Emil Sudath Kumara | Wayamba University of Sri Lanka (original) (raw)
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Papers by Emil Sudath Kumara
Studies in Business and Economics, 2016
This study investigates the failure and aftermath of state owned enterprises (SOEs) of an emergin... more This study investigates the failure and aftermath of state owned enterprises (SOEs) of an emerging economy, Bangladesh. Failure of SOEs of emerging economy has been investigated by many researchers during the last few decades. This study is an extension of previous research. Through the comparative case study, this study tries to explore the scenario of failure of SOEs, the causal factors of failure, remedial actions and aftermath in SOEs. The findings indicate that different authorities from the policy maker to the operating level employees cannot avoid the responsibilities for failure. Even proper restructuring within the ownership of government can drive the firm positively. It is expected that the comparative case study will help to make the decision for the concerned authorities of Bangladesh as well as the authorities of other countries of the world who are in the same position.
Study attempts to identify the impact of short-term interest rates which are measured by 91 days,... more Study attempts to identify the impact of short-term interest rates which are measured by 91 days, 182 days and 364 days Treasury bill rates on stock prices of Sri Lanka. By this investigation, Multiple Regression Analysis is employed as the key tool and Augment Dickey-Fuller (DF) Unit Root Test, Autocorrelation, and Multicollinearity support the regression results. Study founds that there are weak relationships between short-term interest rates and stock prices of Sri Lanka and correlation between 364 Treasury bill rate and the stock prices indicates a negative relationship. Granger Causality Test reveals that the existence of causality between 364 days Treasury bill rates and stock prices. Findings of this paper provide the literature for prospective researches to investigate the impact of other macroeconomic variables on stock prices of Sri Lanka.
Open innovation has received a considerable focus nowadays. The increasing volume of research on ... more Open innovation has received a considerable focus nowadays. The increasing volume of research on Open innovation (OI) indicates the interest about open innovation. But, still the cost of OI is unrevealed. Researchers are still working on the specification of OI. It seems that the determination of cost of OI is hardly possible in absolute figure. It seems plausible that proactive approach will be matched well with the concept of OI. Hence, OI has been reviewed with mechanisms of cost based decision making with the expectation to make the sense in that paper. It is expected that the sense of common ground between OI and cost based decision making mechanisms will help the OI to make it marketable and vice versa.
Investors’ choice in investment is affected by a number of factors such as natural disasters, eth... more Investors’ choice in investment is affected by a number of factors such as natural disasters, ethnic conflicts, war, political instability, economic recessions etc. Therefore, socioeconomic stability is important in building trust among investors. Nearly three decade-long ethnic conflict in Sri Lanka during 1983 to 2009 may have influenced the investment environment. Several researchers have already examined the dynamic properties of stock return in Sri Lanka. However, those findings are not consistent when there is an impact from ethnic conflict. Therefore, this study aimed to investigate the behavioural patterns of volatility clustering, asymmetric effect and leptokurtic condition of the return during and after the ethnic conflict. Similarly, risk-return trade-off condition is also tested. Daily observations of All Share Price Index from 1985 to 2012 are categorized into conflict period and post-conflict period. While GARCH (m, s) model is employed for volatility clustering, both ...
This paper presents an analysis which explains the impact of two distinct forms of leverage that ... more This paper presents an analysis which explains the impact of two distinct forms of leverage that arises due to the financing activities and operational activities, upon the profitability and market performance of a firm. The sample consists of twenty eight listed companies in the manufacturing sector of Colombo Stock Exchange, and data is gathered for the period 2008-2012. Study discusses the explanatory power of Financial Liability Leverage (FLEV), Operating Liability Leverage (OLLEV), and Total Leverage (TLEV) on Profitability and Market Performance. While profitability is measured by Return on Equity (ROE), Return on Assets (ROA) and Return on Net Operating Assets (RONOA), market performance is proxied by Price to Book value ratio (PB), Price Earnings ratio (PE), Market Capitalization (LGMCAP) and Tobin’s Q. Panel regression analysis is employed where fixed effects and random effects are tested to select the best suited model. The findings revealed that relationship between lever...
Abstract Contribution of entrepreneurship for economic growth and social development is univocal ... more Abstract Contribution of entrepreneurship for economic growth and social development is univocal among entrepreneurship researchers. However, economic growth statistics show that entrepreneurship has not been worked as a development strategy for many developing countries including Sri Lanka. Some researchers argue that institutional context is the major factor which determines the extent of effect on entrepreneurship on economic growth. Thus, the focus of this study is to examine the influence of institutional context on small businesses in selected contexts in the North Western Province. Since the theories on relationship between context and entrepreneurship are deficient in literature, this study followed inductive approach using the case study method with respect to the research question, „How does institutional context influence on entrepreneurial process of small businesses‟. To understand the variation of influence of institutional context, two contrasting contexts were select...
Contribution of entrepreneurship for economic growth and social development is univocal among ent... more Contribution of entrepreneurship for economic growth and social development is univocal among entrepreneurship researchers. However, economic growth statistics show that entrepreneurship has not been worked as a development strategy for many developing countries including Sri Lanka. Thus, this study aimed to examine the influence of institutional context on small businesses in selected contexts in the North Western province following an inductive approach using the case study method. To understand the variation of influence of institutional context, two contrasting contexts were selected from the North-Western province: Kurunegala Township and Degoda-Thurawa. Kurunegala Township was selected to represent formal institutional context and Degoda-Thurawa, which is one of the poorest villages in Kurunagala District was selected to represent self-evolved traditional village where informal institutions are strong. After screening over 100 cases in each context, eight cases were selected i...
Investors' choice in investment is affected by a number of factors such as natural disasters,... more Investors' choice in investment is affected by a number of factors such as natural disasters, ethnic conflicts, war, political instability, economic recessions etc. Therefore, socioeconomic stability is important in building trust among investors. Nearly three decade-long ethnic conflict in Sri Lanka during 1983 to 2009 may have influenced the investment environment. Several researchers have already examined the dynamic properties of stock return in Sri Lanka. However, those findings are not consistent when there is an impact from ethnic conflict. Therefore, this study aimed to investigate the behavioral patterns of volatility clustering, asymmetric effect and leptokurtic condition of the return during and after the ethnic conflict. Similarly, risk-return trade-off condition is also tested. Daily observations of All Share Price Index from 1985 to 2012 are categorized into conflict period and post-conflict period. While GARCH (m, s) model is employed for volatility clustering, bo...
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Study attempts to identify the impact of short-term interest rates which are measured by 91 days,... more Study attempts to identify the impact of short-term interest rates which are measured by 91 days, 182 days and 364 days Treasury bill rates on stock prices of Sri Lanka. By this investigation, Multiple Regression Analysis is employed as the key tool and Augment Dickey-Fuller (DF) Unit Root Test, Autocorrelation, and Multicollinearity support the regression results. Study founds that there are weak relationships between short-term interest rates and stock prices of Sri Lanka and correlation between 364 Treasury bill rate and the stock prices indicates a negative relationship. Granger Causality Test reveals that the existence of causality between 364 days Treasury bill rates and stock prices. Findings of this paper provide the literature for prospective researches to investigate the impact of other macroeconomic variables on stock prices of Sri Lanka.
This study investigates the failure and aftermath of state owned enterprises (SOEs) of an emergin... more This study investigates the failure and aftermath of state owned enterprises (SOEs) of an emerging economy, Bangladesh. Failure of SOEs of emerging economy has been investigated by many researchers during the last few decades. This study is an extension of previous research. Through the comparative case study, this study tries to explore the scenario of failure of SOEs, the causal factors of failure, remedial actions and aftermath in SOEs. The findings indicate that different authorities from the policy maker to the operating level employees cannot avoid the responsibilities for failure. Even proper restructuring within the ownership of government can drive the firm positively. It is expected that the comparative case study will help to make the decision for the concerned authorities of Bangladesh as well as the authorities of other countries of the world who are in the same position.
Studies in Business and Economics, 2016
This study investigates the failure and aftermath of state owned enterprises (SOEs) of an emergin... more This study investigates the failure and aftermath of state owned enterprises (SOEs) of an emerging economy, Bangladesh. Failure of SOEs of emerging economy has been investigated by many researchers during the last few decades. This study is an extension of previous research. Through the comparative case study, this study tries to explore the scenario of failure of SOEs, the causal factors of failure, remedial actions and aftermath in SOEs. The findings indicate that different authorities from the policy maker to the operating level employees cannot avoid the responsibilities for failure. Even proper restructuring within the ownership of government can drive the firm positively. It is expected that the comparative case study will help to make the decision for the concerned authorities of Bangladesh as well as the authorities of other countries of the world who are in the same position.
Study attempts to identify the impact of short-term interest rates which are measured by 91 days,... more Study attempts to identify the impact of short-term interest rates which are measured by 91 days, 182 days and 364 days Treasury bill rates on stock prices of Sri Lanka. By this investigation, Multiple Regression Analysis is employed as the key tool and Augment Dickey-Fuller (DF) Unit Root Test, Autocorrelation, and Multicollinearity support the regression results. Study founds that there are weak relationships between short-term interest rates and stock prices of Sri Lanka and correlation between 364 Treasury bill rate and the stock prices indicates a negative relationship. Granger Causality Test reveals that the existence of causality between 364 days Treasury bill rates and stock prices. Findings of this paper provide the literature for prospective researches to investigate the impact of other macroeconomic variables on stock prices of Sri Lanka.
Open innovation has received a considerable focus nowadays. The increasing volume of research on ... more Open innovation has received a considerable focus nowadays. The increasing volume of research on Open innovation (OI) indicates the interest about open innovation. But, still the cost of OI is unrevealed. Researchers are still working on the specification of OI. It seems that the determination of cost of OI is hardly possible in absolute figure. It seems plausible that proactive approach will be matched well with the concept of OI. Hence, OI has been reviewed with mechanisms of cost based decision making with the expectation to make the sense in that paper. It is expected that the sense of common ground between OI and cost based decision making mechanisms will help the OI to make it marketable and vice versa.
Investors’ choice in investment is affected by a number of factors such as natural disasters, eth... more Investors’ choice in investment is affected by a number of factors such as natural disasters, ethnic conflicts, war, political instability, economic recessions etc. Therefore, socioeconomic stability is important in building trust among investors. Nearly three decade-long ethnic conflict in Sri Lanka during 1983 to 2009 may have influenced the investment environment. Several researchers have already examined the dynamic properties of stock return in Sri Lanka. However, those findings are not consistent when there is an impact from ethnic conflict. Therefore, this study aimed to investigate the behavioural patterns of volatility clustering, asymmetric effect and leptokurtic condition of the return during and after the ethnic conflict. Similarly, risk-return trade-off condition is also tested. Daily observations of All Share Price Index from 1985 to 2012 are categorized into conflict period and post-conflict period. While GARCH (m, s) model is employed for volatility clustering, both ...
This paper presents an analysis which explains the impact of two distinct forms of leverage that ... more This paper presents an analysis which explains the impact of two distinct forms of leverage that arises due to the financing activities and operational activities, upon the profitability and market performance of a firm. The sample consists of twenty eight listed companies in the manufacturing sector of Colombo Stock Exchange, and data is gathered for the period 2008-2012. Study discusses the explanatory power of Financial Liability Leverage (FLEV), Operating Liability Leverage (OLLEV), and Total Leverage (TLEV) on Profitability and Market Performance. While profitability is measured by Return on Equity (ROE), Return on Assets (ROA) and Return on Net Operating Assets (RONOA), market performance is proxied by Price to Book value ratio (PB), Price Earnings ratio (PE), Market Capitalization (LGMCAP) and Tobin’s Q. Panel regression analysis is employed where fixed effects and random effects are tested to select the best suited model. The findings revealed that relationship between lever...
Abstract Contribution of entrepreneurship for economic growth and social development is univocal ... more Abstract Contribution of entrepreneurship for economic growth and social development is univocal among entrepreneurship researchers. However, economic growth statistics show that entrepreneurship has not been worked as a development strategy for many developing countries including Sri Lanka. Some researchers argue that institutional context is the major factor which determines the extent of effect on entrepreneurship on economic growth. Thus, the focus of this study is to examine the influence of institutional context on small businesses in selected contexts in the North Western Province. Since the theories on relationship between context and entrepreneurship are deficient in literature, this study followed inductive approach using the case study method with respect to the research question, „How does institutional context influence on entrepreneurial process of small businesses‟. To understand the variation of influence of institutional context, two contrasting contexts were select...
Contribution of entrepreneurship for economic growth and social development is univocal among ent... more Contribution of entrepreneurship for economic growth and social development is univocal among entrepreneurship researchers. However, economic growth statistics show that entrepreneurship has not been worked as a development strategy for many developing countries including Sri Lanka. Thus, this study aimed to examine the influence of institutional context on small businesses in selected contexts in the North Western province following an inductive approach using the case study method. To understand the variation of influence of institutional context, two contrasting contexts were selected from the North-Western province: Kurunegala Township and Degoda-Thurawa. Kurunegala Township was selected to represent formal institutional context and Degoda-Thurawa, which is one of the poorest villages in Kurunagala District was selected to represent self-evolved traditional village where informal institutions are strong. After screening over 100 cases in each context, eight cases were selected i...
Investors' choice in investment is affected by a number of factors such as natural disasters,... more Investors' choice in investment is affected by a number of factors such as natural disasters, ethnic conflicts, war, political instability, economic recessions etc. Therefore, socioeconomic stability is important in building trust among investors. Nearly three decade-long ethnic conflict in Sri Lanka during 1983 to 2009 may have influenced the investment environment. Several researchers have already examined the dynamic properties of stock return in Sri Lanka. However, those findings are not consistent when there is an impact from ethnic conflict. Therefore, this study aimed to investigate the behavioral patterns of volatility clustering, asymmetric effect and leptokurtic condition of the return during and after the ethnic conflict. Similarly, risk-return trade-off condition is also tested. Daily observations of All Share Price Index from 1985 to 2012 are categorized into conflict period and post-conflict period. While GARCH (m, s) model is employed for volatility clustering, bo...
pucsp.br
Study attempts to identify the impact of short-term interest rates which are measured by 91 days,... more Study attempts to identify the impact of short-term interest rates which are measured by 91 days, 182 days and 364 days Treasury bill rates on stock prices of Sri Lanka. By this investigation, Multiple Regression Analysis is employed as the key tool and Augment Dickey-Fuller (DF) Unit Root Test, Autocorrelation, and Multicollinearity support the regression results. Study founds that there are weak relationships between short-term interest rates and stock prices of Sri Lanka and correlation between 364 Treasury bill rate and the stock prices indicates a negative relationship. Granger Causality Test reveals that the existence of causality between 364 days Treasury bill rates and stock prices. Findings of this paper provide the literature for prospective researches to investigate the impact of other macroeconomic variables on stock prices of Sri Lanka.
This study investigates the failure and aftermath of state owned enterprises (SOEs) of an emergin... more This study investigates the failure and aftermath of state owned enterprises (SOEs) of an emerging economy, Bangladesh. Failure of SOEs of emerging economy has been investigated by many researchers during the last few decades. This study is an extension of previous research. Through the comparative case study, this study tries to explore the scenario of failure of SOEs, the causal factors of failure, remedial actions and aftermath in SOEs. The findings indicate that different authorities from the policy maker to the operating level employees cannot avoid the responsibilities for failure. Even proper restructuring within the ownership of government can drive the firm positively. It is expected that the comparative case study will help to make the decision for the concerned authorities of Bangladesh as well as the authorities of other countries of the world who are in the same position.