Commerce and Management

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    Market Anomalies, Assets Pricing Models and Stock Return: Evidence from Colombo Stock Exchange
    (Faculty of Commerce and Management Studies University of Kelaniya., 2024-11-01) Jayasinghe, J.A.G.P.; Pathirawasam, C.
    Exploring the factors determining stock prices and returns is an everlasting aspiration in the financial world. This research study aims to discover factors determining the stock return using market anomalies and asset pricing models for the Colombo Stock Exchange. The research relied upon secondary data obtained from the Colombo Stock Exchange data library and the relevant accounting data are taken from published annual reports of respective listed companies. The sample includes all common stocks except the financial sector quoted on the Colombo Stock Exchange for at least five years between 2010 and 2023. Hypothesis testing will be used to identify market anomalies, and an asset pricing model will be tested using the detected anomalies with regression analysis. It is expected to present the best asset pricing model for Sri Lankan stocks to capture the cross sections of stock returns by incorporating the existing anomalies into the basic capital asset pricing model. The conclusions of this study will be useful to all parties interested in the stock market. This study is focused solely on risk variables and the Colombo Stock Exchange.
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    Examining the factors influencing English as a Second Language learning: A teacher's perspective in the case of Walasmulla Educational Zone, Hambantota District, Sri Lanka
    (KALAM International Research Journal Faculty of Arts and Culture South Eastern University of Sri Lanka, 2024) Dineshika, H.K.P.
    This study investigates the factors influencing English as a Second Language (ESL) learning from teachers' perspective in the Walasmulla Educational Zone, Hambantota District, Sri Lanka. Recognizing the challenges students face in learning English, it seeks to answer these key research questions: a) What psychological factors influence ESL learning in Walassmulla Educational Zone? b) What social factors affect ESL learning in the same context? and c) What are the teachers’ recommendations for addressing these challenges in the selected context? The study used qualitative data from fifteen randomly selected English language teachers. Data was collected through questionnaires and semi-structured interviews, while thematic analysis was employed for qualitative data analysis. The results revealed that psychological factors, such as students' shyness, fear of speaking, negative teacher evaluations, and lack of confidence and motivation, significantly hindered ESL learning. Additionally, social factors like classroom behaviour, exposure to the language, family background, and the perception of English as merely a subject further affected their progress. The study highlights practical recommendations to address these psychological and social barriers, offering insights into overcoming the challenges of learning English in the Sri Lankan context. This research underscores the importance of addressing psychological and social factors in enhancing ESL education.
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    Improving community vitality: spiritually informed entrepreneurial actions
    (Journal of Entrepreneurship in Emerging Economies, 2024) Dissanayake, S.; Pavlovich, K.; Kovács, G.
    Abstract Purpose The purpose of this paper is to depict how entrepreneurs improve community vitality in the economic, social and environmental dimensions. The paper joins the conversation of business spirituality as the study participants were Sri Lankan Buddhist entrepreneurs from the emerging venture context (i.e. from enterprises which are less than 1–10 years old). The aim of the paper is to introduce spiritually informed entrepreneurial actions, thus contributing to a better understanding of entrepreneurial impact on communities. Design/methodology/approach The paper involves a qualitative, interpretivist research design. Data was collected by conducting 28 semi-structured interviews with 18 Sri Lankan Buddhist entrepreneurs. Research participants were selected from diverse business sectors. The research applied inductive thematic analysis for structuring and interpreting data. Findings For Sri Lankan Buddhist entrepreneurs, improving community vitality is an essential altruistic goal of their business agenda. During the operations of their ventures, this altruistic goal is translated into altruistic actions that improve the economic, social and environmental vitalities of communities. Research findings highlight that in the case of Sri Lankan Buddhist entrepreneurs, altruistic actions are informed by compassion, which is a fundamental value in the Buddhist religion. Drawing on the findings, an integrated model of community vitality, which describes the role of compassion and the mechanisms of entrepreneurial actions in a Buddhist setting was developed inductively. Originality/value Studying entrepreneurial actions to focus on the motivations behind improving community vitality is a new research topic. The paper provides valuable knowledge on business spirituality regarding the compassionate motivations of Buddhist entrepreneurs. The integrated model of community vitality, which describes the mechanisms of entrepreneurial actions to improve community vitality in a Buddhist setting could be an essential compass not only to entrepreneurs but also research scholars in the field of business spirituality.
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    Occupational Health and Safety (OHS) and Organizational Commitment: Evidence from the Construction Industry of Sri Lanka
    (Paper presented at III Human Capital in Enterprise and Economy – Perspective of Management and Economics Conference, University of Szczecin, Poland, 2018) Wijewantha, P.
    This study examines the relationship between OHS management practices and employee organizational commitment in the construction industry of Sri Lanka. The survey was carried out among labourers in the construction industry, chosen using convenience sampling. Data were collected by distributing a self-administered anonymous structured questionnaire among 250 labourers where 155 were received. Data analyses were performed using the SPSS 23.0. Upon completing the preliminary analyses, the relationship was determined using correlation and regression analyses. Results indicated a significant positive relationship between OHS management practices in the industry and forms of organizational commitment – affective, normative, and continuance
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    The effect of perceived risk on the purchase intention of electric vehicles: an extension to the technology acceptance model
    (Int. J. Electric and Hybrid Vehicles, 2019) Thilina, Dk.; Gunawardane, N.
    Electric cars will be the future of the transportation industry as it records a significant market penetration including Sri Lanka. The purchasing mechanism drives customers to make purchasing decisions is a critical notion to investigate since it engages a multi connected matters. Accordingly, this study reviews how perceived risk factor influences purchase intention referring to Electric Vehicles in Sri Lanka. The said review based on the theoretical rationale and supportive empirical findings. A descriptive statistical review presented to signify why Sri Lanka considered as a context to be examined whilst empirical evidences were presented to support the arguments. Paper concludes research propositions to examine how perceived risk influences the purchasing mechanism of Electric Vehicles whilst buying intention referred as a main notion within.
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    Downfall of Sri Lankan Cricket: Local Fans’ Perspective
    (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) Arjun De Silva; Weerasinghe, T.D.; Maldeniya, D.
    Even though the most popular and the most watched game during last few decades in Sri Lanka is cricket, it has been witnessed that the cricket fans are becoming less excited about the game of cricket during last years since Sri Lankan National men’s cricket team showed a losing momentum. Hence, bridging the gap in the context with empirical knowledge, the current study attempts to identify whether Sri Lanka Cricket actually has a downfall, and if so, what caused it, from the perspective of local cricket fans. Overall design of the study is qualitative. A trend analysis was performed using secondary data related to Test and ODIs match wins/draw/tie. A total of 74 Facebook comments were collected for the public question asked from July 14 at 11:54 PM to July 21 midnight. The qualitative data analysis; conventional content analysis was performed using the Atlas.ti application software. The comments carried 118 opinions out of which 2 said there is no downfall in Sri Lankan Cricket, and 116 said different opinions of the losing trend. The trend analysis provides that there is a downfall in Sri Lanka Test/ODI National men’s Cricket over last 8 years. According to the fans’ comments; poor management strategies, sport and politics, domestic cricket (school/club) issues, individual talent related issues, issues in selection of players, and sport commercialization are the main reasons whilst player replacement succession planning issues, issues related to the infrastructure distribution, and sport celebrity nature cause minor effect on the downfall of Cricket in Sri Lanka. Accordingly, it is suggested to formalize the selection procedure of players to the national team and establish a sound mechanism to regulate sport commercialization & eradicate undue political influences.
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    The Impact of IFRS Adoption on Financial Statements and Value Relevance: Evidence from 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) Dissanayaka, H.M.K.G.L.B.; Karunathna, W.V.A.D.
    The aim of this study is to explore the effect of International Financial Reporting Standards (IFRS) adoption on commonly employed financial ratios and investigate the value relevance of IFRS adoption by comparing the association between accounting measures and market values under GAAP and under IFRS of listed manufacturing companies in Colombo Stock Exchange. This study employs 20 listed manufacturing companies with both pre-IFRS (2009- 2011) and post-IFRS (2013-2015) information. Data were analyzed by using panel data regression model and correlation analysis. And also T test and Wilcoxon signed rank test are used to explore the effect of IFRS adoption on financial ratios. Results of the study showed that IFRS adoption does not significantly change the central values that depict the financial position and performance of Sri Lankan companies in financial statements. Therefore value relevance of accounting information has not significantly improved in the post-IFRS period than the pre-IFRS period. However several financial statement measures and ratio are affected significantly in transition to IFRS. Further studies are encouraged to conduct on investigating the impact of IFRS adoption on financial statement and value relevance by expanding the sample size with incorporating more accounting quality measurement indicators, measurement and ratios
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    The Utilization of Generalized Audit Software (GAS) by Sri Lankan External Auditors
    (4th International Conference for Accounting Researchers and Educators, Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2018) Senarathne, G.R.S.D.; Perera, H.A.P.L.
    Generalized audit software is a tool used by auditors to automate various audit tasks. As most accounting transactions are now computerized, auditing of accounting data is also expected to be computerized as well. The purpose of this study is to investigate the utilization of generalized audit software by external auditors in Sri Lanka and what are the factors influenced the use of generalized audit software. This study carried out using a standard questionnaire which consists of mainly five parts. The sample of the study was auditors of five international audit firms and five local audit firms. 100 questionnaires have been distributed to auditors and out of all, 70 responses were received from the selected sample, 40 from international audit firms and 30 from local audit firms. The collected data have analyzed using the Statistical Package for Social Science (SPSS) software. According to the findings of the research, the utilization of generalized audit software is low among local audit firms and all the international firms use generalized audit software. Organizational factors, technological factors, client factors and personal factors influence to the usage of generalized audit software and audit profession factor not influence to utilization of audit software. This will provide useful insights for audit professionals, software developers, vendors, academicians and researchers
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    Stock Market Development and Economic Growth 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) Perera, K.A.H.; Madurapperuma, M.W.
    Stock market plays an important role on economic development and it promotes the economic growth and prospects of the economy. The main objective of this research was to identify the impact of Stock Market Development on the Economic Growth in Sri Lanka. Using data for the period from 2000 to 2017, this study employed ECM for long run relationship and for the short run dynamics. Market capitalization, Stock total traded value and turnover ratio and inflation were taken as independent variables; stock market development was taken as the dependent variable. The annual time series data were employed for the Sri Lanka economy for the period of 2000 – 2017. These data were collected from website of Colombo stock Exchange annual reports of Central Bank of Sri Lanka, Department of Census and Statistics of Sri Lanka web site. Multiple regression model and correlation analysis were used to analyze the data using E-views software. The findings of this study suggest a positive relationship between efficient stock market and economic growth both in short run and long run. The results are consistent with the theoretical predictions
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    Information Technology and its Implication on Internal Auditing in Sri Lankan Companies
    (4th International Conference for Accounting Researchers and Educators, Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2018) Udayangani, M.A.S.; Perera, H.A.P.L.
    Information Technology (IT) is a very much important function in designing, implementing and directing many controls over the organizations’ business processes. Currently both internal & external auditing processes are rapidly changing and one of the main reasons is the changes in IT. This study aims to find the impact of IT and its implications on Internal Auditing. Further, the study examines the influence from Objectives and the Organizational Characteristics on the IT Evaluations performed in Sri Lankan companies. IT Evaluations, Objectives and Organization Characteristics were used as independent variables and IT Evaluation categories were used as the dependent variable. This study carried out using a standard questionnaire which consists of mainly four parts. 100 questionnaires were distributed to companies representing manufacturing, service, banks and hotel sector using the cluster sampling method. Data received from 80 respondents representing all sectors. Data were analyzed using the Statistical Package for Social Science (SPSS). According to the results of the study, internal auditors mainly focus on traditional risk such as IT data integrity, asset safeguarding, privacy and security and less attention has given to system development and acquisition