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This is a Quantitative Study study.

October 2, 2025Open Access

Emerging Influence of Corporate Governance and Firm Size on Financial Performance in India's Dairy Sector

BPBrajaballav PalVidyasagar University BDBiki DigarDepartment of Commerce

Key Points

Better corporate governance significantly enhances financial performance in the Indian dairy sector.
Larger firm size is associated with increased profitability, liquidity, and overall financial performance.
The effect of leverage on financial performance is limited, indicating a need for other strategies.
Challenges such as low productivity and rising costs underscore the importance of governance improvements.

Abstract

Abstract The Indian dairy sector is vital to the economy, being the largest producer and consumer of milk globally. Valued at approximately 18,975 billion INR in 2024, it is projected to grow to nearly 57,002 billion INR by 2033. This study analyzes the financial performance of selected dairy companies, including Amul, Hatsun Agro, Parag Milk Foods, and Modern Dairies, from 2011 to 2021, focusing on profitability, liquidity, and leverage. The findings reveal that better corporate governance and larger firm size positively impact financial performance, while leverage has limited effects. The study also identifies challenges like low productivity and rising costs, highlighting the need for improved governance and technological advancements to sustain growth and profitability in the sector. Keywords Indian dairy sector, financial performance, corporate governance, profitability

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