Impact of Managerial Efficiency as Moderating Variable in Corporate Governance towards Corporate Performance: Evidence from Stock Exchange of Thailand

  • Penprapak Manapreechadeelert Rajamangala University of Technology Thanyaburi, Thailand
  • Kusuma Dampitakse Rajamangala University of Technology Thanyaburi, Pathumtani, Thailand
  • Sungworn Ngudgratoke Sukhothai Thammathirat Open University, Thailand
Keywords: Managerial efficiency, corporate governance, corporate performance


The objectives of this study were to examine the impact of corporate governance on the performance of companies listed on the Stock Exchange of Thailand and to examine the impact of managerial efficiency as a moderating variable on the relationship between such variables. The data were collected from 2,104 samples from 2016 to 2021, and analyzed by using multiple regression and PROCESS. It was found that corporate governance was positively correlated with return on assets (ROA), but was not correlated with Tobin's Q. Managerial efficiency was also found to have a significant influence on the relationship between corporate governance and corporate performance. Thus, high managerial efficiency affects high corporate performance as a result of good corporate governance.