ความสัมพันธ์ระหว่างคุณลักษณะของกรรมการบริษัทกับการยอมรับความเสี่ยงของบริษัทที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

This independent study aimed to identify the relationship between board characteristics and risk-taking of listed companies in the Stock Exchange of Thailand. The board characteristics in this study consisted of ages, genders, educational levels, and terms of service along with risk-taking measured by the variance of Return on Asset (ROA) and Return on Equity (ROE). Data collections regarding the board characteristics from the Annual Reports and the Financial Statements as well as the Company Performances in a total of 593 companies were undertaken from the official websites of the Stock Exchange of Thailand. Data analyses were done through the descriptive statistics and the multiple regression analysis. The study of board characteristics of 593 listed companies in the Stock Exchange of Thailand found that there were a total of 5,765 board members: 4,542 males and 1,223 females whereas their ages mostly ranged from 61-70 years. Regarding the highest level of education of board members, the majority of them completed a master’s degree. Their terms of service were mainly between 0-10 years. According to the study results, the board characteristics in terms of ages, genders, educational levels, and terms of service had no correlation with the risk of the company measured by the variance on Return on Asset (ROA). However, the characteristics of ages and educational levels between the board members who held an educational qualification below a bachelor’s degree and those who completed a master’s degree showed a negative correlation with the risk of the company measured by the variance of Return on Equity (ROE) at 0.01 level of statistical significance. The characteristics of genders and terms of service had no correlation with the variance of Return on Equity (ROE).