Dividend policy determinants of Sri Lankan firms: a triangulation approach

2019 ◽  
Vol 45 (1) ◽  
pp. 2-20 ◽  
Author(s):  
H. Kent Baker ◽  
N. Jayantha Dewasiri ◽  
Weerakoon Banda Yatiwelle Koralalage ◽  
Athambawa Abdul Azeez
Keyword(s):  
Sri Lanka ◽  
Survey Data ◽  
Cash Flow ◽  
Dividend Policy ◽  
Hybrid Approach ◽  
Secondary Data ◽  
Free Cash Flow ◽  
Primary Data ◽  
Sri Lankan ◽  
Content Type

PurposeThe purpose of this paper is to identify the dividend policy determinants of Sri Lankan firms and why they pay dividends.Design/methodology/approachThe study uses several quantitative approaches to investigate dividend determinants using market (secondary) data of 190 Sri Lankan firms and 1,330 firm-year observations. Dividend determinants are also identified using survey (primary) data from 141 of the 190 firms. Triangulation is then used to facilitate validation of the data through cross-verification from two data sources.FindingsAnalysis of the market data reveals that firm size, industry impact, corporate governance, free cash flow, earnings, past dividends, profitability, investment opportunities, net working capital, concentrated ownership structure and investor preference represent the most important dividend determinants. Survey data confirm these findings. The evidence supports the pecking order, signaling, free cash flow, catering and outcome theories using both secondary and primary data and the bird-in-the-hand theory using survey data.Research limitations/implicationsThe findings are useful not only for corporate decision makers in establishing an appropriate dividend policy but also for shareholders in making investment decisions. Because the current study is limited to Sri Lanka, future researchers should study the same phenomenon in other countries using the triangulation approach.Originality/valueThis study provides a hybrid approach to dividend policy research by using both primary and secondary data in a single study. It is the first dividend study in Sri Lanka to use a triangulation approach.

Corporate governance and dividend policy in Sri Lankan firms: a data triangulation approach

2020 ◽  
Vol 12 (4) ◽  
pp. 543-560
Author(s):  
H. Kent Baker ◽  
Narayanage Jayantha Dewasiri ◽  
Sandaram P. Premaratne ◽  
Weerakoon Yatiwelle Koralalage
Keyword(s):  
Corporate Governance ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Agency Cost ◽  
Free Cash Flow ◽  
Sri Lankan ◽  
Survey Analysis ◽  
Data Set ◽  
Market Data ◽  
Content Type

Purpose This paper aims to investigate the relation between corporate governance and dividend policy in Sri Lankan firms. Design/methodology/approach The data set consists of market data using 1,608 firm-year observations from 201 firms listed on the Colombo Stock Exchange and survey-based data from 151 respondents from the same 201 firms. The authors use data triangulation to examine the two approaches. Findings The analysis of the market data reveals that a significantly positive relation between corporate governance on both the propensity to pay dividends and dividend payout. Survey analysis confirms these findings. Triangulated evidence supports the outcome model of dividends, free cash flow and agency cost theories. Practical implications The findings are useful not only for management in developing suitable corporate governance practices and dividend policies for their firms but also for shareholders in evaluating both existing and new investments. Future researchers should investigate the same phenomenon in other contexts using triangulation approaches to confirm their findings. Originality/value This study is the first to use governance indices both in terms of survey and market-based data to examine the relation between corporate governance and dividend policy.

scholarly journals The Effect of Firm Sizes, Profitability, Dividend Policy, Asset Structure, Sales Growth and Free Cash Flow on Debt Policy

2020 ◽  
Vol 4 (1) ◽  
pp. 100-119
Author(s):  
Ria Nurdani ◽  
Ika Yustina Rahmawati
Keyword(s):  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Free Cash Flow ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Company Growth ◽  
Debt Policy

The study aims to examine the effect of company size, profitability, dividend policy, asset structure, company growth and free cash flow on debt policy. The object of this study uses manufacturing companies listed on the Indonesia Stock Exchange. The data used is secondary data in the form of annual financial statements for the 2015-2018 period. The collection technique used in this study was purposive sampling while the data analysis techniques used in this study were descriptive statistics, classic assumption tests, multiple regression analysis and hypothesis testing. The analysis show that the size of the company has a negative and not significant effect on debt policy, profitability has a negative and significant effect on debt policy. Dividend policy variables and asset structure has a negative and significant effect on debt policy. While sales growth and free cash flow has no effect on debt policy.

scholarly journals Common Mistakes in Creating Sentences Consisting of a Subject and Predicate and in Translating them to Tamil: A Case Study of Undergraduates of the Department of Arabic Language of South Eastern University of Sri Lanka

2021 ◽  
Vol 4 (12) ◽  
pp. 152-157
Author(s):  
Zunoomy M.S. ◽  
Munas M.H.A.
Keyword(s):  
Sri Lanka ◽  
Language Learners ◽  
Second Language Learners ◽  
Secondary Data ◽  
Arabic Language ◽  
Specific Aspect ◽  
Primary Data ◽  
Sri Lankan ◽  
Analytical Methodology ◽  
South Eastern

Nominal sentence is a specific aspect of a language. It consists of a subject and predicate. The predicate reflects the subject. Second language learners of Arabic at the level university face difficulties in creating sentences consisting of a subject and predicate and in translating them into Tamil. At the same time, they have learned Arabic grammar in Sri Lankan Arabic Colleges with the 5 – 7 years and also Tamil is their native language. Thus, this research aims to identify the grammar errors when writing nominal sentences and to translate them to Tamil and to rely on the reasons for them. To this, the research uses descriptive analytical methodology through a quantitative approach. It uses a questionnaire for primary data among the undergraduates of the Department of Arabic Language, South Eastern University of Sri Lanka. At the same time, secondary data were gathered from researches, books, articles, website articles. The research finds that the undergraduate has the enough theoretical knowledge about the nominal sentence and they have no confuse to develop a nominal sentence. At the same time, in the practical part, they are neutral level in writing a nominal sentence, in finding the error from them a, and in translating them into Tamil. Hence, the practical part is difficult for the undergraduates than the theoretical part.

Importance of meaningful co-operation in preventing and interdicting economically motivated crime and misconduct

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Asanga Abeyagoonasekera
Keyword(s):  
Sri Lanka ◽  
Design Methodology ◽  
Secondary Data ◽  
War On Drugs ◽  
The State ◽  
Economic Crime ◽  
Sri Lankan ◽  
Content Type ◽  
International Agencies ◽  
Financing Of Terrorism

Purpose The purpose of this paper will attempt to depict the importance of meaningful co-operation in preventing and interdicting economically motivated crime and misconduct in Sri Lanka while exploring the challenges faced by the state, its bureaucracy, extremist threat, war on drugs and anti-money laundering/countering the financing of terrorism (AML/CFT) mechanisms. Design/methodology/approach Qualitative and secondary data. Findings While mechanisms to introduce legislation and implement the national actions plan on combating bribery and corruption will add significant value to the entire system, Sri Lanka will need to improve co-operation among domestic and international agencies to overcome the challenges. For domestic co-operation educating the bureaucracy is essential in this regard who would take a central role in advising the policymakers. Originality/value Sri Lankan perspective has not been discussed on challenges faced by the state, its bureaucracy, extremist threat, war on drugs and AML/CFT mechanisms. Paper was presented at the Cambridge International Symposium on Economic Crime 2019.

scholarly journals PENGARUH LEVERAGE DAN FREE CASH FLOW TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN INDEKS LQ45 YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN (2012-2016)

2018 ◽  
Vol 13 (02) ◽  
Author(s):  
Siska Mangundap ◽  
Ventje Ilat ◽  
Rudy Pusung
Keyword(s):  
Hypothesis Testing ◽  
Cash Flow ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Free Cash Flow ◽  
Coefficient Of Determination ◽  
Using Data

            This study aims to determine the effect of leverage and free cash flow on dividend policy on LQ45 index companies listed in Indonesia Stock Exchange 2012-2016. The population used in this study is the LQ45 index company listed on the Indonesia Stock Exchange 2012-2016. Method of sampling by purposive sampling according to predetermined criteria. The number of samples collected were 11 companies. Research data is secondary data obtained from Indonesia stock exchange (IDX) year 2012-2016. The collected data is analyzed by using data analysis which is done by classical assumption test before doing hypothesis testing. Hypothesis testing in this study using multiple linear regression analysis with t test, f test, and coefficient of determination. The results of this study indicate that leverage variables have a negative and significant effect on dividend policy. This suggests that leverage can affect the high dividend policy. While free cash flow has a positive and insignificant effect on dividend policy. This shows that free cash flow does not affect the high dividend policy.Keywords: leverage, free cash flow, dividend

scholarly journals Challenges Faced by Arabic Madrasas in Sri Lanka and Proposed Solutions

2021 ◽  
Vol 4 (4) ◽  
pp. 234-252
Author(s):  
MZM Nafeel
Keyword(s):  
Sri Lanka ◽  
Mother Tongue ◽  
Secondary Data ◽  
Primary Data ◽  
Educational Institutions ◽  
Sri Lankan ◽  
Present Context ◽  
The Holy Quran ◽  
Scientific Results ◽  
Secondary Information

Learning different languages for different reasons in addition to the mother tongue is essential in the present context, like learning Arabic in Sri Lanka. Arabic is the language of religion of Islam. Muslims in Sri Lanka have been learning this language since the emergence of Islam for religious purposes. Religious educational institutions were established many years ago in Sri Lanka. These institutions (madrasas) for teaching the Holy Quran and religious sciences appeared in the late eighteen centuries. However, there are shortcomings in these educational institutions in terms of their educational and administrative activities. A study on "Challenges faced by Arabic Madrasas in Sri Lanka", aims to reveal the entry of Arabic into Sri Lanka and its status. It also identifies the challenges and difficulties faced by these institutions in teaching Arabic. To obtain accurate scientific results, this study follows the descriptive qualitative method, using primary and secondary information, primary data was collected through interviews with specialists in teaching Arabic. For secondary data, books and other authentic documents were studied. In this study, the researcher has identified difficulties in teaching Arabic in the Sri Lankan context; designing teaching materials due to lack of agreement among the institutions, difficulties in appointing efficient teachers since the salaries are not attractive, unavailability of good environment for education and the lack of modern equipment.

scholarly journals Inquiry into the cultural impact on cost accounting systems (CAS) in Sri Lanka

2017 ◽  
Vol 32 (4/5) ◽  
pp. 463-499 ◽  
Author(s):  
Padmi Nagirikandalage ◽  
Ben Binsardi
Keyword(s):  
Sri Lanka ◽  
Cultural Values ◽  
Cost Accounting ◽  
Institutional Isomorphism ◽  
Theoretical Development ◽  
Primary Data ◽  
Sri Lankan ◽  
Accounting Systems ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to critically explore the implementation of cost accounting systems (CAS) using content analysis. In particular, it aims to examine the impact of Sri Lankan cultural and local characteristics on the adoption of CAS. In particular, it examines the factors that facilitate or hinder the adoption of CAS in Sri Lanka. Design/methodology/approach Primary data for the research were obtained by interviewing selected respondents from Sri Lanka’s manufacturing and service sectors. They were shortlisted using maximum variation sampling to obtain a representative cross-section of the national population. A total of 16 respondents were interviewed, which resulted in 57 interview paragraphs to be coded. Several theories were used to analyse them, namely, the theory of institutional isomorphism (homogeneity) and the theory of heterogeneity, as well as Clifford Geertz’s cultural theories. Findings A cross-comparison between the findings and relevant literature indicates the existence of complete institutional isomorphism and partial institutional heterogeneity in Sri Lanka. Heterogeneity exists in organisations such as foreign multinationals, which have adopted unique and sophisticated CAS. In addition, inadequate access to information and the orientation of the local culture has affected the implementation of CAS in Sri Lanka, with a lack of awareness of the importance of CAS, a sluggish approach to costing and cultural values forming prominent barriers to its implementation. These findings are plausible in light of the relationship between a sluggish approach towards costing (a low cost awareness), and local attitudes towards the implementation of more efficient accounting practices such as CAS. Practical implications This research is invaluable as a tool for Sri Lankan policymakers and practitioners, enabling the public and private sectors to provide education and training to enhance staff understanding and promote a positive attitude towards costing. With more efficient institutional CAS, the country’s economy will be more competitive internationally. As well as policymakers and practitioners, this research could be used by academicians for advancing theoretical development around the cultural triggers and barriers for adopting more innovative and fresher CAS in Sri Lanka. Originality/value The originality of this research can be justified on two counts. Firstly, although a wealth of research exists that examines the influence of culture on behaviour, this research specifically evaluates the impact of cultural factors on attitudes towards costing. These factors could be facilitators or obstructions for implementing CAS. Secondly, this research aims to combine both earlier and recent theories of institutionalism with Clifford Geertz’s cultural theory, to investigate how people and institutions in Sri Lanka adopt CAS. Earlier studies have focused merely on earlier theories of institutional homogeneity.

Toward a theory on workplaces for smart workers

Facilities ◽  
2019 ◽  
Vol 38 (3/4) ◽  
pp. 298-315
Author(s):  
Luisa Errichiello ◽  
Tommasina Pianese
Keyword(s):  
Web Sites ◽  
Participant Observation ◽  
Secondary Data ◽  
Primary Data ◽  
Innovative Design ◽  
Content Type ◽  
New Type ◽  
Smart Working ◽  
Research Propositions

Purpose The purpose of this paper is to identify the main features of smart work centers (SWCs) and show how these innovative offices would support the implementation of smart working and related changes in workspaces (“bricks”), technologies (“bytes”) and organizational practices (“behaviors”). Design/methodology/approach In this study, scientific literature is combined with white papers and business reports and visits to 14 workplaces, including offices designed as SWCs, co-working spaces, one telecenter, one accelerator and one fab lab. Primary data were collected through interviews with managers and users and non-participant observation, whereas secondary data included web-sites, brochures, presentations, press releases and official documents. Findings The authors developed research propositions about how the design of spaces and the availability of technology within SWCs would support the “bricks” and “bytes” levers of smart working. More importantly, the authors assumed that this new type of workplace would sustain changes in employees’ behaviors and managers’ practices, thus helping to overcome several challenges traditionally associated with remote working. Research limitations/implications The exploratory nature of the research only provides preliminary information about the role of SWCs within smart working programs. Additional qualitative and quantitative empirical investigation is required. Practical implications This study provides valuable knowledge about how the design of corporate offices can be leveraged to sustain the implementation of smart working. Originality/value This study advances knowledge on workplaces by focusing on an innovative design of traditional offices (SWC). It also lays the foundations for future investigation aimed at testing the developed propositions.

The sustainable management design of oxbow lake to determine the factors in lake management in Buluh Cina village, Indonesia

2020 ◽  
Vol 11 (4) ◽  
pp. 395-430
Author(s):  
Adi Susilo
Keyword(s):  
Survey Methods ◽  
Secondary Data ◽  
Lake Management ◽  
Monte Carlo Analysis ◽  
Oxbow Lake ◽  
Primary Data ◽  
Economic Dimension ◽  
Content Type ◽  
Sustainability Index ◽  
Index Value

Purpose The purpose of this study at the level of sustainability of oxbow lake was intended to determine the status of sustainability, leverage attributes and driving factors in the management of oxbow lake in Buluh Cina village in Kampar, Riau, Indonesia. Design/methodology/approach The types of data collected include primary data and secondary data. Data was collected using survey methods, library research, laboratory analysis and interviews. The analytical method used this study is multidimensional scaling (MDS) analysis and prospect analysis. Sustainability analysis is done using the MDS analysis approach with the help of RapOxbow software and compared to Monte Carlo analysis results. Findings The current sustainability status of the management of Lake Baru ecosystem according to a number of dimensions is considered sustainable with a sustainability index value of 50.95. Meanwhile, the analysis results of each dimension shows that the sustainability index for the ecological dimension is 42.56 and the sustainability index for the economic dimension is 47.44, which means that the index is less sustainable. Originality/value The approach of this research is MDS analysis and prospect analysis and research locations in Buluh Cina village in Kampar, Indonesia which have never been studied before. This is one of few studies that investigates comprehensively the analysis of management sustainability, especially in the dimensions of ecology, economics and socio-culture, especially in Indonesia.

CHALLENGES AND CONSTRAINTS TO ENHANCE THE ENTREPRENEURSHIP EDUCATION IN HIGHER EDUCATIONAL INSTITUTIONS OF A DEVELOPING COUNTRY: EVIDENCE FROM SRI LANKA

2020 ◽  
Vol 5 (12) ◽  
pp. 13-26
Author(s):  
T.M.A. Tennakoon ◽  
Kennedy Gunawardena ◽  
S.P. Premaratne
Keyword(s):  
Developing Countries ◽  
Sri Lanka ◽  
Education System ◽  
Action Plan ◽  
Secondary Data ◽  
Entrepreneurship Education ◽  
Sri Lankan ◽  
Study Approach ◽  
Effective Strategies ◽  
Developed Nations

This study through an exploratory approach review the challenges and constraints faced in enhancing entrepreneurship education in developing countries using Sri Lanka as a case study. Previous studies on the subject matter is very scarce and even in international journals only few papers appeared on entrepreneurship education in developing countries. The purpose of this paper is to study the current entrepreneurship education system in Sri Lankan state universities with reference to challenges and constraints and to propose an action plan to raise entrepreneurship education in Sri Lanka to be in par with that of developed nations so that these universities can act as the centerpieces of business innovations and entrepreneurship development. This paper employs an exploratory study approach by analyzing current entrepreneurship education system in Sri Lanka by reviewing secondary data such as various journals and government publications to build the arguments and recommendations outlined. Among constraints and challenges for the development of entrepreneurship education, lack of resources, lack of entrepreneurial skills in lecturers, poor stake-holder engagement, weak government policies and industry � university gap are common to most developing countries. In addition with its free education policy, Sri Lankan universities are faced with strict university entrance procedures and lack of selection of desired courses for majority of students. Findings of this study and salient suggestions will be an invaluable toolkit for policy makers to design effective strategies for entrepreneurship education in developing countries.

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