Corporate governance and financial performance of firms listed on Asian Pacific stocks: evidence from Malaysia, Thailand, and Singapore

Q3 Business, Management and Accounting

International Journal of Business Governance and Ethics Pub Date : 2023-01-01 DOI:10.1504/ijbge.2023.129447

Ibrahim Khalifa Elmghaamez, Xin Yao Gan

引用次数: 1

Abstract

This study examines the impact of corporate governance on the financial performance of Asia Pacific stocks in three Asian countries: Malaysia, Thailand and Singapore. By including a sample of 159 firms listed on three Asian stock markets from 2013 to 2017, this study found that the effects of corporate governance mechanisms vary significantly among the three Asian markets. Specifically, this study shows that board size has positively influenced listed firms' financial performance in the Singapore Exchange. However, our findings show that board size has negatively affected listed firms' financial performance in Thailand's Stock Exchange. In addition, our results reveal that board independence has negatively influenced listed firms' financial performance in Bursa Malaysia. Finally, this study provides implications for regulatory authorities in the Asian stock markets to separate between chairman and CEO roles since most Asian firms are owned and directed by business families.

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亚太上市公司的公司治理和财务绩效:来自马来西亚、泰国和新加坡的证据

本研究考察了三个亚洲国家:马来西亚、泰国和新加坡的公司治理对亚太股票财务绩效的影响。本研究以2013 - 2017年在三个亚洲股市上市的159家公司为样本，发现公司治理机制的影响在三个亚洲市场之间存在显著差异。具体而言，本研究表明，董事会规模对新加坡交易所上市公司的财务绩效具有正向影响。然而，我们的研究结果表明，董事会规模对泰国证券交易所上市公司的财务绩效有负面影响。此外，我们的研究结果显示，董事会独立性对马来西亚交易所上市公司的财务绩效产生了负面影响。最后，本研究为亚洲股票市场的监管机构区分董事长和首席执行官的角色提供了启示，因为大多数亚洲公司都是由企业家族拥有和管理的。

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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来源期刊

International Journal of Business Governance and Ethics Business, Management and Accounting-Business and International Management

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： Issues of governance, responsibility and accountability are becoming increasingly important as the world, simultaneously, becomes dominated by corporations, interconnected via forces of globalisation and transparent through heightened media attention and the rise in internet-led democracy. Companies, and in particular leaders of business, can no longer hide from their responsibilities to wider stakeholder community by claims of ignorance of corporate malpractices and of failure. Boards of directors are being increasingly made responsible for both the successes and failures of their companies, as well as their own conduct and behaviours. Actions of business have increasingly become a concern not just for shareholders but also for the wider community at large.