The west London club were one of the busiest in the summer transfer window as they brought in new marquee signings such as Julio Cesar, Esteban Granero and Ji-Sung Park.
"If the team was playing badly, if the dressing room was dispirited then you would have to say something's not right, but the team is playing well," the chairman told Sky Sports News.
"We have given away goals and we have critical injuries in critical places.
"So no panic. Mark's done it in Fulham, he's done it in Blackburn and I have got to say even at Man City the core championship side were players Mark brought in.
"So he has my full confidence and I hope I am proven right in a big way that I can answer all these critics and armchair critics.
"Unfortunately or fortunately we are a higher profile club, we are five points away from being in the middle and you don't see the other clubs getting the kind of pressure we're getting but that comes with the territory."
Mark Hughes has been in the QPR job for less than a year after he replaced Neil Warnock who guided the side to promotion in 2011.