The Government Ownership and the Stock Performance: The Case of State Owned Enterprises in Thailand


อ.ดร.มาริษา เลากุลรัตน์, ผศ. ดร.จิโรจน์ บุรณศิริ


รายงานสืบเนื่องการประชุมวิชาการระดับชาติเนื่องในโอกาสครบรอบปีที่ 52 เเห่งการสถาปนา สถาบันบัณฑิตพัฒนบริหารศาสตร์


This paper studies the impact of ownership structure concerning being state owned
enterprises (SOEs) on the investors’ returns and stock performance in the case of Thailand.
There are two major schools of thoughts on this issue. The first school of thought states
that the companies with government intervention are better governed and managed to
maximize the shareholders’ wealth. Another school of thought explains that companies
with state ownership structure do not perform better than other companies. The private
owned companies tend to be more competitive and have more incentive to innovate
and contain costs. The 10 year data of 100 stocks from the 4 sectors; banking, energy
and utilities, media and publishing, and transportation and logistics, where SOEs are
listed during 2008 to 2017 are investigated. Compared to non-SOE stocks, SOE stocks, in
average, have lower risk and lower returns. By applying regression analysis with the control
variables including market returns, market price to book value, asset size, leverage, and
sector, the empirical results suggest that being SOEs does not contribute any abnormal
returns for investors. Hence, SOE stocks might be appropriate for investors who are not
well-diversified and preferred low risk. SOEs stocks have lower risk than non-SOEs stocks
which can help investors in terms of diversification and also benefit from their social and
governance performance.

The Government Ownership and the Stock Performance: The Case of State Owned Enterprises in Thailand. สถาบันบัณฑิตพัฒนบริหารศาสตร์, การประชุมวิชาการระดับชาติเนื่องในโอกาสครบรอบปีที่ 52 เเห่งการสถาปนา สถาบันบัณฑิตพัฒนบริหารศาสตร์ (550-563).