Firm Performance by Thai CEOs in the SET100: Foreign or Locally Educated?

Veerisa Chotiyaputta ()
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Veerisa Chotiyaputta: International College, Panyapiwat Institute of Management, Thailand Author-2-Name: Yong Yoon Author-2-Workplace-Name: Faculty of Economics, Chulalongkorn University,Bangkok, Thailand

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Abstract: Objective - This paper investigates firm performance effected by foreign-educated or locally educated Thai CEOs in the SET100 listed firms of Thailand. Methodology/Technique - By examiningthe resumes of 198 CEOs of Thailand's 100 largest Thai listed companies over the past 16 years (2000-2015), this paper hopes to compare the effects of this outcome on the means and variance of the CEO succession by presenting four cases: when (1) locally-educated Thai CEO is replaced by a foreign-educated Thai CEO, (2) foreign-educated Thai CEO is replaced by a locally-educated Thai CEO, (3) locally-educated Thai CEO is replaced by another locally-educated Thai CEO, and (4) foreign-educated Thai CEO is replaced by another foreign-educated Thai CEO. Findings � It was found thatthe appointment of foreign-educated CEOs in the SET100 is associated with improved firm performance with respect to the mean-variance approach if (s)he replaces a locally-educated CEO. However, firm's performance deteriorated if a foreign-educated CEO replaces another foreign-educated CEO. Novelty - Findings suggest that additional studies need to be conducted to verify the claim of that switching the education type of CEO succession can have beneficial effects on firm performance.

Keywords: Performance of Foreign-Educated CEOs; CEO Succession; Mean-Variance Approach; Thailand SET. (search for similar items in EconPapers)
JEL-codes: I21 M10 (search for similar items in EconPapers)
Pages: 6
Date: 2016-12-06
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Published in Journal of Management and Marketing Review, Volume 1, Issue 1

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