Corporate Governance and Firm Performance: Evidence from Sri Lanka

A. A. Azeez

106 citations0/0 files storedJournal of Finance and Bank Management

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Corporate Finance and Governance Gender Diversity and Inequality Corporate Governance and Financial Management

Abstract

This study has investigated the relationship between corporate governance and firm performance in Sri Lanka.Board Size, CEO duality, and proportion of non-executive directors are used as corporate governance variables and EPS, ROA, and ROE as measures of firm performance.Data are obtained from the annual reports of 100 listed companies in the Colombo Stock Exchange for the 2010-2012 financial years.Regression results indicate that board size is negatively associated with firm performance.This suggests that small boards are associated with higher firm performance, possibly through closely monitored management.Moreover, the results reveal that the separation of the two posts of CEO and chairman has a significant positive relationship with the firm performance.However, the presences of non-executive directors on the board are not associated with firm Performance of the listed companies in Sri Lanka.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1980Agency Problems and the Theory of the Firm 1996Agency costs of free cash flow, corporate finance, and takeovers 1996Higher market valuation of companies with a small board of directors 2003Corporate Governance and Equity Prices 1988Outside directors and CEO turnover

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