The board of directors, ownership structures, and firm characteristics affecting companies' performance in Thailand and Vietnam

Abstract

This study aims to explore the impact of the board of directors, ownership structures, and firm characteristics on the performance of publicly listed companies in Thailand and Vietnam. The research focuses on a sample of companies over a twoyear period (2018 and 2022). In Thailand, the sample includes 907 companies listed on both the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI). In Vietnam, it comprises 721 companies listed on the Hochiminh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX). The combined sample from both countries results in a total of 2,398 observations. This study employs a quantitative research design, utilizing multiple linear regression analysis as the primary statistical method. The results, grounded in agency theory and resource dependency theory, reveal that the board of directors, ownership structures, and firm characteristics exhibit statistically significant positive and negative effects on firm performance at the 1%, 5%, and 10% significance levels respectively. These findings offer policy recommendations and contribute to the literature on the relationships among the board of directors, ownership structures, firm characteristics, and firm performance in both countries.