ความสัมพันธ์ระหว่างคุณลักษณะของประธานบริหารกับผลการดำเนินงานของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย และตลาดหลักทรัพย์ เอ็ม เอ ไอ

Abstract

The objective of this independent study was to study the relationship between chief executive officer characteristics and the firm performance of listed companies in The Stock Exchange of Thailand and Market for Alternative Investment. This study focused on the relationship between the 3 chief executive characteristics, namely education, work experience and gender, and the firm performance, which consisted of return on asset (ROA), return on equity (ROE) and Tobin’s Q. The data were collected from company’s annual reports of the year 2013, from 506 companies listed in The Stock Exchange of Thailand and Market for Alternative Investment. The statistical method for analyzing the data was multiple regression. The results of the study showed that education variables, namely dummy for Bachelor’s degree or lower, dummy for Master’s degree in other fields, dummy for Master’s degree in Business Administration, and dummy for Ph.D., related positively to return on asset, return on equity, and Tobin’s Q at the statistical significance level of 0.01. Work experience and gender of chief executive officers did not relate to return on asset, return on equity, and Tobin’s Q at the statistical significance level of 0.01. Moreover, it was found from this study that capital structure variable measured by the debt equity ratio related negatively to return on asset, return on equity, and Tobin’s Q at the statistical significance level of 0.01. Also, firm size variable measured by the logarithm of total assets related positively to return on equity at the statistical significance level of 0.01.