Commerce and Management

Permanent URI for this communityhttp://repository.kln.ac.lk/handle/123456789/140

Browse

Has files: YesSubject: search.filters.subject.Ownership Structure

Search Results

Now showing 1 - 2 of 2
  • Thumbnail Image
    Item
    The Relationship between Capital Structure and Ownership Structure: Evidence from Listed Companies in Hotel and Manufacturing Sectors in Sri Lanka
    (Faculty of Commerce and Management Studies, University of Kelaniya., 2017) Kulathunga, K. M. K. N. S.; Perera, L. A. S.; Anagipura, G. N.
    This study examines the relationship between capital structure and ownership structure for a sample of thirty-eight listed companies in the hotel and manufacturing sectors in the Colombo Stock Exchange (CSE) in Sri Lanka over the period of 2011-2015. All the secondary data were collected from audited annual reports of each company and data were analyzed using descriptive statistics and regression analysis. Mainly the ownership structure is measured using individual, managerial, institutional and share ownership concentration. Furthermore, the impact of Profit and Tangibility on capital structure is also examined in the study. The results revealed the managerial ownership and ownership concentration have significant influence on the capital structure. In the comparison of hotel sector and manufacturing sector listed companies in CSE we can identify that there is higher impact of ownership structure on capital structure in manufacturing sector compared to the hotel sector.
  • Thumbnail Image
    Item
    An Empirical Study on Corporate Ownership Structure and Firm Performance: Evidence from Listed Companies in Sri Lanka
    (Faculty of Commerce and Management Studies, University of Kelaniya, 2015) Chandrasena, S.M.; Kulathunga, K.M.K.N.S.
    Ownership structure, whether it is concentrated or dispersed, is one of the main determinants of organizational performance. Theories of corporate governance insist on dispersed ownership and segregation of ownership and management. In most of the emerging countries a concentrated form of ownership is evident in listed companies. Therefore the objectives of this study are twofold; to investigate whether ownership structure has an impact on firm performance and to examine whether concentrated ownership has an impact on firm performance, in companies listed in Sri Lanka. Researchers have considered a sample of seventy six (76) non-financial listed companies in CSE during the period of 2008 to 2014. A time fixed effect model is applied into the panel regression analysis and a Generalized Least Squares (GLS) regression model is chosen. Findings suggest that a significant relationship exists between ownership structure and firm performance. Empirical evidence further elucidates that institutional ownership has a significant positive relationship with firm performance, which can be justified based on the ‘active monitoring argument’. Significant negative relationship between individual ownership and firm performance can be argued based on ‘manager discouragement argument’. Concentrated ownership too has a significant positive relationship with firm performance, supporting the wellknown agency theory propositions.