รายงานวิจัยฉบับสมบูรณ์ คะแนนการกำกับดูแลกิจการและปัจจัยที่มีบทบาทต่อมูลค่าธุรกิจบริษัทจดทะเบียนในประเทศไทย

Abstract

This research's objectives were to survey and compare corporate governance scores with firm values of companies by using the 2015 companies listed database, which included the data of 635 companies between 2013 and 2015. Based on their complete data and a good corporate governance score as assessed by the Thai Institute of Directors Association's survey, 399 companies were selected as a sample group. The analyses included descriptive statistics and hypothesis testing. With regard to descriptive statistics, the findings revealed that overall, the listed companies that received a good corporate governance score belonged to the Property and Construction Group while the Technology Group and the Financial Group received a lower score, respectively. However, according to the SET50 Index Group category, the Resources Group was found to receive the highest corporate governance score while the Property and Construction Group and the Technology Group received a lower score. respectively. In addition, according to the SET100 Index Group category, the companies that received the best corporate governance score belonged to the Property and Construction Group, Services Group and Technology Group, respectively. To study the relation between corporate governance scores and firm values through controlled variables determinants, a hypothesis test was launched and an analysis was made according to simple linear regression. A finding revealed that corporate governance scores could 11.30% describe firm values at the 95% confidence level with statistical significance. Another finding revealed that authorized capital was found to play a greater role in firm values than the number of major shareholders and independent directors. Moreover, by using Chi-Square, another test was launched to find out whether or not differences between and among the SET50 and SET100 Index Groups had any influences on corporate governance score and firm values. The finding pointed out that no differences were found to influence corporate governance scores and firm values. However, the listed companies in the Consumer Products Group and Market for Alternative Investment Group (MAI) were excluded from the test because no companies in the groups have been classified into the SET50 and SET100 Index Groups.