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Corporate Governance And The Cost Of Capital Of The Companies Listed In The Stock Exchange Of Thailand
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Book Synopsis Corporate Governance and the Cost of Capital of the Companies Listed in the Stock Exchange of Thailand by :
Download or read book Corporate Governance and the Cost of Capital of the Companies Listed in the Stock Exchange of Thailand written by and published by . This book was released on 2009 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates the relationship between corporate governance and cost of capital of the companies listed in the Stock Exchange of Thailand (SET) during 2000-2007. This study uses corporate governance index (CGI) which capture major aspects of corporate governance that are board structure, conflict of interest, board responsibility, shareholder rights, and disclosure and transparency. The cost of debt is estimated by predicting the credit rating which estimated by Altman model, Blume model, Campbell model, Shumway model and Zmijewski model and being converted in to the cost of debt by using the yield spread technique. The cost of equity calculated from CAPM, three-factor model, DDM and Easton model. After ignoring invalid model namely CAPM and DDM, the regression result shows a negative relationship between corporate governance, the cost of debt, the cost of equity and the cost of capital. The result can be interpreted that corporate governance can reduce the cost of capital.
Book Synopsis Thailand's Corporate Financing and Governance Structures by : Pedro Alba
Download or read book Thailand's Corporate Financing and Governance Structures written by Pedro Alba and published by World Bank Publications. This book was released on 1998 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: November 1998 Weaknesses in corporate governance and the fragile financial structure of many corporations contributed to, and deepened Thailand's recent financial crisis. Large corporations need to reduce their vulnerability to economic shocks and improve corporate governance; smaller firms should achieve a more stable funding structure. Alba, Claessens, and Djankov assess Thailand's policy options for reducing large corporations' vulnerability to economic shocks and improving their corporate governance - and for providing smaller firms a more stable funding structure. Using data for firms listed on Thailand's stock exchange, they empirically assess the relative importance of various factors determining the cost of capital, the availability of financing, and policies and distortions that affect corporate governance in nonfinancial firms. The empirical findings highlight weaknesses in corporate governance and the inherent risks in Thailand's corporate financing structures. They conclude that the most important ask in improving the structure of corporate financing and the framework for corporate governance is to change incentives. This will involve: * Accelerating legal reform, including reform of bankruptcy and foreclosure laws. * Improving bank monitoring of enterprise management and encouraging banks to develop more arm's-length relationships with firms. This will require greater transparency and disclosure of ownership relationships and stricter enforcement of insider and related lending limits, violation of which contributed poor intermediation and the recent crisis. * Improving disclosure and accounting practices. Self-regulatory agencies may need to play more of a role, possibly with more legal power to discipline violators. * Better enforcement of corporate governance rules. The formal structure for corporate governance is standard but enforcement is weak. * Facilitation of equity infusions. Investors - especially minority shareholders - may need to play a more direct role in monitoring and disciplining managers. To attract new infusions of equity, new equity owners may need more-than-proportional representation on the board of directors until other investor protection mechanisms are strengthened. * Improving the framework for corporate governance. A broad public discussion of corporate governance, similar to recent discussions in the United Kingdom and elsewhere, may be needed to clarify the distribution of control in the economy's real sector. * Strengthening institutions responsible for gathering and analyzing data on firms of all sizes and for monitoring firm performance and behavior. This paper-a product of the Economic Policy Unit, Finance, Private Sector, and Infrastructure Network-is part of a larger effort in the network to study the performance and financing structures of East Asian corporations.
Author :Sakulrat Montreevat Publisher :Institute of Southeast Asian Studies ISBN 13 :9812302662 Total Pages :92 pages Book Rating :4.8/5 (123 download)
Book Synopsis Corporate Governance of Listed Companies in Thailand by : Sakulrat Montreevat
Download or read book Corporate Governance of Listed Companies in Thailand written by Sakulrat Montreevat and published by Institute of Southeast Asian Studies. This book was released on 2006 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an understanding of corporate governance in the context of Thailand. It explains the background and scope of corporate governance in Thailand before and after the Asian financial crisis, and details the roles of the relevant agencies and the key elements of corporate governance for listed companies. The author reviews the assessments made by both local and international organizations and concludes by looking at the challenges ahead and offering policy recommendations for raising the level of corporate governance in Thailand.
Book Synopsis Influence of Firm Size on Cost of Capital Through Corporate Social Responsibility Disclosure of the Listed Companies in the Stock Exchange of Thailand by : Dararat Phoprachak
Download or read book Influence of Firm Size on Cost of Capital Through Corporate Social Responsibility Disclosure of the Listed Companies in the Stock Exchange of Thailand written by Dararat Phoprachak and published by . This book was released on 2018 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this research is to investigate the relationship between corporate social responsibility disclosure and cost of capital of different firm sizes listed on the stock exchange of Thailand. This was achieved through the multiple indicator and multiple cases model (MIMIC) of 370 companies listed on the stock exchange of Thailand. The analysis of firm size in this study indicates that small-sized (SIZES) medium (SIZEM) and large-sized (SIZEL) firms have effect on the cost of capital in terms of debts (COD) only with through corporate social responsibility disclosure. The statistical result indicates that the effect of size on corporate social responsibility disclosure and cost of capital in small companies has an indirect, positive effect on the cost of capital in terms of debts (COD) through corporate social responsibility disclosure, with a significance level of .01 and correlation coefficient of 0.17. In comparison the medium and large companies has a negative effect, with a significance level of .05 and correlation coefficient of 0.05 of the medium companies and large companies has a negative with a significance level of .01 and correlation coefficient of 0.09.
Book Synopsis The Influence of Institutional Shareholdings on Corporate Governance by : Peeriya Peerapongpipath
Download or read book The Influence of Institutional Shareholdings on Corporate Governance written by Peeriya Peerapongpipath and published by . This book was released on 2019 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional investors have high influence on capital market so that this research aims to examine the influence of institutional shareholdings on corporate governance (CG) of the listed companies on the Stock Exchange of Thailand in the SET 100. Institutional shareholdings were categorized into four types as follows: 1. commercial banks, mutual funds, insurance companies, and securities public companies in Thailand (FIBTMF), 2. government agencies and state enterprises of Thailand (FIGV), 3. Foreign banks (FIBF), and 4. International investors (FIIN). The CG was measured by the CG scoring of Thai Institute of Directors Association (IOD). The study period covered 2013 to 2017. In addition, the data were analyzed by logistic regression analysis, separated into two models: the first model investigated overall institutional investors toward CG; whilst, the second model examined the four categories of institutional investors as earlier mentioned. As a result, the study revealed that the overall institutional investors had statistically positive influence on the CG at 0.05 level of significance. The second model exposed that government agencies and state enterprises of Thailand as well as international investors had statistically positive impact on the CG at 0.05 and 0.10 level of significance, respectively. Therefore, this research implied the important role of institutional investors toward the CG.
Book Synopsis The Impact of Corporate Governance on Operational Performance of Listed Companies In the Stock Exchange of Thailand by : Piyanat Thunputtadom
Download or read book The Impact of Corporate Governance on Operational Performance of Listed Companies In the Stock Exchange of Thailand written by Piyanat Thunputtadom and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study is to investigate the variation of the corporate governance mechanisms which effects on the operational performance of listed companies in the Stock Exchange of Thailand (SET). The qualitative research methods were used to collect data and used the Panel Data Random Effects to analyze data. The research sampling was selected from the listed Companies in the SET, recorded during 2011-2015. The selected 1,665 listed Companies were used to analyze the impact of the corporate governance. The research results found that corporate governance mechanism, CEO Duality and the number of board meeting held the significant negative impacts on the operational performance of listed companies in the SET. Whereas the board size and the board independence have no significant impacts on the operational performance of listed companies in the SET.
Book Synopsis Corporate Governance in Thailand by : Price Waterhouse Management Consultants
Download or read book Corporate Governance in Thailand written by Price Waterhouse Management Consultants and published by . This book was released on 1997 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance, Ownership Structure and Firm Performance by : Narong Preedanan
Download or read book Corporate Governance, Ownership Structure and Firm Performance written by Narong Preedanan and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between ownership structures and the performance of listed Thai financial firms, using a sample of 39 companies which is accounted for 86% of the market capitalisation of all financial firms listed on the Stock Exchange of Thailand (SET) in 1996. The study employs both univariate and multivariate regression analysis. The empirical results reveal that the presence of controlling shareholders is associated with higher performance, particularly when measured, for example, by return on equity (ROE). This evidence is consistent with the view that large shareholders mitigate the “free-rider” problem of monitoring a management team, and reduce agency costs, as contended by Shleifer and Vishny (1986) and Admati et al. (1994). In addition, the separation of voting and cash-flow rights through the use of pyramid and cross-shareholding is not detrimental to the value of a firm. The study does not find evidence to support the argument that a family’s involvement in management has a negative effect on company performance. Rather, there is strong evidence to support the hypotheses that state-owned financial institutions display superior performance. Finally, the study does not find evidence to support the argument that there is a non-monotonic relationship between ownership concentration and company value. Nevertheless, there is strong evidence that, at higher levels of ownership (in this case 50-75%), the involvement in management by controlling shareholders has a positive effect on firm performance, in terms of accounting, ROE, and market measures, price-to-book ratio. The results add to the literature that evaluates an empirical the link between ownership structure and firm performance, and provide additional information to policy-makers engaged in the ongoing development of corporate governance in developing countries, particularly in Thailand.
Book Synopsis Corporate Governance and Trading Behaviour by :
Download or read book Corporate Governance and Trading Behaviour written by and published by . This book was released on 2009 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the effect of corporate governance and trading behaviour of various investor types (local retail, local institution and foreign investors) in Thai capital market. By extending the probability of information-based trading (PIN) model by Easley et al. (1998), the study estimates the uninformed arrival rates for each types of investor. Using a sample of firms listed on Stock Exchange of Thailand during 2000-2007, the result shows that there is a positive relation between the corporate governance level and the arrival rates of uninformed trader for local institution and foreign investors. However, there is no association between the corporate governance level and the arrival rate of uninformed local retail investors. These results are confirmed by the associations between the initiated trades and the corporate governance level for these investor types. Overall the results of the study are consistent with the notion that institutional and foreign investors do pay attention to corporate governance of a firm in their trading while retail investors do not.
Book Synopsis Earnings Quality, Corporate Governance Structure and Corporate Social Performance of Manufacturing Companies Listed on the Stock Exchange of Thailand by : Chutima Nakprasit
Download or read book Earnings Quality, Corporate Governance Structure and Corporate Social Performance of Manufacturing Companies Listed on the Stock Exchange of Thailand written by Chutima Nakprasit and published by . This book was released on 2020 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to investigate the relationship between earnings quality, corporate governance structure and corporate social performance (CSP) emphasizing on 317 manufacturing companies listed on the Stock Exchange of Thailand (SET). Earnings quality is calculated from four measurements while corporate governance structure is represented by ownership concentration, foreign ownership, board independence and CEO duality. In this study, CSP disclosure index is constructed in accordance with Thai institution guideline based on GRI (Global Reporting Initiative) framework in order to assess the extent of CSP. Regression analysis reveals a significant positive relationship between earnings quality and CSP. The result also indicates a significant positive relationship between ownership concentration and CSP. It implies that ethical and transparent character of Thai companies and ownership concentration contributes to CSP commitment.
Book Synopsis Dynamics of Corporate Performance in Thailand by : V. Haksar
Download or read book Dynamics of Corporate Performance in Thailand written by V. Haksar and published by International Monetary Fund. This book was released on 2003-11 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent crises in emerging markets have highlighted the role of the corporate sector in transmitting financial shocks to the macroeconomy. This paper takes stock of the performance of the Thai corporate sector in emerging from the Asian crisis, and discusses remaining challenges and vulnerabilities. Econometric evidence is presented on the impact of excess leverage on performance. Debt levels, though high, have fallen from post-crisis peaks, while returns and corporate cash flows have stabilized. However, the aggregate picture masks significant firm-level variation, which is analyzed by examining estimated distributions for various indicators across firms.
Book Synopsis Corporate Governance Country Assessment by : Weltbank
Download or read book Corporate Governance Country Assessment written by Weltbank and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report assesses Thailand s corporate governance policy framework. It highlights recent improvements in corporate governance (CG) regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Thailand. It is an update of the 2005 Corporate Governance Report on the Observance of Standards and Codes (CG ROSC). Good corporate governance enhances investor trust, protects minority shareholders, and encourages better decision making and improved relations with workers, creditors, and other stakeholders. Better investor protection can lower the cost of capital and encourage companies to list and raise funds through equity markets. It is crucial to protect retirement savings invested in listed companies. Good corporate governance also helps to ensure that these companies operate more transparently and efficiently.
Book Synopsis The Oxford Handbook of IPOs by : Douglas Cumming
Download or read book The Oxford Handbook of IPOs written by Douglas Cumming and published by . This book was released on 2018 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive analysis of IPOs. The chapters cover the latest information on a range of fundamental questions, including: How are IPOs regulated? How are IPOs valued? How well does an IPO perform in the short and long run, and what are the drivers of performance?
Book Synopsis Corporate Governance in Thailand by : Kitipong Urapeepatanapong
Download or read book Corporate Governance in Thailand written by Kitipong Urapeepatanapong and published by . This book was released on 2006 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Sakulrat Montreevat Publisher :Institute of Southeast Asian Studies ISBN 13 :9812303308 Total Pages :142 pages Book Rating :4.8/5 (123 download)
Book Synopsis Corporate Governance in Thailand by : Sakulrat Montreevat
Download or read book Corporate Governance in Thailand written by Sakulrat Montreevat and published by Institute of Southeast Asian Studies. This book was released on 2006 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thailand's currency crisis set off a national and regional economic meltdown in the closing years of the twentieth century. Written by Thai economists, this book gives a progress report on good corporate governance practices in listed non-financial companies, financial institutions, state-owned enterprises, and non-listed companies in Thailand.
Book Synopsis ASEAN Corporate Governance Scorecard Country Reports and Assessments 2015 by : Asian Development Bank
Download or read book ASEAN Corporate Governance Scorecard Country Reports and Assessments 2015 written by Asian Development Bank and published by Asian Development Bank. This book was released on 2017-10-01 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: Good corporate governance practices reduce vulnerability to financial crises, reinforce property rights, reduce the cost of capital, and lead to greater capital market development. In this fourth edition of the Association of Southeast Asian Nations (ASEAN) Corporate Governance initiative of the Asian Development Bank and the ASEAN Capital Markets Forum, over 500 top publicly listed companies from six ASEAN countries were assessed. In depth analysis of each country including rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and responsibilities of the board are discussed.
Book Synopsis Factors of Good Governance Scores and Accounting Performance Affecting the P/E Ratio for Listed Companies on the Stock Exchange of Thailand by : Thantip Setan
Download or read book Factors of Good Governance Scores and Accounting Performance Affecting the P/E Ratio for Listed Companies on the Stock Exchange of Thailand written by Thantip Setan and published by . This book was released on 2019 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this research is to study the factors of good governance scores and accounting performance affecting the P/E Ratio for listed companies in the Stock Exchange of Thailand. The research methodology is multiple regression analysis for the data analysis. The accounting performance is tested as the mediator variable according to Baron & Kenny's concept (1986) by using the sample group consisting of the listed companies in the Stock Exchange of Thailand from 2012-2016. The data used in the study are a total of 1,710 data. The results of the study conclude that the factors of good governance scores have positive influence on the price-to-earnings ratio. For testing the mediator variables, it is found that the accounting performance is not the mediator variable between the good corporate governance scores and price-to-earnings ratio at the statistical significance level of 0.05.
