Students’ Research Symposium - Department of Finance (SRS-DFIN)
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Item The Influence of Retirement Goals and Risk Perception on Retirement Planning Behaviour; Evidence from Kalutara and Gampaha Districts, Sri Lanka(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Perera, I.K.H.; Weerasinghe, W.D.J.D.Introduction: One of the most critical problems that are faced by many emerging countries is the lack of retirement savings for future lives and pre-retires. To express fresh thoughts and suggest an extra approach or workable solution to supplement past research and conclusion, this study will analyze how the retirement goals and risk perception will affect on retirement planning behaviour of individuals in Kalutara and Gampaha district gender wise. Methodology: Based on the positivism research philosophy and deductive research logic quantitative approach was used to collect the primary data through an online survey of 196 participants. Retirement goals and risk perception are independent variables and retirement planning behaviour is the dependent variable of this study. Using SmartPLS software, Structural Equation Model (SEM) and AMOS regression analysis were used to test the reliability, normality, correlation, multicollinearity, regression analysis, and gender effect in both districts. Descriptive statistics were used to determine the mean values of respondents' perspectives. Findings: Research findings output that both independent variables (retirement goals and risk perception) had a statistically significant positive relationship with the dependent variable (retirement planning behaviour) in both districts. Cronbach alpha values demonstrate that all data sets are more reliable and as per the VIF values, independent variables are not correlated with each other. Both retirement goals and risk perception are more effective in the retirement planning behaviour of the Gampaha district data set. Gender is also having a significant impact on retirement planning behaviour. Conclusion: The results highlight that the overall model is statistically significant, and retirement planning behaviour has an impact on retirement goals and risk perception.Item The Impact o0f Cryptocurrency on the Stock Market Performance in Sri Lanka: An Empirical Study Based on Bitcoin(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Perera, G.J.P.; Weerasinghe, W.D.J.D.Introduction: This study examines the impact of cryptocurrency on the stock market performance in Sri Lanka. It is an empirical study based on Bitcoin. Methodology: The analysis uses the information of Bitcoin and the Stock market indices, ASPI Return, and S&P SL20 Return of Sri Lanka for the period 2010–2023 on a weekly basis. The Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model has been estimated separately for the ASPI Return and S&P SL20 Return time series data using the Maximum Likelihood (ML) method with the Autoregressive Conditional Heteroskedasticity (ARCH) algorithm. Findings: The empirical results indicate a weak negative relationship between Bitcoin returns and ASPI Returns, suggesting a subtle inverse correlation. In contrast, a weak positive relationship is observed between Bitcoin returns and S&P SL20 returns in the Sri Lankan context. These findings provide insights into the dynamic interactions between Bitcoin and the two stock market indices in Sri Lanka. Conclusion: This paper makes two significant contributions to the existing body of knowledge. Firstly, it introduces Bitcoin returns as a determinant influencing stock market performance in Sri Lanka. Secondly, it explains the relationships between Bitcoin and both ASPI Return and S&P SL20 Return in the Sri Lankan market context, enriching our understanding of the dynamics between cryptocurrency and traditional stock indices.Item Exploring the Potential of Social Value Creation Through Digital Social Innovation in Sri Lanka: Special Reference to Gampaha District(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Shalomi, K.H.; Weerasinghe, W.D.J.D.Introduction: This research explores the potential of social value creation through digital social innovation in Sri Lanka, with a special focus on the Gampaha District. Social entrepreneurship, driven by a combination of entrepreneurial spirit and social innovation, aims to address pressing societal challenges and create innovative solutions. Despite the global attention to social entrepreneurship, there is a dearth of research in the Sri Lankan context, particularly regarding the role of technology in innovation and social value creation. Methodology: The study adopts a social constructivist paradigm and employs the Case Study Methodology (CSM) to investigate ten social enterprises. The research questions examined include how social value is created through social enterprises and how social entrepreneurs leverage new technologies for innovation. Findings: The findings reveal that social value creation in Sri Lanka occurs through economic impact, socioeconomic improvements, social impact, community engagement, and innovative solutions. Moreover, the importance of managing new technologies for innovation is evident, with technology adoption, innovation strategies, skills development, and resource constraints emerging as key factors. Conclusion: This research contributes to the understanding of how social enterprises in Sri Lanka create social value and harness technology for innovation. The findings highlight the need for more support for social entrepreneurs and the integration of digital technologies in their endeavours. The study emphasizes the role of social entrepreneurship in driving positive change and creating social value in Sri Lanka, and the potential for technology to amplify this impact.Item Impact of Cryptocurrency on the Stock Market Performance in Sri Lanka: An Empirical Study Based on Ethereum(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Samadhi, K.U.; Weerasinghe, W.D.J.D.Introduction: Cryptocurrencies are becoming increasingly popular as an investment product with incredible returns and high risks. In recent time, numerous researchers have investigated about the relationship or correlation between cryptocurrencies and the stock market under different factors and situations. However, attention is not drawn to the impact of cryptocurrency and stock markets in the Sri Lankan context. Thus, the purpose of this study is to examine the impact of cryptocurrency on the stock market performance in Sri Lanka. This study specifically focused on Ethereum (ETH), which was ranked as second largest coin of total market capitalization. Methodology: The analysis uses the data of ETH price Returns, ETH volume, and ASPI Returns, as well as S&P SL20 returns for the period 2015-2023 on a weekly basis. The VEC (03) model is employed in the study’s quantitative research methodology to evaluate the impact of cryptocurrency on stock market performance in Sri Lanka. Findings: According to the results, there is no short-term impact, but there is a long-term impact of cryptocurrency on stock market performance in Sri Lanka. Further, there is a somelevel of impact of Ethereum on ASPI return and S&P SL 20 return. Conclusion: This study contributes valuable insights to the field, providing a context-specific understanding of how cryptocurrency dynamics, particularly Ethereum, can influence traditional stock market performance in Sri Lanka. The implications of these findings extend to a diverse array of stakeholders, including investors, policymakers, financial institutions, and researchers.Item The Impact of Firm Characteristics and Macroeconomic Factors on the Firm Performance: Special Reference to Listed Capital Goods Firms in Sri Lanka(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Fernando, K.P.D.; Weerasinghe, W.D.J.D.Introduction: This research investigates the dynamic interplay between firm specific characteristics and macroeconomic factors, and their impact on firm performance of capital good firms in Sri Lanka combining with the Covid 19 impact. The study aims to provide a comprehensive understanding of the intricate relationships that shape the performance, growth, and resilience of capital goods firms within the unique economic landscape of Sri Lanka. Methodology: The population was listed industrial firms in Sri Lanka. The sample was listed capital good firms in Sri Lanka. Panel regression employed to evaluate the hypothesizes. Data analyses were done in two scenarios (prior to Covid 19 and post Covid 19). Firm characteristics are firm size, leverage, liquidity, sales growth. Macroeconomic variables are interest rate, inflation rate, exchange rate and GDP growth rate. Research data were analyzed using multiple regression model. Findings: Before the Covid, liquidity and sales growth positively affected both ROE and ROA while interest rate and leverage negatively affected to ROE. Further, liquidity and sales growth are positive and significant. Leverage, interest rate, inflation rate, and exchange rate are negatively to ROA. Nevertheless, after the Covid, liquidity and exchange rate positively affected both ROE while only leverage affected negatively on ROA. Conclusion: Over time, these have impeded the performance of capital-good firms, yet the relationship between these factors and firm characteristics impacts firm performance. Because finance and liquidity decisions fall solely under the manager's control. Thus, it becomes necessary to present data regarding the relationship that exists between macroeconomic variables, firm characteristics, and financial performance in developing countries such as Sri Lanka.Item Impact of Firm Characteristics and Macroeconomic Factors on Financial Performance: A Study of Selected Listed Materials Firms in Sri Lanka(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Fernando, B.S N.; Weerasinghe, W.D.J.D.Introduction: The purpose of this study is to explore the interrelationship between firm characteristics, macroeconomic factors, and financial performance of listed material firms in Sri Lanka before and after Covid19 pandemic. Data methodology: The study used the ex post facto research design. The population comprised all quoted firms on the Colombo Stock Exchange. The sample was restricted to companies in the material firms’ sector, selected using cluster sampling method. The study used multiple linear regression as the method of validating the hypotheses. To have a better idea on the impact of the firm characteristics and macro-economic factors on the firm performance study has employed four regression models. Specifically, the study investigates the impact of firm size, leverage liquidity and sales growth rate while macroeconomic factors were interest rate, inflation rate, exchange rate and GDP growth rate. The dependent variables that measure the firm’s performance are measured as return on assets (ROA) and return on equity. Findings: It was concluded that the explanatory variables which are firm characteristics (firm size. Leverage, liquidity, sales growth rate) and macroeconomic factors (interest rate, inflation rate, exchange rate and GDP growth rate) were not significantly associated with the dependent variable of ROA and ROE before and after Covid19 pandemic. Conclusion: In conclusion, the study concluded that firm characteristics and macroeconomic factors have no significant impact on firm performance in listed material firms in Sri Lanka. For further research variables such as shifts in governance, clearness, and the dynamic business environment could obtain a critical understanding of how firm characteristics and macroeconomic factors impact firm performance.Item Exploring the Potential of Social Value Creation through Digital Social Innovation in Sri Lanka: Special Reference to Colombo District(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Marasinghe, H.K.; Weerasinghe, W.D.J.D.Introduction: This study mainly aims to identify the potential social value creation through digital social innovations & relationship between digital innovation and the social impact of social entrepreneurship. Methodology: This study associates with the inductive method under qualitative research. Moreover, multiple case study technique is use for social entrepreneurs operating in Colombo District for this study. In this research mainly gathered data through the ten in-depth interviews as primary data. Thematic analysis used in analyzing the data. Findings: In this study, the researcher has found that social entrepreneurs have create social value under economic, social and socio-economic. Entrepreneurs are increasingly moving into digitalization either by transitioning traditional businesses or by setting up of old methods. As competition is getting stiffer with each passing day, the factors enhancing a firm's capability to move in the value creation through digitalization is becoming increasingly important. Therefore, the researcher has found how social entrepreneurs manage new technologies to innovation under technology adoption and marketing strategies. Conclusion: In conclusion, social entrepreneurship seeks emerging opportunities and try to solve environmental and social problems to maximize value creation in society. Encouraging social entrepreneurs to utilize collaborative digital platforms where they can share knowledge, resources, and best practices. It will be a positive impact to economy system & society with better solutions.Item Impact of Cryptocurrency on the Stock Market Performance in Sri Lanka: An Empirical Study Based on Ripple (Xrp)(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Subasinghe, S.A.D.S.; Weerasinghe, W.D.J.D.Introduction: In the global financial markets, cryptocurrency has secured a distinct position, especially after its rapid growth and expansion. In recent times, numerous scholars have investigated the relationship between cryptocurrencies and the stock markets in different regions. Over the past three years, Sri Lanka's journey toward recovery from the global pandemic and economic crisis has opened the doors to cryptocurrency, with a growing trend of using it as an alternative investment. This study investigated the impact of cryptocurrency on the stock market performance in Sri Lanka, with a specific focus on XRP (Ripple). Methodology: The analysis uses the data of XRP price returns, XRP volume, and ASPI returns, as well as S&P SL20 returns for the period 2013-2023. The analytical methods involve time series data regression techniques using E-Views software. The GARCH (1,1) model is employed methodology to evaluate the impact of cryptocurrency on stock market performance in Sri Lanka. Findings: The results suggest that there is a weak positive relationship between XRP returns and both ASPI returns and S&P SL20 returns. Additionally, ASPI returns, and S&P SL20 returns are not statistically significant indicating that there is no impact of XRP on stock market performance in Sri Lanka. Conclusion: The research serves as a basis for policy decisions for regulators, investors, and academics regarding the cryptocurrency market. Furthermore, future studies should consider a wider range of cryptocurrencies and explore the impact of Bitcoin Futures to gain a deeper understanding of the connections between cryptocurrencies and stock indices.Item Impact of Macroeconomic Factors and Firm Characteristics on the Financial Performance: Special Reference to Food, Beverage and Tobacco Firms(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Appuhamy, M.A.D.D.H.; Weerasinghe, W.D.J.D.Introduction: Financial Performance of a firm can be described as a measurement that indicates how well a company perform in a certain period. Further, profitability can show how well a particular firm uses its assets to generate income for the firm. The purpose of the study is to examine the impact of firm characteristics and macroeconomic factors on the financial performance referring listed food, beverage and tobacco firms in Sri Lanka. Methodology: The population was listed industrial firms in Sri Lanka. The sample was listed food, beverage and tobacco firms in Sri Lanka. Data were collected quantitatively. Panel regression employed to evaluate the hypothesizes. Data analyses were done in two scenarios (prior to Covid 19 and post Covid 19), with four regression models. Findings: The study revealed that has a weak negative significant impact on the ROE while Sales Growth of the firm has a positive significant impact on the ROA and Sales Growth of the firm has a weak positive impact on the ROE. Nevertheless, from all the macroeconomic factors there is no significant impact on the dependent variables of this study, ROA and ROE despite the impacts from covid-19 pandemic. Conclusion: The findings of the study will contribute to both academic and practical implications for policymakers, investors, and management who are willing to achieve the firm performance in a challenging post-Covid19 economic landscape.Item Impact of Borrower Characteristics on Micro Loan Default among Fisheries Sector Evidence from Negombo Sri Lanka(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Wathsala, M.G.D.A.; Weerasinghe, W.D.J.D.Introduction: This research examines the challenges of the microfinance sector with a focus on the alarming microcredit default rate in the fishing industry in Negombo, Sri Lanka. The study identified the main research problem as high incidence of loan defaults, which negatively affects the growth and sustainability of microfinance institutions. The objective is to explore borrower characteristics that influence microloan default and suggest strategies to reduce microloan default. Methodology: This research follows a quantitative methodology. A structured questionnaire was designed. The questionnaire was collected from 147 microfinance borrowers of Negombo Wallawediya Fishermen's Association through non-probability convenience sampling. SPSS version 23 was used to perform exploratory factor analysis. The findings of this study confirmed six borrower’s factors useful in explaining microfinance loan defaults in Sri Lanka. This research examines the characteristics of microcredit defaulting borrowers in the Negombo fisheries sector. The study focuses on key determinants such as size, gender, income, experience, household size and education level to determine the impact of loan default on the Negombo fisheries sector. Findings: The study found that age, gender, income, experience, household size and education level affect fishermen's late payment. Gender emerges as a critical factor, with women more likely to default on payments than men. Younger borrowers are also more prone to default, suggesting the need for financial education tailored to their needs. Level of education has a modest effect on non-compliance, emphasizing the potential benefits of promoting financial education. Conclusion: Implications suggest further testing and targeted interventions recommendations include social orders and public policies for credit distribution background checks future research proposals include different data collection methods and sustainability approaches limitations of inclusion questions dependent and qualitative methods in future research and reveals a need for regional variations overall the study provides valuable insights and practical recommendations for stakeholders in the microfinance sector.
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