Corporate governance and postcolonialism: the experience of Sri Lanka

Abstract: This paper explores the perceived adequacy of Anglo-American

corporate governance reforms in an emerging market. Using a perception

survey of Sri Lanka’s corporate governance stakeholders, 277 questionnaire

survey responses from five stakeholder groups in Sri Lanka are used in factor

and regression analyses. This empirical study finds that adoption of best

practice Anglo-American policies and regulations do not result in the

perception of good corporate governance by stakeholders. The application of

postcolonial theory offers an insight into this discrepancy. Current technical

modes of investigation only replicate the modernity narrative. Policy setters

and regulators should consider corporate governance as a cultural practice as

well as a technical practice, to better serve stakeholder perceptions. This study

introduces postcolonial theory as a means of cultural evaluation of corporate

governance practices.