Influence of Board Busyness on the Firm Performance of Non-Financial Companies in Thailand

Restatement has been viewed as a negative sign even sometimes could be implied an inaccuracy of firms� financial statement. This paper intends to examine the impact of government, managerial and institutional ownership to restatement. Restatement here is measured by dummy, when a firm restated its financial statement will be given �1�, otherwise �0�. Sample was drawn from financial sectors listed in Indonesia Stock Exchange (IDX) during 2015-2020 with total 78 companies that has complete data making up balanced panel data of five years. Restatement data was hand collected from the firm�s annual report. Logistic regression with SPSS was used to analyze data since the dependent variable has binary value. Results show that government and institutional ownership have a negative relationship to likelihood of restatement. On the other hand, managerial ownership has no impact of restatement occurrence. This research only uses data from financial sector companies therefore its result might not be applicable to other industry.