The Effect of Family Aspects on Corporate Governance and Firm Performances: Empirical Evidences of the Family Business Companies listed on the Stock Exchange of Thailand and the Market for Alternative Investment
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Abstract
The objectives of the present research article were to 1) examine the effect of the family aspects including family ownership concentration, family management, and family control of board on their financial performances of the family business companies listed in the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI); 2) to examine the effect of the family aspects including family ownership concentration, family management, and family control of board on their corporate governance of the family business companies listed in the SET and MAI. 3) to examine the effect of corporate governance on financial performances of the family business companies listed in the SET and the MAI; and 4) to examine indirect effect of the family aspects including family ownership concentration, family management, and family control of board on their financial performances via corporate governance of the family business companies listed in the SET and the MAI. The data was collected from 100 family business companies listed in the SET and in the MAI as population with a period of the study from Jan 1, 2015 to December 31, 2019.
The SEM model fit analysis the research found that all indices analyzed were found to be harmonious therefore significant in the context of the present study. The SEM path analysis found significant relationship between Family Control of the Board (FCB) and Firm’s Financial Performance (FFP). No significant relationship was found between Family Ownership Concentration (FOC), Family Management (FM), FCB, and Corporate Governance (CG) variables. Corporate Governance doesn’t show any mediating effect between family aspects and firm’s financial performances. These research insights are useful in understanding how family management through control of board affects a company’s performance in Thailand in the present years.
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บทความที่ปรากฏในวารสารนี้ เป็นความรับผิดชอบของผู้เขียน ซึ่งสมาคมนักวิจัยไม่จำเป็นต้องเห็นด้วยเสมอไป การนำเสนอผลงานวิจัยและบทความในวารสารนี้ไปเผยแพร่สามารถกระทำได้ โดยระบุแหล่งอ้างอิงจาก "วารสารสมาคมนักวิจัย"
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