership, and political connection. Firm characteristics are firm size, growth, intangible assets, and leverage. For firm performance, this study considers both accounting performance and market performance based on return on net assents (RONA) and Tobin's Q as the proxies, respectively, According to agency theory (Jensen and Meckling, 1976), this study hypothesizes that firms' ownership structure has effects on corporate governance practices of firm as well as the firm characteristics. In addition, this study also hypothesizes that firms' with good performance will have strong corporate governance practices. Cosistent with the above hypotheses, this study finds that firms with high institutional ownership, government ownership, or family ownership have strong corporate governance practices, as measured by corporate governance index (CGI). But firms with high concentration ownership have weak corporate governance practices. For firm characteristics, large firms have strong corporate governance practices while levered firms have weak practices. Firms with high market performance also have strong corporate governance practices. Neverthless, this study finds that there are five variables that are not significant associated with corporate governance practices, with are foreign ownership, political connection, firm growth, firm intangible assets, and firm accounting performance. Overall, these results imply that ownership structure, firm characteristics, and firm performances are the determinants of corporate governance practices of Thai listed firm even if not all of the varibables of are sigificant.
Download or read book Influence of Corporate Information Disclosure on Community and Society Development on Firm s Marketing Performance of Companies Listed on the Stock Exchange of Thailand written by Sirima Kaewkerd and published by . This book was released on 2018 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of influence of corporate information disclosure on community and society development on firm's marketing performance relied on the data from annual report (Form 56-1), annual financial statement, footnotes to financial statement, and corporate social responsibility report in 2016 of companies listed on the Stock Exchange of Thailand, from the sample of 200 companies. Data were analyzed with multiple indicators and multiple causes (MIMIC) model of structural equation model. The data analysis results indicated that the model based on hypotheses was consistent with the empirical data. The statistical testing values can be said that corporate information disclosure on community and society development (DCSD) had impact on increasing firm's marketing performance (TBSQ) with a statistical significant level of .05 at coefficient value of 0.12.
Download or read book Influence of Firm Size on Cost of Capital Through Corporate Social Responsibility Disclosure of the Listed Companies in the Stock Exchange of Thailand written by Dararat Phoprachak and published by . This book was released on 2018 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this research is to investigate the relationship between corporate social responsibility disclosure and cost of capital of different firm sizes listed on the stock exchange of Thailand. This was achieved through the multiple indicator and multiple cases model (MIMIC) of 370 companies listed on the stock exchange of Thailand. The analysis of firm size in this study indicates that small-sized (SIZES) medium (SIZEM) and large-sized (SIZEL) firms have effect on the cost of capital in terms of debts (COD) only with through corporate social responsibility disclosure. The statistical result indicates that the effect of size on corporate social responsibility disclosure and cost of capital in small companies has an indirect, positive effect on the cost of capital in terms of debts (COD) through corporate social responsibility disclosure, with a significance level of .01 and correlation coefficient of 0.17. In comparison the medium and large companies has a negative effect, with a significance level of .05 and correlation coefficient of 0.05 of the medium companies and large companies has a negative with a significance level of .01 and correlation coefficient of 0.09.
Download or read book The Influence of Earning Management and Good Corporate Governance Mechanism to Corporate Social Responsibility Disclosure at Manufacture Companies in Indonesian Stock Exchange written by Rowland Bismark Pasaribu and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to investigate the relationship earnings management and mechanisms of good corporate governance (managerial ownership, institutional ownership, public ownership, the audit committee, board size, and proportion of independent board) on the disclosure of corporate social responsibility on companies listed in Indonesia Stock Exchange period 2009-2013. Analysis technique used is multiple linear regressions. From the empirical result, the study found that in partial managerial ownership, board size, and proportion of independent board significant influence, while variable earnings management, public ownership, and the audit committee did not significantly affect the disclosure of corporate social responsibility.
Download or read book Corporate Governance in Thailand written by Kitipong Urapeepatanapong and published by . This book was released on 2006 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investor Types and Trading of the Environment Social and Governance Stocks in the Stock Exchange of Thailand written by Kittikhun Taechaubol and published by . This book was released on 2016 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study involves finding how the Environmental Social and Governance (ESG) or the Corporate Social Responsibility (CSR) affects investors’ attention in the Stock Exchange of Thailand. The goal is to examine whether there is any interest in investing on the companies with good ESG or CSR practice in the Stock Exchange of Thailand (SET) represented by those in the Environment Social and Governance 100 (ESG100) list by Thaipat Institution or in the Thailand Sustainability Investment (TSI) list by SET, announced during 2014-2015. Conducting an event study, upon examination of these events, the result shows that there are significantly negative abnormal returns of the TSI list. On the other hand, there are less significantly negative for the abnormal returns after announcement for the ESG100 list. As the result of CAAR is very economically small for daily and yearly returns, investors are unlikely to be able to exploit the abnormal returns for trading strategy. In addition, this research study further examines which types of investors are more concerned about the companies advocating for CSR and finds that foreign investors concern more CSR stocks than institutional investors and institutional investors concern CSR stocks less than individual investors but there are no significant comparing foreign investors with individual investors for the method that uses percentage of buy and sell to compute trade imbalance, while there is no significant difference across investor types for trade imbalance calculated using levels of buy and sell method.
Download or read book Corporate Cash Holdings Earnings Management and Corporate Governance written by and published by . This book was released on 2008 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to investigate the relationship of cash holdings, earnings management and corporate governance during 2002-2007 on 246 Thai listed firms. I use corporate governance index as proxy of corporate governance. This index divided into five sub-indices; board structure, conflict of interest, board responsibilities, shareholder rights, and disclosure and transparency, which capture major aspects of corporate governance. The results show that there is no significant association either corporate cash holdings or likelihood of earning managements with the corporate governance index. However, shareholder rights, one of the sub-indices of corporate governance index, are associated with reduced levels of earnings manipulation. In addition to providing new knowledge for academic field, this study provides a useful platform for practitioners alike in an attempt to eliminate agency problem and improve corporate governance standard in Thailand.
