Corporate governance reforms in Thailand boost firm performance and investor confidence.
The article examines how ownership structure and corporate governance affect firm performance in Thailand before and after reforms. High ownership concentration, especially by families, improves firm performance and limits accounting discretion. Other large shareholders' monitoring role decreased after reforms. Boards of directors did not enhance performance or limit accounting discretion. Investors have negative perceptions of government and foreign investors, but reforms improved their view of boards. The findings shed light on corporate governance in emerging markets like Thailand.