The Influence of Corporate Governance on the Weighted Average Cost of Capital of Listed Companies on the Stock Exchange of Thailand

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Sukanya Wonglakorn
Surachai Am-ugsorn


This article aimed to study the influence of corporate governance, which consists of board size, board independence, board gender diversity, non-board duality, board meetings, and audit committee size, on the weighted average cost of capital. This was quantitative research; the secondary data employed in this study were collected from 524 companies listed on the Stock Exchange of Thailand. Using information during the years 2018–2021, a total of 4 years, from financial statements, the annual registration statement (Form 56-1), and SET SMART. The statistics used in the research were descriptive statistics, Pearson correlation coefficient analysis, and multiple regression analysis. The results revealed that board size, board independence, non-board duality, and board gender diversity had a negative and significant effect on the weighted average cost of capital. It was also found that the debt-to-equity ratio, industry groups, and years of data collection influence a company's weighted average cost of capital. These findings indicate that corporate governance matters to companies. Because it creates confidence in the management of the company among investors, thus reducing the risk of investment decisions. As a result, the company can get financing at a fair cost of capital.

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How to Cite
Wonglakorn, S., & Am-ugsorn, S. (2023). The Influence of Corporate Governance on the Weighted Average Cost of Capital of Listed Companies on the Stock Exchange of Thailand. Journal of Multidisciplinary in Humanities and Social Sciences, 6(3), 1153–1173. Retrieved from
Research Articles
Author Biographies

Sukanya Wonglakorn, Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi, Thailand



Surachai Am-ugsorn, Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi, Thailand




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