Kelaniya Journal of Management

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Buddhism and organizational management: A review
(University of Kelaniya, 2014) Weerasinghe, T.D.; Thisera, T.J.R.; Kumara, R.H.G.W.P.
The Buddhist perspective of continual improvement
(University of Kelaniya, 2016) Jayawardane, T.; de Alwis, A.C.
Continual Improvement (CI) is closely linked to Japanese quality management. As the CI concepts were developed in a strong Buddhist culture in the background, a remarkable similarity can be seen between CI and Buddhism. This paper reveals the overlap between various sciences of CI and various Suttas’ in the Sutta Pitaka of Buddhism as the main reference body. Sutta Pitaka is one of the three key branches of Tripitaka which is the oldest and most original text available on the Buddhist philosophy. The similarities that are observed deep inside the tools, techniques and behavioral branches of CI such as cause and effect relations, problem validation, problem solving sequence, problem types, corrective and preventive action, nonconformity, autonomy and knowledge are discussed in detail.
Causality between Public Expenditure and Economic Growth in Sri Lanka: A Time Series Analysis
(University of Kelaniya, 2012) Kesavarajah, M.
This paper examines the causality between public expenditure and economic growth in Sri Lanka using time series annual data over the period of 1977-2009. In particular, this study keeps a special focused on various selected components of public expenditure by applying a multivariate cointegration and Vector Error Correction Modeling (VECM) techniques. The empirical evidence suggests, in long run, public expenditure on education, agriculture, health and transport and communication have positive and statistically significant effects on economic growth while defense expenditure shows a negative but a statistically significant effect on economic growth. Granger causality analysis confirms that there is a unidirectional causality running from education expenditure to economic growth, defense expenditure to economic growth, and agriculture expenditure to economic growth, which supports the existence of Keynesian hypothesis in Sri Lanka. Analysis also indicates that existence of bidirectional causality between health expenditure and economic growth, transport and communication expenditure and economic growth. Therefore, the findings of this study provide an important implication to policy makers to improve the efficiency of public expenditure by reallocating among sectors in a growth context.
Comparative advantage in international trade: A study based on leading exports in Sri Lanka
(University of Kelaniya, 2012) Sachithra, K.M.V.; Sajeevi, G.A.C.; Withanawasam, M.P.K.; Jayathilake, W.M.S.A.
Conflicting effects of market volatility on the power of two-pass OLS test on the CAPM: A simulation analysis
(University of Kelaniya, 2013) Fernando, S.; Nimal, P.D.
Cooperative rural banks: can they survive?: Evidence using all corporative rural banks in Sri Lanka
(University of Kelaniya, 2012) Ariyarathna, J.
Corporate reputation and customer brand switching behavior in Sri Lankan telecommunication industry
(University of Kelaniya, 2014) Jayawickramarathna, S.G.W.K.
Credit risk management and shareholder value creation: with special reference to listed commercial banks in Sri Lanka
(University of Kelaniya, 2016) Perera, L.A.S.; Morawakage, P.S.
The main aim of this study is to investigate the effect of credit risk management on the shareholder value in listed commercial banks in Sri Lanka. The research has used only the secondary data for the purpose of analysis and the sources of data include the annual reports of selected quoted public banks. This study employed return on shares to measure the shareholder value while non-performing ratio, Capital adequacy ratio and Loans to deposits ratio have been used as the indicators of the credit risk management of the banks. Regression models were employed to do the empirical analysis and focuses on the descriptions of the output obtained from the SPSS. The findings reveal that credit risk management has a significant effect on shareholder value in all eight banks. Among the three credit risk management indicators, NPLR has the most significant effect on the return on shares. Through the results of the study it can be concluded that null hypothesis can be rejected since there is a significant relationship between credit risk management and shareholder value.
Customer based brand equity for empowering Sri Lanka as a tourism destination: with special reference to tea tourism
(University of Kelaniya, 2016) Koththagoda, K.C.; Thushara, S.C.
Tea tourism is one of the alternative forms of tourism which is being operated in the tea growing regions in the world. Sri Lanka also can benefit from adopting and promoting tea tourism. The main purpose of this study is to propose a practical model to empower Sri Lanka as a tea tourism destination. In this study, Keller’s constructs of the pyramid of brand equity, including brand salience, brand performance, brand imagery, brand judgments, brand feelings, and brand resonance, are investigated and their relationships with brand equity, as well as their effects on customer loyalty and satisfaction in Tea tourism in Sri Lanka are determined. The statistical population of the present study is all foreign visitors from tea estates based recreational sites in Sri Lanka. The data were collected by administering questionnaire. The sample consisted with 385 randomly selected individuals. The research hypotheses were tested through structural equation modeling and the final model was confirmed. The findings of the study revealed that only the relationships between brand salience and customer loyalty, brand imagery and brand performance towards brand equity were not significant, and all other relationships were significant. Also, fit indices obtained from the conceptual model indicates that model is valid in explaining the relationships among variables to empower Sri Lanka as a Tea Tourism destination. Therefore this proposed model emphasized how marketers should design and implement the effective marketing programs to empower Sri Lanka as a tea tourism destination. In this way, Sri Lanka can be positioned as one of the attractive and more competitive tea tourism destinations in the world which in turn could make a positive impact on foreign exchange, employment oportunities and other economic factors.
Day of the week effect of stock returns: Empirical evidence from Colombo stock exchange
(University of Kelaniya, 2012) Thushara, S.C.; Perera, P.
Decentralization and role of School Development Committees (SDC) in the public school in Sri Lanka: case study in the Colombo district
(University of Kelaniya, 2012) Kasturi Arachchi, C.
The Determinants of Microfinance Profitability: Evidences from Sri Lankan Microfinance Institutions
(University of Kelaniya, 2012) Dissanayake, D.M.N.S.W.
This study was undertaken with the objective of asserting the significant determinants of microfinance profitability in Sri Lankan microfinance institutions. This study is based on eleven microfinance institutions in Sri Lanka, within the period of 2005- 2010, which are practicing microfinance at present. In this study, profitability is measured by profitability and sustainability ratios. Determinants of microfinance profitability are measured by efficiency and productivity, financing structure and portfolio quality ratios. Profitability is measured by return on equity ratio, return on assets ratio, and profit margin ratio. Sustainability is measured by operational self sufficiency ratio. Efficiency and productivity are measured by operating expense ratio, personal productivity ratio and cost per borrower ratio. Financing structure is measured by debt/equity ratio. Portfolio quality is measured by writeoff ratio. Finally, the researcher intends to postulate that, the cost per borrower is a determinant for return on equity and operational self sufficiency. Besides, the operating expense ratio and write off ratios are determinants of return on equity, return on assets and profit margin. Observations of the debt/equity variable of the study imply causality for the return on assets and operational self sufficiency as a determinant of respective models.
Determinants of Net Sale Average (NSA) of orthodox black tea factories in high elevation, Sri Lanka
(University of Kelaniya, 2014) Karunaratna, D.D.R.M.; Dharmadasa, R.A.P.I.S.; Rathnayaka, R.M.S.D.; Edirisinghe, E.A.J.K.
Determinants of turnover intention of sewing machine operators: case from leading apparel company
(University of Kelaniya, 2012) Liyanage, D.M.; Galhena, B.L.
Does the Mode of Opportunity Identification Influence the Innovativeness of Small Businesses? A Study in Sri Lanka
(University of Kelaniya, 2015) Upananda, W.A.; Kumara, U.E.S.
There is a growing concern about the heterogeneity of the nature of small businesses in a given context. The difference between opportunity discovery and creation (mode of opportunity identification) may explain this heterogeneity. Then the wealth creating ability also may vary with the mode of opportunity identification although entrepreneurship literature is silent in this regard. Then the purpose of this study is to explore the wealth creating potential (innovativeness) of small businesses with regard to the mode of opportunity identification. Entrepreneurship literature informs that opportunity discovery under risk is different from opportunity creation under uncertainty although these terms has been used interchangeably. Few studies show that context may have influence over the opportunity identification. Few studies show that entrepreneurs who create opportunities are ordinary and attempt to avoid uncertainty while those who discover opportunities are unique in ability of discovering opportunities and bear some risk. However studies which explore the relationship between the wealth creating potential and mode of opportunity identification are rare. Exploring gaps in research knowledge base on the nature of businesses emerged under opportunity discovery and opportunity creation with regard to research question ‘How the mode of opportunity identification influences the innovativeness of small businesses’. In consistent with entrepreneurship literature, the nature of business viewed in this study as wealth creating potential. This study builds on theories and assumptions pertinent to opportunity discovery and creation and employs case study method to explore the behaviour of small business owners in rural and urban settings. The rationale of selecting rural setting is that rural entrepreneur has no prior business experience to understand the probability of outcomes while urban entrepreneurs have prior business experience to understand the probability of outcomes to take calculated risk. This study has selected six cases after screening 178 cases in the rural setting and 111 cases in the urban settings in the North Western Province of Sri Lanka in 2010. Analysing within cases and cross cases employing pattern matching technique, this study shows that businesses created in the rural context are comparatively non-innovative than those small businesses discovered under opportunity risk.
Effectiveness of the privatization process on the government coconut plantation companies in Sri Lanka
(University of Kelaniya, 2012) Gunasekera, N.D.S.R.; Thushara, S.C.; Ranasinghe, D.N.
Entrepreneurial orientation and business performance of small and medium scale enterprises of western province of Sri Lanka
(University of Kelaniya, 2013) Wijethunge, W.A.D.S.; Pushpakumari, M.D.
Equity Market Volatility Behavior in Sri Lankan Context
(University of Kelaniya, 2015) Morawakage, P.S.; Nimal, P.D.
Colombo Stock Exchange (CSE) in Sri Lanka is at its first level of emerging markets. Volatility of emerging markets are considered to be high and characterized by complex features. Therefore, this study focusses on examining the volatility behavior of Colombo Stock Exchange with advanced econometric models. Here GARCH, EGARCH and TGARCH models are used to capture the complex volatility features. It is observed that volatility clustering and leverage effect exists in Colombo Stock Exchange. Further, negative shocks creates more volatility compared to a positive shocks generated in the market. TGARCH model assuming student-t probability distribution function is more suitable to explain the volatility in Colombo Stock Exchange among the models described above according to the Akaike and Schwarz information criteria.
An Evaluation on Risk and Return of Mutual Funds in India
(University of Kelaniya, 2012) Bhuvaneswari, P.; Fernando, W.R.P.K.
The Indian capital market has witnessed unprecedented developments and innovations particularly during the decades of 1980s and 1990s. The review studies have analyzed different types of mutual funds by using various measures. Hence, the present study analyzed the risk and return of mutual funds performance of top performing funds for the last three years (2008- 2010). The study concluded that beta values of top six schemes were significantly related to their market index values. The sample of schemes namely Reliance Banking Fund-Growth Plan- Growth Option and UTI Transportation and Logistics Fund - Growth are significantly related to their market value in 2010 only. All sample schemes except Reliance Banking Fund-Growth Plan-Growth Option earned negative returns in the year 2008. Results of the study indicate that the all sample schemes earned positive return in the year 2010.
The External Auditor’s Opinions and the Stakeholders’ Purposes: An Empirical Analysis in Sri Lanka
(University of Kelaniya, 2015) Wickramasingha, S.R.M.; Nanayakkara, K.G.M.
This paper specially investigate the Sri Lankan audit opinions and its’ effect to the investors’ decision making. It has been conducted the market-based model with a sample of thirty one (31) listed manufacturing companies on the Colombo Stock Exchange; the dependent variable “Stock Return” serve as proxy for Investors’ Decisions and independent variables are “Audit Opinions” published in Sri Lanka. The study use Anova test for the study. This research study’s final consequence is robust the notion of the audit opinions are not informative value to the investors’ decisions.