Wellalage, Nirosha HewaLocke, StuartScrimgeour, Frank2012-11-112012-11-1120122012Wellalage, 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), 182-194.1751-6447https://hdl.handle.net/10289/6826The 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'.enBoard structureCorporate governanceEmerging marketFamily firmsJournal Article10.1504/AAJFA.2012.048248