ความสัมพันธ์ระหว่างโครงสร้างผู้ถือหุ้นแบบกระจุกตัวและผลการดำเนินงานของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The purpose of this research was to study the relationship between shareholder structure and the performance of companies listed on the Stock Exchange of Thailand. It was a study of the influence of the ownership structure. The financial ratios used are (1) the shareholding of the Chief Executive Officer or CEO, (2) the shareholding ratio of the top five investors, and (3) the proportion of shares held by foreign investors (Proportion of foreign investors) on the operating results that excluded the proportion of shares held by Thai NVDR. The sample group is 900 companies listed on the Stock Exchange of Thailand in the SET and Mai market groups in 2019. The correlation was studied using Multiple Linear Regression Analysis (MLR). Independent variables include the shareholding of the Chief Executive Officer (CEO), the shareholding of the top five investors, and the shareholding of foreign investors. (Proportion of foreign investors). The independent variables include the shareholding of the Chief Executive Officer (CEO), the shareholding of the top five investors, and the shareholding of foreign investors. (Proportion of foreign investors). The dependent variable is performance (Return on Equity; ROE). The control variables are the ratio of debt (leverage Ratio) and the size of companies. The study results from the sample group found that the shareholder of the Chief Executive Officer (CEO) did not affect the company's performance of companies listed on the Stock Exchange of Thailand. Nevertheless, the proportion of the top five shareholders (TOP 5) negatively correlated with the company's performance, and the shareholding ratio of foreign investors (NonTHAI) positively correlated with the company's performance listed on the Stock Exchange of Thailand.