Browsing by Author "Kawshala, B. A. H."
Now showing 1 - 3 of 3
- Results Per Page
- Sort Options
Item Influence of Behavioral Biases on Investment Decision Making with Moderating Role of Financial Literacy and Risk Attitude: A Study Based on Colombo Stock Exchange(Department of Finance, University of Kelaniya., 2022) Ranaweera, S. S.; Kawshala, B. A. H.Purpose: This paper aims to analyze the influence of overconfidence bias and herding bias on investment decision making and the moderating role of financial literacy and risk attitude on overconfidence bias and herding bias on investment decision making in the Colombo Stock Market. Design/Methodology/Approach: This paper collects data from a structured questionnaire survey carried out among 110 individual investors in the Colombo stock market. This paper used a multiple regression method to analyze the influence of overconfidence bias and herding bias on investment decisions with financial literacy and risk attitude as moderating variables. Findings: Overconfidence bias has a significant influence on investment decisions. Results do not indicate that herding bias significantly influence investment decisions. Financial literacy significantly moderates the relationship between overconfidence in investment decisions. However, financial literacy does not significantly moderate the relationship between herding bias in investment decisions. Financial literacy and risk attitude do not significantly moderate the relationship between herding bias in investment decisions. Implications: The findings of this paper would help to understand the influence of behavioral bias on investment decisions of individual investors in Colombo stock market. Originality/Value: The research described in this paper study the moderating role of financial literacy and risk attitude on overconfidence bias and herding bias in making investment decisions (in Colombo Stock Exchange).Item Relationship between Stakeholder Power and Corporate Environmental Disclosures: Evidence from Listed Firms in Sri Lanka.(8th International Conference on Business & Information ICBI – 2017, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2017) Weihena, K. N.; Kawshala, B. A. H.; Shamil, M. M. M.In Sri Lanka, reporting on the environmental practices is lagging behind in meeting the stakeholders’ demand for corporate environmental disclosures. Thus, this study was conducted with the aim of studying whether there is a relationship between stakeholder power and the corporate environmental disclosures in Sri Lankan listed companies. Analyzing the relationship between stakeholder power and corporate environmental disclosure is very rational because, within the existing empirical evidences in Sri Lanka, no comprehensive study has been conducted to date. Therefore, materialization of this research phenomenon will fill the research gap as well as provided crucial information to the listed companies in understanding how their stakeholders impose power over their corporate environmental disclosures. This study was undertaken as a cross sectional secondary research study focusing on 99 Sri Lankan listed companies based on the market capitalization. As per the study, it was found that creditor power has a significant relationship with the corporate environmental disclosures while shareholder power and the government power do not significantly associate with the corporate environmental disclosures. Besides, control variable, firm size and the corporate environmental disclosures are also significantly related. The findings of the study contribute to the existing literature and will promote environmental disclosures being made by companies.Item Socio-Economic, Trading Sophistication and Self-Reflection on Investors’ Disposition Bias: Evidence from Colombo Stock Exchange(Faculty of Commerce and Management Studies University of Kelaniya, Sri Lanka, 2020) Kawshala, B. A. H.; Anuradha, P. A. N. S.Individual investor’s behavior is extensively influenced by biases that are highlighted in the growing discipline of behavior finance. This study is one of another effort to assess the determinants of behavioral biases in investor’s investment decision-making. The present study has analyzed the influence of socio-economic factors (i.e. investors’ age, gender, education, profession, and income), trading sophistication factors (i.e. trading experience and trading frequency) and self-reflection on disposition bias in investment decision-making in Colombo Stock Exchange (CSE). A questionnaire is designed and through survey responses were collected from 243 investors. The present research has applied inferential statistics and descriptive statistics. The results show that, the disposition bias influences men and women equally. Furthermore, disposition bias can be seen clearly in investors coming within the older age group, who have a less educational qualifications and low-income earners, and less trading experience and trading frequency. Self-reflection can be seen in disposition bias. Further, one’s profession does not impact on disposition bias. This study will be helpful to financial intermediaries to advice their clients. Moreover, the results of present study facilitate individual investors to realize their disposition bias by its’ determinants in the pursuit of making sensible and effective financial decisions.