Commerce and Management
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Item Impact of Board Composition on Risk Management: Evidence from Listed Companies in Sri Lanka(9th International Conference on Business and Information (ICBI-2018), Department of Management Studies and Toc H Institute of Science and Technology, India, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2018) Pathiraja, P.M.D.S.; Priyadarshanie, W.A.N.Board plays a vital role and the directions of the entity’s whole journey lies with the hands and brains of directors. This study focuses on investigating whether there is significant impact of board composition on risk management of an entity. Cluster sampling method was employed and 100 companies which are listed in Colombo Stock Exchange (CSE) have been randomly selected so as to represent the all sectors in CSE. Data was collected from 2012 to 2017 by annual reports. Board size, Board Independence, Board Financial Literacy, CEO duality and Board meetings frequency were used as independent variables. Risk management was considered as dependent variable while capital structure and company size were considered as control variables. Risk management was measured by beta value. Regression analysis were employed to analyze data. Findings revealed that there is a significant impact of Board Financial Literacy and CEO Duality on beta. The findings will be vital in backing companies to picking heads into its boardItem 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 adoptionItem 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 performanceItem Behavioral Factors Affecting to Selection of Brokerage Firm in Colombo Stock Exchange by Retail Investors.(8th International Conference on Business & Information ICBI – 2017, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2017) Fernando, C. S. P. K.; Gunasekara, A. L.; Weerasingha, W. D. J. D.; Dasanayake, D. M. A. S. N.This study examines the behavioral factors affecting to the selection of a stockbroker by retail customers, referring to the Behavioral Finance theory. This study is driven by two main objectives, to determine the main factors affecting to the selection decision and to identify the importance levels of the behavioral influences on the individual investors when selecting a stock brokerage firm. This research has used primary data collected through a distribution of a structured questioner and as a sample 60 individual investors were chosen using random sampling technique. However, only 47 questionnaires were returned and analyzed using five-point scale method. Exploratory Factor Analysis identified five main factors as Overconfidence and Gambler’s Fallacy Factors, Anchoring and Ability Bias Factors, Market Factors, Herding Factors and Firm Image Factors. The Reliability Test revealed that there is an internal consistency of each factor. Further, the findings suggest that the Firm Image Factor and Market Factor have the highest importance level for the selection decision whereas Herding Factor has lowest importance level.Item Modeling the Best ARIMA Modeling Approach for Forecasting Market Indices in Colombo Stock Exchange, Sri Lanka.(8th International Conference on Business & Information ICBI – 2017, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2017) Madushani, M. L. P.; Erandi, M. W. A.; Madurangi, L. H. L. S.; Sivaraj, L. B. M.; Weerasinghe, W. D. D.; Jayasundara, D. D. M.; Rathnayaka, R. M. K. T.Generally, the movements of the stock prices are highly volatile and make much more dynamics. As a result day by day the large number of companies has been listed on stock exchanges across the world. Under this scenario, examine a suitable model for forecasting stock prices is a biggest challenge in the modern world. The propose of this study is to examine a suitable model for forecasting stock prices in the Colombo Stock Exchange (CSE), Sri Lanka. Since the data has a non-seasonal linear trend, an autoregressive integrated moving average model was used for modeling and forecasting. The empirical results suggested that ARIMA model is more accurate for forecasting ASPI index than other traditional regression methods.Item The Effect of Capital Structure on Profitability in Sri Lankan Listed Companies(Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Madhubhashani, M.A.C.D.; Jayamaha, A.The capital structure decision is essential for any business organization. To understand how companies finance their operations, it is necessary to examine the determinants of their financing or capital structure decisions. All decision relevant to the capital structure is crucial for every company. The decision is very impotent due to impact of this decision has power to achieve competitive advantage as well as the prove survival of the company (Shubita & Alsawalhah, 2012). Capital structure decision is the vital one since the profitability of an enterprise is directly affected by such decision. The successful selection and use of capital is one of the key elements of the firms’ financial strategy (Velnampy & Niresh, 2012). This paper seeks to investigate the relationship between capital structure and profitability of listed companies on the Colombo Stock Exchange (CSE) during a five-year period. In order to meet the objectives of the study, data will collect from secondary data from financial statements of the selected companies and descriptive analysis, correlation and regression analysis is used as the methodology in this paper. Variables used for the analysis include profitability and leverage, equity ratios. Profitability measured by Return on Assets (ROA). The overall result of the study suggests short term debt and debt to equity in Sri Lankan context to be negatively related to profitability of the company. As well as long term debt to total assets and sales growth of the firm positively influenced to the profitability of the company.Item Impact of Liquidity on Profitability: With Special Reference to Listed Manufacturing Companies in Sri Lanka(Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Hirantha, P.A.N.; Rajapakse, R.M.D.A.P.The ultimate goal of the companies is to enhance the wealth of the shareholders. For that purpose, the liquidity and profitability plays the vital and crucial role. That brings the problem that provided the basis for his research “how liquidity effects on profitability of listed manufacturing companies in Sri Lanka?” Especially the liquidity and its management affects to a great extent to the growth and profitability of a firm. The liquidity management becomes most important one as the inadequate liquidity may injurious to the smooth operations of the firm as well as the excess liquidity can be disturbed to achieve the greater profits. In this way, the present study is aimed to investigate the relationship between liquidity and profitability. The analysis is based on quarterly data of 20 manufacturing companies listed in the Colombo Stock Exchange over a period of past six years from 2010 to 2015. Return on equity and Return on assets were used as the dependent variables while Quick ratio, Current ratio and Liquid ratio were used as independent variable. Correlation and regression analysis as well as the descriptive statistics were applied in the analysis and findings suggest that there is a significant relationship exists between liquidity and profitability listed manufacturing companies in Sri Lanka. According to this study there has an influence in liquidity on the profitability of manufacturing companies.Item 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.Item Value Investment Strategy vs. Growth Investment Strategy: Evidence from Colombo Stock Exchange(Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Buddhika, H.J.R.Comparing the performance of value and growth companies has been tested regularly in most developed markets. However, importance given to this phenomenon in emerging countries, especially in Sri Lanka, is very low. This study examines about the Value and Growth companies of the Colombo Stock Exchange (CSE) since 2000 to 2014. The variables considered for evaluation are P/E ratio, P/BV ratio and Dividend Yield on monthly basis. This research has used only secondary data for the purpose of analysis and data extracted from annual reports of Colombo Stock Exchange (CSE), and the annual reports of selected quoted public companies. To avoid the thing-trading problem, the sample was selected based on number of trading days during the year. Then used a bench mark rate for all three ratios and selected value and growth companies. Companies which provide contradicted results within three ratios were excluded and remaining companies were considered for the analysis.Item The Relationship between Working Capital Management and Firms’ Performance: A Comparative Study between Manufacturing and Plantation Companies Listed in Colombo Stock Exchange (CSE)(Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Athapaththu, A.M.D.K.; Karunarathne, W.V.A.D.In this study an attempt has been made to identify the relationship between working capital and firms’ performance in listed manufacturing and plantation companies in the CSE and also to test the performance differences between two industries. Cash Conversion Cycle (CCC) is used to measure the working capital as it represents the main aspects of working capital. Payable and receivables and Return on Capital Employed (ROCE) were used as the measure for the firms’ performance. The study is primarily based on the secondary data that were extracted from the annual reports of 22 Manufacturing firms and 18 plantation firms listed in the CSE for the period from 2009 to 2012. The result of the normality test reveals that both the selected samples for ROCE is not normally distributed. Hence non-parametric tests were used to analyze data and it was found that both CCC and ROCE significantly vary from manufacturing firms and plantation firms. Statistical analysis was used to compare the performances between two industries. The results of the study depicted that the performance of plantation firms are lower compared to manufacturing firms and plantation firms operate lower cash conversion cycle compared to manufacturing sector. Spearmen’s Rank correlation coefficient is used to evaluate the relationship between CCC and ROCE. The results revealed that there is a moderate negative relationship between CCC and firms’ performance in manufacturing companies and also it is statistically significant. However, statistical evidence was not sufficient to prove the same for plantation companies. As a recommendation it is suggested that for all manufacturing companies to have a greater focus on working capital management which in-turn contribute to its performance. The industry factors and the opinions of the subject experts were also suggested the same. The study opens up further room for researchers to investigate into plantation industry -working capital with reference to different stages in the plantation life cycle.
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