South Asian Journal of Management

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Corporate Governance, Board Characteristics and Firm Performance:Evidence from Sri Lanka


Affiliations
1 University of Colombo, Sri Lanka
2 223 James P Brawley Drive at Fair Street, Atlanta, Georgia 30314, United States
     

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From various theoretical perspectives, the governance literature asserts that board characteristics play a catalyst role in enhancing firm performance. This paper examines the association between board characteristics and the firm performance using publicly listed companies in the Colombo Stock Exchange (CSE). Data for the study were obtained from the published audited annual reports of 189 companies. Hierarchical regression showed that larger boards had a negative impact on firm performance. Moreover, a positive association was found between board independence and firm performance. However, neither CEO duality, family directors, interlocking directorate nor board diversity were found to be significant in increasing firm performance.
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  • Corporate Governance, Board Characteristics and Firm Performance:Evidence from Sri Lanka

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Authors

Pradeep Dharmadasa
University of Colombo, Sri Lanka
Pemarathne Gamage
University of Colombo, Sri Lanka
Siriyama Kanthi Herath
223 James P Brawley Drive at Fair Street, Atlanta, Georgia 30314, United States

Abstract


From various theoretical perspectives, the governance literature asserts that board characteristics play a catalyst role in enhancing firm performance. This paper examines the association between board characteristics and the firm performance using publicly listed companies in the Colombo Stock Exchange (CSE). Data for the study were obtained from the published audited annual reports of 189 companies. Hierarchical regression showed that larger boards had a negative impact on firm performance. Moreover, a positive association was found between board independence and firm performance. However, neither CEO duality, family directors, interlocking directorate nor board diversity were found to be significant in increasing firm performance.