The expected output. Mainly, there are three aspects

The entire
directorate consists of some of the listed corporations among the male parties.

Other companies
have female representations. This study inspects how the monetary performance
of a corporation is affected to this.

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Their professional experience
for the form of directors is also an important factor.
This study would categorize the director who have more than 20 experience among
total panel of directors. Also this study considered directors with Doctorate degrees use as professional
qualifications. These factors work to identify the changes between the
directors’ characteristics.

Generally, the
performance refers to that the comparison of an actual output with expected output.
Mainly, there are three aspects of measuring performance of particular firm.
Operational performance, financial performance and the market performance have
been considered as the key performance measures. In contrast, the operational
performance can be measured by market share, customer satisfaction, new creation
introductions, and product service quality and advertising effectiveness.
Likewise, the profitability of the firm, growth rate, leverage, liquidity and
cash efficiency could be used to measure the financial performance or the
accounting performance of the organization. Similarly return to the shareholders,
annual return and market value added would have been considered as market based
performance measures. In addition to these measurements it can be seen that customer
service, organizational engineering, performance improvement, stewardship of the
employees and social responsibilities has also been taken into account as
performance dimensions.


In this study, the monetary
performance of the listed firms in Sri Lanka has been considered as the performance
measure. Simply the monetary performance refers to the profitability.
Profitability can be measured by calculating profitability ratios like Return
on Assets (ROA), Operating Profit Margin or Return on Sales. Most commonly listed
company’s performance is measured by profitability.


Developed states
mainly in North America and Europe expansively inspect the profitability in
banking sectors. Return on Assets ratio has been taken into account in this
study in order to measure the profitability of the listed corporations in Sri


The size of the panel, arrangement of the panel, the size of the Audit team, the arrangement of the Audit Team, CEO duality, the panel meetings, the sex of the directors, the qualification of the directors, the experience of the directors  have been considered as independent variables for test the relationship between panels and monetary performance in this study. Also, Return on Asset (ROA) has been used to measure the dependent variable in this study. Return on Assets is largely used to measure the efficiency and operational performance of listed companies as it gives returns generated from the assets financed by the firm. As earlier studies also have used ROA as a measurement of profitability, it is easy to compare consequences of this study with other literature. Return on Assets ratio would be arrived as follows. ROA is calculated by net profit, dividing total assets.      ROA      =         Net Profit     ×100                 Total Asset So, in this study considered nine independent variables. Monetary performance considered as dependent variable. In this context, it is important to study the impact of the Panel’s characteristics for monetary performance of listed corporations in Sri Lanka.