, demonstrating growth in leaps and bounds.The corporate governance assessment of Thai listed companies under the 2014 ASEAN CG Scorecard program shows that Thai companies continue to be regional leaders on CG
days (within 14 August 2018) to continue their businesses until an order to cease their businesses is given.As of 14 August 2018, these seven existing businesses seeking operating licenses, in line
𝑎𝑎ℎ𝑀𝑀𝑇𝑇𝑇𝑇ℎ𝑇𝑇𝑙𝑙𝑢𝑢𝑇𝑇𝑇𝑇 𝑥𝑥 100 𝑇𝑇𝑇𝑇𝑀𝑀𝑀𝑀𝑙𝑙 𝑎𝑎ℎ𝑀𝑀𝑇𝑇𝑇𝑇𝑎𝑎 • Size is the natural logarithm of total tangible asset. • Corporate governance (CG) is the score of corporate governance evaluation conducted by
equities ratio Firm size ln_TA Natural logarithm of total assets Growth Rate Growth (Revenuest-Revenuest-1)/Revenuest-1 Industry INDUSF Industry fixed effect Country COUNF Country fixed effect Year YF Year
more motivated to build a strong corporate culture. To explore this issue further, we execute additional analysis as follows. First, we explore an alternative proxy for firm size. Instead of the log of
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Weekly Market Capitalization Free Float (FF) = Total paid - up capital - Total stocks under strategic shareholder x 100 Total shares • Size is the natural logarithm of total tangible asset. • Corporate
the natural logarithm of total assets at the end of fiscal year. • LEV, firm leverage, is measured as the ratio of total liabilities to total assets. • ROA, performance, is calculated by the ratio of
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