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  • The structure of corporate ownership and firm performance: Sri Lankan evidence

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    Author(s)
    Manawaduge, Athula
    Zoysa, Anura
    Griffith University Author(s)
    Manawaduge, Athula
    Year published
    2013
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    Abstract
    This paper examines the impact of ownership structure and concentration on firm performance in Sri Lanka, an emerging market in Asia. The study estimates a series of regressions using pooled data for a sample of Sri Lankan-listed firms to investigate the impact of ownership concentration and structure on firm performance based on agency theory framework, using both accounting and market-based performance indicators. The results of the study provide evidence for a strong positive relationship between ownership concentration and accounting performance measures. This suggests that a greater concentration of ownership leads to ...
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    This paper examines the impact of ownership structure and concentration on firm performance in Sri Lanka, an emerging market in Asia. The study estimates a series of regressions using pooled data for a sample of Sri Lankan-listed firms to investigate the impact of ownership concentration and structure on firm performance based on agency theory framework, using both accounting and market-based performance indicators. The results of the study provide evidence for a strong positive relationship between ownership concentration and accounting performance measures. This suggests that a greater concentration of ownership leads to better performance. However, we found no significant impact using market-based performance measures, which suggests the existence of numerous market inefficiencies and anomalies. Furthermore, the findings of the study show that ownership structure does not have a significant distinguishable effect on performance.
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    Journal Title
    Corporate Ownership & Control
    Volume
    11
    Issue
    1
    Publisher URI
    http://ro.uow.edu.au/buspapers/316/
    Copyright Statement
    © 2013 VirtusInterpress. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Subject
    Accounting, Auditing and Accountability not elsewhere classified
    Business and Management not elsewhere classified
    Banking, Finance and Investment not elsewhere classified
    Accounting, Auditing and Accountability
    Banking, Finance and Investment
    Business and Management
    Publication URI
    http://hdl.handle.net/10072/60707
    Collection
    • Journal articles

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