Symposia & Conferences
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Item The Influence of Managerial Ownership and Firm Size on Debt Policy Evidence from Listed Manufacturing Companies in Sri Lanka(Department of Finance, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2025) Abdullah, M.; Ranjani, R. P. C.Introduction: This study looks at how managerial ownership and firm size affect debt policy in listed manufacturing companies in Sri Lanka, using data from the Colombo Stock Exchange (CSE) from 2013 to 2023. It shows that when managers own shares, it reduces conflicts between managers and shareholders, while firm size impacts borrowing capacity and leverage. The research provides useful insights into how these factors influence debt policies in Sri Lanka and fills gaps in existing studies, offering practical guidance for better financial decision-making. Methodology: In this study, a quantitative approach was used, analysing panel data from 10 companies listed on the Colombo Stock Exchange (CSE) over the past 11 years. The main variables examined were managerial ownership (measured by the percentage of shares held by management), firm size (measured by total assets), and debt policy (measured by the debt-to-equity ratio). Multiple regression analysis was conducted, along with diagnostic tests like the variance inflation factor (VIF) and autocorrelation tests, to ensure the reliability of the data and the accuracy of the results. Findings: The study shows that more managerial ownership leads to higher debt because it aligns managers’ interests with shareholders. It also finds that larger companies use less debt, likely due to stronger financial positions. The analysis highlights differences in ownership and firm sizes, and the diagnostic tests confirm the results are reliable.Item A Comparative Analysis of the Impact of Firm- Specific and Macro Economic Factors Influence Capital Structure Decisions: Evidence from Sri Lankan Finance and Diversified Holdings Companies.(Department of Finance, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2025) Moulana, M. T. M. A. H.; Perera, L. A. S.Introduction: This research describes the influence of Firm-Specific and Macro Economic Factors influence on Capital Structure Decisions of Sri Lankan Finance and Diversified Holdings Companies during the period of 2013 to 2023. Then understanding the knowledge gap then we can get the understanding of relative impact on these factors, the study concern to observing the financial strategies and regulatory policies. The research focuses on Firm-specific and Macro Economic Factors such as Profitability, Firm Size, Tangibility and Liquidity includes under Firm-specific Factors, the GDP, Interest Rate, Inflation Rate and Exchange rate includes under Macro Economic Factors. Methodology: The study applying a quantitative approach using panel data analysis. We were collected Financial Secondary data from the Colombo Stock Exchange website and the Macro Economic Factors data collected from the Central Bank of Sri Lanka website. We were used STATA software to run the data set, the Statistical techniques including descriptive analysis, Pearson’s correlation analysis and Regression analysis are were used to analyze and make interpret the connection between the variables. The hypothesis testing and robustness test to check the accuracy of the findings results. Findings: Based on the results the Profitability and Firm Size made a significant impact on Capital Structure across the sectors. The Finance Companies definitely depend on debt financing, it was impact by Liquidity and Asset Tangibility. The Diversified Holdings Companies explore more balanced approach between debt and equity, it was influenced by Macro Economic Factors such as GDP growth and Inflation. Finally, the key differences were understood in the relative importance of these determinants between the Finance and Diversified Holdings Sectors. Conclusion: The research explained the complex combination between Firm-Specific and Macro Economic Factors impact the Capital Structure. The finding delivers preferable insights for financial managers and policymakers in fluctuation economies like Sri Lanka. Furthermore, identifying sector-specific determinants, the research supports strategic decision-making for sustainable growth and Financial Stability.Item The Impact of Environmental Reporting on Company Financial Performance of Listed Manufacturing Companies 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) Anuradha, P.H.; Rajapakse, R.M.D.A.P.The impact of business activities on the environment is gradually increasing. Hence it is vital for stakeholders to be concern on the relationship between environment aspects and company’s decision making process. This study aims to investigate the impact of environmental reporting on the financial performances of listed manufacturing companies in Sri Lanka. Further, this study extends to explain the interaction between the environmental disclosure and firm’s specific variables such as firm size and leverage on firm’s financial performance. The main variables of the study are, environmental disclosure being the independent variable, firm size and leverage as the control variables and Return on Assets (ROA) as the dependent variable. The current study use secondary data of 41 manufacturing companies in Colombo Stock Exchange for the period of 5 years from 2013 – 2017 by using content analysis. Correlation and multiple regression models is used to analyze the relationships of this research study. The results reveal that there is a significant relationship between environmental accounting disclosures and firm’s financial performance when environmental accounting is moderated by firm specific variables such as firm size and leverage of the selected companies.Item Inflationary Impact on Capital Structure: An Analysis of Listed Manufacturing Companies in Sri Lanka(Department of Commerce and Financial Management, Faculty of Commerce and Management Studies, University of Kelaniya, 2015) Chandrasena, M.R.I.N.; de Silva, G.V.G.; Maushani, B.V.N.; Samarakoon, S.M.N.S.; Samarathunga, B.H.A.I.; Fernando, K.S.R.; Samarakoon, K.M.C.; Mapitigama, K.K.P.R.The capital structure reflects all of the firm’s equity and debt obligations. Firm’s capital structure is determined on several factors and it is very important to lead the firm towards better and performance. Therefore determinants of capital structure obviously play an economically important role in a firm. Hence it is necessary to identify that what factors contribute to the capital structure composition. The current research is conducted to identify the relationship between determinants of the capital structure and the firm’s leverage. As identifications through literature reviews, determinants to the capital leverage (Dependent variables) are profitability, tangibility, firm size and capital intensity & Inflation. In Sri Lanka there is no any study was conducted to identify the relationship between Inflation (Independent Variable) and the capital Leverage (Dependent Variable).According to that the main objective of the present study is to identify the relationship between capital structure and its determinants with the predictor of inflation. To obtain a final conclusion, analyzed 25 manufacturing companies (Sample) listed in Colombo Stock Exchange from the population of 37 manufacturing companies listed in Colombo Stock Exchange during the period of 2010/2011 year of assessment to 2013/2014 year of assessment. Findings showed that capital intensity is a significant predictor of short term leverage, firm size is a significant variable of long term leverage and final model was rejected statistically.Item Corporate Governance and Profitability Evidence from Sri Lankan Banking Industry(Department of Finance, Faculty of Commerce and Management Studies, University of Kelaniya, 2015) Herath, H.M.S.L.The objective of this research is to examine the impact of corporate governance mechanisms on firm performance of 13 banks in Sri Lankan banking industry over the period of 2005-2014. This is an exploratory study which addresses the research problem of does corporate governance affect the bank performance in Sri Lanka. Return on Equity (ROE) is used as dependent variable and, Firm Size, Firm Leverage, Audit committee composition, Board Independence, Board Size and CEO Duality used as independent variables. This research has used only secondary data and main source of data includes the annual report of the selected companies. Empirical research was conducted based on the 130 observations and findings are based on regression analysis. Researcher employed panel data methodology as a method of estimation. Descriptive statistics, ANOVA and t-test applied on data by using SPSS. Correlation techniques method has been used to test the hypotheses, to solve the research problem, and to achieve goals and objectives of the study. Accordingly, there is a significant impact of corporate governance on Performance of the banking industry in Sri Lanka. Moreover, there is a positive relationship between bank performance and board independence and firm size.Item Conceptual Model for Moderating Effect of Firm Size on Institutional Pressures and Green Supply Chain Practices Adoption(Faculty of Commerce and Management Studies, University of Kelaniya, 2015) Jayarathna, B.C.P.The concept of Green Supply Chain Management is highly discussed and drawn more attention in contemporary world today. The need of sustainable environment and sustainable organization motivates to draw more attention on Green Supply Chain Practices. Realizing this phenomenon number of researchers developed models to measure the effect of pressures on green supply chain practices adoption. In this study pressures on green supply chain practices are identified as normative pressures, coercive pressures, and mimetic pressures based on institutional theory. Previous studies showed that institutional pressures have significant effect on adopting green supply chain practices. But no single research in supply chain management field to study moderating effect of firm size on pressures and practices of green supply chain management. Therefore this study aims to provide conceptual model to test the moderating effect of firm size in the relationship of institutional pressures and green supply chain practices adoption by filling the identified gap. It is expected that proposed model will be more contributed to enhance the adoption of green supply chain practices by different size of manufacturing companies.