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The primary objective of this research
is to inspect the relationship between panel characteristics and the financial performance of listed firms
in Sri Lanka. Although, panel characteristics is a comprehensive concept and can be defined with a varied
extent, this research has identified nine components of panel characteristics and has inspected their impact on the monetary performance of
listed corporations in Sri Lanka.

 

1.1        
Significance of
Research

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Corporate
governance is one of the world’s most important concepts. The extent of this
study is limited. This is important for further understanding of corporate
governance in Sri Lanka. It also supports them to accomplish goals what they want to maximize their returns. This study
is significant for an accurate understanding of the size of the directors and
the panel configuration of directors to achieve the business’s goals. Although
the corporation owns a shareholder’s rights, its governing authority is in the
director’s office. The panel of directors is responsible for maximizing the
profits of the stakeholders. By choosing an effective panel of directors, firms
can grow their returns. It can increase gratitude and establish the identity of
the societies. Also businesses can increase their profits by having a right director
board, thereby increasing employees’ wages.
Therefore, employees’ satisfaction increases, and they are more productive in
their labor experience. Besides, this is important for investors to identify
best businesses and to make respectable returns on their investments and to
make high returns.

 

Apart
from that this study would be important to the public. The growth of corporations
with the growth of its products increases the way consumers can make good
products. Their quality of life is superior. Similarly, the main income of the
government is tax revenue. Since the increase in profits of the corporates due
to the effective panel of directors, then government could collect more taxes.
Ultimately the Government could maximize their revenue. Not only that but also
the amount of research done in Sri Lanka has decreased with regard to corporate
governance. But today this is a very important concept. Hence, it is vital for
knowledge seekers to understand about the corporate governance.

 

1.6             
Methodology

 

This section would describe regarding the methodology
used to test the hypotheses, the dependent variables, and independent
variables. The Multiple linear regression analysis would be performed to
recognize the effect of panel characteristics on the monetary performance of
the listed companies in Sri Lanka. Mainly this methodology section would focus
research design, population and sample, data collection and data analysis
techniques.

The population of this study is public listed companies in Sri Lanka. There are 295 corporations registered in the Colombo Stock Exchange (CSE).  These companies have registered under 20 business sectors. This information is as at 30th September, 2016. The sample would be 167 public listed companies. The sample size was 167, using the Morgan Table. This sample represents 57% of the total population. The simple random sampling method is used to select the sample from the population.

Secondary
data collection methods would be used to collect data. In the secondary data
collecting, researchers use the data which have been collected by earlier
researches for their analyzing purposes or the statistical data obtained from
the records, accounts and other data stores. When using secondary data
previously used for a research or a study, it should be considered that the
previous research could answer the research question. Today, there are so many
facilities are available for secondary data collections. Those include
information in the annual reports, Corporate Governance Code 2013 and the
Colombo Stock Exchange (CSE) web site. The data would be collected in year
2015/16.

Data tables and graphs are used to represent the data. It inspects the relationship between panel characteristics and monetary performance by using multiple linear regression model in the Statistical Package for the Social Sciences (SPSS).In order to measure the quality of the corporate governance adopted by Public Listed Corporations in Sri Lanka, descriptive statistical method would be used. In addition correlation analysis, & ANOVA test can be recognized if there is a significant relationship between panel characteristics & monetary performance.

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