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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Senee Puangyanee
Supisarn Bhakdinarinath
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DOI:10.17265/2328-2185/2017.06.010
Affiliation(s)
Rajamangala University of Technology Suvarnabhumi, Phra Nakhon Si Ayutthaya, Thailand
North Bangkok University, Bangkok, Thailand
ABSTRACT
The objective of this
research was to develop the causal relationship model of firm characteristics
factors and good corporate governance affecting the performance of the
companies listed on the Stock Exchange of Thailand. The developed model consisted
of three latent variables and eight observable variables. The sample of this
study was 338 companies listed on the Stock Exchange of Thailand. Data are from
annual reports (form-56), annual financial statements and notes to the
financial statements during the years 2010-2013. The statistics used in this
study were descriptive statistics. The causal model was analyzed through a path
analysis with LISREL 8.80 Student Edition. The results showed as follows. By
testing the consistence of the causal model of firm characteristics (CHA), the
assumed model was consistent with empirical data. Based on the statistical
test, the Chi-Square was 22.08. The statistical probability (p) was
0.077, the degree of freedom (df) was to 0, 2/2 was 1.58, RMSEA was 0.041, SRMR
was 0.037, GFI was 0.98, CFI was 0.99, AGFI was 0.96. The latent variable of
firm characteristics (CHA) had directly negative impact on performance (PAL)
with a statistical significance level of 0.01. A path coefficient was 0.18.
However, CHA variable did not indirectly influence performance (PAL) and it had
directly negative impact on good corporate governance (GGN) with a path
coefficient of 0.02 without statistical significance level. The latent variable
of good corporate governance (GGN) had directly positive impact on the
performance (PAL) with a statistical significance level of 0.05, with a path
coefficient of 0.18.
KEYWORDS
firm characteristics, good corporate governance, performance
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