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Wanida Chutimagul
Bunjongrut Phomsuwansiri
Surin Promnurakkij


The purpose of this study was to study the relationship between the mechanisms of corporate governance and performance and the impact of the COVID-19 situation on corporate governance mechanisms and the performance of companies listed on the Stock Exchange of Thailand in the service industry. This is a quantitative analysis, collecting 4 years of data from 2018-2021 with 404 samples. The performance is measured by the return on equity, return on assets, and net profit margin. The statistics used were descriptive analysis, multiple regression analysis, and the Chow test at a statistical significance level of 0.05.

The results of the study found that the corporate governance mechanism with all controlled variables can explain the performance. The number of meetings of the Board of Directors is inversely related to the return on assets. Whereas the number of meetings of the Audit Committee is related to the return on assets in the same direction. In addition, the major shareholder is inversely related to the net profit margin. The results of the difference analysis before and during the COVID-19 situation were not different except for the net profit margin. The results of the different analyses of the models are classified by variables that measure performance for each period by the Chow test method. The return on equity is correlated with higher corporate governance mechanisms during the COVID-19 situation.

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บทความวิจัย (Research Article)


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