ผลกระทบของการถือหุ้นโดยประธานเจ้าหน้าที่บริหารต่อผลการดำเนินงานของกิจการภายใต้สภาวะปกติและสภาวะวิกฤต
CEO Ownership and Its Impact on Firm Performance under Normal and Turbulent Times
Keywords:
ประธานเจ้าหน้าที่บริหาร, ผลการดำเนินงาน, วิกฤติโควิด-19Abstract
This study examines the relationship between CEO ownership and firm performance under both normal and crisis conditions. The research investigates 376 firms listed on the Stock Exchange of Thailand during the period 2018–2022, dividing the analysis into two sub-periods: the normal period (2018–2019) and the COVID-19 crisis period (2020–2022). The findings indicate that, under normal conditions, only the proportion of CEO ownership has a statistically significant and positive effect on firm performance as measured by Tobin’s Q, while no significant effect is observed on accounting-based measures such as ROE and ROA. During the crisis period, the analysis further reveals that neither employee stock ownership plans (ESOP) nor CEO ownership exert any significant impact on firm performance, whether measured by accounting indicators or by market-based valuation.
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