The study on the relationships of corporate governance to the financial performance of publicly listed firms in the Philippines

Date of Publication


Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Accountancy


Ramon V. Del Rosario College of Business



Thesis Adviser

Fe Violeta G. Baluran

Defense Panel Member

Carmelita C. Clerigo
Joy Lynn R. Legaspi


Corporate governance plays a major role in the sustainability of a company. This research work looks at the relationship of different corporate governance factors such as ownership concentration, board size, board gender diversity, and CEO duality, to the financial performance of the publicly listed firms in the Philippines from years 2011- 2015. The aforementioned corporate governance factors are said to control agency costs, which affects company's profitability or non profitability. However, in this study, the researchers look at financial performance in three dimensions profitability, efficiency, and liquidity. The shared leadership theory is also adopted, a particularly novel approach that goes beyond traditional board leadership research which delved solely on structure. This theory puts a spotlight on the human side of corporate Governance by examining the leadership processes and behaviors inside the boardroom. The researchers found a positive relationship between board size and a firms profitability. Moreover, a positive relationship between ownership concentration is found to a firms liquidity. It is noted that the company's leverage, as measured by the debt ratio, is seen to have a negative influence on a firms liquidity. Lastly, CEO duality is determined to have a positive relationship when it comes to a firms efficiency.

Abstract Format






Accession Number


Shelf Location

Archives, The Learning Commons, 12F, Henry Sy Sr. Hall

Physical Description

viii, 80 leaves : illustrations ; 28 cm. + 1 computer disc ; 4 3/4 in.


Corporate governance--Philippines; Corporations--Finance--Philippines

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