Velnampy Thirunavukkarasu - Academia.edu (original) (raw)

Papers by Velnampy Thirunavukkarasu

SSRN Electronic Journal, 2016

This study directed towards green consumerism in the Sri Lankan context. The Topic is new and con... more This study directed towards green consumerism in the Sri Lankan context. The Topic is new and considered as the emerging one in the marketing paradigm. Meanwhile, this study focuses on examining the purchase intention under the concept of green consumerism among young consumers in the Sri Lankan stand point. Four antecedents as environmental attitude, perceived consumer effectiveness, health consciousness and social influence are incorporated in to the proposed model. Rigorous statistical technique like Structural Equation Modelling is utilized to test the main research hypotheses. This study finds that environment attitude, perceived consumer effectiveness, and health consciousness significantly influence the green purchase intention. In contrast, this study observes that social influence does not significantly influence the green purchase intention. In addition, Young consumers in Sri Lankan perspective have a favourable mind set towards green purchase. Therefore, green marketers ...

Social Science Research Network, Mar 15, 2015

International Journal of Accounting and Financial Reporting, 2017

The relevant literature suggests that ownership structure is one of the main corporate governance... more The relevant literature suggests that ownership structure is one of the main corporate governance mechanisms influencing the scope of financial performance. The aim of this study is to investigate the relationship between ownership structure and financial performance of listed beverage food and tobacco companies for the period of 2010-2015. This study also examines the impact of ownership structure on financial performance. The sample consists of 10 listed beverage food and tobacco companies in Sri Lanka. In this study, data was collected from secondary sources and hypotheses are examined by using Pearson’s correlation and regression analysis. The results reveal that ownership concentration and foreign ownership structure are positively correlated with financial performance of listed beverage food and tobacco companies while institutional ownership structure isn’t significantly correlated with financial performance. It is also found that there is a significant impact of foreign owne...

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth, 2016

The issue of dividend policy is a very important one in the current business environment. Dividen... more The issue of dividend policy is a very important one in the current business environment. Dividend policy is the regulations and guidelines that a company uses to decide to make dividend payments to shareholders. The objective of the study is to find out the impact of dividend policy on corporate profitability of Listed manufacturing companies in Sri Lanka. Dividend payout ratio and dividend yield are used to measure the dividend policy while ROE and ROA are used to measure the corporate profitability.Data for the study were extracted from annual report and accounts of 23 Listed manufacturing companies in Sri Lanka for the period of 2009 to 2014. These data were subjected to regression analysis, using E-view software and the findings indicate that; there is a significant impact of dividend policies of organizations on corporate profitability. It is recommended that Organizations should ensure that they have a good and robust dividend policy in place because it will enhance their pro...

ERN: Other Microeconomics: Intertemporal Consumer Choice & Savings (Topic), 2016

Study is directed towards green consumerism in the Sri Lankan context. Topic is new and considere... more Study is directed towards green consumerism in the Sri Lankan context. Topic is new and considered as an emerging one in the marketing paradigm. Meanwhile, this study focuses on green consumerism among young consumers in Sri Lankan stand point. Proposed model in this study was designed as the extension of Theory of Planned Behavior (TPB). Exploratory Factor Analysis, Confirmatory Factor Analysis and Structural Equation Modeling were utilized as advanced statistical techniques to approach the research questions in this study frame. In this context, results revealed that, green purchase intention was significantly influenced by environment attitude, perceived consumer effectiveness and health consciousness. In contrast, green purchase intention was not significantly influenced by media influence, environmental concern, social influence and perceived government initiatives. ?In addition, Young consumers in Sri Lankan perspective have favorable mindset towards green purchase. In practic...

International Journal of Accounting and Financial Reporting, 2018

The audit committee is one of the key elements in the corporate governance structure that helps t... more The audit committee is one of the key elements in the corporate governance structure that helps to control and monitor management in the organization. The aim of this study is to investigate the impact of audit committee on organizational performance of listed hotels and travels in Sri Lanka. The sample consists of 15 listed hotels and travels in Sri Lanka. In this study, data was collected from secondary sources and hypotheses are examined by using Pearson’s correlation and multiple regression analysis (Eviews). The results reveal that audit committee attributes such as AC independence, AC experts and AC meetings have a significant impact on organizational performance of listed hotels and travels in Sri Lanka. Further audit committee size is not found to have a significant impact on the organizational performance. The findings could be useful to regulators in other jurisdiction who are looking at ways to enhance the effectiveness of AC, overall firm governance and enhance the organ...

SSRN Electronic Journal, 2015

In the post-war era, local firms are facing stiff competition from foreign brands. In order to co... more In the post-war era, local firms are facing stiff competition from foreign brands. In order to compete successfully they need to develop new marketing strategies on post-war perspective. At the same time, they also need to focus on all the marketing activities from the consumer’s perspectives. During war, consumers were more conscious on the product accessibility, and did not consider the other aspects in the brands, but in the post-conflict marketing environment they expect good value for the money which they spent on the product.Extent research on marketing strategies lacks in theory based frame work that explicate what marketing strategies are appropriate for the war/conflict affected places. The present study explored marketing strategies, appropriate to the unique context. Using grounded theory methodology data were collected, through 5 focus group discussions and 25 interviews with the consumers in the Northern Province of Sri Lanka. Theoretical sampling technique is used to select the appropriate respondents; Data were collected until the data saturation was arrived. 89 initial codes were identified from the initial coding viaNvivo (version 09) software. From the axial coding and substantial coding 11 categories were found. Marketers adopt 15 strategies to reach the consumers in the conflict affected places. Consumers prefer 05 strategies, such as social responsibility, cultural match, ethical marketing, employee’s behavior, and infrastructure development as the best from the 15 strategies. Ethical marketing strategy is needed in the conflict affected places. Findings show that, consumers in the conflict affected places expect ethical behavior in all aspects of marketing activities.

Abstract This research focuses on the research question as what extent the export and import infl... more Abstract This research focuses on the research question as what extent the export and import influence on Economic growth in the Sri Lankan Perspective. Data on the economic growth, export and import from the year 1970 to 2010 were collected for the study purpose. The results revealed that, the export and import have the significant positive relationship with each other, and also, both export and import have the significant impact on the economic growth. Further, the export and import have been associated by 98 percent, which denotes that, there is a strong positive association between export and import. We have suggested that, the small medium enterprises should be motivated towards export orientation. Meantime, the restrictions in the import of the raw materials to the industries should be implemented in the flexible way through the fiscal and monetary policy. In the further research, the performance of the external sector should be tested in the srilankan context to identify the ...

SSRN Electronic Journal, 2007

Altman original bankruptcy forecasting model is the first developed model to identify the financi... more Altman original bankruptcy forecasting model is the first developed model to identify the financial sound or bankruptcy of an organization. Following this model several models are developed for the same purpose. But this model is still accepted to test the financial sound and at the same time, we are aware of no research in the same discipline in Sri Lankan contex. Hence this model is selected to examine the bankruptcy of the companies. The financial institutions and commercial banks are interested to know whether a particular company will be in a position to repay its debts. Here the firm’s ability to repay its debts should be predicted. In this paper, financially sound or bankruptcy of the companies is examined by using Altman’s original bankruptcy forecasting model with the samples of 25 quoted companies in Sri Lanka. Five years data during the periods of 1999/2000-2003/2004 are taken for the study. Major finding of the study is that only four companies, out of 25 Companies, are in the position of financially sound.

Nowadays many accounting standard setters want to move towards the relevance of fair value than r... more Nowadays many accounting standard setters want to move towards the relevance of fair value than reliability of historical value even accounting information has to maintain them in balance. The most percentage of value in financial statements is represented by non-current assets. And also the company act has insisted the implementing impairment test in the companies. Hence importance of impairment of assets has grown. The purpose of this study is to analyze the disclosures of impairment of non-current assets in applying LKAS 36 and their impact by inspecting the 5 years financial reports surveyed during the period from 2008-2012 of listed manufacturing companies in CSE. The disclosure of impairment was analyzed by using descriptive statistics and the impacts were evaluated by inferential statistics of regression and analyzed the relationship by correlation and coefficient between Impairment loss and selected accounting information of Return On Assets (ROA), Return On Capital Employed (ROCE), Net Profit Margin (NPM), Operating Profit Ratio (OPR) , and Earning Per Share( EPS). According to the findings 6% of reports disclosed very detailed information about the impairment. Nearly 90%of companies fail to give any reason to the impairment loss, even though they met the significant amount loss. All the companies have disclosed the accounting policies of impairment of assets. The results of analyzing impact of impairment show that, reported impairment losses had a significant impact upon reported profits. Loss making companies were more adversely affected by impairment losses than profitable companies. The sample company’s EPS dropped from 0.21 to -1.89 by recording Impairment loss. Hence the impairment loss was often a significant component of the reported overall loss. Future company financial reports on impairment could improve the disclosure to include a clear cause of impairment stated unambiguously in the annual reports with supporting value.

International Journal of Trend in Scientific Research and Development, 2019

Corporate governance is concerned with ways in which all parties interested in the well-being of ... more Corporate governance is concerned with ways in which all parties interested in the well-being of the organization attempt to ensure that mangers and other insiders take measures or adopt mechanisms that safeguard the interests of the stakeholders.. The purpose of the study is to find out the impact of corporate governance on profitability of listed Land and Property companies in Sri Lanka. Return of Assets is used as dependent variable. To measure the corporate governance, Board size, Board composition and independent directors of Remuneration committee. number of auditors are considered in this study. Firm size was considered as control variable in this study. The data were collected from firms' annual financial reports and Data Stream over the period of 2011to 2016, from the CSE website. Descriptive statistics, correlation analysis, multiple linear regression analysis were used to analyse the data and examine the hypotheses by using the E-views 10 version, in this study. The findings revealed that there is a positive and significant relationship between ROA with auditors, board composition. Independent directors of Remuneration committee and board size are insignificantly correlated with ROA. Furthermore, it was found that the control variable (firm size) was insignificant in influencing firm performance (ROA)..This study provides useful information for policy makers, regulators in improving the corporate governance policies in the future and also helps in increasing and understanding the relationship between corporate governance and firm's performance.

Corporate governance and financing decision plays a big role in the maximization of share holders... more Corporate governance and financing decision plays a big role in the maximization of share holders’ wealth and good corporate governance is important in increasing the market value of the firm. This study investigates the relationship between corporate governance and financing decision of listed Beverage, Food and Tobacco companies in Sri Lanka. Data are obtained from the annual reports of the selected companies for the period 2011 -2015 financial years. Pooled and fixed effect regression results indicate that firm size and block share holders are positively associated with financing decision . Board composition, female director , and frequency of board meeting have negative impact on financing decision of the companies. CEO duality has no impact on financing decision of the listed Beverage, Food and Tobacco companies in Sri Lanka.

This paper investigates the effects of impairment of assets on profitability and capital structur... more This paper investigates the effects of impairment of assets on profitability and capital structure of listed manufacturing companies in CSE in Sri Lanka. The study data have been collected from the financial statements during a five years periods of 2008-2012. The study attempt to find the answer to the question that does impairment of assets affect the profitability and capital structure of the companies? The study sample consists of 37 companies. Impairment loss is independent variable and profitability and capital structure are dependent variables. The descriptive statistics were used and then Pearson’s correlation coefficient was used to identify the relationship between the variables. The regression analysis was used to identify the impact of impairment loss on profitability and capital structure. The study found that impairment of assets was found to have a negative impact on profitability and capital structure. The findings also confirmed that changes by impairment have signi...

This study investigates the reaction of market and efficiency of market to announcement of impair... more This study investigates the reaction of market and efficiency of market to announcement of impairment loss write down in Colombo Stock Exchange (CSE) from 2008 to 2014. This research is identified fifty-eight events of twenty listed manufacturing companies in CSE. The existent study used the standard event study approach to find the results. The hypotheses of operational were framed and results discovered that 55% of Average Abnormal Return (AAR) are positively and 45% of AARs are negatively on the occasion day “0” (event day). The results reveal negative AARs of -0.37% and impact of negative significant on Share Price (SP) (t=-1.6682) at 10% level which incurred on the impairment loss announcement date. These results shows that impairment loss writes down events indicate significant negative information to the CSE. End of the windows period abnormal returns are gained by market as positive return of CAAR of 9.15% during the windows period of 61 days. It reveals that CSE has not sup...

The relevant literature suggests that ownership structure is one of the main corporate governance... more The relevant literature suggests that ownership structure is one of the main corporate governance mechanisms influencing the scope of financial performance. The aim of this study is to investigate the relationship between ownership structure and financial performance of listed beverage food and tobacco companies for the period of 2010-2015. This study also examines the impact of ownership structure on financial performance. The sample consists of 10 listed beverage food and tobacco companies in Sri Lanka. In this study, data was collected from secondary sources and hypotheses are examined by using Pearson's correlation and regression analysis. The results reveal that ownership concentration and foreign ownership structure are positively correlated with financial performance of listed beverage food and tobacco companies while institutional ownership structure isn't significantly correlated with financial performance. It is also found that there is a significant impact of fore...

ABSTRACT Abstract The concept of budget deficit has become a major social and political issue. Fi... more ABSTRACT Abstract The concept of budget deficit has become a major social and political issue. Fiscal policy and its indicators play an important role in the design and execution of fiscal policies by the government of many countries. The main purpose of the study is to find out the impact of fiscal deficit on economic growth in Sri Lankan perspective. Data on the Fiscal deficit and economic growth from the year 1970 to 2010 were collected for the study purpose. The results revealed that, there is no significant impact of fiscal deficit on the economic growth. And also, there is no significant relationship between fiscal deficit and economic growth in the Sri Lankan economic perspective. Finally, we have suggested that, government of SriLanka should heavily focus on the infrastructure development to enhance the economic growth level through the effective fiscal policy frame work. Key Words: Economic Growth, Fiscal Deficit, Sri Lankan Economic Perspective.

SSRN Electronic Journal, 2016

This study directed towards green consumerism in the Sri Lankan context. The Topic is new and con... more This study directed towards green consumerism in the Sri Lankan context. The Topic is new and considered as the emerging one in the marketing paradigm. Meanwhile, this study focuses on examining the purchase intention under the concept of green consumerism among young consumers in the Sri Lankan stand point. Four antecedents as environmental attitude, perceived consumer effectiveness, health consciousness and social influence are incorporated in to the proposed model. Rigorous statistical technique like Structural Equation Modelling is utilized to test the main research hypotheses. This study finds that environment attitude, perceived consumer effectiveness, and health consciousness significantly influence the green purchase intention. In contrast, this study observes that social influence does not significantly influence the green purchase intention. In addition, Young consumers in Sri Lankan perspective have a favourable mind set towards green purchase. Therefore, green marketers ...

Social Science Research Network, Mar 15, 2015

International Journal of Accounting and Financial Reporting, 2017

The relevant literature suggests that ownership structure is one of the main corporate governance... more The relevant literature suggests that ownership structure is one of the main corporate governance mechanisms influencing the scope of financial performance. The aim of this study is to investigate the relationship between ownership structure and financial performance of listed beverage food and tobacco companies for the period of 2010-2015. This study also examines the impact of ownership structure on financial performance. The sample consists of 10 listed beverage food and tobacco companies in Sri Lanka. In this study, data was collected from secondary sources and hypotheses are examined by using Pearson’s correlation and regression analysis. The results reveal that ownership concentration and foreign ownership structure are positively correlated with financial performance of listed beverage food and tobacco companies while institutional ownership structure isn’t significantly correlated with financial performance. It is also found that there is a significant impact of foreign owne...

ERN: Other Microeconomics: Intertemporal Firm Choice & Growth, 2016

The issue of dividend policy is a very important one in the current business environment. Dividen... more The issue of dividend policy is a very important one in the current business environment. Dividend policy is the regulations and guidelines that a company uses to decide to make dividend payments to shareholders. The objective of the study is to find out the impact of dividend policy on corporate profitability of Listed manufacturing companies in Sri Lanka. Dividend payout ratio and dividend yield are used to measure the dividend policy while ROE and ROA are used to measure the corporate profitability.Data for the study were extracted from annual report and accounts of 23 Listed manufacturing companies in Sri Lanka for the period of 2009 to 2014. These data were subjected to regression analysis, using E-view software and the findings indicate that; there is a significant impact of dividend policies of organizations on corporate profitability. It is recommended that Organizations should ensure that they have a good and robust dividend policy in place because it will enhance their pro...

ERN: Other Microeconomics: Intertemporal Consumer Choice & Savings (Topic), 2016

Study is directed towards green consumerism in the Sri Lankan context. Topic is new and considere... more Study is directed towards green consumerism in the Sri Lankan context. Topic is new and considered as an emerging one in the marketing paradigm. Meanwhile, this study focuses on green consumerism among young consumers in Sri Lankan stand point. Proposed model in this study was designed as the extension of Theory of Planned Behavior (TPB). Exploratory Factor Analysis, Confirmatory Factor Analysis and Structural Equation Modeling were utilized as advanced statistical techniques to approach the research questions in this study frame. In this context, results revealed that, green purchase intention was significantly influenced by environment attitude, perceived consumer effectiveness and health consciousness. In contrast, green purchase intention was not significantly influenced by media influence, environmental concern, social influence and perceived government initiatives. ?In addition, Young consumers in Sri Lankan perspective have favorable mindset towards green purchase. In practic...

International Journal of Accounting and Financial Reporting, 2018

The audit committee is one of the key elements in the corporate governance structure that helps t... more The audit committee is one of the key elements in the corporate governance structure that helps to control and monitor management in the organization. The aim of this study is to investigate the impact of audit committee on organizational performance of listed hotels and travels in Sri Lanka. The sample consists of 15 listed hotels and travels in Sri Lanka. In this study, data was collected from secondary sources and hypotheses are examined by using Pearson’s correlation and multiple regression analysis (Eviews). The results reveal that audit committee attributes such as AC independence, AC experts and AC meetings have a significant impact on organizational performance of listed hotels and travels in Sri Lanka. Further audit committee size is not found to have a significant impact on the organizational performance. The findings could be useful to regulators in other jurisdiction who are looking at ways to enhance the effectiveness of AC, overall firm governance and enhance the organ...

SSRN Electronic Journal, 2015

In the post-war era, local firms are facing stiff competition from foreign brands. In order to co... more In the post-war era, local firms are facing stiff competition from foreign brands. In order to compete successfully they need to develop new marketing strategies on post-war perspective. At the same time, they also need to focus on all the marketing activities from the consumer’s perspectives. During war, consumers were more conscious on the product accessibility, and did not consider the other aspects in the brands, but in the post-conflict marketing environment they expect good value for the money which they spent on the product.Extent research on marketing strategies lacks in theory based frame work that explicate what marketing strategies are appropriate for the war/conflict affected places. The present study explored marketing strategies, appropriate to the unique context. Using grounded theory methodology data were collected, through 5 focus group discussions and 25 interviews with the consumers in the Northern Province of Sri Lanka. Theoretical sampling technique is used to select the appropriate respondents; Data were collected until the data saturation was arrived. 89 initial codes were identified from the initial coding viaNvivo (version 09) software. From the axial coding and substantial coding 11 categories were found. Marketers adopt 15 strategies to reach the consumers in the conflict affected places. Consumers prefer 05 strategies, such as social responsibility, cultural match, ethical marketing, employee’s behavior, and infrastructure development as the best from the 15 strategies. Ethical marketing strategy is needed in the conflict affected places. Findings show that, consumers in the conflict affected places expect ethical behavior in all aspects of marketing activities.

Abstract This research focuses on the research question as what extent the export and import infl... more Abstract This research focuses on the research question as what extent the export and import influence on Economic growth in the Sri Lankan Perspective. Data on the economic growth, export and import from the year 1970 to 2010 were collected for the study purpose. The results revealed that, the export and import have the significant positive relationship with each other, and also, both export and import have the significant impact on the economic growth. Further, the export and import have been associated by 98 percent, which denotes that, there is a strong positive association between export and import. We have suggested that, the small medium enterprises should be motivated towards export orientation. Meantime, the restrictions in the import of the raw materials to the industries should be implemented in the flexible way through the fiscal and monetary policy. In the further research, the performance of the external sector should be tested in the srilankan context to identify the ...

SSRN Electronic Journal, 2007

Altman original bankruptcy forecasting model is the first developed model to identify the financi... more Altman original bankruptcy forecasting model is the first developed model to identify the financial sound or bankruptcy of an organization. Following this model several models are developed for the same purpose. But this model is still accepted to test the financial sound and at the same time, we are aware of no research in the same discipline in Sri Lankan contex. Hence this model is selected to examine the bankruptcy of the companies. The financial institutions and commercial banks are interested to know whether a particular company will be in a position to repay its debts. Here the firm’s ability to repay its debts should be predicted. In this paper, financially sound or bankruptcy of the companies is examined by using Altman’s original bankruptcy forecasting model with the samples of 25 quoted companies in Sri Lanka. Five years data during the periods of 1999/2000-2003/2004 are taken for the study. Major finding of the study is that only four companies, out of 25 Companies, are in the position of financially sound.

Nowadays many accounting standard setters want to move towards the relevance of fair value than r... more Nowadays many accounting standard setters want to move towards the relevance of fair value than reliability of historical value even accounting information has to maintain them in balance. The most percentage of value in financial statements is represented by non-current assets. And also the company act has insisted the implementing impairment test in the companies. Hence importance of impairment of assets has grown. The purpose of this study is to analyze the disclosures of impairment of non-current assets in applying LKAS 36 and their impact by inspecting the 5 years financial reports surveyed during the period from 2008-2012 of listed manufacturing companies in CSE. The disclosure of impairment was analyzed by using descriptive statistics and the impacts were evaluated by inferential statistics of regression and analyzed the relationship by correlation and coefficient between Impairment loss and selected accounting information of Return On Assets (ROA), Return On Capital Employed (ROCE), Net Profit Margin (NPM), Operating Profit Ratio (OPR) , and Earning Per Share( EPS). According to the findings 6% of reports disclosed very detailed information about the impairment. Nearly 90%of companies fail to give any reason to the impairment loss, even though they met the significant amount loss. All the companies have disclosed the accounting policies of impairment of assets. The results of analyzing impact of impairment show that, reported impairment losses had a significant impact upon reported profits. Loss making companies were more adversely affected by impairment losses than profitable companies. The sample company’s EPS dropped from 0.21 to -1.89 by recording Impairment loss. Hence the impairment loss was often a significant component of the reported overall loss. Future company financial reports on impairment could improve the disclosure to include a clear cause of impairment stated unambiguously in the annual reports with supporting value.

International Journal of Trend in Scientific Research and Development, 2019

Corporate governance is concerned with ways in which all parties interested in the well-being of ... more Corporate governance is concerned with ways in which all parties interested in the well-being of the organization attempt to ensure that mangers and other insiders take measures or adopt mechanisms that safeguard the interests of the stakeholders.. The purpose of the study is to find out the impact of corporate governance on profitability of listed Land and Property companies in Sri Lanka. Return of Assets is used as dependent variable. To measure the corporate governance, Board size, Board composition and independent directors of Remuneration committee. number of auditors are considered in this study. Firm size was considered as control variable in this study. The data were collected from firms' annual financial reports and Data Stream over the period of 2011to 2016, from the CSE website. Descriptive statistics, correlation analysis, multiple linear regression analysis were used to analyse the data and examine the hypotheses by using the E-views 10 version, in this study. The findings revealed that there is a positive and significant relationship between ROA with auditors, board composition. Independent directors of Remuneration committee and board size are insignificantly correlated with ROA. Furthermore, it was found that the control variable (firm size) was insignificant in influencing firm performance (ROA)..This study provides useful information for policy makers, regulators in improving the corporate governance policies in the future and also helps in increasing and understanding the relationship between corporate governance and firm's performance.

Corporate governance and financing decision plays a big role in the maximization of share holders... more Corporate governance and financing decision plays a big role in the maximization of share holders’ wealth and good corporate governance is important in increasing the market value of the firm. This study investigates the relationship between corporate governance and financing decision of listed Beverage, Food and Tobacco companies in Sri Lanka. Data are obtained from the annual reports of the selected companies for the period 2011 -2015 financial years. Pooled and fixed effect regression results indicate that firm size and block share holders are positively associated with financing decision . Board composition, female director , and frequency of board meeting have negative impact on financing decision of the companies. CEO duality has no impact on financing decision of the listed Beverage, Food and Tobacco companies in Sri Lanka.

This paper investigates the effects of impairment of assets on profitability and capital structur... more This paper investigates the effects of impairment of assets on profitability and capital structure of listed manufacturing companies in CSE in Sri Lanka. The study data have been collected from the financial statements during a five years periods of 2008-2012. The study attempt to find the answer to the question that does impairment of assets affect the profitability and capital structure of the companies? The study sample consists of 37 companies. Impairment loss is independent variable and profitability and capital structure are dependent variables. The descriptive statistics were used and then Pearson’s correlation coefficient was used to identify the relationship between the variables. The regression analysis was used to identify the impact of impairment loss on profitability and capital structure. The study found that impairment of assets was found to have a negative impact on profitability and capital structure. The findings also confirmed that changes by impairment have signi...

This study investigates the reaction of market and efficiency of market to announcement of impair... more This study investigates the reaction of market and efficiency of market to announcement of impairment loss write down in Colombo Stock Exchange (CSE) from 2008 to 2014. This research is identified fifty-eight events of twenty listed manufacturing companies in CSE. The existent study used the standard event study approach to find the results. The hypotheses of operational were framed and results discovered that 55% of Average Abnormal Return (AAR) are positively and 45% of AARs are negatively on the occasion day “0” (event day). The results reveal negative AARs of -0.37% and impact of negative significant on Share Price (SP) (t=-1.6682) at 10% level which incurred on the impairment loss announcement date. These results shows that impairment loss writes down events indicate significant negative information to the CSE. End of the windows period abnormal returns are gained by market as positive return of CAAR of 9.15% during the windows period of 61 days. It reveals that CSE has not sup...

The relevant literature suggests that ownership structure is one of the main corporate governance... more The relevant literature suggests that ownership structure is one of the main corporate governance mechanisms influencing the scope of financial performance. The aim of this study is to investigate the relationship between ownership structure and financial performance of listed beverage food and tobacco companies for the period of 2010-2015. This study also examines the impact of ownership structure on financial performance. The sample consists of 10 listed beverage food and tobacco companies in Sri Lanka. In this study, data was collected from secondary sources and hypotheses are examined by using Pearson's correlation and regression analysis. The results reveal that ownership concentration and foreign ownership structure are positively correlated with financial performance of listed beverage food and tobacco companies while institutional ownership structure isn't significantly correlated with financial performance. It is also found that there is a significant impact of fore...

ABSTRACT Abstract The concept of budget deficit has become a major social and political issue. Fi... more ABSTRACT Abstract The concept of budget deficit has become a major social and political issue. Fiscal policy and its indicators play an important role in the design and execution of fiscal policies by the government of many countries. The main purpose of the study is to find out the impact of fiscal deficit on economic growth in Sri Lankan perspective. Data on the Fiscal deficit and economic growth from the year 1970 to 2010 were collected for the study purpose. The results revealed that, there is no significant impact of fiscal deficit on the economic growth. And also, there is no significant relationship between fiscal deficit and economic growth in the Sri Lankan economic perspective. Finally, we have suggested that, government of SriLanka should heavily focus on the infrastructure development to enhance the economic growth level through the effective fiscal policy frame work. Key Words: Economic Growth, Fiscal Deficit, Sri Lankan Economic Perspective.