Governance Effects on Firm Value and Stock Market Performance: An Empirical Study of the SET 100-Index Listed Companies
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Abstract
The little literature there is on Corporate Governance in emerging markets provides supporting evidence straddling short periods whilst addressing some areas of firm-level Corporate Governance adherence. This paper seeks to study the effects of Corporate Governance adoption on Firm Value and Stock Market Performance of 57 SET-Listed Thai Companies, drawing on data from 2000 to 2009. A mixed method approach was adopted which included the use secondary data, an Index (Thai Gov-Index), and Text Content Analysis to measure firm-level Corporate Governance of the selected companies. That firm-level Corporate Governance can serve as a value driver, for both the firm and its shareholders, is to a certain extent justified by what the study findings infer, even though findings of all positive associations appeared to be weak.
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