Title: The mediating role of dividend policy in the relationship between ownership structure and firm performance of Thai listed companies

Authors: Wiwatwong Bunnun; Nongnit Chancharat

Addresses: Faculty of Business Administration and Accountancy, Khon Kaen University, Khon Kaen, 40002, Thailand ' Faculty of Business Administration and Accountancy, Khon Kaen University, Khon Kaen, 40002, Thailand

Abstract: This study examined the impact of ownership structure on firm performance through the mediating variable of dividend policy, using evidence from 185 Thai listed companies from 2015 to 2019. Structural equation modelling (SEM) analysis was employed to investigate the relationship. The empirical evidence showed a negative indirect effect of ownership structure on firm performance through the companies' dividend policies. Therefore, the agency supervising the Stock Exchange of Thailand (SET) should use the study results to define corporate governance guidelines preventing future conflicts of interest among managers and shareholders to develop and promote image and competitiveness of the Thai Capital Market in international markets.

Keywords: ownership structure; dividend policy; firm performance; SEM; structural equation modelling.

DOI: 10.1504/IJTGM.2023.132049

International Journal of Trade and Global Markets, 2023 Vol.17 No.3/4, pp.340 - 347

Received: 09 Feb 2021
Accepted: 11 Jun 2021
Published online: 07 Jul 2023 *

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