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The Moderating Effects of Board Independence and the Separation of Chairman–Chief Executive Officer Duality Roles on a Firm’s Value: Evidence from the Thai Listed Firms
(2026-06-01)
Buachoom, Wonlop Writthym
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Amornkitvikai, Yot
Since the 1997 financial crisis, good corporate governance is one of the most contentious problems for Thai listed companies’ long-term viability. Unlike earlier research in Thailand, this article uses a three-level hierarchical regression model to examine the moderating effects of board independence and the separation of chairman–chief executive officer (CEO) duality roles on the firm’s value of the Thai listed firms between 2010 and 2019. This study confirms a negative relationship between family ownership and a firm’s value in Thailand. Nevertheless, it reveals that the association between family ownership and firm’s value becomes positive if the Thai listed firms have a high proportion of independent directors. Further evidence confirms that the separation of chairman–CEO duality roles can increase a firm’s value, but it cannot solely enhance the value in those firms with high family ownership. Finally, this study discusses empirically-based practical implications and recommendations.
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Exploring the Interplay Between Competitive Strategy, Capital Structure, Corporate Governance, and Enterprise Performance: Insights from Manufacturing Enterprises
(2025-01-01)
Feng, Qi
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Chaiyasoonthorn, Wornchanok
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Chaveesuk, Singha
As global market competition continues to intensify, small and medium-sized manufacturing enterprises face increasingly complex challenges in management and development. This study establishes a comprehensive conceptual framework to analyze how competitive strategy influences a firm's capital structure and governance structure, and further explores the mechanisms through which these factors impact enterprise performance. Unlike previous studies, which often treat these variables in isolation, this research uniquely integrates them to reveal the intricate, dynamic interdependencies that drive enterprise success. By uncovering how strategic choices in competition, financial structuring, and governance contribute to performance outcomes, this study not only advances theoretical understanding but also offers actionable insights for managers. The findings provide practical guidance for enhancing competitive advantage and promoting sustainable growth, making significant contributions to the literature on strategic management and corporate governance in the context of small and medium-sized manufacturing enterprises.
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Driving financial results is not the only priority! An exploration of the future role of chief financial officer: a grounded theory approach
(2024-04-25)
Chatpibal, Manoj
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Chaiyasoonthorn, Wornchanok
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Chaveesuk, Singha
Purpose: This study aims to develop a conceptual framework for the role of chief financial officer (CFO) in an ever-changing environment. As previous research focused on responding to specific crises, there have been theoretical and practical gaps in the role of CFO. The study's goal is to fill a critical gap by developing a comprehensive and integrated set of roles to assist the CFO in a constantly changing environment. Design/methodology/approach: Using a grounded theory approach, semi-structured interviews and observations were conducted with 21 CFOs from various industries in Thailand, including foreign multinational corporations and domestic companies with international operations. CFOs were asked how they frame their roles in the face of an ever-changing environment and how they prepare for the future. Findings: The iCFO model is developed, which identifies the critical “core” roles of the CFO in securing the business foundation, as well as the “future opportunities” roles that function as growth engines for long-term business strength. The research delves into the importance of integrity, ethical mindset and corporate governance in the role of the CFO. The iCFO model is designed to help guide future research and provide practical applications for CFOs in both domestic and international contexts. The term “core” refers to the CFO’s primary responsibilities, which include driving profitability, managing risks and optimizing business performance. The “future opportunities” component focuses on the roles that CFOs can play in strengthening the future of business by optimizing investment efficiency, driving digital transformation and being the CEO’s business partner. The findings also emphasized “integrity,” which must encompass all decisions, actions or recommendations made by the CFO. Originality/value: The study offers unique perspectives on an emerging economy, providing new insights. Through interviews with 21 CFOs, it contributes empirical evidence on the development of roles in accounting and finance, emphasizing good governance practices. The findings highlight the integrated role of the CFO and their self-reflection on their value within the company. Significantly, the study's implications are relevant and applicable to a global audience, particularly in developing economies that prioritize growth. Future studies could incorporate integrated thinking into the iCFO model to address social, environmental and economic factors, making it more universally relevant. Additionally, exploring the adoption of the chief value officer context in developing markets could enable CFOs to expand their focus beyond financial metrics, embracing a comprehensive approach to value creation. By integrating these concepts into the iCFO model, CFOs can effectively drive sustainable and impactful business outcomes on a global scale.
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A Bank’s Customer Citizenship Behaviour in the Multinomial Logistic Regression Model
(2024-01-01)
Vajrapatkul, Adirek
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Rojniruttikul, Nuttawut
-This research aimed to study the factors affecting customer citizenship behavior (CCB) in the banking industry. The data were collected from questionnaires from bank customers in six districts of Bangkok, Thailand. The data were analyzed using EFA and MLR techniques. The study identified three latent variables that could affect the level of CCB, namely good corporate governance, quality of self-service technology, and quality of on-site service. The results showed that good corporate governance in transparency, accountability, and fairness significantly improves the level of CCB. In addition, the quality of self-service technology, which provided convenience to bank customers, could lead to increased CCB. Regarding on-site service quality, the results also showed that it was an important factor in increasing CCB. In terms of the impact of demographic variables, people aged 41 to 45, women, and low-income earners were more likely to have high levels of CCB compared to the reference group. This research emphasizes the need to adhere to corporate governance, quality of self-service technology, quality of on-site service, and customer characteristics to enhance CCB and bank success.
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Female ownership and female directors’ moderating role as corporate governance monitoring mechanisms in increasing the value of Thai family-owned firms
(2023-11-16)
Buachoom, Wonlop Writthym
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Amornkitvikai, Yot
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Al Farooque, Omar
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Sun, Lan
Purpose: The phenomenon of “broken rungs” has prevented most women from attaining managerial positions relative to men. Despite this gender disparity in management, female executives are more likely to enhance shareholder trust due to higher ethical standards, which can be hypothesized to mitigate the negative impact of family ownership on firm value. Therefore, this study aims to investigate the moderating role of female ownership and female directors in mitigating the unfavorable effects of family ownership on firm value as measured by Tobin’s Q and the Market Value of Equity (MVE). Design/methodology/approach: Multiple linear regression is applied to examine the proposed hypotheses, as well as other vital factors, such as board independence (BI), the dual chief executive officer (CEO)–chairman role (CEO duality) and control variables (i.e. firm size, firm age, leverage and investment ratio). Findings: The results revealed that female directors could buffer the negative impact caused by family ownership, leading to higher firm value, when given a sufficient level of female ownership or the appointment of more female directors, regardless of female ownership levels. Otherwise, female ownership cannot help overcome the negative effects of family ownership in Thai-listed firms. This study also sheds light on corporate governance elements that impact firm value. CEO duality reduces the value of Thai-listed companies, whereas board independence increases firm value. Practical implications: The managerial roles for women should be promoted in Thai-listed enterprises. The government can support new laws, policies and programs for embracing a cross-cutting gender perspective. Female network initiatives enable women to advance in their managerial careers. Originality/value: To the best of the authors’ knowledge, this study intends to fill the research gap by investigating how female directors and owners can moderate family ownership’s influence on the value of firms listed on the Stock Exchange of Thailand (SET), which is one of the emerging capital markets.
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The role of corporate governance in creating a capable supply chain: A case of Indonesian Tin industry
(2019-01-01)
Chatchawanchanchanakij, Petcharaporn
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Arpornpisal, Chanapong
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Jermsittiparsert, Kittisak
The prime objective of the current study to examine the role of corporate governance in determine the supply chain capability. The study is interested din knowing the direct impact of supply chain information technology capability, supply chain relational capability and corporate governance on the supply chain operational performance of Indonesian manufacturing firms operating in Tin industry. In addition to that we have also examined the moderating role of corporate governance in the relationship between supply chain capabilities and supply chain operational performance. To achieve the unique objectives of the current study, the authors have employed the SEM-PLS technique. The findings of the current study have provided support to with the proposed. The results have shown that the along with customer focus approach the firms are also following the production focus approach. The findings pf the study will be helpful for policy makers in understanding the issues related to corporate governance supply chain management. In author knower this is among few pioneering studies on these issues.

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