Corporate Governance and Financial Performance of Firms Listed on Asian Pacific Stocks: Evidence from Malaysia, Thailand, and Singapore

Ibrahim Elmghaamez; Gan   Xin Yao

doi:10.1504/IJBGE.2023.129447

Corporate Governance and Financial Performance of Firms Listed on Asian Pacific Stocks: Evidence from Malaysia, Thailand, and Singapore

Ibrahim Elmghaamez
, Gan Xin Yao

Research output: Contribution to journal › Article › peer-review

7 Citations (Scopus)

314 Downloads (Pure)

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.

Original language	English
Pages (from-to)	155-181
Number of pages	26
Journal	International Journal of Business Governance and Ethics
Volume	17
Issue number	2
Early online date	9 Mar 2023
DOIs	https://doi.org/10.1504/IJBGE.2023.129447
Publication status	E-pub ahead of print - 9 Mar 2023

Bibliographical note

Copyright © and Moral Rights are retained by the author(s) and/ or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This item cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder(s). The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders.

This document is the author’s post-print version, incorporating any revisions agreed during the peer-review process. Some differences between the published version and this version may remain and you are advised to consult the published version if you wish to cite from it.

Keywords

Corporate governance mechanisms
Financial performance
Return on assets
Malaysia
Thailand
Singapore
Asian stock markets

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10.1504/IJBGE.2023.129447

Elmghaamez2023AAM Accepted author manuscript, 1.22 MB

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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.",

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ER -

Corporate Governance and Financial Performance of Firms Listed on Asian Pacific Stocks: Evidence from Malaysia, Thailand, and Singapore

Abstract

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