ความสัมพันธ์ระหว่างการถือครองเงินสดการกำกับดูแลกิจการและมูลค่าของกิจการของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The level of cash holdings of a firm is crucial for its operations, as it serves as an indicator of the stability and wealth of the firm. It also demonstrates the ability to manage cash effectively to achieve maximum returns, which in turn affects the firm value. This study aims to examine the relationship between cash holdings, corporate governance, and firm value of listed companies on The Stock Exchange of Thailand from 2014 to 2021, comprising a total of 303 companies with a sample size of 2,424 observations, by using fixed effects model. The study finds that the expected level of cash holdings positively impacts the firm value, while deviations from the expected level negatively affect firm value. Moreover, firms with excessive cash holdings but good corporate governance and a concentrated ownership structure show no significant relationship with firm value.