Effects of Ownership Structures and Board Characteristics on Listed Firms in Thailand Sustainability Investment Index
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Abstract
The study investigates the effects of ownership structures and board characteristics on the Thailand Sustainability Investment designation of listed firms on Stock Exchange in Thailand. The factors that are studied in this research include ownership structures comprised of institutional ownership, foreign ownership, and managerial ownership; and board characteristics comprised of board size, board independence, and board meeting. The samples in this study consisted of 484 firms of listed firms. Data was gathered from their annual reports via SETSMART database. Logistic regression analysis is employed to test the model. The findings showed that foreign ownership, institutional ownership, board independence, board size, and frequency of broad meetings has a positive link towards Thailand Sustainability Investment designation and using logistic regression analysis methods can be accurately identified 80.40 percent. The findings will help investors in setting the strategy in selecting stocks for their portfolio.
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