International Conference in Accounting Researchers and Educators (ICARE)

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    The Impact of Entity Specific Factors on External Audit Fees of Listed Non-Financial companies in Sri Lanka
    (4th International Conference for Accounting Researchers and Educators, Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2018) Arasara, M.H.P.; Kaushalya, M.D.P.
    Limited liability companies in Sri Lanka are statutorily required to secure the services of an auditor in order to obtain a professional opinion on their financial statements. The usefulness of an external audit in enhancing the credibility of financial statements depends on the quality of audit services being provided. This study sets out to examine the factors that may influence external audit fees paid by the Sri Lankan nonfinancial companies listed on Colombo Stock Exchange (CSE). Specific attention is focused on the investigation of the potential influence of corporate size, profitability, corporate risk, corporate complexity, sector classification, external audit report lag, audit committee independence, status of the audit firm on audit fees. Data used in this study are mainly collected from 2013 until 2017 annual reports published by the Sri Lankan non-financial companies listed on Colombo Stock Exchange. The sample which contains 50 numbers of companies and total observation is 250. Data were analyzed using regression model with an ordinary least squares (OLS) technique over E-Views package. The findings pointed that there is a significant and positive association between audit fees and each of corporate size, company’s profitability, risk and audit committee. A significant and negative relationship has been detected between business complexity and external audit fees. The findings also revealed that audit fees are not significantly associated with, industry type, status of audit firm and audit report lag
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    The Impact of Ownership Structure and Ownership Concentration on Financial Performance of Companies Listed on Colombo Stock Exchange
    (Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Rathnayake, A.R.M.B.I.; Weerathunga, P.R.
    This study investigates the impact of Ownership Structure and Ownership Concentration on financial performance of Public Companies listed on Colombo Stock Exchange. For this purpose, a sample of 46 top capitalized companies as on 30th August 2016 were selected. Accounting based performance measures of Return on Assets and Return on Equity are used as proxies for financial performance. Ordinary Least Square (OLS) linear Regression model is employed to identify the association between dependent and independent variables. The results of the study reveals that Institutional Ownership, Individual Ownership and Foreign Ownership have not significant impact on financial performance. However, the Ownership Concentration ratios have significant impact on financial performance. All the Ownership Concentration ratios used in this study showed significant impact on the Return on Assets and Return on Equity except the percentage of shares held by first two largest shareholders. This study implies that the majority of the share ownership is held by first five largest shareholders. Therefore, the most of the Sri Lankan companies’ ownership are highly concentrated and it influences to the financial performance.