ความสัมพันธ์ระหว่างการกำกับดูแลกิจการกับมูลค่าหุ้นของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

This study aimed to investigate the relationships between the corporate governance and stock values of listed companies in the Stock Exchange of Thailand. The data was collected from year 2014 annual reports, annual registration statements (Form 56-1), and financial statements from 282 companies. In addition, this independent study used the multiple regression analyzed by Ordinary Least Squares (OLS). The independent variables used for the hypothesis of the corporate governance included the top 5 shareholders, the institutional block shareholders, the board size, the proportion of the independent directors, and the role duality of a managing director and a president. Moreover, the dependent variable was the stock value (price to earnings ratio: P/E Ratio), and the controlled variables were return on equity (ROE) and the size of the company. The results showed that board size and the proportion of the independent directors had an inverse correlations with the stock values of listed companies in the Stock Exchange of Thailand. It is possible that the bigger size of board size resulted in the decrease of the stock values because it took more time to make decisions, which could cause damage to a company especially with urgent issues. Also the bigger size of the committee increased the cost of a company in terms of the board’s compensation. Furthermore, it is possible that the higher proportion of the independent directors resulted in the decrease of the stock values because the independent directors had different expertise and experience and the appropriate proportion of the independent directors of each company also depended on different factors such as the type and size of the company. Finally, it was found that ROE, which was the controlled variable, had significant opposite direction with the stock values. In other words, a company which had higher ROE could decrease its stock values.