AN ANALYSIS OF STRUCTURAL CAUSAL RELATIONSHIP OF CORPORATE GOVERNANCE ON SUSTAINABLE GROWTH THROUGH FIRM VALUE IN THE COVID-19 PANDEMIC OF SUSTAINABLE INVESTMENT GROUP IN THE STOCK EXCHANGE OF THAILAND
Authors: Attarit Thanapin 
Published: January 2025

Objective: The objective of this study is to investigate corporate governance on sustainable growth through firm value in the covid-19 pandemic of sustainable investment group in the stock exchange of Thailand.

Theoretical Framework: In this topic, the main concepts and theories that underpin the research are presented. Corporate governance on sustainable growth through firm value stand out, providing a solid basis for understanding the context of the investigation.

Method: The methodology adopted for this research comprises Statistical analysis was conducted using Structural Equations Modeling (SEM) to assess the model's goodness of fit with empirical data.Data collection was carried out through data were collected from a sample of 552 companies listed on the Stock Exchange of Thailand using causal and reported variables from sustainability report.

Results and Discussion: The results obtained revealed the structural equation model assessing the impact of corporate governance on sustainable growth through firm value during the COVID-19 pandemic among Thai Stock Exchange-listed companies is statistically significant. The model's goodness of fit indices, including: CMIN, CMIN/df, CFI, IFI, NFI, and RMSEA, suggests an acceptable level of fit. In the discussion section, consistent with SET identifies key sustainability issues in the business value chain by taking the market environment, business direction, and stakeholder expectations into account. It also based its sustainability principles on the Sustainable Development Goals (SDGs) in Peace, Justice, and Strong Institutions: Promote peaceful and inclusive societies for sustainable development, provide access to justice for all, and build effective, accountable, and inclusive institutions at all levels.

Research Implications: The practical and theoretical implications of this research are discussed, providing insights into how the results can be applied or influence practices in the field of finance. These implications could encompass of sustainable investment group in the stock exchange of Tthailand.

Originality/Value: This study contributes to the literature with a unique and innovative approach, particularly in analyzing the role of shareholder structure on firm value and the continuity of operations. The research proposes that firm value acts as a partial mediator in the relationship between shareholder structure and operational continuity, a novel concept that has not been emphasized in previous research. Additionally, the study highlights the importance of managing shareholder structures to promote long-term stability and growth in organizations. This study contributes to the literature with a unique and innovative approach, particularly in analyzing the role of shareholder structure on firm value and the continuity of operations. The research proposes that firm value acts as a partial mediator in the relationship between shareholder structure and operational continuity, a novel concept that has not been emphasized in previous research. Additionally, the study highlights the importance of managing shareholder structures to promote long-term stability and growth in organizations. The findings of this research are highly relevant and valuable to the fields of organizational management and finance. They demonstrate the critical role of shareholder structure in policy formulation and management practices that impact firm value and operational continuity. The study's results can be applied to improve organizational management strategies, particularly in the context of shareholder management, to enhance cooperation and efficiency. Furthermore, the research provides a foundational basis for decision-making by executives and investors in adjusting or restructuring shareholder compositions to increase long-term firm value.