http://ir.lib.ruh.ac.lk/handle/iruor/7402 Tue, 28 Apr 2026 16:24:06 GMT 2026-04-28T16:24:06Z http://ir.lib.ruh.ac.lk/handle/iruor/17625 Issues and Challenges of Quality Assurance in Higher Education Institutes: A Systematic Literature Review Pushpakumara, H.M.C.; Jayaweera, P.M.; Wanniarachchige, M.K. Quality Assurance is a timely topic in higher education that ensures the quality has been fulfilled in order to achieve the expected objectives. While many success stories and improvements have been reported, implementation issues and challenges have been highlighted in quality assurance systems. Therefore, a systematic literature review can be used to be aware of recent advancements and unsolved problems of the scenario. To this end, this study reviews the related research studies highlighting the issues, challenges, and proposed solution approaches. Accordingly, this study identified issues of quality assurance under three main categories: 1. institute-related issues, 2. quality assurance process related issues, and 3. quality assurance stakeholder related issues. Further, three main solution approaches were identified: 1. attitude changes and increasing the awareness of stakeholders, 2. policy-level changes of the system, and 3. quality assurance process improvements and facilitating information system solutions to address these issues. Among these solutions, process improvements and information system solutions can be identified as a substantial solution to address these issues. However, to create an effective information system solution to facilitate higher education quality assurance, a reliable model is necessary. This literature review highlights the lack of such a reliable model for developing an information system that aims to facilitate higher education quality assurance. Sun, 01 Jan 2023 00:00:00 GMT http://ir.lib.ruh.ac.lk/handle/iruor/17625 2023-01-01T00:00:00Z http://ir.lib.ruh.ac.lk/handle/iruor/17624 Effect of Corporate Governance on Stock Return in Firms Listed in Colombo Stock Exchange. Wanniarachchige, M.K.; De Silva, L.D. Despite the enormous attention that corporate governance received following a series of corporate scandals, the effectiveness of prevailing governance best practices in achieving intended objectives remains a puzzle. Therefore, this study assesses the association between corporate governance and stock returns using the data on a sample of 100 firms listed in the Colombo Stock Exchange for the five years from 2016 to 2020. Four corporate governance sub-indices were formulated to measure the level of corporate governance compliance by classifying 18 board-related best practices into four sub-indices where each best practice is given the same weight. Capital gain, dividend, and total stock return were used as proxies for stock return. A series of random-effects panel regression models used in this study to analyse the data did not show adequate evidence to claim a positive association between stock return and corporate governance compliance. Only the basic board-related best practices show a weak positive impact on stock return. The main reason behind this finding could be the concentrated and family ownership structure prevailing in a large number of smaller firms in Sri Lanka. More precisely, the Sri Lankan firms have maintained satisfactory levels of stock return even when they do not comply with the corporate governance best practices. These findings highlight the necessity of formulating contextually relevant best practices instead of encouraging firms to comply with practices deemed best in developed markets. Sat, 01 Jan 2022 00:00:00 GMT http://ir.lib.ruh.ac.lk/handle/iruor/17624 2022-01-01T00:00:00Z http://ir.lib.ruh.ac.lk/handle/iruor/17605 Impact of board democracy on financial performance of firms listed in Colombo Stock Exchange. Wanniarachchige, M.K.; De Silva, L.D. Along with the widespread attention on corporate governance due to a series of corporate failures directly attributable to agency issues, many countries have formulated best practices and have incorporated these into listing rules of capital markets. These best practices essentially aim to instil democracy in the governing structure of corporations. Nevertheless, neither the level of compliance nor the effectiveness of the best practices in enhancing performance is known without doubt. Therefore, this study first measures the compliance with the best practices using a corporate governance index which is used in this study as a proxy for board democracy and then investigates its effect on firm performance measured using ROA and Tobin's Q. Data was collected on a random sample of 100 firms listed in the Colombo Stock Exchange in Sri Lanka for 2014 and 2018. Findings showed an increase in board democracy as indicated in higher compliance with corporate governance best practices in 2018 compared to 2014. However, even though higher compliance with corporate governance best practices is associated with higher financial performance, its influence on market performance was not evidenced. Therefore, though the effect of board democracy on firm performance cannot be entirely denied, further studies are required to investigate whether the prevailing best practices enhance board democracy so that it can influence firm performance. Fri, 01 Jan 2021 00:00:00 GMT http://ir.lib.ruh.ac.lk/handle/iruor/17605 2021-01-01T00:00:00Z http://ir.lib.ruh.ac.lk/handle/iruor/17599 Banking and Economic Rent in Asia: Rent Effects, Financial Fragility, and Economic Development Suzuki, Y.; Miah, M.D.; Wanniarachchige, M.K.; Uddin, S.M.S. Sun, 01 Jan 2017 00:00:00 GMT http://ir.lib.ruh.ac.lk/handle/iruor/17599 2017-01-01T00:00:00Z