Articlehybrid2012

Ownership concentration and financial performance: the case of Sri Lankan listed companies

Chandrapala Pathirawasam · Guneratne B Wickremasinghe

27 citations0/0 files storedCorporate Ownership and Control

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Corporate Finance and Governance Financial Analysis and Corporate Governance Corporate Governance and Financial Management

Abstract

The purpose of this paper is to examine the impact of ownership concentration and the other endogenous factors on the financial performance of companies listed on the Colombo Stock Exchange. Both pooled and ordinary least squares regressions are used to analyze the data. The return on assets (ROA) is used as the performance measure. One study finding is that the ownership concentration within these listed companies does not have a statistically significant positive relationship with the ROA. However, the study indicates that firm size, quick ratio and ratio of inventory investment to total assets have positive impacts on the ROA. But the debt ratio is negatively related to the financial performance of the listed companies.

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References

1985The Structure of Corporate Ownership: Causes and Consequences 1991How much does industry matter?1983The Structure of Ownership and the Theory of the Firm 1989Determinants of firm performance: The relative importance of economic and organizational factors 2000Ownership structure and economic performance in the largest european companies 1988The role of majority shareholders in publicly held corporations 2000Foreign Investment and Productivity Growth in Czech Enterprises 1999Use of R2 in accounting research: measuring changes in value relevance over the last four decades

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