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Corporate governance and financial performance of firms listed on Asian Pacific stocks: evidence from Malaysia, Thailand, and Singapore

Author

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  • Ibrahim Khalifa Elmghaamez
  • Xin Yao Gan

Abstract

This study examines the impact of corporate governance on the financial performance of Asia Pacific stocks in three Asian countries: Malaysia, Thailand and Singapore. By including a sample of 159 firms listed on three Asian stock markets from 2013 to 2017, this study found that the effects of corporate governance mechanisms vary significantly among the three Asian markets. Specifically, this study shows that board size has positively influenced listed firms' financial performance in the Singapore Exchange. However, our findings show that board size has negatively affected listed firms' financial performance in Thailand's Stock Exchange. In addition, our results reveal that board independence has negatively influenced listed firms' financial performance in Bursa Malaysia. Finally, this study provides implications for regulatory authorities in the Asian stock markets to separate between chairman and CEO roles since most Asian firms are owned and directed by business families.

Suggested Citation

  • Ibrahim Khalifa Elmghaamez & Xin Yao Gan, 2023. "Corporate governance and financial performance of firms listed on Asian Pacific stocks: evidence from Malaysia, Thailand, and Singapore," International Journal of Business Governance and Ethics, Inderscience Enterprises Ltd, vol. 17(2), pages 155-181.
    • Handle: RePEc:ids:ijbget:v:17:y:2023:i:2:p:155-181
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