The Effect of Duality/Non-Duality of CEO, Board Size, Meeting, Committee on Domestic Shareholdings: Empirical Evidence from Sri Lanka

Corporate Ownership & Control, 11 (4), 321-337, 2014

10 Pages Posted: 7 Sep 2014

Date Written: September 5, 2014

Abstract

This paper seeks to investigate the effect of duality/non-duality of CEO, board size, meeting, committee on domestic shareholdings of manufacturing companies listed on Colombo Stock Exchange over a three-year period from 2011 to 2013. The study employs the independent samples t-test, correlation and regression analyses to assess the relationships as well as the impact on domestic shareholdings using a sample of 32 quoted companies (n = 32). It is found that duality & non-duality of CEO structure do not differ in relation to domestic shareholdings that are inconsistent with the hypothesis formulated. Board size (+) and board meeting (+) have shown positive relationship and board committee (-) is negatively associated with domestic shareholdings. As per the empirical results, board committee and board size have significant (p < 0.05) impact on domestic share holdings and insignificant impact is observed by board meeting. The present study concentrates only on the manufacturing sector quoted on Colombo Stock Exchange. This paper has taken an effort to this area of research on emerging share holdings held by local individuals and institutions in Sri Lanka and the findings could be generalized to the companies similar to this category.

Keywords: Duality/Non-Duality of CEO, Board Size, Board Meeting, Board Committee, Domestic Shareholdings

Suggested Citation

Nadarajah, Sivathaasan and Achchuthan, Sivapalan, The Effect of Duality/Non-Duality of CEO, Board Size, Meeting, Committee on Domestic Shareholdings: Empirical Evidence from Sri Lanka (September 5, 2014). Corporate Ownership & Control, 11 (4), 321-337, 2014 . Available at SSRN: https://ssrn.com/abstract=2492379

Sivathaasan Nadarajah (Contact Author)

Griffith University ( email )

170 Kessels Road
Nathan
Brisbane, QLD 4111
Australia

Sivapalan Achchuthan

University of Jaffna ( email )

Thirunelvely
Jaffna
Jaffna, Northern 40000
Sri Lanka
0094 - 0778364899 (Phone)

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