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Relevance of Performance Agreements and Risk Management to the Financial Performance of Thai State Owned Enterprises
Uthai Tanlamai, Chulalongkorn University
Pornpipat Kaeokla, Ubon Rajathanee University
ABSTRACT: This study applies the value relevance modeling concept to study the relationship between operational performance and risk management indicators to Thai SOE’s financial performances. Financial data of sixty listed SOEs was collected together with nine years of performance agreement scores and three years of available risk management scores. Multiple data collection methods were used, including an extensive review of individual SOE, in-depth interviews with twenty five SOEs, and a survey using customized, individualized questionnaire with 75% response rate. Results show positive relationships between performance agreement and risk management indicators with mixed direction of the relationships found between these scores and the SOE’s financial performance. Performance agreement showed greater association with SOE’s financial performance than risk management. SOE’s implementation of modern management tools and its contribution is partially supported by this research.
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