Corporate governance and financial performance of firms listed on Asian Pacific stocks: evidence from Malaysia, Thailand, and Singapore

Ibrahim Khalifa Elmghaamez and Xin Yao Gan

International Journal of Business Governance and Ethics, 2023, vol. 17, issue 2, 155-181

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.

Keywords: corporate governance mechanisms; financial performance; return on assets; Malaysia; Thailand; Singapore; Asian stock markets. (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.inderscience.com/link.php?id=129447 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbget:v:17:y:2023:i:2:p:155-181

Access Statistics for this article

More articles in International Journal of Business Governance and Ethics from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().