The COVID-19 has redefined the world operation. Specially COVID-19 pandemic shows a higher impact on the business field. Accordingly, this study aims to find the impact of corporate governance on firm performance during the Covid-19 pandemic in Sri Lanka. The quantitative methodology deployed and secondary data was collected from 27 companies listed in Colombo Stock Exchange (CSE) for 209 and 2020. The results depicted that pandemic has affected the Corporate Governance (CG) measures unfavorably. Further, board size and qualification of director’s show a positive association between firm performance meantime, NED proportion, Gender diversity, Board meeting, Audit committee size and Audit committee meeting show a negative association between firm performance. It clearly reveals that COVID-19 severely impact the corporate governance attributes and firm performance. The corporate management, regulators, and investors must consider the board’s board size and qualification to recover the corporate sector in any crisis. This study provides a unique contribution to the literature of COVID-19 and firm performance in emerging economies.

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This study examines the relationship between board features and firm risk of listed companies in Colombo Stock Exchange for the period of 2010 to 2017. This research was carried out based on positivistic paradigm with the quantitative methodology. Secondary data were collected and analyzed using panel data analyze techniques to obtain quantitative measures of descriptive statistics, correlations, and regression analyses. The results show that the board features variables such as Board size, Women on board, Non-executive director, CEO Duality and Director Interlock have significant impact on firm risk. The results are consistent with agency theory perspective. On the other hand, Audit committee does not show any impact on firm risk in Sri Lankan companies. Our findings reveal that consistence is with theoretical expectation and code best practices. Further, it suggests that as far as the risk is concerned the existing corporate governance practices and code of best practices are effective in Sri Lankan context.

This study examines the relationship between ownership structure and firm risk of 69 public listed companies in Sri Lanka over the period of 2010 to 2017.This study consists Management Ownership (MO), Institutional Ownership (IO) and Concentrated Ownership (CO) as ownership variables and total risk, asset return risk and financial risk as the measure of firm risk. The study was conducted as a quantitative study based on secondary data collected from annual reports. Regression model was used to examine the relationship between ownership structure and firm risk. Result depicts that the management ownership shows negative and significant relation on firm risk. On the other hand, institutional and concentrated ownership structure shows positive relation with firm risk. The finding highlights that management owners prefer not to bear high risk due to uncertainty of the business. Meantime, institutional owners and concentrated owners are steering to mitigate high risk in order to gear up the wealth maximization.