General Management

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Labour Market Distortions in Sri Lanka: Have they reduced under liberalised economic policies?
(Faculty of Graduate Studies, University of Kelaniya, 2005) Patabendige, A.J.
An Empirical Study of the Relationship between Organizational Stress and Emotional Intelligence on Organizational Commitment: With Reference to Bank Branch Managers in the Western Province of Sri Lanka
(Proceedings of the Annual Research Symposium 2005-Faculty of Graduate Studies, University of Kelaniya, 2005) Jayaweera, A.T.
An investigation of dividend policy behavior and information content of dividends in selected countries
(2006) Peter, P.L.S.; Bamunuarachchi, G.K.
Any company that essentially exists with the objective of maximizing the wealth of its shareholders is faced with the choice of either paying dividends now or reinvest now to pay later. This choice forms the background for the dividend policy decision that defines the time pattern of dividend payout.Numerous theoretical and empirical publications have kept dividend policy in its prominent status in corporate finance literature. Studies on dividend policy have been applied on companies listed in stock markets of both developed and developing countries.Employing meta-analysis that combines the results of several studies conducted on capital markets of a selected sample of countries, this paper analyses the dividend policy behavior of countries around the world in terms of dividend policy stability and the information content of dividend announcements. The paper concludes that the state of development of the country does have an impact on the dividend policy stability as companies in more matured markets in developed countries tend to maintain dividend stability although companies in emerging markets of developing countries have been unable to do so. On the other hand with respect to information content of dividend announcements it is evident that dividends have significant information content in all share markets and that on average all markets react negatively to surprise decreases in dividends which is more than proportionate to the positive reaction to surprise increases in dividends. Further it can be concluded that emerging markets take considerable time to fully incorporate information contained in dividend announcements while in mature markets it is less so. Mature markets tend to be more inline with the market efficiency hypothesis with respect to dividend announcements. As future research an investigation of dividend policy behavior and information content of dividends in a Sri Lankan context is to be conducted.
A Study on the factors that affect establishment of businesses by rural entrepreneurs
(2008) Siri, J.G.S.; Jayalal, S.
In Sri Lanka, as in other developing countries community development is considered as the development of the rural poor. It is estimated that 88% of the poor communities live in rural areas in Sri Lanka. Rural entrepreneur is a crucial entity of the rural community. As far as the economic development is concerned it is important to address their needs and problems when bridging the gap between poor and rich. A policy strategy recognizing the challenges facing rural entrepreneurs could do much to reduce the regional disparities and rural poverty in Sri Lanka. Rural entrepreneurship is one of the newest areas of research in the entrepreneurship field. It has become one of the significant supportive factors for rural economic development. This study which explored the factors that affect rural entrepreneurs was carried out in selected villages of seven districts namely Anuradhapura, Monaragala, Nuwara Eliya, Kegalle, Kaluthara, Puttalam and Ratnapura. The study covered the rural areas in each district. The Vidatha Resources Centers1, initiated by the government is facilitating technology transfer with a view to promote rural entrepreneurship. Even though many resources have been spent through the Vidatha Resources Centers, the majority of existing and potential entrepreneurs are yet to realize the way to run their business successfully. The main objective of this study was to identify the factors influencing rural entrepreneurs when establishing and expanding their business with a view to fill the knowledge gap in real problems of rural entrepreneurs to be addressed during the process of planning and thereby to maximize output from rural entrepreneurship development programmes. The research process was divided into two phases. In the first phase, secondary document analysis and informal interviews with key entities were carried out. The second phase was characterized by in-depth interviews with female and male entrepreneurs in rural villages, Science and Technology Officers and Field Officers at the Vidatha Resources Centers. The hypotheses tested were that, whether the level of education, age of the entrepreneur and a marketing plan at the beginning influence the success of the establishment and the level of income from the enterprise.Key findings of this study were that the level of education, age of the entrepreneur and a marketing plan at the beginning influence the success ofthe establishment and the level of income from the enterprise. Most of the entrepreneurs who had a marketing plan at the beginning (before establishing the enterprise) have been able to carry out their business successfully and withstand the market forces. It was found that previous experience in the relevant business field, gender of the entrepreneur, availability of new technology, limited access for micro-credits, availability of training programmes and lack of business development for service providers at rural level do not have a significant influence on the success or failure of the enterprise. Since majority of them have utilized their own savings to start up the enterprise, there is no significant influence of limited access to sources of micro credit at the point of establishing the business. However, it was observed that they face difficulties due to limited access to sources of micro-credits when they are going to expand their business further. The reasons for failure of enterprises were also surfaced in this study. Lack of training,difficulty to find a market, inability to find micro-credits and market competition are some of the reasons for failure as given by the entrepreneurs.
Factors affecting successful implementation of E-government projects in Sri Lanka
(2009) Wickramarachchi, A.P.R.; Gunawardana, L.H.D.
E-government concept which enables governments to provide an enhanced service has become one of a most widely discussed topics today. Sri Lanka is lagging behind in this respect when compared with developed countries and many developing countries. In 2002 the government of Sri Lanka launched the e-Sri Lanka programme to spread the dividends of ICT across the country. There is considerable evidence to point out that most of the Sri Lankan government institutes are only in the initial phase of implementing e-government services, and some experienced failures due to number of problems such as poor infrastructure, ineffective leadership, ineffective requirement identification etc. Very few researches have been conducted to identify factors that contribute towards successful completion of e-government projects, especially in Sri Lanka. The objective of this research is to identify enablers of successful e-government projects and to develop a framework which may help organizations to initiate, execute and implement e-government efforts successfully. A survey was carried out among selected public sector organizations to collect data. Based on the research, it was found that clear vision for e-government, well established objectives and strategies, effective leadership, attitudes of management and staff, availability of funds, size of IT staff, requirement identification, overall Information technology infrastructure, and business process re engineering are the most important factors an organization should address when implementing e-government projects. Moreover, it is quite evident that some factors are specific to individual organization. The framework developed highlights the common e-government enablers that should receive more attention in each stage of the life cycle of e-government project.
PROMOTE UVA AS A REMARKABLE TOURIST DESTINATION;WITH SPECIAL REFERENCE TO BADULLA DISTRICT, SRI LANKA
(2010) Fernando, I.N.
Sri Lanka is considered as one of the most wonderful tourist destination partly due to the compact physical diversity of its nature, surrounded by various top ranked beaches into mountain plains, rivers and water Falls, wild life as well as misty mountains. From East to West in the central highlands, the picture changes in to rainforests, misty mountains and plains and from green Tea plantations. Small miracle waterways as well as wonderful waterfalls riches the natural picture of the Island. Uva province, one of the most salubrious environment regions of the Island, is an area full of waterfalls, misty mountains including giant Namunukula Mountains and surrounded by Tea plantations. The climate of the triangle formed by Ella, Haputale and Welimada is regarded by many local and foreign tourists as the most favorable climatic area in Island. Salubrious environment enriched the area with many kinds of vegetables, fruits and flower gardens and make the way to tourism attraction from ancient times. Uva consists of two districts as Badulla and Monaragala and Badulla is the district that consists with salubrious environment and surroundings. Ella, Haputale , Bandarawela and Welimada areas enriched with natural beauty as well as potentiality to attract tourists as their tour destination. Also Badulla town is one of the oldest town in Sri Lanka with proven traces of the earlier settlement and surrounded by tea estates, paddy fields along the banks of the Badulu oya and Namunukula mountains. Badulla is also popularized for its ancient stories and tails as ?Rama-Rawana legend? and have some hidden places and caves to prove that legend archeologically. If tourist visit to Badulla, he can impressively experience the eco-tourism, pilgrim tourism, tea tourism, adventure tourism and historical tourism at one place. Eco tourism could experience by natural salubrious environment and Muthiyangana Raja Maha Viharaya , Mahiyangana Raja Maha Viharaya and other important religious places provides pilgrim tourism experiences. Surrounding Tea plantations has potentiality to promote Tea tourism. Adventure tourism could experience by hiking in mountains, climbing waterfalls and other adventure experiences, Dowa Temple, Demodara station, Bogoda wooden bridge implies the historical tourism. Ancient legend of ?Uva Wellassa? heroes reflects the historical heritage in the region.
DETERMINING WORKING CAPITAL SOLVENCY LEVEL AND ITS EFFECT ON PROFITABILITY IN SELECTED INDIAN MANUFACTURING FIRMS
(2010) Singh, K.; Asress, F.C.
A well designed and implemented working capital management has a significant contribution for firms? profitability as well as to maintain liquidity powers. The purpose of this study is to assess working capital adequacy and its impact on profitability; to investigate the relationship between profitability and liquidity of firms. Natural logarithm of total current liabilities and Relative Solvency Ratio (RSR) are taken as dependent variables to measure the required size of current liabilities and firm?s solvency level respectively. Independent variables are sales, return on assets, current ratio, and cash conversion cycles. These are included in the panel data regression to assess for 250 firms for the period of 10 years. The regression result indicated that sales and cash conversion cycle have highly positive significant effect to determine required current liabilities (short term debt) whereas return on assets and current ratio have highly negative significant effect to determine required current liabilities. The result of negative association between profitability and liquidity is statistically insignificant. With the help of student t-test, the study also revealed that firms with adequate working capital achieved better performance than those firms which have less working capital in related to their operational sizes. Therefore, the null hypothesis that there is no difference between firms which have adequate working capital and less working capital in relation to their operational size on profitability is rejected as the p value is less than 0.05.
ETHICAL ISSUES IN BUSINESS: THE SPRITUAL INPUTS
(2010) Agarwal, H.
Zeno of Cyprus, Manu Samhita and even every book of Religion especially ?Hindu? have strongly put the Ethics as an essential part of the business activities. All over the world, every person want to achieve peaceful living. And, to perform this act, a common code of conduct is required. This common code of conduct measures all human being equal and gives joy and happiness naturally available to all. It is, thus, called society i.e., group leading an ethics or living a value based life enjoys the fruits of good organized living. Business is a part of the society. It functions in the society. So, it should be guided by the ethical or moral norms which the society wants the business to observe. In other words, every business should be guided by business ethics i.e., moral principles which are considered by the society as right, and so, should govern and guide the activities of the business. This way, the present paper (followed) is based upon the citations,discussions and suggestions given in the various spiritual and holy texts in Artha and Kama, Dharma, Moksha manner. Moreover, ethical dilemma is discussed in detail. In my opinion, the present paper contains such issues which have not been discussed so far.
Economics of Small Scale Industries: A look at Programmes for the Growth and Development of Small Scale Industries in Nigeria
(2010) Bachama, Y.N.
Governments in most developing countries have recognized that small scale industries play an important role in the acceleration of growth and development in their economies. As a developing country, Nigeria is not an exception.Nigeria attempted several programmes, such as National Economic Reconstruction funds,Industrial layouts and Establishment of Nigerian bank for Commerce and Industry,etc., to improve the production and growth of this vital sector during the colonial era as well as after the independence at 1960; however some of these programmes succeeded in bringing little changes, while others are unsuccessful. The objective of this study is to assess the viability of programmes and proffer solutions that could bring about changes in this vital sector. Secondary data such as government publications and corporation?s annual reports as well as interviews conducted with officials and managers were collected and statistical techniques are used for analysis. The study reveals that small scale industries have not seriously impacted on the areas of large scale immediate employment, development of indigenous industrial sector, production of highly specialized goods and filling in cracks between large industries in the economy. It is observed that unless concrete steps are taking in identifying the problems, then the country will continue to chase shadows.
An automated system to provide precise information for effective keyword-based advertising
(2010) Gamage, K.
Keyword-based advertising is vital in online advertising as it is a significant technique that extends the business horizons. This technique helps to advertise in a timely and accurate manner by eliciting information about what potential consumers are interested in. However, keyword advertising is still in its development stage and many advertisers fail to use this effectively due to lack of experience and unawareness of related tools. This reduces the economic benefit advertisers can derive from this advertising channel. Thus, market research is seen as the most vital component on which the decisions should be based for effective keyword advertising. The research of this study consists of personal interviews, offline and online surveys and background reading. These techniques helped the author to come up with the best effective solution which fits the real need of keyword advertisers. The Unified Software Development Process (USDP) methodology is been used in this research as it is more beneficial and easy to capture and elicit requirements.The project uncovered that search advertisers should engage with search advertising related tools and cost effective, in developing online presence particularly focusing on how those tools facilitates technology towards achieving advertising objectives. The author?s project concept was based on a web based keyword advertising support tool which provides precise information for effective keywordbased advertising. The objective of this research is to support keyword advertisers to be effective and efficient in their advertising campaigns by providing the advertisers with past and present information relating to competitor keyword advertising and projecting information with a view of enhancing search advertising strategy and then to expand the presence n the online market.
IMPACT OF TRDE LIBERALIZATION ON ECONOMIC GROWTH OF SRI LANKA: AN ECONOMETRIC INVESTIGATION
(2010) Herath, H.M.S.P.
This paper examines impact of trade liberalization on economic growth of Sri Lanka.The research problem is expressed as ?To what extent does trade liberalization or openness of the economy influence on economic growth of Sri Lanka?? The primary objective of the study is to investigate the causal relationships between the trade liberalization and economic growth of Sri Lanka. The study is mainly based on secondary data. In identifying the impacts of trade liberalization on growth and trade balance, data were collected on a specific time interval before and after the trade liberalization. The time period selected is from 1960 to 2007. To identify the impacts of trade liberalization, total time period is divided into two sub periods of before trade liberalization i.e. (1960 to 1976) and after trade liberalization i.e. (1977 to 20070). Since the study is based on secondary data, basically it is uses data published in annual reports of Central Bank of Sri Lanka. The variables identified in the main objective of the study are tested hypothetically, and quantitative analytical methods are applied to make accurate and reliable conclusions. Therefore, graphical presentations and regression analysis are used to assess the degree of relationships among variables concerned. Further to test the structural changes of the country, the Chow test is applied. Findings of the study confirm a significant positive relationship between trade liberalization and economic growth of Sri Lanka. The result of Chow test proves a clear change of economic growth before and after trade liberalization of the country.
TOURISM PRODUCT DEVELOPMENT IN ECOLOGICALY AND CULTURALLY FRAGILE AREAS ? OBSERVATIONS FROM KERALA IN INDIA
(2010) Saji, M.P.; Narayanasamy, N.
For economically poor but resource rich countries, tourism has become a vital sector to be considered for regional development. In the post-modern world, there seems to be an ever increasing urge for experiencing authentic life styles and environment ? a search which is obvious to end up in locations and communities that were ecologically and culturally enclosed so far, so that it had not altered yet. This taste of more diversified and specialized experience makes many of the culturally and ecologically rich regions attractive in contemporary tourism market. The new tourism styles like Eco-tourism, Cultural tourism, Rural tourism, (indeed too many) have become synonym with the growth of tourism in several countries. However the real challenge before policy makers and the industry is to manage and strike a balance between conservation, recreation and regional development. In this context, the paper tries to explore through various alternative tourism concepts like eco-tourism and cultural tourism and observe its actual practices in Kerala, the southern most states of India, which has initiated several innovative tourism models. After analyzing the pros and cons tourism initiatives in the state, the paper seeks to appreciate and present the approaches that could be used as a base for tourism product development and management in ecologically and culturally fragile area.
TESTING RANDOM WALK HYPOTHESIS OF INDIAN STOCK MARKET RETURNS: EVIDENCE FROM THE NATIONAL STOCK EXCHANGE (NSE)
(2010) Venkatesan, K.
The behaviour of stock market returns is a central issue to the theory and practice of asset pricing, asset allocation, and risk management. The supporters of the efficient market hypothesis (EMH) claim that stock price indices are basically random and as such any speculation based on past information is fruitless. This paper investigates the Random Walk (RW) behavior of stock market returns of India. The na�ve random walk model was estimated using Ordinary Least Squares (OLS) method over the period 1st January, 2008 to 31st December, 2009. The data are obtained from the National Stock Exchange (NSE) website, Mumbai. The study result reveals that the return series is insignificantly different from zero, which is consistent with the random walk hypothesis. It can be, therefore, the present study suggests that the Indian stock market is found to be efficient and supports the random walk behaviour.
A STUDY ON INFLUENCE OF ADVERTISEMENT IN CONSUMER BRAND PREFERENCE (SPECIAL REFERENCE TO SOFT DRINK MARKET IN MANMUNNAI NORTH D.S DIVISION BATTICALOA)
(2010) Vivekananthan, V.
Measuring the influence of Advertisement in Consumer Brand Preference is very essential for every marketer. If advertisement does not create any positive change in consumers? brand preference, all the resources such as money, time and efforts spent on advertisement will go in vain. Most of the marketers use Advertisement as a tool to attract substantially new customers and to retain the existing customers. This research studies about the ?Influence of Advertisement in Consumer Brand Preference in the Soft Drink Market?, which is one of the most competitive markets in Batticaloa. Every Brand in this market use Advertisement as a major weapon to overcome the fierce Competition. There are numerous Advertisements of different Soft drink brands exposed in Television. But, the main thing here is, the marketer want to identify that, do all these advertisements positively influencing the consumers? brand preference. In order to study the influence of Advertisement in Consumer Brand Preference, three main variables are considered with appropriate dimensions. They are; Information, Communication and Comprehension. The structured questionnaire was used to collect primary data from 200 respondents. The study found that all three variables indicate high influence of Advertisement in consumer brand preference. Even though it has high influence in overall view, the advertiser wants to consider the indicators, which have low and moderate influence in their future developments of the Advertisements to maintain its position in the market in the long-run. Eventually, this study recommends some actions for improving the influence of Advertisement in consumer brand preference.
THE IMPACT OF INTELLECTUAL CAPITAL ON THE FIRM PERFORMANCE AND INVESTOR RESPONSE: AN EMPIRICAL STUDY OF SELECTED SECTORS IN COLOMBO STOCK EXCHANGE
(2010) Kehelwalatenna, S.; Gunaratne, P.S.M.
Intellectual capital (IC) is recognized as a strategic asset which gives competitive advantages by driving organizations for superior performance in the modern day knowledge-based economies. The purpose of this study is to investigate, empirically, the relation between IC, and firm performance and the response of investors. In this respect, the study has been conducted using data drawn for 2002 to 2006 from listed financial services and manufacturing sector firms in Sri Lanka. The Pulic?s Value Added Intellectual Coefficient (VAIC) has been employed to measure the IC together with the measurements of value creation efficiencies of capital employed, human capital, and structural capital of selected firms. The researchers use the Pearson?s correlation analysis and construct regression models to investigate the said relationships. Results of the main analysis show that IC is positively associated with firm performance, and investor response. In addition, it is found that the level of importance placed by investors on three components of value creation efficiencies (physical capital, human capital, and structural capital) has not been uniform. Moreover, the results of the extended analyses further confirm some of the above associations with few exceptions. The study is novel and original in its approach to determine the value addition in the VAIC model. In this regard, current study brings the assumptions of the stewardship theory in alternative to both economic value addition and value addition according to the stakeholder theory. Moreover, the results may extend in understanding the role of IC in creating corporate value and building sustainable advantages for companies in developing countries as the findings in developed economies and emerging economies cannot be generalized to developing nations, since country-specific factors and technological advancements influence significantly in determining the level of IC.
DAIRY MARKET TRENDS IN VAVUNIYA: IDENTIFYING POTENTIALS AND CHALLENGES IN A POST-CONFLICT SETTING
(2010) Thampoe, M.; Gnanaseelan, J.; Morais, N.
Vavuniya is primarily an agricultural district. Milk production is an important secondary source of livelihood for the rural people. The aim of this study is to map the potentials and challenges of dairy market in Vavuniya district. This study inquires whether milk and milk based products have a good market opportunity and what challenges are faced in marketing milk and milk based products in Vavuniya. Questionnaire survey, interviews and focus group discussion were used to collect primary data from a cross section of dairy consumers, producer groups, institutional representatives and key informants. The research team obtained response from 265 households in four DS divisions. Narrative and statistical analysis methods were used to analyse the primary data. This study is significant in finding out that there exists considerable demand for fresh milk. However,the lack of availability, accessibility, and quality of local fresh milk, and locally processed milk based products have made the consumers resort to seeking more imported powdered milk and milk based products. The study also found that there is considerable willingness to buy or switch to local products when these constraints are addressed. The study concludes that it is a positive trend in developing dairy market in Vavuniya,particularly in a post-conflict setting.
Understanding Significant Relationships between Organizational Citizenship Behavior (OCB) and Marketing Function
(2011) Bambale, A.J.
This is a literature based paper that attempts to make contribution in to organizational citizenship behaviors (OCB) and Marketing literatures by providing up to date literature on the relationship between the two important research areas. Organizational citizenship behavior (OCB) has contributed tremendously to the marketing field through enhancing service quality, customer satisfaction and organizational effectiveness. Many well-understood forces, such as globalization, technology, fierce competition and increasing complexity in customer demand have compelled marketing organizations to become more innovative in their marketing activities and more sensitive to their marketing employees for them to survive and thrive. OCB is a recent development in the marketing profession and has positively affected service delivery and organizational effectiveness. This paper reviews relevant OCB and marketing literatures and has provided useful insights on the current development on the marketing-OCB relationships as well as research update in the two areas. Subsequently this paper has discussed important implications for future research and professional practice regarding the OCB-marketing relationships.
The Role of the Internet in Australian Small Firms Exporting to Sri Lanka: An Innovative Export Model
(2011) Amarasena, A.
The purpose of this exploratory research paper is to offer an understanding on the role of the Internet in the context of small firms exporting from an advanced to emerging market. The countries chosen in this context are Australia and Sri Lanka. The research study involves face to face interviews with the owner/managers of Australian exporting firms. It reveals that the exporters? knowledge on the customer base in Sri Lanka and their advantage of being connected to various networks both in Australia and Sri Lanka make their exporting business high performing. The owner/managers who gained a number of years of international business experience from working as managers of firms in the export market would add further advantage to exporting firms. The paper suggests that the capability of owner/managers to identify the right blend of Internet technology while managing human factors in the export process is critical to their export success.
Field Force Interactions and Life Assurance Buying Behavior in Sri Lankan Insurance Market
(2011) Perera, M.A.C.H.
Studying field force interaction on Life assurance buying behavior in Sri Lankan Insurance market is very interesting but has given least consideration in researches. The purpose of the research is to study the how field force use their power of interactions on consumer behavior of life assurance in Sri Lankan insurance market and to develop a consumer behavior model. This study investigates the influence of sales force interactions on purchasing behavior of the life assurance buyers. The importance of field force on life assurance buying behavior has been highlighted in past research studies too.This research study report is on an investigation of the variables that may be a predictive of life assurance buying behavior and to test the model with sales force interaction as the independent variable. Conceptual frame work hypothesized that the situational factors have positive relationship. The sales force interaction shows the positive impact on the life assurance buying behavior. Sample for the study was 120 consumers in Kuliyapitiya and Kurunegala areas. Researcher adopted questionnaire was used to collect data in this regard. The study tested hypothesis using correlation and regression analysis. The findings of the study provide a substantial support for the hypothesized paths of the model. Accordingly, it has been empirically proven that there is a positive relationship between sales force interaction and the life assurance buying behavior. Further the findings of the study shows that the field force influences are statistically significant. Most important factor in this research study is the findings of the study could be used for formulation of the future marketing strategies. Since this area is not touched much by the researchers, there are ample rooms for the future researches in Insurance Industry.
Measuring Stock Market Volatility in an Emerging Economy
(2011) Peiris, T.U.I.; Peiris, T.S.G.
The pattern of volatility in a given time series is due to various micro and macro economic factors attached to that security. An understanding of volatility and its causes is important in determining the cost of capital of the security and in assessing investment and leverage decisions in case of emerging economies especially where the market consists of risk?averse investor. This study thus examines the volatility of different sectors in Colombo Stock Exchange (CSE) and how the macro economic factors affect on the volatility by fitting Autoregressive Conditional Heteroskedasticity (ARCH) and the Generalized ARCH (GARCH) using monthly time series data of 20 sectors in CSE for the period 2005-2010. Results found that sixteen out of twenty sectors in CSE has a significance volatile (p<0.05) and both ARCH and GARCH terms on the fitted models for individual sectors were significant (p<0.05). The volatility of composite stock returns of volatile sectors was then regressed against Narrow Money Supply (M1), Broad Money Supply (M2), Inflation (I) and Interest Rate (IR). It was found that inflation and interest rate are the two significantly influencing macro economic factors (p<0.05) on the stock market volatility of emerging economies like Sri Lanka.