Browsing by Author "Fernando, V."

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Dividend policy determinants and dividend stability
(University of Kelaniya, 2013) Peter, P.L.S.; Fernando, V.
A key decision that a company is faced with is the timing and the size of the distribution of wealth it has created to its shareholders. The company has to choose between paying out dividends now, or reinvesting it and paying it out at a later date. This choice forms the background for the dividend policy decision. This study examines the corporate cash dividend policy behaviour in Sri Lankan listed companies in two different dimensions: the type of dividend policy and major determinants of the dividend decisions, incorporating both primary and secondary data. Furthermore, it investigates the role that dividend policy plays in Sri Lanka. Primary data were assimilated through a formal questionnaire sent to 41 listed companies to assess management belief on distribution of dividends and the most influential factors that shape dividend policy decisions of investors. The Lintner Model was used to assess the stability of the dividend payouts, using panel data methodology. Secondary data on dividend information and stock prices were assimilated from information available with the CSE (Colombo Stock Exchange) for a ten year period. The analysis revealed that the most significant factors that influence the dividend policy include level of current earnings, free cash flow, stability of earnings, firm’s liquidity and financial leverage. Compared to studies in developed markets, the companies are less conscious with lagged dividend and target payout ratio, which are the main signals of stability of one’s dividend policy. Supporting the findings, the fixed effects regression model also showed that the current dividend has positive but comparatively low relationship with lagged dividends. It was also revealed that mature companies are less stable in their dividend payout than the new companies. The research findings provide evidence that Sri Lankan companies have less stable dividend policies and are less aligned with signaling effect and clientele effect on dividends.
Issues and Solutions for Municipal Waste Management in Sri Lanka
(Research Centre for Social Sciences, Faculty of Social Sciences, University of Kelaniya, Sri Lanka, 2016) Kularatnte, M.G.; Amarasinghe, A.G.; Premarathna, W.M.A.G.H.; Premarathna, W.M.A.G.H.; Dharmasiri, L.M.; Chandrasena, U.A.; Sakalasooriya, N.; Waniganeththi, G.; Fernando, V.; Rathnasekara, S.; Wijesekara, S.; Senarathna, D.; Arunashantha, S.
The waste disposed into the open environment from day today human activities, gradually has increased and created significant socio- economic, health and environmental issues. Ultimately it has become a burning political problem at present. Inefficiency in waste management strategies further aggravate the issues preventing national objective of the clear environment. The main objective of this paper is to discuss the factors that influence technical efficiency of waste management and ways and means to maximize that efficiency under Pilisaru Project funded by Central Environmental Authority in Sri Lanka, The data has collected from the sample size which is represented 22% of currently active compost plants by the stratified random sampling considering all forms of administrative local authorities (LAs). Though several Pilisaru projects have achieved a satisfactory level of expected results. The majority are inefficient due to some reasons. The projects mainly target to produce only organic compost and some biomass power generation but no other alternatives concerned. Segregation of waste for compost production is a prerequisite, however, waste segregation is an unsolvable issue due to the various reasons. Another issue is whether condition which is beyond the control of human effort of the natural process of composting. LA s mainly collects only solid waste and they do not collect liquid waste from the sources of waste generation. Basically, compost production in the Pilisaru compost plants is labour intensive. Therefore, it requires more man power for handling the compost production. Lack of land for the expansion of the compost plants and the ongoing process of composting is time consuming are other barriers. Finally, ongoing compost production system is not the eco-friendly. Compost users do not satisfy and trust with the quality of compost produced by the municipal solid waste and no proper market mechanism and distribution. Labourers and other employers are not satisfied with the benefits they get including salary. The efficient waste management system must ensure to produce all possible product other than organic compost. For this new technology should be introduced. Compost should be promoted among the small scale/ subsistence farmers at first and then in large scale agricultural areas with the proper certification procedure. Municipal waste is hidden treasure on the development of righteous agriculture in Sri Lanka with the application of proper scientific and technical method of waste treatment. Therefore, we recommend establishing "Waste Recycling Centres" with the environmentally recycling system (ERS) such a High Speed Indigenous Microbes Fermentation System (ERS).