gave the hypothesis that might be connected with
equity ownership and stock options, resulting in a
rapid growth in the United States of America. Such
a fi nding able to measure the compensation for
executives differs in each foreign country. In Board
structure, the results obtained are Board Size
(BRDSIZE), Board Meeting (BRDMEET). And there
is relationship in otherwise direction with total
return on basis of β coeffi cient equal to –0.368,
–0.591 and it is at statistical signifi cance of 1%
and 5% respectively. So, from the viewpoint that
can be summarized by small Board size and their
abilities of decision made results in increasing total
returns in the same as Board Meeting (BRDMEET)
which is related in otherwise direction to earnings
persistence on basis of β negative coeffi cient,
making earnings informativeness (Rt) increase. So,
if there are numbers of Board meeting, operational
outcome of the company become better; and on
the contrary, if operational outcome is not good,
the meeting frequency will reduce. According to
the Agency Theory on concentrated ownership
structure, it is under infl uence of shareholders
getting their power to supervise business and
becomes effective both positively and negatively. In
this research on relationship between shareholding
of shareholders with their power to control or
supervise business and its earnings, Ding Zhang and
Zhang (2007) found that the shareholders in their
proportion of shareholding on a high scale were
connected in otherwise direction with earnings
because major shareholders owned business. So,
investment of the institution or family shareholders
has/have its/their concentrated proportion which
is empowered to control/supervise; but foreign
investors from the country using Anglo-American
governance systems own shares accepted by
shareholding of institutional investors.
Suggestions
Operational outcome of the public company
limited on the Stock Exchange of Thailand is
measured by corporate governance mechanisms
variable. As a result, it is the matter interested
by the group of ASEAN countries; and Thailand
as a committee followed by putting them into
development based on regulation of international
governance. For this reason, the researcher studied
the internal impact of governance mechanisms
regarded as a supervisor/controller of business in
Thai Stock Market; and it will refl ect the concept
of development expected that investors and
companies will bring this equation into practice
of analyzing accounting data role on operational
outcome. Such data indicated the financial
status of operation effective to economy through
various variables considered such as accounting
data on seeking a chance to invest, reduction
of information asymmetry of investors, use of
corporate governance mechanisms as information
for making decision on investment. And all the
researcher mentioned are guided to investors for
their consideration in parallel with investment in
order to prevent risk from investment and also to
prevent external factors of corporate governance
that maybe occurs to be taken into account.