การกำกับดูแลกิจการที่ดีและมูลค่าธุรกิจของบริษัทจดทะเบียนในกลุ่มดัชนี SET100 ในตลาดหลักทรัพย์แห่งประเทศไทย
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2020
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tha
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Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)
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มหาวิทยาลัยสุโขทัยธรรมาธิราช
Suggested Citation
ภากร บุญมาก (2020). การกำกับดูแลกิจการที่ดีและมูลค่าธุรกิจของบริษัทจดทะเบียนในกลุ่มดัชนี SET100 ในตลาดหลักทรัพย์แห่งประเทศไทย. สืบค้นจาก: https://hdl.handle.net/20.500.14770/11296
Alternative Title(s)
Good corporate governance and firm value of listed companies in the SET100 index in the Stock Exchange of Thailand
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Abstract
การศึกษานี้มีวัตถุประสงค์เพื่อ (1) ศึกษาการกำกับดูแลกิจการที่ดีและมูลค่าธุรกิจของบริษัทจดทะเบียนในกลุ่มดัชนี SET100 ในตลาดหลักทรัพย์แห่งประเทศไทย และ (2) วิเคราะห์ผลกระทบของการกำกับดูแลกิจการที่ดีต่อมูลค่าธุรกิจของบริษัทจดทะเบียนในกลุ่มดัชนี SET100 ในตลาดหลักทรัพย์แห่งประเทศไทย ผลการศึกษาพบว่า (1) การกำกับดูแลกิจการที่ดีที่วัดจากผลสำรวจการกำกับดูแลกิจการ และผลประเมินคุณภาพการจัดประชุมสามัญผู้ถือหุ้นของบริษัทจดทะเบียนในกลุ่มดัชนี SET100 ในตลาดหลักทรัพย์แห่งประเทศไทย มีผลคะแนนอยู่ระหว่าง 3 - 5 คะแนน และ 2 - 5 คะแนน โดยมีคะแนนเฉลี่ยเท่ากับ 4.65 และ 4.51 คะแนน ตามลำดับ ในขณะที่มูลค่าธุรกิจที่วัดด้วย Tobin’s Q ส่วนใหญ่มีค่ามากกว่า 1 เท่า โดยอยู่ระหว่าง 0.84 - 9.03 เท่า และ (2) การกำกับดูแลกิจการที่ดีซึ่งวัดโดยผลสำรวจการกำกับดูแลกิจการ มีผลกระทบทา
The objectives of this study were (1) to study good corporate governance and firm value of listed companies in the SET100 index in the Stock Exchange of Thailand, and (2) to analyze the impact of good corporate governance on firm value of listed companies in the SET100 index in the Stock Exchange of Thailand. This study was quantitative research. The population were 53 listed companies in the SET100 index in the Stock Exchange of Thailand, except for in the financial business industry, which had complete information and conformed with the conditions of the study, totaling 159 data set. The period of the study was 3 years from January 1st, 2017 to December 31st, 2019. The data used in the study was secondary data comprising of the survey of the corporate governance quality assessment, the result of quality assessment of the annual general meeting of shareholders, and other relevant financial information. The method used in the study was panel data analysis in term of fixed effects. The statistics employed in the study were mean, standard deviation, maximum value, minimum value, median and t-statistic. The results of this study revealed that (1) the scores good corporate governance which was measured from the survey of the corporate governance quality assessment and the result of quality assessment of the annual general meeting of shareholders in the SET100 index on the Stock Exchange of Thailand ranged between 3 - 5 and 2 – 5 marks, with average scores at 4.65 and 4.51 marks, respectively. While the firm value measured by TOBIN'S Q was greater than 1 time and the score ranged between 0.84 - 9.03 times. (2) Good corporate governance which was measured by the result of the survey on corporate governance had negative impact on firm value. On the other hand, the return on total assets and the total debt to equity ratio had positive impact, with the statistically significance at 0.05 level. In addition the market capitalization had positive effect on firm value at statistically significant at 0.10 level.
The objectives of this study were (1) to study good corporate governance and firm value of listed companies in the SET100 index in the Stock Exchange of Thailand, and (2) to analyze the impact of good corporate governance on firm value of listed companies in the SET100 index in the Stock Exchange of Thailand. This study was quantitative research. The population were 53 listed companies in the SET100 index in the Stock Exchange of Thailand, except for in the financial business industry, which had complete information and conformed with the conditions of the study, totaling 159 data set. The period of the study was 3 years from January 1st, 2017 to December 31st, 2019. The data used in the study was secondary data comprising of the survey of the corporate governance quality assessment, the result of quality assessment of the annual general meeting of shareholders, and other relevant financial information. The method used in the study was panel data analysis in term of fixed effects. The statistics employed in the study were mean, standard deviation, maximum value, minimum value, median and t-statistic. The results of this study revealed that (1) the scores good corporate governance which was measured from the survey of the corporate governance quality assessment and the result of quality assessment of the annual general meeting of shareholders in the SET100 index on the Stock Exchange of Thailand ranged between 3 - 5 and 2 – 5 marks, with average scores at 4.65 and 4.51 marks, respectively. While the firm value measured by TOBIN'S Q was greater than 1 time and the score ranged between 0.84 - 9.03 times. (2) Good corporate governance which was measured by the result of the survey on corporate governance had negative impact on firm value. On the other hand, the return on total assets and the total debt to equity ratio had positive impact, with the statistically significance at 0.05 level. In addition the market capitalization had positive effect on firm value at statistically significant at 0.10 level.
Degree Name
บริหารธุรกิจมหาบัณฑิต
Degree Level
ปริญญาโท
Degree Discipline
วิทยาการจัดการ
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มหาวิทยาลัยสุโขทัยธรรมาธิราช
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Except where otherwised noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)