International Conference on Business and Information (ICBI)
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Item Corporate Governance and Voluntary Disclosure Level: Evidence from Banking and Finance Companies in Sri Lanka.(8th International Conference on Business & Information ICBI – 2017, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2017) Panditharathna, K. M.; Abeywardana, N. L. E.Drawing on the Agency Theory, the main objective of this research is to identify the relationship between corporate governance variables and voluntary disclosure level in banking and finance companies listed in the Colombo Stock Exchange (CSE). Sri Lanka. This study developed a voluntary disclosure index which includes 83 items under 9 sub categories. Through the content analysis for the period between 2012 and 2015 exhaust to gauging the levels of disclosures and panel data analysis used to measure the relationships. Moreover this study used size of the board, proportion of independent directors, and board with female directors and a large audit firm as independent variables and size of the firm, profitability, age and leverage are used as control variables. Empirical results show that independent directors and female directors on the board have significant positive relationships with voluntary disclosures whereas the board size has an insignificant positive relationship with voluntary disclosures and there is a significant negative relationship between voluntary disclosures and corporate governance.Item Corporate Governance and Firm Performance(Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Panditharathna, K.M.This study examines the relationships between corporate governance attributes on firm performance of listed financial sector companies in Sri Lanka. Empirical analysis focused on 56 companies registered in the Colombo Stock Exchange (CSE) covering the industries of banking, finance and insurance for the years 2012, 2013, 2014 and 2015. The study used Ordinary Least Squares (OLS) method to analyze the data. The study finds that relationship between corporate governance and firm performance are not strong. Board size, proportion of independent directors and the proportion of female directors have not significant relationship with performance measures. But board effectiveness has a significant positive relationship with ROE. This study enables to companies to evaluate and restructuring of their board to enhance the performance of the company while contributing to the economic development of the country. Findings of prior study are more focused to the developed countries. This study fills that research gap and contribute to the present literature on corporate governance in the industries of banking finance and insurance.Item Equity Market Volatility Behavior in Sri Lankan Context(Faculty of Commerce and Management Studies, University of Kelaniya, 2015) Morawakage, P.S.; Weerasinghe, W.D.J.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 exist in Colombo Stock Exchange. Further, negative shock creates more volatility compared to a positive shock 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.