• Pakorn Oupananchai Department of Accounting, Finance and Economics, Bournemouth University


Corporate Governance, Firm Performance, Listed Firms, Stock Exchange of Thailand


Corporate governance plays a significant role in allowing companies to progress in order to be competitive with international firms. After the Asian financial crisis in 1997, corporate governance has improved and changed over the year. Nevertheless, a large number of studies have shown that there is no relationship between corporate governance and firm performance. However, the majority of researchers claim that corporate governance brings about better performance.

This research studies the question of whether or not corporate governance influences firm performance. The study uses a sample of approximately 40 companies that are constituent on the Stock Exchange of Thailand in 2017. Secondary quantitative data and a regression method have been used for investigating this relationship. Additionally, this study investigates the link between board structure (board size, CEO duality, independent directors and the number of board meetings) and firm performance (the return on assets, the current ratio, and the gearing ratio).

The results of this study reveal that there is a significantly negative relationship between independent directors and ROA, while there is a significantly positive relationship between the numbers of board meetings. Secondly, there is a significantly negative relationship between and the separation of the chairman and CEO and the current ratio. Finally, there is a significantly negative relationship between independent directors and the gearing ratio, and there is a significantly positive relationship between the numbers of board meetings.



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