This study aims to investigate the effects of corporate board and audit committee characteristics and ownership structures on market-based financial performance of listed firms in Thailand.,It applies system GMM (generalized method of moments) as the baseline estimator approach, and ordinary least squares and fixed effects for robustness checks on a sample of 452 firms listed on the Thai Stock Exchange for the period 2000-2016.,Relying mainly on the system GMM estimator, the empirical results indicate some emerging trends in the Thai economy. Contrary to expectations for an emerging market and prior research findings, ownership structures, particularly ownership concentration and family ownership, appear to have no significant influence on market-based firm performance, while managerial ownership exerts a positive effect on performance. Moreover, as expected, board structure variables such as board independence; size; meeting and dual role; and audit committee meeting show significant explanatory power on market-based firm performance in Thai firms.,These findings are important for policymakers in constructing an appropriate set of governance mechanisms in an emerging market context, and for corporate entities and investors in shaping their understanding of corporate governance in the Thai institutional context.,Unlike previous literature on the Thai market, this study is the first to use the more advanced econometric method known as system GMM estimator for addressing causality/endogeneity issues in governance–performance relationships. The findings indicate new trends in the explanatory power of ownership structure variables on market-based firm performance in Thai-listed firms.

中文翻译：

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董事会，审计委员会，所有权和财务绩效–泰国的新兴趋势

这项研究旨在调查公司董事会和审计委员会的特征以及股权结构对泰国上市公司基于市场的财务绩效的影响。它采用系统GMM（广义矩法）作为基准估计方法，并采用普通最小二乘法对2000年至2016年期间在泰国证券交易所上市的452家公司的样本进行稳健性检验的固定影响和固定影响。实证结果主要依靠系统GMM估计量，表明泰国经济出现了一些新兴趋势。与对新兴市场的期望和先前的研究结果相反，股权结构，特别是股权集中度和家族所有权，似乎对基于市场的公司绩效没有重大影响，而管理层所有权对绩效产生积极影响。而且，如预期的那样，董事会结构变量，例如董事会独立性；尺寸; 会议和双重角色；审计委员会会议显示了对泰国公司基于市场的公司绩效的重要解释力。这些发现对于决策者在新兴市场环境下构建一套适当的治理机制以及公司实体和投资者形成对它们的理解具有重要意义与泰国市场上先前的文献不同，本研究是首次使用更高级的计量经济学方法（称为系统GMM估计器）来解决治理绩效关系中的因果关系/内生性问题。研究结果表明，所有权结构变量对泰国上市公司的基于市场的公司绩效的解释力的新趋势。