Browsing by Author "Rajeshwaran, N."

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The Impact of Dividend Policy on Stock Price: An Empirical Evidence from Hotels and Travels Companies Listed in Colombo Stock Exchange
(Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Hettiarachchi, U.S.J.; Rajeshwaran, N.
Dividend Policy is one of the important factors that affect the stock price. Dividend policy is measured by dividend per share, dividend yield and dividend payout ratio. The purpose of this paper is to identify the impact of dividend policy on stock price in the hotels and travels sector companies listed in the Colombo Stock Exchange. Thirty-four companies listed in the hotels and travels sector were analyzed for a period of five years from the year 2012 to 2016. Data were collected from the annual reports of the companies. Statistical Package (SPSS 19.0) was applied to analyze and evaluate the collected data. Correlation analyses and multiple regression are used to explore the association between study variables. A positive impact is found between dividend per share, dividend presence in a firm with stock price changes, while a negative impact between dividend yield and stock price changes is also identified. The impact of dividend pay-out ratio deemed to be insignificant. In addition, it is shown that assets growth rate and firm size explain stock price changes. The study supports the fact that dividend policy is relevant in determining the stock price for the hotels and travels sector companies listed in the Colombo Stock Exchange.
Responses of Share Returns to Macroeconomic Information: An Empirical Examination of Bank, Finance and Insurance industry in Sri Lanka
(Department of Accountancy, University of Kelaniya, Sri Lanka., 2021) Waidyarathna, C. M.; Rajeshwaran, N.
The purpose of this study is to examine the impact of macroeconomic variables on Share Returns of Banking, Financing, and Insurance (BFI) companies listed at the Colombo Stock Exchange (CSE). The Theory of Efficiency Market Hypothesis (EMH) is applied to investigate the research. The study used secondary data of companies listed under Banking, Finance and Insurance sector in CSE from 2010 to 2017. Macroeconomic variables include Exchange rate, Interest rate, Inflation rate and Broad Money Supply (M2). The macroeconomic data were collected from the Central Bank of Sri Lanka. Descriptive Statistics, Augmented Dickey-Fuller, unit root test, Johansen co-integration and vector error correction model were also used in analyzing the study. The co-integration test results depict the positive relation between the Total Return Indices in BFI sector with the interest rate and money supply. In contrast, the Exchange rate and inflation rate negatively affects the correlate with Total Return Index in the BFI sector. This study also emphasizes that there is no significant short-run causality from macroeconomic factors to Total Return Index (TRI). It is concluded that there is a minimum level of positive impact with interest rate and money supply in the long-run causality, while a negative effect with the exchange rate and inflation rate. The study supports the EMH, which states that it is immediately reflected in share return when new information comes into the market.
Strategic Management Accounting Practices and Organizational Performance of Manufacturing Firms in Kurunegala District
(Department of Accountancy, University of Kelaniya, Sri Lanka., 2022) Nanediri, H. M.; Rajeshwaran, N.; Epitawalage, K. U.
Different types of business strategies and a number of sophisticated strategy-based techniques have emerged to support to meet the challenges of global competition and customer satisfaction. The primary objective of this study is to examine the impact of strategic management accounting practices on organizational performance of manufacturing firms in Kurunegala District. The researcher has included dimensions of the strategic management accounting practices as strategic costing, strategic decision-making, competitor accounting, strategic performance, and customer accounting. A questionnaire was designed using five-point likert scales and distributed using a stratified random sampling technique among 164 Accountants/ Managers of manufacturing firms in Kurunegala District. Data were analyzed using descriptive statistics, correlation analysis, and regression analysis. Based on the findings of the study, it is concluded that there is a positive significant impact of strategic management accounting practices on organizational performance of manufacturing firms in Kurunegala District. As per the result of the study, it is recommended that managers employ strategic management accounting practices to enable them to identify, accumulate, and manage the costs of their activities to ensure accuracy in their decision-making.The findings in this study are supported by other studies in the literature and enable them to implement suitable strategies.