Moderating Effect of Institutional Investors on the Relationship Between Borad Structure and Firm Performance: Evidence from Listed Companies on the Stock Exchange of Thailand
คำสำคัญ:
Board Structure, Institutional Investors, Firm Performanceบทคัดย่อ
This study aimed to examine the influence of institutional investors on the relationship between board structure and firm performance, measured by return on assets (ROA), in listed companies on the Stock Exchange of Thailand during 2020–2022. The analysis utilized data from 1,148 companies retrieved from the SETSMART annual database. Multiple regression analysis was conducted to test the hypotheses. The findings indicate that board structure, specifically board size, has a negative relationship with firm performance, while institutional investors do not exhibit a statistically significant relationship with firm performance. However, the analysis of moderating variables reveals that the proportion of board management, in conjunction with institutional investors, has a statistically significant positive influence on firm performance. Conversely, the proportion of independent directors and board of auditors, when combined with institutional investors, shows a statistically significant negative influence on firm performance.
เอกสารอ้างอิง
Arjaree Prachuabmoh, et al., (2018). The Relationship between Structure of the Board of Directors and the Performance of Companies Listed on the Stock Exchange of Thailand. Kasem Bundit Journal, 19, 1-18.
Borlea, Sorin Nicolae and Monica-Violeta. (2013). Theories of Corporate Governance. Economics Series, 23(1), 117-128.
Chindahra Sangaungkanawin. (2017). The Relationship between Board Structure and Return on Equity of Thai Listed Companies in MAI (Dissertation). Dhurakig Pundit University
Cornett, M. M., Marcus, A. J., & Tehranian, H. (2003, November). The impact of institutional ownership on corporate operating performance. NYU Working Paper No. S-CG-03- 05. Retried from http://ssrn.com/abstract=1295248
Dian, Y. (2014). Corporate governance and firm performance: A sociological analysis based on Chinese experience. Social Sciences in China, 35(1), 44–67.
Fama, E.F., and Jensen, M.C. (1983). Separation of ownership and control, Journal of Law Economics, 26, 301-325.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pitman.
Iyengar, R. J. , Land, J. & Zampelli, E. (2010). Does Board Governance Improve the Quality of Accounting Earnings?. Accounting Research Journal, 23, 49-68.
Junyao Chen et al., (2022). The Impact of Institutional Investors on Firm Performance: Evidence from China. Advances in Economics, Business and Management Research, 211, p.1-8.
Kanakriyah, R. (2021). The Impact of Board of Directors' Characteristics on Firm Performance: A Case Study in Jordan. Journal of Asian Finance, Economics and Business, 8(3), 341-350.
Lee, Shin-ping, & Chuang, Tsung-Hsien. (2009). The determinants of corporate performance: A viewpoint from insider ownership and institutional ownership. Managerial Auditing Journal, 24(3), 233-24.
Mahoney, L., & Roberts, R. W. (2007). Corporate social performance, and financial performance and institutional ownership in Canadian firms. Accounting Forum, 31, 233-253.
Moderating Effect of Research & Development. Journal of Business and Social Review in Emerging Economies, 7(2), 403-414.
Nashier, Tripti, & Gupta, Amitabh. (2016). The effect of institutional ownership on firm performance. The IUP Journal Corporate Governance, 15(3), 36-56.
Nuthawut Sabsombat et al.,(2020). The Relationship between Corporate Governance and Firm Value of Listed Companies on The Stock Exchange of Thailand in SET100 Index. WMS Journal of Management,9(4), 95-108.
Ongore V. (2011). The relationship between ownership structure and firm performance: an empirical analysis of listed companies in Kenya. African Journal of Business Management, 5(3), 2120-2128.
Pervan, M., Pervan, I., & Todorić, M. (2012). Firm ownership and performance: evidence for croatian listed firms. International Journal of Social and Human Sciences, 6, 89–95.
Phillip C. James. (2020). Understanding the Impact of Board Structure on Firm Performance: A Comprehensive Literature Review. International Journal of Business and Social Research, 10(1) 1-12.
Pipatsorn Archawapornwitoon. (2021). The role of committees and ownership structure in relation to performance of the listed companies on the Stock Exchange of Thiland SET100 index. National Research Council. https://doi.nrct.go.th/ListDoi/Download/ 624740/e660939668e75021a6af863f9c530825
Piyanan Nutrujiroj and Sillapaporn Srijunpetch. (2020). The relationship between institutional ownership and government ownership on firm performance. Suthiparithat Journal, 34 (111),110-121.
Saad Ur Rehman et al.,(2021). Impact of CEO, Director and Executive Compensation on the Firm Performance with Moderating Effect of Research & Development. Journal of Business and Social Review in Emerging Economies, 7(2), 403-414.
Sahut, J. M., & Gharbi, H. O. (2010). Institutional investors’ typology and firm performance: The case of French firms. International Journal of Business, 15(1) 33–50.
Sharifah Faatihah Syed Fuzia et al., (2016). Board Independence and Firm Performance. Procedia Economics and Finance, 37, 460 – 465.
Shubhi Agarwal and Archna Singh. (2020). Literature Review on the Relationship between Board Structure and Firm Performance. International Journal of Business Ethics in Developing Economies, 9(2), 33-43.
Taouab, O., & Issor, Z. (2019). Firm Performance: Definition and Measurement Models. European Scientific Journal ESJ, 15(1). https://doi.org/10.19044/esj.2019.v15n1p93
Yopie, S., & Lim, A. (2021). Pengaruh manajemen keluarga, Generasi, Dan struktur kepemilikan terhadap kinerja perusahaan keluarga yang terdafar di bursa efek indonesia. Jurnal Akuntansi Trisakti. https://doi.org/10.25105/jat.v8i2.9792
Yupana Wiwattanakantang. (2001). Controlling shareholders and corporate value: evidence from Thailand. Pacific-Based Finance Journal, 9(4), 323-362.
Zeitun, R., & Tian, G. G. (2007). Does ownership affect a firm’s performance and default risk in Jordan?. The International Journal of Business in Society, 7(1), 66-82.
ดาวน์โหลด
เผยแพร่แล้ว
รูปแบบการอ้างอิง
ฉบับ
ประเภทบทความ
สัญญาอนุญาต
ลิขสิทธิ์ (c) 2025 วารสารการวิจัยการบริหารการพัฒนา
อนุญาตภายใต้เงื่อนไข Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
บทความที่ได้รับการตีพิมพ์เป็นลิขสิทธิ์ของมหาวิทยาลัยราชภัฏสวนสุนันทา
ข้อความที่ปรากฏในบทความแต่ละเรื่องในวารสารวิชาการเล่มนี้เป็นความคิดเห็นส่วนตัวของผู้เขียนแต่ละท่านไม่เกี่ยวข้องกับมหาวิทยาลัยราชภัฏสวนสุนันทา และคณาจารย์ท่านอื่นๆ ในมหาวิทยาลัยฯ แต่อย่างใด ความรับผิดชอบองค์ประกอบทั้งหมดของบทความแต่ละเรื่องเป็นของผู้เขียนแต่ละท่าน หากมีความผิดพลาดใดๆ ผู้เขียนแต่ละท่านจะรับผิดชอบบทความของตนเองแต่ผู้เดียว
