Institutional Ownership and Firm Performance – Role of Managerial Efficiency: Evidence from Thai Stock Exchange
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บทคัดย่อ
The purposes of this study are to investigate how institutional ownership (INS) impacts firm performance, and whether "managerial efficiency" can moderate the relationship between INS and firm performance. The study was conducted based on agency theory. The data were collected from the SETSMART database, which includes information on companies listed on the Thailand Security Exchange from 2016 to 2021. The study used a process regression analysis with 2,104 observations, examining the relationship between institutional ownership and firm performance (measured by ROA and Tobin's Q), while also taking into account the managerial efficiency. The findings suggest that managerial efficiency played an important role in the relationship between institutional ownership and firm performance. This should be considered prior to making an investment decision. This study addresses conflicting arguments and gaps in the literature regarding the relationship between institutional ownership and firm performance, together with highlighting the importance of managerial efficiency in creating effective efficiency.
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บทความที่จะตีพิมพ์เพื่อเผยแพร่ในวารสารการจัดการธุรกิจ มหาวิทยาลัยบูรพา จะต้องเป็นบทความที่ไม่เคยได้รับการตีพิมพ์เผยแพร่หรืออยู่ระหว่างการพิจารณาเพื่อตีพิมพ์เผยแพร่ในวารสารอื่น ๆ ทั้งนี้ หากพบว่ามีการละเมิดลิขสิทธิ์ ด้วยข้อคิดเห็นที่ปรากฏและแสดงในเนื้อหาบทความต่าง ๆ ให้ถือว่าเป็นความเห็นและความรับผิดชอบโดยตรงของผู้เขียนบทความนั้น ๆ มิใช่ความเห็นและความรับผิดชอบใด ๆ ของคณะบริหารธุรกิจ มหาวิทยาลัยบูรพา สำหรับในกรณีผู้ประสงค์จะนำข้อความในวารสารการจัดการธุรกิจ มหาวิทยาลัยบูรพา ไปเผยแพร่ต้องได้รับอนุญาตจากกองบรรณาธิการวารสารการจัดการธุรกิจ มหาวิทยาลัยบูรพา ตามกฎหมายว่าด้วยลิขสิทธิ์
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