The School of Business and Communication Arts, University of Phayao, proudly congratulates Assistant Professor Dr. Ruangrong Suwankarn, a lecturer in the Bachelor of Economics Program, on being selected to advance to the first-round shortlist of the Capital Market Research Award in Equity Market.
Her research was selected as one of the top nine projects from a total of 27 submissions nationwide. The shortlisted study, entitled “The Impact of ESG on Financial Performance in Family-owned Enterprises: The Role of Family Members on the Board in the Stock Exchange of Thailand (SET),” investigates the influence of Environmental, Social, and Governance (ESG) practices on the financial performance of family-owned firms listed on the Stock Exchange of Thailand. The study places particular emphasis on the role of family members serving on corporate boards, an issue closely related to corporate governance, transparency, and sustainable business development.
The competition is jointly organized by the Stock Exchange of Thailand (SET) and the Capital Market Development Fund (CMDF) to identify and support high-quality capital market research that is academically rigorous and practically applicable. The initiative aims to strengthen Thailand’s capital market and contribute to sustainable economic development.
The Capital Market Research Award seeks to promote high-quality research, foster knowledge creation and financial innovation, and enhance researchers’ ability to communicate research findings to practitioners and stakeholders. The project aligns with several United Nations Sustainable Development Goals (SDGs), including SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), SDG 12 (Responsible Consumption and Production), and SDG 16 (Peace, Justice and Strong Institutions), particularly through its focus on ESG principles and good corporate governance.
Furthermore, the collaboration among higher education institutions, capital market organizations, and research-supporting agencies reflects the spirit of SDG 17 (Partnerships for the Goals), promoting the integration of knowledge, research, and practical application to generate positive impacts on economic and social development.
This achievement highlights the research excellence of the School of Business and Communication Arts, University of Phayao, in producing impactful knowledge that addresses contemporary economic and societal challenges. It also reinforces the University's commitment to advancing the Sustainable Development Goals through high-quality research that contributes tangible value to businesses, capital markets, and society.