Commerce and Management
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Item Impact of Stereotype Threat on Workplace Wellbeing: A Study on Women Executive Staff of State Universities in Sri Lanka(Department of Human Resource Management, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2024) Ethulgama, W. M. D. K.; Weligamage, S. S.Research based on Contemporary management theories reveals that stereotype threat is a significant obstacle in establishing an inclusive organizational work environment. The main objective of this study was to investigate the impact of stereotype threat on workplace wellbeing of a selected population. The selected population was women executives, employed in 17 state universities of Sri Lanka. The sample size was 190. Sampling technique was stratified random sampling. Data were collected through an online survey. Data analysis was done using SPSS software. Results showed that, there was a statistically significant, moderate negative correlation between stereotype threat and workplace wellbeing r(98) =-0.350 , p < 0.05. Moderation effect of gender identification and mediation effect of identity separation on the relationships between stereotype and workplace wellbeing was non-significant. The conclusion was that there is a significant negative impact of stereotype threat on workplace wellbeing of the population.Item The Mediating Effect of Knowledge Management on Intellectual Capital and Value Creation: Evidence from Sri Lanka(Faculty of Commerce and Management Studies, University of Kelaniya., 2023) Karunarathne, W. V. A. D.; Weligamage, S. S.; Wanigasekara, W. A. D. K. J.This paper aims to investigate the impact of Intellectual Capital on Value Creation mediated through Knowledge Management in Sri Lankan companies. The ‘static’ and the ‘dynamic’ aspect of knowledge and the theoretical models, which are based on the relationship between Intellectual Capital and Knowledge Management forced the authors to address this research problem. The study was based on the top corporate personnel’s views collected through a self-administered questionnaire. Out of 297 Public Listed Companies listed on Colombo Stock Exchange and 517 private companies registered in Ceylon Chamber of Commerce, 263 companies were selected as the sample. Value creation was measured through both non-financial value drivers and financial value drivers, which was an innovative feature of this study. The data was analyzed using multivariate analysis through Partial Least Square Structural Equation Modeling. The findings confirmed a partial mediation of knowledge management. Further, findings revealed a significant and positive impact of intellectual capital on value creation and a significant positive impact of intellectual capital on knowledge management. The impact of knowledge management on value creation was also a significant positive one.Item The Effect of Financial Literacy on Firm Performance Through Mediation of Financial Access and Financial Risk Attitude: Evidence from Selected Trading MSME in Ratnapura District(Department of Finance, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2025) Witharama, Y. W. K. M.; Weligamage, S. S.Introduction: Micro, Small and Medium Enterprises (MSMEs) are important players in economic development as they provide employment and contribute significantly to the GDP of both developed and developing nations. MSMEs face challenges such as limited financial literacy, limited access to financing and poor risk management skills which at the end results in financial failure of the business. Entrepreneurs who can manage their firms more effectively and make informed decisions have access to increased resources and are more effective at managing risks. This study examines the Effect of Financial Literacy on Firm Performance Through Financial Access and Financial Risk Attitude as Mediators. Methodology: This quantitative and deductive approach was followed, by the positivism philosophy, in an attempt to examine the research problem logically. Primary data were collected from 150 MSMEs using structured questionnaires. Descriptive statistics, correlation analysis, and mediation analysis were conducted using SPSS to evaluate the hypothesized relationships among financial literacy, financial access, financial risk attitude, and firm performance. Findings: The findings indicate a strong positive relationship between the financial literacy of the MSMEs and their performance. Financial literacy was found to have a direct effect on performance and improved the ability to acquire financial resources and positive risk attitudes, which came as partial mediators. MSMEs with more financial knowledge found it easier to obtain funds, manage risks, and deal with market changes and thus made better performance. Conclusion: The analysis demonstrates that targeted policy measures and educational programs on financial literacy should be incorporated into the agenda of MSME owners’ empowerment. Statistics reveal that with better information, entrepreneurs’ judgment is clear, resources are allocated better, and complex financial networks are exploited. Making finance available through efficient and uncomplicated lending and customized financial aid is critical to sustaining liquidity and fostering growth. Also, constructive risk attitudes allow MSME owners to embrace risks and mitigate uncertainties with confidence. These actions are important for establishing a nurturing environment that guarantees the viability and growth of micro, small and medium enterprises in developing countries.Item The Effect of Financial Literacy on Firm Performance through Mediation of Financial Access and Financial Risk Attitude: Evidence from Selected Service MSME in Rathnapura(Department of Finance, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2025) Sugathadasa, B. V. S. N.; Weligamage, S. S.Introduction: This study examines how the literacy of businesses in the service sector in the Ratnapura District, Sri Lanka can be related to their performance. Micro, Small and medium-sized enterprises are the engine of the economy and the main providers of jobs, but they face such difficulties as financial management that is not enough and the difficulty in accessing financial resources. Through the use of financial risk attitude, the research gives financial access golden to the mediating roles and it analyses the connection between financial literacy and MSME performance. This study pursues the gaps found in the current literature and gives real-time advice on how the performance of the MSME in the region can be enhanced. Methodology: The study engaged in the quantitative methodology which included the participation of 168 MSME owners and managers from the service sector of the Ratnapura District. The data can be collected as structured questionnaire and analysis was done by using SPSS, a statistical software program. This strict methodology made it possible to derive conclusions that are statistically valid. The research passed through the very specified factors of production; these include; financial literacy, financial access, financial risk attitude, and MSME performance, in which the study placed its major focus on their interactions. Findings: The results demonstrate a clear, and statistically significant correlation between financial knowledge and MSME performance. At the same time, the research has brought out the mediating roles of both financial access and financial risk attitude in this relation. Besides, financial education not only grants a better access to fund, it also brings the creation of the strategy of investment and risk-taking among MSMEs' holders and managers. A calculated mindset, that is; a risk-taking oriented mindset, also creates a strong bond between business activity and excellence. The findings reveal the intricate relations between the performance of MSME, the financial literacy of the individuals, their access to money and of course, their risk-taking approach in the field of maintenance of the infrastructure. Conclusion: This study is beneficial in comprehending the impacts of financial knowledge on the MSME performances in Ratnapura in particular. Consequently, the report underlines the necessity of financial literacy programs with focus subjects and development of special financial instruments for accuracy in satisfying the effects of MSME owners. There is the potential for growth and sustainability for the targeted regions with the guidance of policymakers and financial institutions. Through addressing some of the research open ends, the study presents options for feasible recommendations for MSMEs' prosperity in the service sector that are also valuable to researchers.Item The Effect of Financial Literacy on Firm Performance Thorough Mediation of Financial Access and Financial Risk Attitude: Evidence from Selected Manufacturing MSME in Ratnapura District(Department of Finance, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2025) Yatawatta, Y. S. K.; Weligamage, S. S.Introduction: The study assesses the effect of financial literacy on the growth of manufacturing micro, small and medium enterprises (MSMEs) in Ratnapura District, Sri Lanka while examining access to finance and financial risk as mediating variables. This study is based on the premise that MSME sector is critical in the economic development of a nation through employment creation, growth of the Gross Domestic Product (GDP), and investment in innovations. Even with this significance, financial literacy remains an area of concern especially in as far as the ability of MSMEs to have access to formal financial systems and making rational economic decisions is concerned. Methodology: A quantitative methodology was adopted that used a self-administered structured questionnaire designed for 145 MSME owners/managers. Data were analyzed using SPSS with the aid of regression and mediation analysis using Hayes’ Process Macro. Financial literacy, financial access, financial risk attitude and business performance were measured with the use of verified and standardized constructs. Findings: Having knowledge of finance leads to greater business results through more integration into the economy and a more diversified risk attitude. In addition, MSME loans, credit and other financial services are more accessible as financial education enables better risk assessment. Mediation analysis assists in establishing that financial literacy, firm performance and financial access, and financial risk attitude are all closely interrelated in a cause and effect cycle where each is mediating the other. Conclusion: Financial literacy in the case of owners of MSMEs is crucial in increasing their financial inclusion and risk profile therefore improving the success of their businesses. There is need for financial education, also measures to correct the problem of illiteracy should be taken. Other possible mediating variables and frameworks could be investigated in future studies and other geographical areas or sectors could be incorporated.Item Impact of Behavioral Factors on Investment Decisions: Evidence from Western Province Investors in Colombo Stock Exchange (CSE)(Department of Finance, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2025) Mendis, H. N. S.; Weligamage, S. S.Introduction: This study investigates the impact of behavioral factors on investment decisions among investors in the Western Province of Sri Lanka, specifically within the Colombo Stock Exchange (CSE). Behavioral finance, which integrates psychological insights into financial decision-making, challenges traditional financial theories that assume rational investor behavior. The primary objective is to examine how behavioural factors (such as representativeness, availability bias, anchoring, overconfidence, loss aversion, framing effects, mental accounting, and regret aversion) influence investment decisions. Methodology: A structured questionnaire was used to collect quantitative data from 100 investors, employing a snowball sampling method. The data were analyzed using exploratory factor analysis, descriptive factor analysis, and regression analysis to identify the relationships between behavioral factors and investment performance. Findings: It reveals that behavioral biases significantly impact investment decisions, leading to systematic errors and suboptimal outcomes. Overconfidence and anchoring biases were found to have a strong influence, while loss aversion and regret aversion also played critical roles in shaping investor behavior. The study concludes that understanding these factors can help improve investor education and decision-making strategies, ultimately contributing to better financial outcomes and market stability. Conclusion: The study concludes that behavioral factors significantly impact investment decisions among investors in the Colombo Stock Exchange (CSE). Key findings include that loss aversion and regret aversion lead to conservative investment practices and suboptimal outcomes. Overconfidence and anchoring biases result in reliance on easily recalled information or historical performance patterns, causing poor future predictions. Mental accounting influences decision-making by categorizing investments into different "buckets." The disposition effect shows that investors sell winning stocks too early and hold onto losing stocks for too long, negatively impacting performance. Understanding and mitigating these biases can improve investor education and decision-making strategies, contributing to better financial outcomes and market stability. The study highlights the need for tailored investor education programs and incorporating behavioral insights into advisory practices.Item Effect of Student Engagement, Student Satisfaction, and Perceived Learning in Online Learning Environment: Perspective of Management Students(Faculty of Commerce and Management Studies, University of Kelaniya Sri Lanka, 2023) Pramod, J. A. T.; Weligamage, S. S.Online education can be identified as a flexible education delivery system that can be applied to distance educational purposes, and this system creates an opportunity for teachers and students to reach each other when they cannot participate in traditional classrooms. The purpose of this study is to investigate the effect of student engagement, student satisfaction, and perceived learning in an online learning environment. A deductive approach and quantitative designs were used, 306 samples were included, and data was collected via a self-administered questionnaire using convenience sampling. Course structure, learner interaction and instructor presence were used as independent variables, student engagement as mediating variables and improved student learning and student satisfaction as dependent variables in the study. Descriptive and demographic data analysis, reliability analysis, correlation and regression were used to analyze survey data. Findings revealed that course structure, learner interaction and instructor presence have a statistically significant impact on improved student learning and student satisfaction. The finding of the study has also shown that student engagement is a significant mediator between course structure, learner interaction, instructor presence, perceived learning, and student satisfaction. To ensure the effectiveness of the online learning system and student satisfaction, teachers should give much attention to course structure design, which enhances learner interaction and learning.Item Sustainable Development in Sri Lankan Banks: A Non-Financial Disclosure Analysis(Faculty of Commerce and Management Studies, University of Kelaniya Sri Lanka, 2023) Rathnayake, R. M. D. L. D.; Weligamage, S. S.Many scholars in other countries have studied the bank's contribution toward sustainable development Goals (SDGs) but not much yet in Sri Lankan Context. This study aims to contribute to the ongoing discussion about Sri Lankan bank contribution toward SDGs. A score is derived from four variables using the literature such as business model, ownership, integrated reporting, and stock market listing to identify the Sri Lankan banks' contribution to the SDGs and the extent of reporting about SDGs. The information mentioned by the banks about sustainable development in the non-financial reports has been considered through manual content analysis using the 16 banks over the period of three years. The results of the study revealed that banks are paying more attention to SDGs that more benefit the business. Different approaches of banks to SDGs can be seen. The study's findings confirm that there are differences in the attitudes of the banks toward the SDGs. Integrated reporting affects changes in the contribution of banks and business models, ownership, and stock market listing have less impact. This study is useful for bank managers and decisionmakers to develop policies to support organizations in contributing to the SDGs and for taking strategic advantage to implementing the SDGs.Item An Examination of Herd Behaviour: Evidence from Colombo Stock Exchange(Faculty of Commerce and Management Studies University of Kelaniya, Sri Lanka, 2020) Abeysekera, S. M; Wijesinghe, D. C; Weligamage, S. S.Traditional Finance theory presumed that equity market participants take decisions based on rational platforms. However, recent market incidents witnessed investors’ decision making process is fueled with irrational behaviour like herding. Herding behaviour is a dominated behavioural biases which depict investors take decisions based on imitating other investors’ behavior. The lack of research regarding herding, done in emerging markets especially in Sri Lankan context and the inconclusive results of the studies undertaken, were the key motives for this study. Hence, this study attempts to examine the herding behaviour among investors in Colombo Stock Exchange (CSE) and to identify herding among Bull and Bear market phrases. The daily share return of 20 companies in S&P 20 index from 2007 to 2018 were taken for the study and All Share Price Index is used as the proxy for market returns. The model, Cross Sectional Absolute Deviation (CSAD) and Cross Sectional Standard Deviation (CSSD) were used to detect market-wide herding. Results obtained fail to find any evidence regarding Herding in Colombo Stock Exchange during the Period of Study. Significant but positive coefficient values attached to CSAD method implied the absence of Herding in overall market as well as bull and bear phrases. CSSD method further implied the absence of Herding behaviour during the period of study. Further, this study reflects investors in CSE purely look at risk return properties of individual counters rather than following other investors behaviour. It reflects majority of investors in CSE purely take decisions based on rational analysis of price sensitive risk return information rather than based on irrational behavior like herding. Lacking the behavioral biases like herding among the capital market participants transmit a message to regulators and policy makers to develop sound capital market infrastructure based on rational finance theories. Investors should rely on logical information to avoid being bias before taking their investment actions.Item Effect of Firm Size on Firm Financial Performance: with Special Reference to Licensed Commercial Banks in Sri Lanka(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Dilshan, W. A. D. S.; Weligamage, S. S.Introduction - Higher performance of the banking industry is important for the development of the financial sector. This study investigates the effect of firm size on firm financial performance with special reference to licensed commercial banks in Sri Lanka. Design/Methodology/Approach - This study is used the secondary data collected from relevant banks’ annual reports. The time period of this study was 2014-2019. The sample of this study consisted of ten licensed commercial banks registered in CSE in Sri Lanka. The sample was selected based on the asset size respectively. The regression analysis, descriptive statistical analysis and correlation analysis are used to analyse the data by using SPSS software. Findings - According to the regression results, there is a significant influence of firm size on firm financial performance under the regression models. Conclusion - In this study, the total assets of LCBs were used to measure the firm size and this study found that, there was a significant negative difference of ROE. Not only that when firm size measured in terms of total deposits also, there was a significant positive change of ROE of LCBs in Sri Lanka.