International Conference in Accounting Researchers and Educators (ICARE)

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Subject: search.filters.subject.Colombo Stock Exchange

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    The Impact of Corporate Characteristics and IFRS Adoption on Audit Report Lag: Evidence from Listed Manufacturing 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) Srinath, V.P.N.; Kawshalya, M.D.P.
    An audit report lag (ARL) is defined as a period from a company’s fiscal year-end date to the audit report date. The shorter the ARL in releasing audited financial statements, the greater the usefulness and benefits that users can derive from these statements. The purpose of this research is to the identify impact of corporate characteristics on audit delay in Sri Lankan manufacturing companies, listed in Colombo Stock Exchange (CSE). Further, since IFRS adoption represents a significant milestone in the accounting discipline in Sri Lanka which can reasonably expect an impact on audit report lag also, the study extended to investigate the impact of IFRS adoption also on audit report lag. Accordingly the current study investigated the influence of corporate size, audit firm statues, CEO duality, ownership concentration, ownership dispersion, board size and IFRS adoption on audit report lag. The data for the study collected from annual audited financial statement of all the listed manufacturing companies of CSE. Data for the period of nine years from 2008/2009 financial year to 2016/2017 financial year has been collected. Based on the regression estimate obtain, the study concludes that the audit report delay influenced by corporate size, audit firm statues, CEO duality, ownership concentration, ownership dispersion, board size and IFRS adoption
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    The Impact of Macroeconomic Variables on Stock Market Performance of 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) Vishmini, K.W.O.; Madurapperuma, M.W.
    Smooth functioning of a stock market is paramount important to a healthy economy. Investigations of relationship between macro-economic factors and performance of stock markets at many emerging economies including Sri Lanka are relatively limited. This study aims to identify the impact of macroeconomic variables on the stock market performance of Sri Lanka. The dependent variable is the All Share Price Index of Colombo stock market (ASPI) and the explanatory variables are the Gross Domestic Product (GDP), Inflation proxy by wholesale price index (WPI), Interest rate (IR), Balance of payment (BP) and Exchange rate (ER) over the period of 2010 to 2017 in a quarterly basis. All the data were collected from the Central Bank Annual Reports and from the Colombo Stock Exchange. Data were analyzed using VECM using E-Views. The results revealed that the macroeconomic variables and the stock market index (All share price index) in Sri Lanka significantly related. Analysis further showed that stock market index significantly positively related to GDP, ER and IR while it is negatively related to the inflation proxies by wholesale price index of Sri Lanka. The other variable which is the Balance of payment is insignificant in determining the stock market performance
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    Identify the Market Efficiency of Assets Write down Announcement - A Study on Loss Earned Listed Manufacturing Companies in CSE
    (Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Sooriyakumaran, L.
    This research paper examines the market efficiency of loss earned listed manufacturing companies to assets write down announcement and test whether there was semi-strong form of market efficiency available in Colombo Stock Exchange (CSE) under the circumstances. This study attempts to answer the research question of are the loss making companies’ impairment of non- current assets announcements impact to share market? This issue is examined using an overall sample of 62 events relating to 22 listed manufacturing companies covering the period from January 2007 to December 2014. From the events, 12 events were considered to analyse the loss earned 10 listed manufacturing companies market efficiency. The standard Event Study Methodology (ESM) is adopted in order to carry out the study. This study finds that assets write down announcement impact on share prices of loss earned listed manufacturing companies at the level of 01% on the event date. It reveals that CSE has supported to the semi strong form market efficiency which is run on publicly available information on CSE.