We examined the economic performance of Thai listed companies based on data taken from their financial statements. We focused on their ownership patterns and investigated the correlation between the firms’ economic performance and their ultimate owners (family business), foreign ownership, the presence of minority shareholders and ownership/management separation among family-owned firms.
Arising out of our findings are two useful hypotheses concerning family-run business and
corporate reforms in Thailand. The first is that family businesses in themselves were not a major cause of the financial crisis and have not hindered recovery. Taking into account the significant role that family businesses have played in Thailand’s nonfinancial sector, it would be better and more rational to introduce ways of revitalizing existing family businesses to support sustainable growth rather than trying to directly adapt the Western model of good corporate governance to local firms.