Purpose – This paper seeks to examine the relationship between chief executive officer (CEO) turnover
and firm performance and the moderating effects of ownership structure and board structure with
respect to listed non-financial companies in Thailand.
Design/methodology/approach – Logit model is employed to analyze the relationship between CEO
turnover and firm performance.
Findings – The paper finds that both ownership and board structure have effects on the relationship
between CEO turnover and firm performance. The probability of CEO turnover is lower when the firm is
controlled by family, the CEO is part of the controlling family, and board size is larger. Contrary to
previous studies, sensitivity of CEO turnover to firm performance is higher with the presence of CEO
duality and lower degree of board independence. When a CEO continues to work beyond retirement
age, the probability of turnover is not associated with firm performance.
Originality/value – This study provides evidence that CEO duality and low independent board is not
necessarily bad corporate governance practice for Thai companies and would be of interest to
regulatory bodies, practitioners, and academic researchers.
Keywords Corporate governance, Boards of directors, Ownership, Chief executives,
Corporate ownership, Thailand
Paper type Research paper