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<p>The main objective of this study is to examine the impact of a co-opted board of directors on the carbon emissions of listed companies from the Stock Exchange of Thailand (SET). The data are collected using the top 100 Thai listed firms' corporate annual reports from 2020 to 2022. The co-opted board measures whether there is a change in the board of directors, while a proxy of carbon emissions is used to measure and disclose by ton-kilogram. The collected data were analyzed using descriptive analysis, correlation matrix, and multiple regression. As the results, the average of gas emissions is 6,366,017.764 ton-kilograms. The pattern of gas emissions is increasing from 2020 to 2022. Moreover, a co-opted board has a significantly negative impact on carbon emissions. To consider the impact of corporate governance represented by board composition on carbon emissions, this study finds the negative impact of the female board on carbon emissions. At the same time, there is a positive relationship between board size, board meetings, and carbon emissions. The findings of this study demonstrate that agency, stakeholder, signaling, and legitimacy theories can be used to explain why the board of directors’ change can reduce environmental and social impact, including carbon emissions.</p>

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Co-opted board and carbon emissions in Thailand

  • 期刊论文

  • 发表日期：

    2025年2月27日

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  • Muttanachai Suttipun,
  • Pongsutti Phuensane,
  • Ploypailin Kijkasiwat

摘要

The main objective of this study is to examine the impact of a co-opted board of directors on the carbon emissions of listed companies from the Stock Exchange of Thailand (SET). The data are collected using the top 100 Thai listed firms' corporate annual reports from 2020 to 2022. The co-opted board measures whether there is a change in the board of directors, while a proxy of carbon emissions is used to measure and disclose by ton-kilogram. The collected data were analyzed using descriptive analysis, correlation matrix, and multiple regression. As the results, the average of gas emissions is 6,366,017.764 ton-kilograms. The pattern of gas emissions is increasing from 2020 to 2022. Moreover, a co-opted board has a significantly negative impact on carbon emissions. To consider the impact of corporate governance represented by board composition on carbon emissions, this study finds the negative impact of the female board on carbon emissions. At the same time, there is a positive relationship between board size, board meetings, and carbon emissions. The findings of this study demonstrate that agency, stakeholder, signaling, and legitimacy theories can be used to explain why the board of directors’ change can reduce environmental and social impact, including carbon emissions.