ความสัมพันธ์ระหว่างการกำกับดูแลกิจการกับมูลค่าเพิ่มเชิงเศรษฐศาสตร์ของบริษัทในกลุ่มอุตสาหกรรมบริการที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

This independent study aimed to investigate the relationship between the corporate governance and the economic value added of companies in services group listed on the Stock Exchange of Thailand between 2015 and 2017, with a total of 284 datasets. Independent variables included the corporate governance consisting of the evaluation scores in the Corporate Governance Report of Thai Listed Companies (CGR) and the participation in Thai Private Sector Collective Action Against Corruption (CAC). Dependent variables were the economic value added (EVA) whereas control variables were based upon the sizes of the company, Debt to Equity Ratio (D/E), and its lifespan or age. The results of study showed that the evaluation scores in the Corporate Governance Report of Thai Listed Companies (CGR) had a statistically significant negative relationship with the economic value added (EVA) at 0.01 level of statistical significance. It meant that the company receiving such higher scores did not actually have the higher economic value added but, in fact, had the lower economic value added than the company receiving such lower scores. With regard to the participation in the Thai Private Sector Collective Action Against Corruption (CAC), there was no statistically significant relationship with the economic value added (EVA). It was also found that the sizes of the company had a statistically significant positive relationship with the economic value added (EVA) whereas the Debt to Equity Ratio (D/E) and the age of the company had a statistically significant negative relationship with the economic value added (EVA).