Does one size fit all? An empirical investigation of board structure on family firms' financial performance
by Nirosha Hewa Wellalage; Stuart Locke; Frank Scrimgeour
Afro-Asian J. of Finance and Accounting (AAJFA), Vol. 3, No. 2, 2012

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'.

Online publication date: Sat, 06-Apr-2013

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