Board characteristics and corporate value: evidence from Thailand

Author： Yammeesri Jira Herath Siriyama Kanthi

ISSN： 1472-0701

Source： Corporate Governance: The Int J of Effective Board Performance, Vol.10, Iss.3, 2010-01, pp. : 279-292

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Abstract

Purpose - This paper aims to examine the influence of corporate board structure on corporate value. Design/methodology/approach - The data were collected on a sample of 245 Thai non-financial listed companies to examine the effect of board structure on firm performance. Findings - The results show that neither independent directors nor grey directors are the significant determinants of improving firm value. Research limitations/implications - This research was confined to 245 Thai non-financial listed companies. It would be useful to replicate it using larger samples under different country settings. Practical implications - The findings provide guidance to top managers in deciding the Board structure as corporate value is also grounded in corporate board structure. Originality/value - The paper provides far reaching implications for corporate managers about the relationship between Board characteristics and corporate value.