{"title":"Corporate governance and financial performance of firms listed on Asian Pacific stocks: evidence from Malaysia, Thailand, and Singapore","authors":"Ibrahim Khalifa Elmghaamez, Xin Yao Gan","doi":"10.1504/ijbge.2023.129447","DOIUrl":null,"url":null,"abstract":"This study examines the impact of corporate governance on the financial performance of Asia Pacific stocks in three Asian countries: Malaysia, Thailand and Singapore. By including a sample of 159 firms listed on three Asian stock markets from 2013 to 2017, this study found that the effects of corporate governance mechanisms vary significantly among the three Asian markets. Specifically, this study shows that board size has positively influenced listed firms' financial performance in the Singapore Exchange. However, our findings show that board size has negatively affected listed firms' financial performance in Thailand's Stock Exchange. In addition, our results reveal that board independence has negatively influenced listed firms' financial performance in Bursa Malaysia. Finally, this study provides implications for regulatory authorities in the Asian stock markets to separate between chairman and CEO roles since most Asian firms are owned and directed by business families.","PeriodicalId":35452,"journal":{"name":"International Journal of Business Governance and Ethics","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Business Governance and Ethics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1504/ijbge.2023.129447","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Business, Management and Accounting","Score":null,"Total":0}
引用次数: 1
Abstract
This study examines the impact of corporate governance on the financial performance of Asia Pacific stocks in three Asian countries: Malaysia, Thailand and Singapore. By including a sample of 159 firms listed on three Asian stock markets from 2013 to 2017, this study found that the effects of corporate governance mechanisms vary significantly among the three Asian markets. Specifically, this study shows that board size has positively influenced listed firms' financial performance in the Singapore Exchange. However, our findings show that board size has negatively affected listed firms' financial performance in Thailand's Stock Exchange. In addition, our results reveal that board independence has negatively influenced listed firms' financial performance in Bursa Malaysia. Finally, this study provides implications for regulatory authorities in the Asian stock markets to separate between chairman and CEO roles since most Asian firms are owned and directed by business families.
期刊介绍：
Issues of governance, responsibility and accountability are becoming increasingly important as the world, simultaneously, becomes dominated by corporations, interconnected via forces of globalisation and transparent through heightened media attention and the rise in internet-led democracy. Companies, and in particular leaders of business, can no longer hide from their responsibilities to wider stakeholder community by claims of ignorance of corporate malpractices and of failure. Boards of directors are being increasingly made responsible for both the successes and failures of their companies, as well as their own conduct and behaviours. Actions of business have increasingly become a concern not just for shareholders but also for the wider community at large.
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