Accountancy
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Item The Impact of Ageing Population on Economic Growth in South Asia(Asian Social Science, 2019) Abeywardhana, D.K.Y.The share of working age population has declined all over the world. It is forecasted that this will continue for the coming years in all countries in South Asia. Low growth in working age population in South Asia will be effecting negatively for the economic growth. This paper studies whether the South Asia 2050 employment targets would be sufficient to compensate for the downward impact of demographic burden and whether the impact of demography on economic growth differs between South Asian countries. The results show that degreasing working age population is the main challenge the South Asian region faces. Further it shows that growth in GDP mainly depend on the demographic change. Population who contributed the economic development become maturing and dependents of their children. The consumption of the ageing population is very high as of higher spending on healthcare facilities. This effect badly on the economic growth in the region and cause lots of challenges to the nations.Item Capital Structure and Profitability: An Empirical Analysis of SMEs in the UK(2015) Abeywardhana, D.K.Y.This study examines the relationship between capital structure and the profitability of non- financial SMEs in the UK for the period of 1998-2008. Using the Two Stage Least Squares, (2SLS) the results show a significant relationship with capital structure and profitability which is negatively related. The size of the firm appears a more important factor that determines the profitability in SMEs in the UK. There is consistent evidence for positive size- profitability relationship. The results of this study have shown that the capital structure of the firm has a significant influence on the profitability of SMEs in the UK. Especially, long-term debt to total assets ratio is negatively related with the profitability and this is an indication that SMEs are averse to use more equity because of the fear of losing the control.Item Impact of Capital Structure on Firm Performance: Evidence from Manufacturing Sector SMEs in UK(2015) Abeywardhana, D.K.Y.The purpose of this study is to investigate empirically the impact of capital structure on firm performance. This study examined the impact of capital structure on firm performance of manufacturing sector SMEs in UK for the period of 1998-2008. The authors hypothesize that there is a negative relationship between capital structure and firm performance. To examine the association, the authors run a Pearson correlation and multiple regression analysis. Results of this study reveals that there is a significant negative relationship between leverage and firm performance (ROA, ROCE), strong negative relationship between liquidity and firm performance and highly significant positive relationship between size and the firm performance. This study concluded that firms which perform well do not rely on debt capital and they finance their operations from retained earnings and specially SMEs have less access to external finance and face difficulties in borrowing funds. It is recommended that firm should establish the point at which the weighted average cost of capital is minimized and to maintain the optimal capital structure and thereby maximize the shareholders wealthItem Seasonality Effect of Emerging Stock Markets: Evidence from Sri Lanka(University of Portsmouth, United Kingdom, 2007) Thilakerathne, P.M.C.; Amarasiri, K.P.M.M.; Abeywardhana, D.K.Y.Item Investors Attitudes and Investment in Unit Trusts: A Case Study of Sri Lanka(University of Portsmouth, United Kingdom, 2007) Thilakerathne, P.M.C.; Abeywardhana, D.K.Y.Item Seasonality effect of emerging stock markets: evidence from Sri Lanka(University of Portsmouth, UK, 2007) Thilakarathna, P.M.C.; Amarasiri, K.P.M.M.; Abeywardhana, D.K.Y.The origin of share trading in Sri Lanka was date back to the 19th century. The Colombo Stock Exchange (CSE) has been one of the best performing stock markets in the Asian region, recording the best ever turnover statistics and a record-breaking growth rate of 35% per annum from 2001 to 2005. Thus returns generated by stock market supersede investment returns of all other competing investment avenues. In addition, the CSE possesses a state of the art infrastructure and a fully automated screen based online share trading system. These attributes have established the CSE as a world class market return of efficiency and fairness. Out of well-admired calendar anomalies this research investigates the existence of seasonality effect of Colombo Stock Exchange (CSE) over 17 years period: 1st January 1994 through 31st March 2007. Seasonal anomalies of stock prices are one of the most actively researched areas in Financial Economics. Seasonality Effect suggests that the share prices tend to behave differently depending on the day of the week, month of the year and following holidays. The majority of the research was confined to the developed capital markets with some research conducted on Asian stock markets. However, none of these studies included the CSE, despite the recent development in the market. Therefore, the main objective of this research is to fill a longstanding research gap in this area. This study employs the logarithmic form of nondividend adjusted daily return data of the All Share Price Index (ASPI) and use the multivariate regression models with adjustments to control the influence of other events to stock returns and to avoid some of the restrictive assumptions that are inherent to the model. The importance of such adjustments needs to be stressed in order to avoid spurious conclusions. The results indicate the presence of day of the week effect during the period under study with highest (positive) and lowest (negative) returns are observed on Fridays and Mondays respectively. Therefore, it could be concluded that the stock returns in CSE are not in agreement with the Random Walk Hypothesis. This finding will lead to a trading strategy that investors buying shares should avoid Fridays and those wishing to sell should avoid Mondays.