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Author: search.filters.author.Wijesinghe, M. R. P.Has files: Yes

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    Sustainability Reporting and Company Financial Performance: Evidence from an Emerging Market
    (Department of Accountancy, University of Kelaniya, Sri Lanka., 2021) Eranga, W. A.; Wijesinghe, M. R. P.
    The main objective of this study is to examine the level of compliance to the sustainability practices and investigate the impact of sustainability reporting on the financial performance of Public Listed Companies in Sri Lanka. Sustainability disclosures were measured using social, economic, and environmental sustainability initiatives, and the company performance was measured through Return on Equity (ROE), Return on Assets (ROA), and Return on Sales (ROS). The study becomes original by applying an appropriate index to measure the sustainability reporting compared to the existing indexes used in Sri Lanka and applying the latest GRI 20 guidelines. In addition, the panel data regression model was employed to analyse the data from 2012 to 2019. The results suggest that social sustainability reporting has a significant positive impact on company performance measured through ROE. Henceforth, company managers, directors, and investors should focus more on fulfilling and considering the Social Sustainability Guidelines.
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    Factors Affecting the Initial Return of Initial Public Offerings (IPOs) and IPO Underpricing in the Colombo Stock Exchange
    (Faculty of Commerce and Management Studies, University of Kelaniya., 2023) Dias, D. S. M.; Wijesinghe, M. R. P.; Madhushani, P. W. G.
    The initial public offering is an important milestone for a company; however, this can be also turned into a reason which causes great wealth loss as well. The purpose of this study is to identify the factors affecting IPO initial return and examine the level of underpricing that prevails in the Colombo Stock Exchange (CSE). The study considers 68 IPOs from 2006 to 2018. The selected factors for the study are ASPI Return, Sector Price/Earnings ratio, Age, Earnings Per Share, Debt Ratio, Net Asset Value, Return on Asset, Price/Earnings Ratio, Debt/Equity Ratio, Offer Price, and Over Subscription Rate. Multiple regression results reveal that ASPI return and over-subscription rate are positively influenced by market-adjusted initial return (MAIR) and offer price is negatively affected. Underpricing analysis revealed that the MAIR and the prevailing level of underpricing is raw initial return equal to 14% and market-adjusted return is 18%. The beverage, food, and tobacco sector, Banking, Finance, and Insurance sector, and diversified holding sector are identified as highly underpriced sectors of CSE. It is recommended that Investors must consider capital market variables and IPO variables for IPO investment decisions regardless of the financial indicators of the company.
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    Foreign Portfolio Investment and Earnings Quality: Evidence from Sri Lanka
    (Faculty of Commerce and Management Studies, University of Kelaniya., 2021) Wijesinghe, M. R. P.; De Silva, A. L. C. M.
    The development flows signs renewed foreign interest in the stock market during mid-2017, recording an all-time high in foreign purchases. With the realization of investment opportunities and potential in capital markets in Sri Lanka, foreign investors actively participated in trading in CSE making volatility in Foreign Portfolio Investment (FPI), which lead the researcher to investigate the determinants of FPI under company performance (ROA, ROE and OPM), market-specific factors (MC, MI and BETA), earnings quality (EQ) measured by total accruals (TA) and macro-economic variables (IR and GDP) using evidence from Sri Lanka. Using the three dependent variables of TNFP, TFP, and TFS the researcher analyzed quarterly data for the period from 2011 to 2016 under panel data regression model and concluded, ROE, MC, MI, BETA, GDP Growth and IR has a significant relationship with foreign portfolio investment where the results suggested earnings quality does not have any impact on foreign portfolio investment. The findings of the study are especially useful for potential investors, regulators and the interested parties of investment decisions.
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    The Impact of Leverage on Real Earnings Management: Evidences from Listed Manufacturing Companies in Colombo Stock Exchange
    (Faculty of Commerce and Management Studies University of Kelaniya, 2017) Wijesinghe, M. R. P.; Kavinda, D. D. C.
    The amount of funds a company has earned during a given period is generally reported based on appropriate and relevant accounting standards. Therefore, reported earnings helps to quantity the company's performance through earnings, nevertheless investors should consider not just earnings quantity, but also the quality of earnings, in evaluating a company's accounting earnings. The primary aim of this study is to examine the impact of Leverage on Real Earnings Management activities. The study was conducted using manufacturing companies listed in Colombo Stock Exchange with firm-quarter observations for the period of 2010 to 2015 using a panel data analysis. The results indicated that manufacturing companies are having abnormal cash flows and production cost in their operations and there is a significant positive impact of leverage on real earnings management in listed manufacturing companies in Colombo Stock Exchange, which in turn could effects the earnings quality of the companies.