ความสัมพันธ์ระหว่างกลไกควบคุมตามหลักการกำกับดูแลกิจการ กับผลการดำเนินงานของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย ที่มิใช่สถาบันการเงิน / กิตติชัย สถิตย์มั่นวิวัฒน์ = The Relationship between control mechanisms in corporate governance and corporate performance of listed companies in the Stock Exchange of Thailand other than financial institutions / Kittichai Sathitmanwiwat
To investigate relationships between control mechanisms in corporate governance and corporate performance of listed companies in the Stock Exchange of Thailand other than financial institutions. The investigation is performed by estimate ordinary least-squares regressions (OLS) model with cross-sectional data of 285 listed companies in 2003. In regression model, adopt Tobin's Q ratio as a proxy of companies' performance and adopt the proportion of disclosure of corporate governance, the proportion of independent directors, duality, and the proportion of family members inthe board as a proxy of the control mechanisms in corporate governance. The result showed that the proportion of family members in the board is significantly and negatively associated with the performance, However, the proportion of disclosure of corporate governance, the proportion of independent diretors, and duality have no significance on the performance. In addition, the result showed that size has positive impact on performance but age of listed companies has negative impact on performance. When examining industrial sectors, the same results are showed that duality has no significantly with the performance. While the proportions of independent directors from agro & food industry sectors and property & construction sectors have positive impact on performance. The proportions of family members in the board from consumer products sectors and industrials sectors have negative impact on performance but resources sectors showed the proportion of family members in the board has no significance on the performance. In addition, the results of examined size of listed companies by revenue sectors showed that duality have no significance on the performance same as examined industrial sectors. Other results of this study, when we adopt ROA as a proxy of companies' performance, showed that the major shareholders held by family members in the board has negative impact on performance, leverage and capital expenditure ratio have negative impact on the performance. In addition, the result showed size has positive impact on performance.