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 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 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 in Thailand written by Sakulrat Montreevat and published by Institute of Southeast Asian Studies. This book was released on 2006 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thailand's currency crisis set off a national and regional economic meltdown in the closing years of the twentieth century. Written by Thai economists, this book gives a progress report on good corporate governance practices in listed non-financial companies, financial institutions, state-owned enterprises, and non-listed companies in Thailand.
Download or read book Impact of Business Nature on Corporate Governance Report Through a Degree of Independence of Board of Directors written by Wanpen Klinphanich and published by . This book was released on 2018 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this research is to develop causal relationship model of the impact of business nature on corporate governance report through a degree of independence of board of directors by using a case study of listed companies in Stock Exchange of Thailand (SET). This model adopted three kinds of latent variables and utilized Form 56-1 data and notes to financial statement year 2016 of 175 listed companies in SET by using a statistical method of descriptive analysis, causal relationship model and LISREL 8.80 Student Edition Program. The results show that the hypothetical model and the empirical model are in harmony. There is the positively direct impact of nature of business (NTB) on independence of the Board of Directors (IBD) with a statistical significance of 0.01 and a coefficient value of 1.17** and there is the positively direct impact of IBD on Corporate Governance Report (CGR) with a statistical significance of 0.01 and a coefficient value of 1.01**
Download or read book Thailand s Corporate Financing and Governance Structures written by Pedro Alba and published by World Bank Publications. This book was released on 1998 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1998 Weaknesses in corporate governance and the fragile financial structure of many corporations contributed to, and deepened Thailand's recent financial crisis. Large corporations need to reduce their vulnerability to economic shocks and improve corporate governance; smaller firms should achieve a more stable funding structure. Alba, Claessens, and Djankov assess Thailand's policy options for reducing large corporations' vulnerability to economic shocks and improving their corporate governance - and for providing smaller firms a more stable funding structure. Using data for firms listed on Thailand's stock exchange, they empirically assess the relative importance of various factors determining the cost of capital, the availability of financing, and policies and distortions that affect corporate governance in nonfinancial firms. The empirical findings highlight weaknesses in corporate governance and the inherent risks in Thailand's corporate financing structures. They conclude that the most important ask in improving the structure of corporate financing and the framework for corporate governance is to change incentives. This will involve: * Accelerating legal reform, including reform of bankruptcy and foreclosure laws. * Improving bank monitoring of enterprise management and encouraging banks to develop more arm's-length relationships with firms. This will require greater transparency and disclosure of ownership relationships and stricter enforcement of insider and related lending limits, violation of which contributed poor intermediation and the recent crisis. * Improving disclosure and accounting practices. Self-regulatory agencies may need to play more of a role, possibly with more legal power to discipline violators. * Better enforcement of corporate governance rules. The formal structure for corporate governance is standard but enforcement is weak. * Facilitation of equity infusions. Investors - especially minority shareholders - may need to play a more direct role in monitoring and disciplining managers. To attract new infusions of equity, new equity owners may need more-than-proportional representation on the board of directors until other investor protection mechanisms are strengthened. * Improving the framework for corporate governance. A broad public discussion of corporate governance, similar to recent discussions in the United Kingdom and elsewhere, may be needed to clarify the distribution of control in the economy's real sector. * Strengthening institutions responsible for gathering and analyzing data on firms of all sizes and for monitoring firm performance and behavior. This paper-a product of the Economic Policy Unit, Finance, Private Sector, and Infrastructure Network-is part of a larger effort in the network to study the performance and financing structures of East Asian corporations.
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 Cultural Effects on Corporate Governance in Thailand written by Surasak Chaithanakij and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that balance of power is the core of all stable economic systems of which evidence can be found in European economic history. Also recent deductive studies on modern organizational economics have shown the necessity of balancing two interacting thrusts inside firms: to achieve firms' objectives and to keep their activities efficient. Both streams of evidence lead this paper to synthesize the balance of power as the core of corporate governance. This theoretical framework argues that a firm can be understood and conceptualized in several realms. Whereas the legal realm of the firm is commonly used in theoretical analysis, its narrowly characterized nexus-of-contract hinders scholars from understanding the complexity of the governance realm which can be construed as the balance of power driven by three interacting components, namely Authoritative capability, Control power and Cultural consensus. The balance of the first two components is presumably influenced by the third component. Therefore the role of Cultural consensus, consisting of trust, cultural values, social norms, social belief and ethics, is scrutinized in parallel with these components. Since a sizable portion of Thai listed companies are in practice controlled by majority shareholders and their families, these companies represent the ideal subjects for study through the lens of the Trimiti or 3Cs model. Selected proxies of the three governance components are tested against the performance indices of a sample of companies listed on the Stock Exchange of Thailand and significant relationships are found. The Trimiti model is proved to be an effective new tool of corporate governance study.
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 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 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 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 Proceedings of the 1st International Conference on Management and Business ICoMB 2022 written by Budi Setiawan and published by Springer Nature. This book was released on 2023-05-09 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book. Universitas Sarjanawiyata Tamansiswa proudly invites all students, researchers, lecturers, and practitioners to participate in the International Conference on Management and Business (ICoMB). This hybrid conference is a part of an annual event called International Management Week (IMW) hosted by Universitas Sarjanawiyata Tamansiswa will be held in Yogyakarta, Indonesia on October 31, 2022. The conference theme is Empowering Small and Medium Enterprises. ICoMB aims to provide a venue for scholars to share their knowledge in the field of management and business-related areas internationally through research and best practice outcomes presentation to promote learning from each other by exchanging insights and strengthening the network.
Download or read book The Influence of Board Independence on Ability to Operate and Capital Structure Through Corporate Governance Disclosure of Companies Listed on the Stock Exchange of Thailand written by Senee Puangyanee and published by . This book was released on 2018 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to investigate the influence of board structure on corporate governance, profitability and capital structure of 254 listed companies in the stock exchange of Thailand. By analyzing data based on Multiple Indicators and Multiple Causes (MIMIC) Model. The findings reveal a harmony between hypothetical assumption and empirical analysis with the results of statistical tests. It can be concluded that the research, board structure of independent director (BSOI) and director's relative (DTRT) has a positive influence on corporate governance disclosure (CGRD) at coefficient value of 0.26 with a significance level of .05 and 0.27 with a significance level of .01 . Also, corporate governance disclosure (CGRD) positively effect on profitability (PFBR) and capital structure (CPTS) at coefficient values of 0.33 with a significance level of .05 and 0.20 with a significance level of .01 respectively.
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 Corporate Governance and Firm Performance written by and published by . This book was released on 2009 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: To investigate the relationship between level of governance standard and firms' performance based on agency theory. Sample used in this study is listed firms in the Stock Exchange of Thailand (SET) during 2000-2007. Regarding corporate governance measurement, I apply corporate governance index (CGI), which is constructed base on publicly available data. The index can be sub-divided into five categories; board structure, conflict of interest, board responsibilities, shareholder rights, and disclosure and transparency, that cover all major aspects related to corporate governance in the case of Thailand. The evidences indicate that better governance practice is associated with higher ROA, Tobin's Q and dividend yield. However there is no evidence that investors earned abnormal return during the sample period by using the investment strategy that bought high-governed firms and shorted low-governed firms.
Download or read book Comparative Study of the Performance Between Firms Participating and Not Participating on the Voluntary Corporate Governance Program of the Stock Exchange of Thailand written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
