Board Characteristics and Firms Risk Management: Evidence from Thailand


  • Warit Rattanaphan Murata Electronics (Thailand), LTD.
  • Niyata Kawewong Faculty of Business Administration, Chiang Mai University
  • Pitima Diskulnetivitya Chiang mai University



Board Characteristics, Firms Risk Management


The purpose of this study is to investigate the impact of board characteristics consisting of gender, age, education level, length of tenure of executives, and the number of committees on firm risk management. The sample is 596 listed companies in the Stock Exchange of Thailand (SET). The analysis is based on the data of the characteristics of the Board of Directors of firms in year 2021. The results from Ordinary Least Squares show that independent variables that are female directors on the board and the number of committees have negative relationship with firm risk management at a statistically significant level of 0.05. On the other hand, level of education of directors lower than bachelor's degree has positive relationship with firm risk management. This reveal that firms with female board members and many numbers of committees’ trend to choose a policy that has low risks. However, having an executive director whose education is lower than a bachelor's degree tends to increase the risk of the business. The control variables are the book value of total assets and the return on total assets in the previous year have a negative relationship with firm’s risk management. The ratio of total debt to total assets correlated in the same direction with the risk of corporate management at a statistically significant level of 0.01.


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How to Cite

Rattanaphan, W., Kawewong, N., & Diskulnetivitya, P. (2024). Board Characteristics and Firms Risk Management: Evidence from Thailand. Economics and Business Administration Journal Thaksin University, 16(2), 27–44.



Research Article