สภาพเศรษฐกิจผู้ถือหุ้นรายใหญ่และความสัมพันธ์ระหว่างธรรมาภิบาลและผลประกอบการของบริษัท / อุดม ติลกานันท์ = Economic conditions, major shareholders and the relation between corporate governance and firm performance /Udom Tilkanan
The objective of this research is to analyze the effect of corporate governance on the firm performance and to investigate how economic condition and the managerial involvement of major shareholder affect the relation between the corporate governance and firm performance. This study uses both return on asset and Tobin's Q as proxies for performance. The data are derived from companies listed on the Stock Exchange of Thailand from 1998 to 2002. Two-stage least squares are used to analyze the data. The result shows that the managerial ownership has no influence on firm performance. Ownership concentration positively correlates to firm performance only when return on asset is used as the proxy. The difference between control rights and ownership rights of the largest shareholder has no influence on firm performance. The finding also suggests that there is no evident that largest shareholder expropriates firm resources. Board composition has no influence on firm performance. Leverage has negatively correlates to firm performance when return on asset is used. However, it positively correlates to firm performance when Tobin's Q is used. And, the economic condition has no influence on the relation between the corporate governance and firm performance. Moreover, when Tobin's Q and Two-stage least squares are used, the companies that largest shareholder involves the management the managerial ownership negatively correlates to firm performance. An increase in leverage worsens the performance of firms which are managed by largest shareholders larger than those who are not involved in administrative system.