Thailand is definitely one of the most interesting places to study corporate governance, since the country itself was purportedly the epicenter of the 1997 East Asian Financial Crisis, and one of the reasons for this crisis stems from that fact that most Thai firms, at the time, lacked corporate governance (Alba, Claessens, & Djankov, 1998). Consequently, it is natural that most of the firms in Thailand have been encouraged to improve their corporate governance by regulators and laws afterward. In this study, the sample for the empirical analysis is comprised of the equity stocks listed on the SET from 2006 to 2011, when the corporate governance in Thailand was greatly improving.