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Does one size fit all? An empirical investigation of board structure on family firms' financial performance

Abstract
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'.
Type
Journal Article
Type of thesis
Series
Citation
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.
Date
2012
Publisher
Inderscience Enterprises Ltd.
Degree
Supervisors
Rights