The Influence of Board Characteristics, Corporate Governance and Financial Performance: The Mediating Role of Thailand Sustainability Investment (THIS)

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Worakorn Pumiviset


The primary aim of this research was to investigate the influence of board characteristics and corporate governance on financial performance, with a particular focus on the role of Thailand sustainability investment (THIS) as a mediator factor. The study employed variables to analyze a sample of 396 firms that are listed on the Thai stock exchange. The analysis of quantitative data was conducted using structural equation modeling with observed variables. The results show that the causal relationship model fits the empirical data. CEO duality and Thailand sustainability investment (THIS) have a significant positive direct effect on financial performance. In addition, the size of the board, the proportion of independent directors, the level of participation in Thailand's private sector collective action coalition against corruption, and the corporate governance rating have a significant positive direct effect on Thailand's sustainability investment (THIS). As for the indirect effect or intermediate variable of Thailand sustainability investment (THIS), it was found that Thailand sustainability investment (THIS) was the full intermediate variable between board size, proportion of independent directors, level of participation in Thailand's private sector collective action coalition against corruption, corporate governance score, and financial performance.

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Pumiviset, W. (2024). The Influence of Board Characteristics, Corporate Governance and Financial Performance: The Mediating Role of Thailand Sustainability Investment (THIS). University of the Thai Chamber of Commerce Journal Humanities and Social Sciences, 44(1), 68–94. Retrieved from
Research Articles


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