Junior Research Symposia
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Item The Relationship between Board Structure and Firm Performance of Listed Plantation Companies in Sri Lanka(Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Weerakkodi, W.A.S.L.; Sujeewa, G.M.M.This study investigates the relationship between board structure and firm performance in listed plantation companies in Sri Lanka. The main objective of this study is to find out the relationship between board structure and firm performance. This research discusses the role and the importance of boards and how boards affect firm performance and internal corporate governance mechanisms such as board size, board gender diversity, CEO Duality and proportion of independent non-executive directors. Eighteen listed plantation firms were selected as the sample size in the Colombo Stock Exchange for the periods 2011, 2012, 2013, 2014 and 2015. Multiple regression analysis has been employed to analyze the relationship between board structure and firm performance. It indicates that the board size is positively associated with Return on Assets and Return on Equity. However, the results reveal that the separation of the two posts of CEO and chairman has a positive relationship with the firm performance. It means when separate CEO Duality is existed firm performance will increase. The obtained results report that the board gender diversity has no significant relationship with firm performance and proportion of independent non-executive directors show a positive relationship with firm performanceItem Impact of Corporate Governance Practices on Financial Performance: Evidence from Banking Sector in Sri Lanka(Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Nimasha, N.A.D.A.; Thilakarathne, C.R.Corporate governance can be defined as the scheme by which corporations are directed and controlled. The objective of this exploration is to inspect the impact of corporate governance tools on firm performance using data of 12 banks in Sri Lankan banking industry over the period of 2006-2015 based on the 120 observations. This study has used only secondary data and main source of data contain of the annual report of the specific banks. Return on Equity (ROE) is used as reliant on variable to the model. Further Firm Leverage, Firm size, Number of Auditors, Board Independence and Board Size used as independent variables to the model. Researcher placed panel data approach as a way of appraisal. Descriptive statistics, ANOVA and t-test applied on data by using SPSS. Findings are based on Correlation techniques and Regression analysis to test the hypotheses to solve the research problem Based on the observed results, Researcher found that there is a considerable significant impact of corporate governance on Performance of the banking industry in Sri Lanka while recognizing the Negative correlation ship between bank performance with Firm leverage, Firm size and board size and also identifying the significant relationship between Firm size, Number of auditors, board independence and Board size.Item Impact of Audit Committee Characteristics on Financial Performance of Listed Finance Companies in Sri Lanka(Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Dissanayake, W.G.P.K.; Bandara, R.M.S.An audit committee is an operating committee of a company's board of directors and it is a compulsory requirement for Sri Lankan listed companies according to the ‘Code of best practices on corporate governance’ published by the Institute of Chartered Accountants of Sri Lanka and Security and Exchange Commission of Sri Lanka. This study was attempt to find out the relationship between the audit committee characteristics such as Size of the Audit Committee, Independence of the Audit Committee, Audit Committee Meeting Frequency, Financial Literacy of Audit Committee Members and financial performance measured by the Return on Assets and Return on Equity of Sri Lankan finance companies. Twenty listed finance companies were selected as sample for the period of 2012 to 2016. Descriptive statistics, correlation analysis and multiple regression analysis were used to analyze the data. According to the analysis, audit committee independence and audit committee financial literacy showed a significant positive relationship with firms’ financial performance. Audit committee meeting frequency significantly related only with financial performance indicator of ROE. However audit committee size did not have significant relationship with firm performance. The results is beneficial to shareholders and companies’ board to make appropriate decisions about audit committee characteristics to enhance firm financial performancItem Corporate Governance and Firm Performance: Empirical Evidence from Selected Listed Companies in Sri Lanka(Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Dehipegedara, B.A.C.; Sujeewa, G.M.M.Corporate governance practices are very important to the corporates and its impact to the company’s performance is much debated areas. Good corporate governance practices enable to reduce the risk of the investors, to attach more investments and to improve the performance of companies. This study analyzed the current context of corporate governance and firm performance in listed companies in Sri Lanka. Data and other reliable information are taken from the audited financial statements and the governance section of annual reports from each selected companies. The sample was obtained from the “business today top 25 companies 2014- 2015” journal article, for the period from 2010 to 2014. Descriptive statistics, Pearson’s correlation, regression analysis and analysis of variance were applied to analyze the relationship between corporate governance and firm performance. The results shows that there is a positive relationship between corporate governance practices and ROE and ROA, in the Sri Lankan context. And also it was found that the relationship between number of meetings that hold by the companies and board composition with ROE and ROA is negative, and the relationship between Board committees and Board leadership structure with ROA or ROE is Positive. It is concluded that there is a positive relationship between corporate governance and firm performance in listed companies in Sri Lanka. On the other hand, some corporate governance practices were significantly related with firm performance and some other corporate governance practices were insignificantly related with firm performance.Item Corporate Governance and Earnings per Shares: A Study of Sri Lankan Manufacturing Companies(Department of Commerce and Financial Management, Faculty of Commerce and Management Studies, University of Kelaniya, 2015) Ayesha, P.V.; Chathurika, P.K.A.G.; Kumarihami, H.M.D.A.; Sagarika, D.B.T.; Senanayaka, C.; Sewwandi, R.M.S.Good corporate governance practices are important in reducing risk for investors, attracting investment capital and improving the performance of companies. This study is initiated on “corporate governance and firm performance” with the samples of 26 listed manufacturing companies in CSE. Data was analyzed using the data representing the periods from 2009 to 2014. Board size, board meeting, executive directors, non-executive directors were used as the determinants of corporate governance whereas earnings per share (EPS) is used as a measure of firm performance. Hypotheses were tested using SPSS statistical software. According to the finding of the research corporate governance make a significant influence on companies EPS. Thus, study concludes that the determinants of corporate governance used in the study are correlated to the performance measures of the organization.Item The empirical relationship between board size and firm performance of listed companies in Sri Lanka(Department of Accountancy, University of Kelaniya, 2015) Weerakkodi, W.A.S.L.A many studies investigate to the link between board size and firm performance in listed companies in Sri Lanka. The evidence on this area is very thin in Sri Lanka being a developing countries. The structure and size of the board and its impact on the performance of the firm is one of the most discussed issues of corporate governance. Board size, gender, duality, education, board age and Independent were the board structure variables, and ROA and ROE were the measurement device of firm Performance. Good corporate governance practices are regarded as important in reducing risk for investors, attracting investment capital and improving the performance of companies. Sri Lanka does not have large number of studies on corporate governance issues. Therefore, these kinds of studies on corporate governance issues will help to improve the corporate governance practice in Sri Lanka. Therefore, this study will provide a new perspective in studying the relationship between board size and firm performance. The purpose of this study is to examine the relationship between board size and firm performance in Sri Lanka for the extent of compliance of the CBP recommendations by the companies. Further, to investigate the relationship between the CEO duality and firm performance, to investigate the relationship between proportion of non-executive directors and firm performance.Item The effects of corporate governance on firms’ credit ratings(Department of Accountancy, University of Kelaniya, 2015) Karunarathne, R.M.H.L.We investigate whether firms that possess strong corporate governance benefit from higher credit ratings relative to firms with weak governance. A firm’s credit rating reflects a rating agency’s opinion of an entity’s overall creditworthiness and its capacity to satisfy its financial obligations Credit agencies are concerned with governance because weak governance can impair a firm’s financial position and leave debt stakeholders vulnerable to losses To structure our analysis, we adopt a framework developed by Standard & Poor’s for assessing firms’ corporate governance structures and practices. In the case of Sri Lanka that have thoroughly validity because of investors will not be satisfy with the week financial position to invest of the firms. Therefor this has a practical validity to the firm to maintain their financial stability in order to satisfy investor’s preference. So as I develop this to exhibit what kind of validity that the firm has to the corporate governance on firm’s credit ratings. Rather I try to come up with the sensible area of this topic in order to give a clear and feasible view of the topic.Item Impact of ownership structure on firm capital structure(Department of Accountancy, University of Kelaniya, 2015) Wijewadhana, H.S.S.The ownership of the company is more important because it more impact viruses area in the business and defer each one Which of these forms is right for your business depends on the type of business you run, how many owners it has, and its financial situation. No one choice suits every business: Business owners have to pick the structure that best meets their needs. This article introduces several of the most important factors to consider, including One of the most important decisions you will make about your company involves its ownership structure The relationship between ownership structure, capital structure and firm performance is far from being unambiguous. Traditional literature highlights that agency problems between managers and shareholders may reduce the leverage ratio below the optimum level, in an attempt to ensure the continued viability of the firm. Jensen and Meckling, (1976) however argue that introduction of managerial share ownership may reduce these agency problems, thus aligning the interests of managers and shareholders.1 Brailsford et al.(2002) have gone further to suggest that the This research is aimed at determining the relationship capital structure while the impact of this relationship on value of the firm using the panel data of selected large non-financial firms will also be investigated. A contrasting relationship was observed between capital structure and the firm’s performance while firm’s capital structure was dominated by short term leverage. Leverage was negatively related to return on assets, number of board meetings and the board size while it was positively related to board composition. It was also observed that firm’s performance was positively related to leverage, number of board meetings and board size while it was negatively related to board composition.Item Corporate governance and company performance(Department of Accountancy, University of Kelaniya, 2015) Dehipegedara, B.Corporate governance and its impact to the company performance are much debated areas. In the past incidental research has shown significant relationship between various corporate governance features and corporate performance. Good corporate governance is effect to the lower risk of the investors, attaching more investments and improving the performance of companies. And also agency theory suggested that a better governed firm should have better performance and higher valuation due to lower agency cost. For example, better governed U.S. firms have higher Return On Equity and higher Return On Assets.(Gompers, Ishii, and Metrick (2003)).However impact of corporate governance is vary between developing countries and developed countries. This study examines the relationship between corporate governance features and company performance in Sri Lanka. Some of corporate governance variables are Board size, Proportion of non-executive directors, leadership style and Board committees and ROE and ROA can be used as Performance measures. The selected sample is 20 listed firms from top 25 listed companies in the business today top 25 2012- 2013. Data collection methodology is secondary sources. Data will be obtained by Annual reports. Data will be analyzed by using SPSS model to obtain quantitative measures of descriptive statistics, regression analysis and correlation. The importance of this analysis is, it provides the evidence to find the positive relationship between Board sizes, Board committee, Non-executive directors’ impact, leadership structure firm performance which results in higher return.