main objective of this paper is to investigate whether the characteristics
of board of directors affect earnings informativeness after reform of corporate
governance system in Thai capital market, which is one of emerging market. The
informativeness of earnings is measured by the relationship between returns and
earnings. The dependent variable is cumulative abnormal weekly returns. The
independent variables consist of unexpected earnings, educational background of
board and of audit committee, board size, CEO duality, independent directors,
independent directors’ directorship, independent directors’ tenure, and audit
committee meeting.
According to the evidences, earnings in the year 2004 following the Year of
Corporate Governance provide informativeness but those in the year 2000 following
the reforms of corporate governance do not. There is no evidence of any variable
for the year 2000 impacting earnings informativeness. However, for the year 2004,