THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE, LIQUIDITY, AND FIRM PERFORMANCE OF THE LISTED COMPANIES IN THAILAND: SET100
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Abstract
This research aimed to study the relationship between corporate governance, liquidity, and firm performance of companies listed on the Stock Exchange of Thailand in the SET100 group. The sample consisted of 363 companies listed in the SET100 group, with data collected from financial statements over a five-year period from 2020 to 2024. This study employed a quantitative research design, using secondary data and analyzing it with descriptive statistics, including frequency, percentage, mean, and standard deviation, as well as multiple regression analysis. The results of the study revealed a significant association between liquidity, measured by cash flow from operations to total assets, and firm performance, measured by gross profit margin, return on assets, return on equity, return on sales, and earnings per share. Meanwhile, corporate governance, measured by corporate governance scores, showed a significant association only with return on equity. Liquidity, when measured by cash flow from operations and the debt-to-assets ratio, was also significantly associated with gross profit margin.These findings indicate that corporate liquidity has a significant association with firm performance, while corporate governance does not show a clear association. This may reflect that corporate governance in many organizations remains primarily compliance-oriented rather than being applied as a strategic tool to create value and enhance competitiveness.
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References
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