How Do Board Structures of Thai Firms Influence on Different Quantile Levels of Firm Performance?

W. Buachoom
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引用次数: 15

Abstract

Abstract As there is inclusive evidence on relationship between board characteristics and firm performance in the Thai context, and mixed findings of this relationship are usually reported from previous studies, this study tries to clarify a reason for the mixed finding by determining the impact of board structures on different quantile levels of firm performance. Building on extant literature and using a developed econometric technique, the Quantile Analysis, on a sample of 446 listed firms in Thailand for a 15-year period ranging from 2000 to 2014, empirical evidence is provided which is consistent with prior studies that some characteristics of the board as the core mechanisms of corporate governance, i.e., board independence, board size, board meeting frequency, and dual role leadership on board, have significant influence on performance of Thai firms. In particular, when considering different quantile levels of firm performance, board structures are found to have different effects across quantile of performance distribution. Board independence and dual role leadership on board are found to have a significant influence on only moderate-performing firms, while board size and board meeting frequency are revealed as having significant impact on only firms with high-performance which need more effectiveness of the board in overseeing and supervising decision-making of the executives. Thus, these findings indicate that considering different quantile levels of firm performance for the board structures and performance relationship should be a reason of previous mixed findings. Moreover, the findings should be important information in encouraging better understanding an optimal governance system in Thailand for related stakeholders such as policymakers, corporate firms, and investors.
泰国公司董事会结构如何影响公司绩效的不同分位数水平?
由于在泰国背景下,董事会特征与公司绩效之间的关系具有包容性的证据,并且这种关系的混合发现通常来自先前的研究报告,因此本研究试图通过确定董事会结构对公司绩效不同分位数水平的影响来阐明混合发现的原因。本文在现有文献的基础上,运用先进的计量经济学技术——分位数分析法,对泰国446家上市公司2000年至2014年15年间的样本进行分析,得出了与前人研究一致的实证证据,即董事会作为公司治理核心机制的一些特征,即董事会独立性、董事会规模、董事会会议频率和董事会双重角色领导。对泰国公司绩效有显著影响。特别是,当考虑公司绩效的不同分位数水平时,发现董事会结构在绩效分布的不同分位数上具有不同的影响。董事会独立性和董事会双重角色领导仅对中等绩效公司有显著影响,而董事会规模和董事会会议频率仅对高绩效公司有显著影响,这些公司需要董事会更有效地监督和监督高管的决策。因此,这些发现表明,考虑公司绩效的不同分位数水平的董事会结构和绩效的关系应该是一个原因之前的混合发现。此外,研究结果应成为鼓励决策者、企业和投资者等相关利益相关者更好地理解泰国最优治理体系的重要信息。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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