Proceedings of the 38th International Academic Conference, Prague

LONG-TERM PERFORMANCE OF CORPORATE GOVERNANCE IN THAILAND

CHAYAKRIT ASVATHITANONT, NOPPHON TANGJITPROM, VORAPOL SOCATIYANURAK

Abstract:

The purpose of this study is to review the impact of the market on Adoption of Corporate Governance in Thailand for a decade during 2003-2017. The study examines the firm-level return in both operations, from ROA & ROE, and equity price return from different level of Corporate Governance rating in comparison to the market-Stock Exchange of Thailand through out the period. The study employs the long-term cross sectional comparison between firms which separate the Corporate Governance Rating firms into four quartile rank as Excellence, Very Good, Good and Poor Corporate Governance Rating. The test of quartile differences indicated that the Excellent level of Corporate Governance firms were performing better in comparison to the Poor level in four measures of returns which are Annual Monthly Return and Annual Holding Period Return, ROE and ROA as well as the TOBINQ.

Keywords: Corporate Governance, Long Term Performance

DOI: 10.20472/IAC.2018.038.003

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