Corporate Governance Determinants of Financial Management Performance of Listed Companies in Thailand
Keywords:
Corporate Governance, Financial Management Performance, Listed CompaniesAbstract
The objective of this research was to analyze the corporate governance determinants and their impact on financial management performance of listed companies in Thailand. Samples were Listed Companies by Chief Financial Officers or those who work as administrators in financial or accounting line in the listed companies in Thailand. Research tools were (1) financial performance reports on Net Profit Margin: NPM, (2) questionnaires constructed on the basis of 2555 B.E. Corporate Governance Principles. Inference statistics including exploratory factor analysis and multiple regression analysis were used for data analysis.
The research findings were as follows: (1) The components of corporate governance of listed companies in Thailand consisted of 8 components (63.57% cumulative of variance), and (2) Administrative report and control system was the only component that can predicted Net Profit Margin (NPM) in 2016 (R2 = .040). From the research findings, it would suggest that, as far as corporate governance was concerned, listed companies should pay most to both internal and external factors particularly roles of Board of Directors by recruits and selecting directors who are knowledge in financial and risk management, faithful in business ethics and accountability.
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