Browsing by Author "Kethmi, G.A.P."

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Adoption Potential of Fintech Services: A Study Based on Employees of the Financial Institutions in Sri Lanka
(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Rathnayake, R.M.A.R.; Kethmi, G.A.P.
Introduction: FinTech can be identified as software, mobile applications, or any other technologies designed to enhance and automate conventional financial services for both consumers and enterprises. Sri Lanka which can be identified as a developing country, the adoption of FinTech would be a crucial factor to improve the economy of the country. This study was conducted to address the research problem of the adoption potential of fintech services in Sri Lanka. The main objective of the study is to examine the adoption potential of fintech services by using the perceptions of the employees of financial institutions in Sri Lanka. Methodology: Performance expectancy, effort expectancy, social influence, facilitating conditions, perceived reliability, added value, self-efficacy and nervousness are the independent variables used in this study and the dependent variable is the actual use of fintech. The data sample of the study is the employees of financial institutions, and the sample size was 384 employees. Data is collected by distributing questionnaires. A regression model is developed to achieve the objective using the SPSS software and further, reliability and validity of the data is investigated using the goodness of fit tests. Findings: According to the results, performance expectancy, effort expectancy, social influence, facilitating conditions, and perceived reliability have an impact on the actual fintech usage in Sri Lanka, while added value, self-efficacy and nervousness do not have a significant impact on the actual fintech usage in Sri Lanka. Conclusion: In conclusion, the study envisions that its findings will not only benefit the financial industry in Sri Lanka but also serve as a valuable reference for other sectors. The study aims to be a milestone, providing insights into the adoption potential of fintech services in Sri Lanka that can apply to other developing countries, thereby paving the way for future research in this evolving field. Even factors deemed insignificant in the current context should be monitored, as they may become influential in the future. Collaboration between the public and private sectors is deemed essential to achieve widespread fintech adoption.
Communication of Sustainable Development Goals in Social Media and Stakeholder Engagement in Asian Companies
(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Samaraweera, H.K.B.C.H.; Kethmi, G.A.P.
Introduction: Stakeholder engagement is one of the crucial factors in enhancing the business and communication between the company and the stakeholders is the most important step in building the relationship. This study investigates the connection between the communication of SDG using social media platforms and the stakeholder engagement rate. The necessity for further investigation into sustainable development goals communication via social media (tweets) and engagement of stakeholders, and characteristics of tweets has driven this study and the main aim to comprehend the relationship between those tweets’ characteristics (communication of Sustainable Development Goals through social media) and stakeholder engagement. Methodology: While the dependent variable is the stakeholder engagement rate, the independent variables are Fluency of the messages, Vividness level, Existence of a link, Content type (Communication of SDGs), The industry type of the firm, and Country of the firm. The study focused on Asian companies with the highest market capitalization, utilizing a sample of 84 firms from 11 countries and eight industries. The sample selection involved companies actively using Twitter and communicating at least one of the 17 Sustainable Development Goals (SDGs) in their tweets. The data collection, spanning from January 1, 2023, to September 31, 2023, resulted in 1728 tweets from the selected firms. The Chi-Square Automatic Interaction Detection (CHAID) is adopted to analyze data. Findings: According to the analysis, identifies tweets about specific countries as the primary predictor of engagement. Notably, tweets about Bangladesh lead to greater stakeholder engagement compared to tweets about other countries. Considerably, the most influential SDGs were identified as Responsible consumption & Products. Incorporating relevant links enhances engagement by providing stakeholders with additional information. The impact of vividness levels, with high vividness posts demonstrating the highest engagement rates. The Information Technology sector has more tweets, indicating that this sector is focusing more on communicating SDGs than other sectors, followed by the FMCG and Financial Services sectors, respectively. China firms focus more on communication of SDGs, as they contribute around 31.1 % of sample countries. Conclusion: As a conclusion, this study contributes valuable insights into the complex landscape of stakeholder engagement for Asian companies in the context of SDGs. The identified factors and recommendations offer practical guidance for companies aiming to enhance their sustainability communication strategies on social media. As businesses navigate the intersection of digital communication and sustainable development, these findings provide a foundation for informed decision-making and strategic planning
Customer Readiness and Adoption Potential of Fintech in Sri Lanka: An Empirical Investigation Using Online Platform
(Faculty of Commerce and Management Studies University of Kelaniya., 2024-11-11) Weerasinghe, K.G.; Hettiarachchi, T.R.; de Zoysa, R.P.S.; Kethmi, G.A.P.
This study investigates the readiness of Sri Lankans to adopt fintech and explores its adoption potential. The research uses demography, financial health, financial literacy, e-readiness, mental preparedness, and overall sentiment toward fintech as independent variables, with Customer Fintech Usage (CFU) as the dependent variable. The objectives were to assess the relationships between these factors and fintech usage and to build an index representing fintech readiness. Data were gathered through a structured questionnaire from a sample of 396 respondents across all nine provinces of Sri Lanka, derived from an internet user population of 1,458,000 as of January 2023. Regression analysis revealed that while demographics and mental preparedness did not show significant relationships with fintech usage, financial health, financial literacy, e-readiness, and overall sentiment positively influenced CFU. The model accounts for 42.14% of the variability in fintech usage (R-squared = 0.4214). Additionally, the findings indicate that a Customer Fintech Readiness Index can be constructed based on the supported relationships. The findings indicate that although Sri Lanka’s current fintech readiness is relatively low, there is strong potential for growth in the future as these factors continue to evolve.
Customer Readiness and Adoption Potential of Fintech in Sri Lanka: An Empirical Investigation using Online Platform Users
(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Weerasinghe, K.; Kethmi, G.A.P.
Introduction: The term FinTech refers to the usage of new technologies to improve financial services. Rapid growth in technology accelerates the fact that businesses adopt technology to provide better service to their customers. This shift towards fintech adoption is crucial as it not only improves financial accessibility and convenience but also promotes sustainable investments and environmentally friendly projects. The main objective of this study is to investigate the customer readiness and adoption potential of fintech in Sri Lanka. Ultimately, this study aims to contribute to the advancement of the Fintech landscape in Sri Lanka and facilitate the growth of a more inclusive and digitally empowered society. Methodology: Age, education level, financial literacy, e-readiness and mental preparedness are the independent variables in the study while FinTech usage is considered as the dependent variable. Data are gathered by distributing standardized questionnaires to a sample of 324 online platform users in Sri Lanka. Correlation and regression analysis are the two main techniques used to analyse data using STATA software. Findings: Correlation analysis showed that there is a strong relationship between the independent variables and the dependent variable. According to the regression analysis results, all the independent variables have positive relationships with Fintech Usage and the R-square value of the model is found to be 42.14%. Further, an index representing the readiness of the people towards adopting fintech is built which can be taken as the base year value for future analysis and the index values showed as 0.000000000292. Conclusion: According to the results, it can be concluded that each of these variables is impacting the fintech usage and finally, the current fintech readiness in Sri Lanka is low but has a promising future. The age gap shows promising data where the newest generation is using technology more often and the country has a high chance of adopting fintech. Through the findings of this study, we can conclude that Sri Lanka is still adopting technology and therefore moving into fintech will take some time than the other countries.
Factors Affecting the Banking Adoption Intention of the Amana Bank Customers
(Faculty of Commerce and Management Studies, University of Kelaniya Sri Lanka, 2022) Risan, B.M.A.; Kethmi, G.A.P.
Purpose: The country's economic growth is significantly influenced by the banking sector's performance because it is the most important industry in the nation. The difficulties that banks encounter make it difficult for customers to accept banking. In Sri Lanka, Amana Bank was formally established in 2005. The bank has accomplished several noteworthy milestones over the years, but records show that despite its best efforts, it was unable to become the market leader due to a number of obstacles. This study investigates the factors affecting the banking adoption intention of the Amana Bank customers of Sri Lanka. Design/Methodology/Approach: Th study was carried out in the Batticaloa district, and the data collected from 94 consumers using a questionnaire. The bank's customers' purpose to adopt banking was assessed based on their desire to join the bank in the future. Findings: The correlation results showed a substantial positive association between the lack of Shariah governance legislation and the issue of product uniformity and the level of customer awareness of the services. Regression results revealed that the sole factor negatively affecting customers' intentions to adopt banking was a lack of customer awareness of the services. Originality: Good Shariah governance laws are in place at the Amana bank, and product standardization is at a higher level. Consumers, however, have identified the lack of legislation on Shariah governance and the problem of product uniformity as hurdles for Amana bank performance because they are unaware of the banking service. The stakeholder should spend more on advertising to raise consumer knowledge of Amana bank services in order to promote the adoption of Amana bank clients.
The Impact of Corporate Governance Characteristics on the Financial Performance of the Listed Finance Companies in Sri Lanka
(Faculty of Commerce and Management Studies, University of Kelaniya Sri Lanka, 2022) Jayasingha, D.C.; Kethmi, G.A.P.
Purpose: Corporate governance has become a major issue that is gaining more attention nowadays as a result of the various business difficulties that have occurred throughout the world. The primary goal of this study is to investigate the impact of corporate governance characteristics on the financial performance of Sri Lankan listed companies. Design/Methodology/Approach: This research study uses random sampling approach to choose 130 organizations as the sample and the data is collected from annually audited annual reports and the published database of the CSE for the period from 2018 to 2021. The Board size (BSIZE), CEO duality (CEODUA), Board committee (BCOM), and CEO characteristic (CEOCHA) were considered as independent variables, whereas, Return on assets (ROA) and Return on equity (ROE) were dependent variables. A regression model is used to establish the relationship between corporate governance characteristics and firm performance. Findings: The result revealed that there is a positive impact on composition favoring a majority of non executive directors and the financial performance; there is a negative impact on two persons being elected as the CEO and the chairman of the company and the financial performance of the company; there is a negative impact on the number of board committees of the company and the financial performance of the company; and there is a negative impact on the CEO's working experience and the financial performance of the company. According to the adjusted R squared value, 100% of changes in performance (ROA) depend on other factors. But 20.33% of changes in performance (ROE) are explained by the selected independent variables. According to this study, the corporate governance characteristics impact on firm performance of listed companies in Sri Lanka. Originality: Corporate governance promotes company transparency, which is essential for establishing shareholder trust. There have been few studies conducted in Sri Lanka. It contributes to economic stability by boosting organizational performance and increasing access to external resources. The research used recent data and the findings can be used to implement new policies as well.
The Impact of Covid-19 Pandemic on the Profitability of Licensed Commercial Banks and Licensed Finance Companies in Sri Lanka
(Faculty of Commerce and Management Studies, University of Kelaniya Sri Lanka, 2022) Fernando, W.K.S.; Kethmi, G.A.P.
Purpose: This study is carried out to determine the impact of Covid-19 pandemic on the profitability of Licensed Commercial Banks and Licensed Finance Companies in Sri Lanka and attempts to assess the pandemic’s impact in relation to Covid-19 related variables (number of confirmed Covid cases and lockdown effect), Covid-19 related spillover effects (high Non- Performing Loans and low Capital Adequacy Ratio) and in relation to the financial institution category Design/Methodology/Approach: Three profitability indices, Return on Assets (ROA), Return on Equity (ROE) and Net Interest Margin (NIM) were used as dependent variables and three separate Panel data regression analyses were performed taking data of 23 Licensed Commercial Banks (LCBs) and 33 Licensed Finance Companies (LFCs). Findings: Covid-19 cases showed a negative but insignificant impact on all the three profitability indices, and the lockdown effect was also negative for all three indices and significant (1%) only for ROE. NPL showed a significant impact at 1% for both ROA and ROE with high coefficients of -0.12 and -0.51 respectively, indicating that high NPL was the main cause for the reduction of their profitability during the crisis. Originality: This study is the first attempt in Sri Lanka that considers the impact of the Covid- 19 pandemic on the profitability of two key financial categories by considering both Covid-19- related factors and Covid-19-related spillover effects.
The Impact of Financial Ratios and Economic Variables on Stock Price
(Faculty of Commerce and Management Studies, University of Kelaniya Sri Lanka, 2022) Premathilaka, A.B.B.I.; Kethmi, G.A.P.
Purpose: Various nations have conducted a variety of empirical studies to determine the variables influencing the stock price. Studies from the past demonstrate that both internal and external factors influence stock price changes. This study considers external and internal factors, and the main objective of the study is to examine the Impact of the financial ratios and economic variables on stock prices in Sri Lanka. Design/Methodology/Approach: Under the internal factors Earnings per share, Dividends per share, and Net assets value per share were taken into the study while Inflation, Interest rate, and Exchange rate were considered as the external factors. The sample is 60 companies that are listed in CSE, and the considered time period is 10 years from 2012 – 2021. Findings: Using the random effect model the results revealed that there is a positive relationship between financial ratios Earnings per share, Dividends per share, Net assets value per share and the stock price. Considering all financial variables together, it was revealed that it has a significant impact on the stock price. The overall impact of economic variables on stock price, the result shows a significant impact. The relationship between the economic variables and the stock price has a negative relationship. From the findings, it has been identified that inflation and the interest rate do not have a significant relationship with the dependent variable. Considering all financial ratios and economic variables the results revealed that there is a significant relationship between the independent variables and the dependent variable. Originality: The study considers both Financial and Economic variables which have not been considered for the Sri Lankan context in the recent past.
Impact of Microloans on Poverty Alleviation Through Samurdhi Program: With Special Reference to Samurdhi Beneficiaries in Madamepella Gn Division in Gampaha District
(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Madhushani, K.A.D.; Kethmi, G.A.P.
Introduction: The government of Sri Lanka established the "Samurdhi Programme" in 1995 as a national strategy to combat poverty in accordance with Act No. 30 of the Samurdhi Authority. Despite periodic changes in administration, the basic idea of the Samurdhi initiative has persisted, evolving under several names, and is still in use today. Microloans are widely recognized as a powerful tool for empowering individuals and promoting income-generating activities, ultimately contributing to poverty reduction. This study investigates the effectiveness of the Samurdhi Programme in alleviating poverty in Madamepella GN Division, Gampaha District, Sri Lanka. Methodology: Data is collected from a sample of 256 Samurdhi beneficiary families and the study employs correlation and multiple linear regression analyses to examine the relationships between microloan size, repayment period, and poverty alleviation and to examine the impact of microloan size, and repayment period on poverty alleviation using SPSS. Findings: Correlation analysis revealed significant positive correlations between each independent variable and poverty alleviation (r = 0.599 for loan size and r = 0.435 for repayment period), suggesting that larger loans contribute to greater income generation and poverty reduction. According to the regression model, both loan size and repayment period have a positive and statistically significant impact on poverty alleviation. The adjusted R-squared of the regression model is 0.566, indicating that microloan size and repayment period explain approximately 56% of the variance in poverty alleviation among Samurdhi beneficiaries. Conclusion: These findings suggest that microloans provided through the Samurdhi Program are effective tools for poverty reduction, particularly when combined with appropriate loan sizes and repayment periods. Policymakers and microfinance institutions should have been focusing on giving Samurdhi beneficiaries larger microloans with longer repayment periods. By lowering costs and increasing access to financial services, they should also support financial growth.
Impact of Microloans on Poverty Alleviation Through the Samurdhi Program: With Special Reference to Samurdhi Beneficiaries in Katana Ds Division in Gampaha District
(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Madushani, S.A.D.N.; Kethmi, G.A.P.
Introduction: Poverty is a global issue affecting children, the elderly, and ethnic minorities and Poverty alleviation aims to improve economic and human capacities and living standards through credit access. Microfinance Institutions (MFIs) offer financial and non-financial services to impoverished individuals, contributing economically to families and society. This study aimed to assess the impact of microloans on poverty alleviation through the Samurdhi program of the Samurdhi beneficiaries in the Katana DS Division in Gampaha District. Methodology: The dependent variable is poverty alleviation, while the independent variables are loan size and repayment period. Data is gathered by distributing questionnaires to a sample of 371 Samurdhi beneficiaries in the Katana DS Division of the Gampaha District. Descriptive analysis, Correlation analysis, Multiple linear regression analysis, Normality test, Validity tests, and Reliability tests are employed to analyze the collected data using SPSS. Findings: As per the results, strong positive linear relationship between loan size and poverty alleviation, with a Pearson correlation coefficient of +0.706 and repayment period also showed a positive linear relationship with poverty alleviation, with a correlation coefficient of +0.462. Furthermore, there is a significant impact of microloans on poverty alleviation through the Samurdhi program. Loan size has a positive and significant impact on poverty alleviation. The repayment period has a positive and significant impact on poverty alleviation. The model's adjusted R2 of 0.621 indicates that all aspects of that loan size and repayment period, independent variables, account for 62% of the variance in poverty alleviation. Conclusion: Based on the findings, the researcher can conclude that that the Samurdhi program's microloans are a better way to alleviate poverty in the Katana DS Division in Gampaha District. Samurdhi officials should enhance access to microloans for families in the Katana area of Gampaha district. They should select beneficiaries based on need and conduct investigations after granting loans. Financial education on managing loans and starting small businesses can reduce defaults and improve credit tiers.
Impact of Population, Economic Growth on Food Security- Evidence from Sri Lanka
(Faculty of Commerce and Management Studies, University of Kelaniya Sri Lanka, 2022) Jayasanaka, H. P. W. P.; Yapa, L.G.D.D.; Kethmi, G.A.P.
Globally, there is much concern about food security. As per the United Nations’ Committee, food security is defined as all people, at all times, having physical, social, and economic access to sufficient, safe, and nutritious food that meets their food preferences and dietary needs for an active and healthy life. Ensuring food security will ultimately lead to achieving “Zero hunger, "the second aim of the Sustainable Development Goals. The demand for food has increased due to the growing population. Further, food security is managed by economic growth and diversification, creating employment for most of the population. This paper investigates the impact of population and economic growth on food security in Sri Lanka. This study uses secondary data collected from the World Bank Data Base for the period from 1990 to 2021 to examine the influence of population growth rate and GDP per capita on food security using R software. Cointegration is used to identify the long-term relationship, and the vector error correction model (VECM) is applied to discover the short-term relationship between the variables. The study's result reveals a long-run relationship between population growth rate, GDP per capita, and food security. Furthermore, there is a positive relationship between food security, population growth rate, and GDP in Sri Lanka. Therefore, the study's results imply population and economic importance on food security. The challenge is to serve the world's expanding population with a sustainable, secure supply of safe, reasonably priced food. If a country fails to develop a food security strategy, it will lead to an increase the government expenditure followed by cease of long-term economic growth. Thus, policymakers need to ensure food security by considering the population and economic growth of the country.
Simulating Stock Prices Using Geometric Brownian Motion in the Malaysian Stock Market.
(Faculty of Commerce and Management Studies University of Kelaniya., 2024-11-01) Ramly, K.R.; Kethmi, G.A.P.; Herath, H.M.N.P.
Among these mathematical models, the Geometric Brownian Motion (GBM) model plays a pivotal role in predicting stock prices. Bursa Malaysia, the financial sector's foundation, offers a vibrant venue for securities trading, which is essential to the growth of the country's economy. This study aims to evaluate the GBM model’s performance in various market contexts in Malaysia, particularly considering different market capitalizations and industry sectors over various time frames. The sample for this study includes companies from the sectors of Financial Services, Property, Industrial Products & Services, and Transportation & Logistics and Daily stock price data obtained from Yahoo Finance from 2019 to 2023 used in the study. The methodology involves applying GBM to simulate short-term and long-term stock prices and evaluating the accuracy using statistical measures MAPE and RMSE. The findings reveal that the GBM model exhibits high accuracy in short-time forecasting across a diverse range of stocks, however, its efficiency diminishes over more extended forecasting periods also large-cap stocks yield more stocks and more accurate short-term predictions, also the model’s effectiveness varies significantly across the sector. This study establishes the model's effectiveness in short-term forecasting but cautions against its reduced accuracy for long-term predictions under varying market conditions. The research emphasizes the importance of a multifaceted approach to financial modelling, highlighting the need for careful application in long-term investment strategies and policy development within markets like Bursa Malaysia.
Sustainable Development and Financial System: Perception on Socially Responsible Investing (SRI) in Commercial Banks of Sri Lanka
(Faculty of Commerce and Management Studies, University of Kelaniya Sri Lanka, 2022) Herath, H.M.A.P.; Kethmi, G.A.P.
Purpose: This study examines how the Sri Lankan commercial banks perceive socially responsible investing in relation to sustainable development and the financial system as compared to other developing countries. Design/Methodology/Approach: A qualitative research design was applied to conduct this study. Accordingly, the data were collected by interviewing 10 top-level Sri Lankan commercial banking professionals through a structured questionnaire in order to answer the main research questions. Findings: The findings revealed that the concept of socially responsible investing (SRI) is predominant in nature for the purpose of maintaining a balanced strategic economic service that has been delivered to clients, the economy, and the country's development. Furthermore, the outcomes of this study will be important for the growth of the banking sector in general and the sustainable development of Sri Lanka in particular. Originality: This study represents a significant effort for the top-level managers who engaged in strategic decision-making in their banking institutions in order to sustain the most qualitative SRI position that could be adopted with the country's regulating and operational background.
Sustainable Development Goal Reporting: Effect of Institutional and Corporate Governance Factors
(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Herath, R.H.M.M.S.; Kethmi, G.A.P.
Introduction: Businesses in today’s context are expected to disclose more on the sustainable development goal reporting within their organization. Although there is an increasing trend in the sustainability reporting disclosure in Sri Lanka, this corporate reporting varies in content and quality, and there is a challenge in incorporating SDG goals in the process of sustainability reporting. The main objective of this study is to examine the extent to external institutional factor influence on content and quality of corporate SDG disclosure and examine the extent of corporate governance factors influence on the content and quality of corporate SDG disclosure. Methodology: Three dependent variables, SDG Acknowledgement, SDG Prioritization and SDG Extent are used while GRI Compliance, Sustainability Assurance CEO Duality and CSR committee are the independent variables. Data of the top 50 listed companies of CSE as at 2023 August are collected for a period from 2021 to 2022. Regression analysis is employed using SPSS to achieve the objective. Findings: According to the results, GRI Compliance, Sustainability Assurance and CSR committee have a significant positive impact on SDG Acknowledgement while the impact of CEO Duality is insignificant. The same results are obtained from the regression model results developed for the SDG Extent. Further, only GRI Compliance and CSR committee have a positive significant on SDG Prioritization while other variables’ impact is insignificant. Conclusion: According to the study SDG reporting practices are developing trends by external institutional factors and corporate governance factors. The study concludes there is a need for more accurate SDG reporting frameworks that support companies to match their business functions and strategies with SDGs.
Sustainable Development Goals Reporting and Company Performance of Listed Companies in Sri Lankan Service Sector
(Department of Finance, Faculty of Commerce and Management Studies University of Kelaniya Sri Lanka, 2024) Ekanayaka, E.M.S.K.; Kethmi, G.A.P.
Introduction: The ability of sustainable development to address urgent economic, social, and environmental concerns while preserving the welfare of current and future generations has led to its evolution into a worldwide imperative. As a developing country, in the Sri Lankan context, the SDGs hold particular relevance due to the country's efforts to overcome poverty, improve healthcare and education, enhance gender equality, and promote sustainable resource management. This study investigated the relationship between Sustainable Development Goals (SDG) reporting and the financial performance of listed companies in the Sri Lankan service sector under two sectors financial and non-financial. Methodology: Return on Assets and Return on Equity are used as dependent variables to measure the Financial Performance whilst the Sustainable Development Goals Index is used as the independent variable to measure the level of Sustainability Reporting. Firm Size is used as a control variable. Data of 50 service sector companies listed on the Colombo Stock Exchange for the period from 2018 to 2022 using the annual reports of these companies. The data is analyzed using descriptive statistics, correlation analysis and regression analysis employing the STATA software under two sub-sectors financial and non-financial. Findings: The findings indicate a complicated and nuanced link between SDG focus and company performance in Sri Lanka's service sector. While a positive relationship for financial companies' ROE was shown, it lacked statistical significance. A weak and statistically insignificant negative association is observed for financial companies ROA and Non-financial companies, on the other hand, revealed a statistically significant negative relationship between the weighted SDG index and both ROE and ROA. Further, the regression model revealed that the SDG index has a positive and a negative impact on ROE and ROA respectively for financial companies while the SDG index has a negative impact on both ROE and ROA for non-financial companies. Conclusion: Traditional financial metrics may not capture all of the long-term advantages of sustainable practices, but short-term costs, industry dynamics, and methodological issues can all have an influence on the connection. To comprehend the complex relationship and to develop solutions for sustainable business practices, further study, comprehensive information, long-term analysis, and industry-specific studies are required. Pursuing sustainability is about setting up a resilient, equal, and successful future for all stakeholders, not simply increasing profits. In conclusion, this study calls for more investigation into the underlying causes and possible long-term advantages of SDG activities in non-financial firms.