Firm Ownership Structure and Performance: An Empirical Study of the Manufacturing Sector in Thailand

Date of Submission


Document Type


Degree Name

Doctor of Science in Management Systems (Sc.D.)




Wentworth D. Boynton

Committee Member

Steven J. Shapiro

Committee Member

Robert M. Rainish

LC Subject Headings

Manufacturing industries--Ownership--Thailand, Stock ownership, Corporate governance

Call No. at the Univ. of New Haven Library

AS 36 N290 Mgmt. Syst. 2007 no.4


This study examines the correlation between firm ownership structure and firm performance of a sample of 136 manufacturing firms listed on the Thai Stock Exchange (SET) during 1993-1997. Following the agency theory, the results suggest that there is a significant relation between firm ownership structure and firm performance when measured by the accounting-based return on asset (ROA) and economic-based total factor productivity (TFP). Considering that the actual degree of control is the result of the shares owned as well as the rest of the shares owned by other types of shareholders, the study also finds significant correlation between degree of control and ROA and TFP. The level of correlation varies with the type of the ownership and the measurement methods. Notably, director, institutional, and corporate ownership generate a positive impact on TFP. Director, corporate, and individual ownership have a significant impact on ROA. Government ownership consistently results in a negative impact on firm performance.