http://ir.lib.ruh.ac.lk/handle/iruor/7399 2026-07-20T19:50:49Z 2026-07-20T19:50:49Z Athukorala, W.A.A.B.K. Weerakkody, D.I.D. http://ir.lib.ruh.ac.lk/handle/iruor/21390 2026-07-08T06:32:38Z 2025-09-26T00:00:00Z

Impact of Capital Structure on Dividend Policy: Evidence from the Food, Beverages & Tobacco, and Capital Goods sectors in Sri Lanka. Athukorala, W.A.A.B.K.; Weerakkody, D.I.D. The relationship between capital structure and dividend policy constitutes a fundamental area of inquiry in corporate finance, significantly shaping investor decision-making and corporate financial strategies. This study examines the influence of capital structure on dividend policies, drawing on evidence from the Food, Beverages & Tobacco, and Capital Goods sectors in Sri Lanka. The study specifically aims to examine whether capital structure determinants affect dividend policy, undertaking profitability, and firm size, controlling for these variables. Based on a sample population of 40 listed companies over five years, the study utilizes secondary data from annual reports to conduct a quantitative analysis. Additionally, previous findings contributed by Scholars are presented in the literature review. The study employs a multiple regression approach to examine the impact of capital structure on dividend policy. The findings from the empirical study reveal significant results, providing insightful descriptions of firms’ financing decisions and their subsequent implications for dividend payments. Specifically, firms with higher debt ratios tend to disburse lower dividends due to financial constraints associated with their debt obligations. Conversely, firms with higher equity ratios have a high likelihood of paying dividends, further validating the point that firms with higher equity bases are better placed to have stable dividend policies and moderately levered firms are likely to have fixed dividend policies. Profitability also emerges as a key determinant of dividend payment decisions, where firms with higher earnings are found to have a higher likelihood of paying dividends. Apart from that, the firms’ size is also revealed to play a moderating role. The findings of this research contribute to the body of literature with empirical evidence for the Food, Beverages & Tobacco, and Capital Goods sectors of Sri Lanka, yielding sector-specific information on the dynamics that drive dividend policies. The findings of this research are particularly relevant to corporate managers, policymakers, and investors who are concerned with optimizing capital structure decisions in line with dividend policies.

2025-09-26T00:00:00Z Weerakkody, D. I. D. Gunarathna, K. G. P. V. http://ir.lib.ruh.ac.lk/handle/iruor/21389 2026-07-08T06:25:06Z 2025-02-19T00:00:00Z

The Impact of Intellectual Capital on the Financial Performance of Licensed Commercial Banks in Sri Lanka with the Moderating Impact of Sustainable Competitive Advantage. Weerakkody, D. I. D.; Gunarathna, K. G. P. V. A sound financial system is crucial for a country's economy, as it provides financial and non-financial services to both the public and private sectors. Banks play a significant role in the Sri Lankan financial system, sustaining the confidence and performance of other financial and non-financial entities, and strengthening the economic health of the country. The banking industry has encountered significant challenges stemming from global pandemics, economic crises, political shifts, evolving policies and regulations, and intense competition. These circumstances reveal the importance of determining the strategic sources for enhancing the industry as a whole. It underscores the critical role of intellectual capital (IC) in achieving financial performance, encompassing knowledge, experience, technology, and relationships. With the turbulent economic environment, adopting a competitive perspective further emphasises the importance of IC as a cornerstone for strengthening financial success. This study investigates the influence of intellectual capital (IC) on the financial performance of licensed commercial banks in Sri Lanka, focusing on the moderating role of sustainable competitive advantage (SCA). The sample consists of 13 licensed commercial banks registered with the Central Bank of Sri Lanka, with data collected from their annual financial reports for the period 2019–2023. Data analysis was primarily conducted using multiple regression analysis. The findings reveal that structural capital, human capital, and capital employed significantly affect the financial performance of the banking industry, whereas relational capital does not. Overall, IC significantly impacts financial performance, and SCA is shown to moderate the relationship between IC and financial performance in Sri Lanka's banking sector.

2025-02-19T00:00:00Z Thisaranga, K.D.I.U. Ariyasena, D.L.M.N.K. http://ir.lib.ruh.ac.lk/handle/iruor/17153 2024-07-31T06:49:15Z 2021-12-03T00:00:00Z

Effect of Camel Model on Bank Performance: With Special Reference to Listed Commercial Banks in Sri Lanka Thisaranga, K.D.I.U.; Ariyasena, D.L.M.N.K. The banking sector has become a rapidly growing sector in the world recently and its financial soundness and performance are essential to the stable and sustainable economic growth of a country. This study investigated the effect of CAMEL parameters on both market-based performance and accounting-based performance of eight listed commercial banks in Sri Lanka for the period 2014-2019. This study has used secondary data from audited annual financial statements of the listed commercial banks. CAMEL model is the most popular method that calculates and evaluates a bank's performance and it includes Capital Adequacy, Assets Quality, Management Efficiency, Earning ability, and Liquidity status. Return on Equity (ROE) is used as an accounting-based performance indicator and Tobin's Q ratio is used as a market-based performance indicator. The finding reveals that Capital adequacy, Assets quality, and Liquidity status have a positive significant impact on market-based performance while other CAMEL indicators have an insignificant impact on market-based performance. Furthermore, Management efficiency is negatively related to accounting-based performance, and earning ability is positively related to accounting-based performance at a significant level while other CAMEL indicators have an insignificant impact on the accounting-based performance of commercial banks in Sri Lanka. The finding of this study is helpful to the stakeholders of the commercial banks in making appropriate managerial decisions efficiently and effectively.

2021-12-03T00:00:00Z Ariyasena, D.L.M.N.K. http://ir.lib.ruh.ac.lk/handle/iruor/17151 2024-07-31T06:42:18Z 2021-01-01T00:00:00Z

Short and long-term Determinants of Commercial Bank Deposit Growth in an Emerging South Asian Economy: Sri Lanka Ariyasena, D.L.M.N.K. Purpose: The purpose of this research is to examine the main factors determining the growth of commercial bank deposits in Sri Lanka for the period 1999 - 2017. Design/Methodology/Approach: The research uses micro and macro level data collected from purposive random basis. The autoregressive distributed lag approach used to determine the significant micro and macro factors of banks deposit growth. Findings: The results show that bank steadiness, the productivity of the banking sector, the large supply of capital, economic growth and inflation are important long-term determinants of deposit growth. The findings additionally show that for bank deposit mobilization, only branch expansion and large money supply are important in the short term. Originality / Value: This study divergent from the extant from the scope empirical studies that focus on the determinants of individual savings behavior in Sri Lanka. The research investigates distinctly how bank characteristics affect deposit growth in view of the short- and long-run time dimensions, thus offering a relatively groundbreaking effort arena. Research Limitations/Future Research Directions – This is based on only for a period of eighteen years and only few determinants have been used for the study due to data availability. However, this study can be extended by using other determents of bank deposits and considering a longer time horizon.

2021-01-01T00:00:00Z