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Author: search.filters.author.Gunasekara, A. L.Has files: Yes

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    The Impact of Working Capital Ratios on Operational Performance under Covid-19 Pandemic: Evidence from Listed Material Sector Firms in Sri Lanka
    (Department of Accountancy, University of Kelaniya, Sri Lanka., 2023) Dilini, R. A. D. K.; Gunasekara, A. L.
    This paper investigates whether the Covid-19 pandemic impacts the association between working capital ratios and operational performance. Using comparison tests by taking a sample of listed material sector firms in Sri Lanka from 2019Q1 to 2021Q2, this study first examines whether working capital ratios have become statistically different between pre Covid-19 period and during the Covid-19 period. Secondly, this paper employs panel regression analysis for pre-Covid-19, during Covid-19 and the full samples to identify how Covid-19 has reshaped the association between working capital ratios and operational performance measured by return-on-sales (ROS). The results show that, apart from days-sales-outstanding (DSO), other working capital measures are similar between the pre-Covid-19 period and during the Covid-19 period. Further, the results suggest that ROS is higher when firms delay payments to suppliers during pre Covid-19 period. However, this paper finds that ROS is not responsive to working capital ratios during the Covid-19 period.
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    Is the Market Efficiency Static or Dynamic – Evidence from Colombo Stock Exchange (CSE)
    (Faculty of Commerce and Management Studies, University of Kelaniya., 2018) Fernando, P. N. D.; Gunasekara, A. L.
    The study tests the weak form efficiency of the Colombo Stock Exchange (CSE) and the consistency of the concept. In this study, daily market closing index values of (All Share Price Index) ASPI of CSE for five years, from June 2010 to June 2015, without adjustments, have been selected as the sample. Both parametric tests and non-parametric tests have been used in this study. The evidence presented in this study confirms that CSE is not weak form efficient within the sample period and is consistent with the findings of previous studies. Therefore, the fact that Efficient Market Hypothesis as a dynamic concept is debatable as studies over the past have consistently confirmed that CSE is not in weak form efficient, although the efficiency of most markets is dynamic.