ORCID Profile
0000-0002-3316-3813
Current Organisation
University of South Australia
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Publisher: Elsevier BV
Date: 2017
DOI: 10.2139/SSRN.2914735
Publisher: Springer Science and Business Media LLC
Date: 30-01-2019
Publisher: Elsevier BV
Date: 05-2023
Publisher: Elsevier BV
Date: 2011
DOI: 10.2139/SSRN.1965310
Publisher: Elsevier BV
Date: 10-2017
Publisher: Virtus Interpress
Date: 2016
Abstract: Microfinance Institutions (MFIs) that have a mission to provide credit to the poorest of the poor appear to be the panacea for rural poverty and hardship and bring forward a promise of better tomorrows. However, MFIs as a means of expanding financial inclusion and competing with the informal financial sector are not such a success story in rural Nepal. The increasing demand for cash to meet social and religious obligations in largely subsistent village economies is increasingly supported by short-term seasonal migration. The removal of working-age males from communities produces a range of unanticipated and not necessarily desirable outcomes. MFIs, it is suggested, could ameliorate the problem and positively contribute to improved sustainable development outcomes
Publisher: Elsevier BV
Date: 2022
DOI: 10.2139/SSRN.4161412
Publisher: IGI Global
Date: 2018
DOI: 10.4018/978-1-5225-6912-1.CH090
Abstract: The study compares the impact of the commercial environment on external financing of female- owned micro, small and medium enterprises (MSMEs) compared to those that are male owned in seven South Asian countries. The region exhibits weak institutional and regulatory regimes which result in expropriation of profits from MSMEs. It is likely that such commercial environments add to the risk of lending to MSMEs and this may further manifest a gender bias toward males. This study uses a unique dataset of over 5000 firms from World Bank Enterprise Surveys and combines this with additional information drawn from World Bank macro-economic data. Interval and logit regressions are used. Contrary other studies, this research indicates that once females have access to formal financing they use a higher proportion of formal financing in their firm capital structure than their male-counterparts. A gap in accessing external finance for female-owned MSMEs presents both a waste of human resource and a lost potential to lift standards of living, presenting an opportunity for reform.
Publisher: Informa UK Limited
Date: 09-08-2020
Publisher: Informa UK Limited
Date: 03-07-2014
Publisher: Virtus Interpress
Date: 2011
DOI: 10.22495/COCV8I4P7
Abstract: The relationship between board leadership, firm financial performance and agency costs is examined on behalf of a s le of multinational company subsidiaries (MNCs) and local public companies (LPCs) in Sri Lanka. Five years of data for 86 MNC subsidiaries and 113 LPCs, are collected and observations are analysed using a dynamic panel GMM estimation. This study provides empirical support for stewardship theory and contingency theory when firms are multinational subsidiaries. Moreover, findings support agency theory when firms are local public companies. Finally, this study indicates that there is no optimal board leadership structure. Hence, when companies commence their exploration of corporate governance practices, firms need to recognize that firm characteristics and contingency perspective boost the impact of board leadership structure on corporate financial performance.
Publisher: Elsevier BV
Date: 2018
DOI: 10.2139/SSRN.3138418
Publisher: Elsevier BV
Date: 2012
DOI: 10.2139/SSRN.3282822
Publisher: Elsevier BV
Date: 2018
DOI: 10.2139/SSRN.3283515
Publisher: Elsevier BV
Date: 2015
DOI: 10.2139/SSRN.2550257
Publisher: Elsevier BV
Date: 04-2021
Publisher: Elsevier BV
Date: 2022
DOI: 10.2139/SSRN.4158808
Publisher: Emerald
Date: 16-02-2015
DOI: 10.1108/JSBED-09-2011-0004
Abstract: – The purpose of this paper is to use a panel of New Zealand unlisted firms from 1998 to 2009 to examine the relationship between ownership structure and firm leverage ratios. Although, the choice of the debt in capital structure is important for all firms, the scale effects may influence the degree of influence of particular financial theories upon capital structure. – To control the endogeneity effect of insider ownership, this study uses the dynamic panel generalised method of moment estimation and uses the Granger causality test to check the causality effect of leverage and insider ownership. – The findings suggest an inverse U -shape relationship of insider ownership and leverage, indicating higher insider ownership increases management entrenchment while lower insider ownership increases misalignment of the interests of management and owners. Moreover, this study finds bi-directional causation between insider ownership and firm leverage ratios. – Finance policy needs to vary across firm type, industries and firm characteristics and should match the different borrowing requirements of small business. – This paper contributes to literature by investigating whether the structure of equity ownership can impact cross-sectional variations in capital structure. Moreover, most of the capital structure research has been conducted in large markets like USA and publicly listed firms but this paper concentrates on the evidence from New Zealand unlisted businesses. Also, the econometric analysis is more robust due to controlling for the endogeneity effect of insider ownership.
Publisher: Emerald
Date: 03-11-2022
DOI: 10.1108/MEDAR-04-2021-1261
Abstract: This paper aims to examine the association between environmental disclosure and waste performance. This study is based on a s le of S& P 500 firms over a nine-year period from 2010 to 2018. The pooled ordinary least squares (OLS), logistic, propensity score matching (PSM) and instrumental variable-generalized method of moments regressions analyses have been used to examine the data. The findings show a significant positive relationship between waste performance and environmental disclosure, suggesting that firms with superior waste performance tend to disclose more environmental information. Further, the authors distinguish between “hard” and “soft” environmental disclosures and find that the effect of waste performance is consistently positive and significant for each type. The observed positive and significant association of waste performance with environmental disclosure remains unchanged, regardless of the industry affiliation of firms, although firms from industries that are less environmentally sensitive provide a slightly higher level of environmental disclosure. The authors also explore possible channels that may explain the association between waste performance and environmental disclosure and find that litigation risk and cash holdings positively moderate the association. The finding remains robust to a number of alternative estimation approaches. Overall, the authors present important evidence that waste performance is an important indicator of environmental disclosure. The findings are useful for corporations and stakeholders and have important implications around the globe as the authors continue to grapple with the ongoing issue of waste.
Publisher: Inderscience Publishers
Date: 2016
Publisher: Elsevier BV
Date: 2022
DOI: 10.2139/SSRN.4158800
Publisher: Elsevier BV
Date: 07-2020
Publisher: Springer Science and Business Media LLC
Date: 19-06-2012
Publisher: Elsevier BV
Date: 02-2021
Publisher: Elsevier BV
Date: 11-2022
Publisher: Elsevier BV
Date: 10-2021
Publisher: Research Square Platform LLC
Date: 07-10-2020
DOI: 10.21203/RS.3.RS-83297/V1
Abstract: This paper examines the effect of firm environmental performance on firm financing during the COVID-19 outbreak. Crises in multiple forms curtail Micro, Small and Medium Enterprises (MSMEs) stability and the livelihood of hundreds of millions of people who derive their living from these activities. The way in which MSMEs deal with crises and the extent to which environmental performance is beneficial when the market suffers a negative shock is relatively unexplored in the literature. We consider three aspects of financing -- firm level liquidity, bank credit and bankruptcy probabilities -- and argue that it pays for firms to show commitment to environmental responsibilities in a global pandemic. Through an examination of 3,356 MSMEs, we find that firms with better environmental performance reduce their probability of bankruptcies and their liquidities decreasing during the COVID-19 pandemic. Furthermore, analysis shows that the impact of a firm’s environmental performance is more pronounced in sensitive industries (hospitality and retail). The results are robust based on a series of robustness checks, including propensity score matching and the Heckman two-stage s le selection model. Our study suggests that the trust between a firm and its stakeholders, if it is grounded on environmental performance, pays off when the overall level of trust in markets suffers a negative shock. JEL Classification : F64 G01 Q14
Publisher: Informa UK Limited
Date: 22-05-2020
Publisher: Inderscience Publishers
Date: 2012
Publisher: Elsevier BV
Date: 11-2019
Publisher: Elsevier BV
Date: 2015
DOI: 10.2139/SSRN.2645481
Publisher: Inderscience Publishers
Date: 2018
Publisher: Springer Science and Business Media LLC
Date: 06-01-2021
Publisher: Inderscience Publishers
Date: 2016
Publisher: Elsevier BV
Date: 12-2023
Publisher: Elsevier BV
Date: 08-2021
Publisher: Elsevier BV
Date: 12-2022
Publisher: Elsevier BV
Date: 2018
DOI: 10.2139/SSRN.3282804
Publisher: Macrothink Institute, Inc.
Date: 29-01-2012
Publisher: Emerald
Date: 06-08-2018
Abstract: This paper aims to investigate the relationship between board composition and firm corporate social responsibility (CSR) scores of the top 30 listed companies in Australia, France, UK and USA. Using a s le of 120 publicly listed companies covering a 10-year period from 2006 to 2015, the authors examine this relationship in a dynamic modelling framework, which controls for potential sources of endogeneity. The authors find that board composition appears to have no effect on large firms’ CSR scores. This finding remains robust when they used out-of-s le analysis and is consistent with the perspectives of agency theory stakeholder theory and institutional theory. This study contributes to the literature in several ways. First, it fills an important gap in literature on CSR and corporate governance, as less is known about how board composition affects social activities. Second, this study controls endogeneity and s le selection bias which are main econometric problems in CG and CSR studies.
Publisher: Elsevier BV
Date: 2011
DOI: 10.2139/SSRN.1904072
Publisher: Vilnius Gediminas Technical University
Date: 06-11-2013
DOI: 10.3846/16111699.2012.680605
Abstract: The current study aims to empirically explore the relationship between firm characteristics, corporate governance and capital structure in New Zealand's large listed companies. Eight years of data for 40 firms listed on the NZX50 Stock Exchange, are collected and observations are analysed using a conditional quantile regression. This study finds firm-specific characteristics rather than corporate governance variables play a significant role in determining firm leverage levels. The results indicate that finance policies need to vary across firm type and firm characteristics, and should match with the different borrowing requirements of listed firms.
Publisher: Wiley
Date: 29-04-2021
DOI: 10.1002/BSE.2804
Abstract: Growing public concerns about sustainability and adopting environmentally responsible practices increase risks as well as opportunities for firms and banks. It is unclear whether being environmentally responsible matters for unlisted firms, which are significant contributors to the degradation of the environment but which are not under strict scrutiny like public listed firms. Using a s le of 3915 firms from developing economies, we investigate whether the superior environmental performance of unlisted firms leads them to better loan conditions. After controlling for endogeneity and s le selection bias, we find that firms with better environmental performance received approximately 6.4% higher loans (as a ratio of total sales) and that this effect is more prominent in small and medium firms. This finding supports an information asymmetry view of agency costs. Our results, however, show that environmental performance does not affect loan duration and collateral requirement, indicating no spillover economic effect of corporate environmental performance on loan conditions. This partially supports a new perspective of legitimacy theory in relation to the ‘greenwash strategy’. Overall, our study shows that strategically engaged environmental activities that are integrated with core business objectives represent an important business strategy for firms to enhance credit access.
Publisher: Victoria University
Date: 15-12-2011
Abstract: This study investigates the linkage between agency costs, ownership structure and corporate governance in small business. Eleven years of data for 100 unlisted small businesses, are collected and 1099 observations are analysed using as dynamic panel GMM estimation. Various diagnostic tests are utilised to check for stationary and convergence of variables. The results indicate that ownership concentration has the most significant governance effect and also has the largest impact on corporate governance. Moreover, this study finds U-shape relationship between internal ownership and performance, which under that agency proxy. Agency costs vary with leverage the life of the business and with its size.
Publisher: Inderscience Publishers
Date: 2014
Publisher: Macrothink Institute, Inc.
Date: 15-08-2012
Publisher: Informa UK Limited
Date: 06-01-2016
Publisher: Elsevier BV
Date: 11-2020
Publisher: Springer Science and Business Media LLC
Date: 27-03-2019
Publisher: Elsevier BV
Date: 06-2021
Publisher: Elsevier BV
Date: 2012
DOI: 10.2139/SSRN.3283388
Publisher: Emerald
Date: 14-09-2021
DOI: 10.1108/JSBED-03-2020-0063
Abstract: This study investigates whether there is an association between business symbiosis and the performance of micro, small and medium enterprises (MSMEs). The authors conducted 200 surveys, using ordered logistic regression to evaluate the results. Participants are MSME business owners in Cambridge, New Zealand. The authors found that connections with banks and other businesses in the same and across different industries, positively associates with changes in MSME profitability. Additionally, operating a business as a franchisee under the regulations or headquarter issued rules is positively associated with change in net profit. While there are limitations with cross-sectional data, the study indicates a mechanism and frameworks for policy analysis when deciding on allocation of funds to particular networks.
Publisher: Inderscience Publishers
Date: 2018
Publisher: Elsevier BV
Date: 02-2020
Publisher: Elsevier BV
Date: 2013
DOI: 10.2139/SSRN.3282817
Publisher: Elsevier BV
Date: 05-2022
Publisher: Inderscience Publishers
Date: 2013
Location: United Kingdom of Great Britain and Northern Ireland
No related grants have been discovered for Nirosha Wellalage.