Impact of Corporate Governance on Firm Performance: Evidence from the Dhaka Stock Exchange

Muhammed Zakir Hossain, Fatema Tuj Johora and Asif Al Saif
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Muhammed Zakir Hossain: Associate Professor, Department of Business Studies, State University of Bangladesh, Bangladesh
Fatema Tuj Johora: Lecturer, Department of Business Studies, State University of Bangladesh, Dhaka, Bangladesh
Asif Al Saif: Department of Finance, Jagannath University, Bangladesh

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Abstract: In emerging markets, corporate governance has become increasingly significant, as transparency, accountability, and managerial effectiveness are essential for improving the performance of firms. The necessity to investigate the impact of corporate governance mechanisms on the financial outcomes of listed firms has been exacerbated in Bangladesh by regulatory reforms and heightened investor awareness. Consequently, the primary objective of this study is to examine the influence of ownership concentration (OC), audit committee effectiveness (ACE), and board structure (BS) on firm performance (FP) in companies listed on the Dhaka Stock Exchange (DSE). The dependent variable in this study is FP, while the independent variables are BS, ACE, and OC. On the basis of established literature, a structured questionnaire was created, and 320 forms were distributed to senior executives, compliance officers, and finance managers of DSE-listed firms. 166 responses were gathered from these, and 154 responses were retained for analysis after screening. The hypotheses were tested at the 5% significance level and correlations were analyzed using SPSS version 26. The results indicate that BS, ACE, and OC have substantial positive impacts on the firm's performance. The paper concludes by proposing potential directions for future research and providing implications for policymakers, corporate leaders, and regulatory bodies.

Keywords: Ownership Concentration; Audit Committee Effectiveness; Board Structure; Firm Performance; Corporate Governance (search for similar items in EconPapers)
Date: 2026-02-26
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Published in European Journal of Management, Economics and Business, 2026, 3 (2), pp.113-125. ⟨10.59324/ejmeb.2026.3(2).08⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05707839

DOI: 10.59324/ejmeb.2026.3(2).08

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