Wellalage, N.H., Locke, S. & Scrimgeour, F. (2012). Does one size fit all? An empirical investigation of board structure on family firms' financial performance. Afro-Asian Journal of Finance and Accounting, 3(2), 182-194.
Permanent Research Commons link: http://hdl.handle.net/10289/6826
The current study investigates the relationship between family firm board structure and financial performance in Sri Lanka. This study uses five years (2006-2010) of data from 65 family firms listed on the Colombo Stock Exchange (CSE). In order to investigate the impact of board structure on family firm financial performance, a dynamic panel generalised method of moment estimation is applied. The results show that board openness to non-family members, board diversity and insider ownership decrease family firms' financial performance. Consequently, this study suggests the corporate governance framework needs to be tailored to a family business structure as 'one size does not fit all'.
Inderscience Enterprises Ltd.
- Management Papers