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Ownership Structure on Firm Performance: Special Reference to Manufacturing Companies in Colombo Stock Exchange

Any country, the use of effective corporate governance is significant towards its economic development. Therefore, designing of corporate governance mechanisms for effective decision-making is dominant. The concept of corporate governance covers large number of distinct economic relations and among them, corporate ownership structure plays a vital role at corporate level. In line with that, this study investigates the effect of ownership structure on firm performance of listed manufacturing companies in Sri Lanka. The study was used secondary data for conducting this research at the time of 2017 to 2018. Ownership structure consists with three variables namely block ownership, institution ownership and managerial ownership. The Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q were used as accounting measurements to measure the firm performance. This study was used 45 companies for the analysis to achieve the set objectives. The Descriptive statistics, Correlation analysis and Regression analysis were used in this study to analysis the data. The study found that block ownership and managerial ownership is having both significant positive as well as negative relationship on firm performance. At the consideration of institutional ownership,it seems to be having positive relationship on firm performance at listed manufacturing sector in Sri Lanka. Therefore, it is evident that there was no any positive relationship between ownership structure and firm performance in manufacturing sector in Sri Lanka.