Purpose: The primary objective of this study is to investigate the nexus between corporate governance and corporate social responsibility disclosure in Sri Lankan listed firms.Design/Methodology/Approach: Corporate governance was evaluated using the following criteria: board size, board independence, role duality, women representation, audit committee size, and ownership concentration. The Global Reporting Initiative (GRI) methodology was utilized to assess Corporate Social Responsibility Disclosure (CSRD) using content analysis. This study collects balanced panel data from 44 Sri Lankan listed firms over a five-year period, from 2018 to 2022. Because of their highly regulated nature, the banking, finance, insurance, and investment trust industries were omitted from the sample. All of the information was gathered from yearly reports published on the Colombo Stock Exchange's website in Sri Lanka.Findings: Test results suggest that board size, independence, and women representation have no significant relationship with CSRD. Role Duality, Audit Committee Size and Ownership Concentration exhibit a significant association with CSRD. Moreover, the mean value of the CSRD is 44.56 percent for the selected listed companies in Sri Lanka.Originality: This study contributes to determining the extent to which companies have adhered to the GRI as a widely acknowledged disclosure framework. It provides value to the company's management in order for them to make better judgments on whether the firms should involve them in more corporate governance disclosures in order to raise the degree of CSR to enhance transparency and to promote stakeholders' well-being. The outcome also has ramifications for regulatory agencies in developing obligatory reporting requirements for all listed firms to comply with the GRI framework.
{"title":"Corporate Governance and Corporate Social Responsibility Disclosures: Evidence from the Listed Companies in Sri Lanka","authors":"K. Sarmila, J. Niresh","doi":"10.4038/sajf.v3i1.59","DOIUrl":"https://doi.org/10.4038/sajf.v3i1.59","url":null,"abstract":"Purpose: The primary objective of this study is to investigate the nexus between corporate governance and corporate social responsibility disclosure in Sri Lankan listed firms.Design/Methodology/Approach: Corporate governance was evaluated using the following criteria: board size, board independence, role duality, women representation, audit committee size, and ownership concentration. The Global Reporting Initiative (GRI) methodology was utilized to assess Corporate Social Responsibility Disclosure (CSRD) using content analysis. This study collects balanced panel data from 44 Sri Lankan listed firms over a five-year period, from 2018 to 2022. Because of their highly regulated nature, the banking, finance, insurance, and investment trust industries were omitted from the sample. All of the information was gathered from yearly reports published on the Colombo Stock Exchange's website in Sri Lanka.Findings: Test results suggest that board size, independence, and women representation have no significant relationship with CSRD. Role Duality, Audit Committee Size and Ownership Concentration exhibit a significant association with CSRD. Moreover, the mean value of the CSRD is 44.56 percent for the selected listed companies in Sri Lanka.Originality: This study contributes to determining the extent to which companies have adhered to the GRI as a widely acknowledged disclosure framework. It provides value to the company's management in order for them to make better judgments on whether the firms should involve them in more corporate governance disclosures in order to raise the degree of CSR to enhance transparency and to promote stakeholders' well-being. The outcome also has ramifications for regulatory agencies in developing obligatory reporting requirements for all listed firms to comply with the GRI framework.","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"27 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89908658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose: The motivation of this study is to explore the significant determinants of consumers’ creditworthiness which support the development of a credit scoring model as non-performing loans are a major problem in lending institutions.Design/Methodology/Approach: Data were collected from four branches of a leading Commercial Bank in the Gampaha District under the convenience sampling technique with 130 personal loan borrowers as the study sample.Findings: The logit model test resulted that age, level of education, and monthly income, are positively influencing the creditworthiness of the borrowers. Increasing the number of dependents and the tenure of the loan have more chances of default. 39% to 56% of the dependent variable was explained by the independent variables in the regression model and the model predicted default correctly by 85.4%.Originality: The study contributes to the existing literature in terms of identifying important predictors for developing a credit-scoring model while helping lenders to assess the creditworthiness of personal loan applicants. Hence the study will assist in taking effectual measures to enhance the quality of the credit approval process and ultimately reduce the losses of lending institutions from bad debt.
{"title":"Predictors of Consumer Creditworthiness: Evidence from Personal Loan Borrowers of a Leading Public Bank in Sri Lanka","authors":"R. P. S. Nadeesha, P. Madhushani","doi":"10.4038/sajf.v3i1.48","DOIUrl":"https://doi.org/10.4038/sajf.v3i1.48","url":null,"abstract":"Purpose: The motivation of this study is to explore the significant determinants of consumers’ creditworthiness which support the development of a credit scoring model as non-performing loans are a major problem in lending institutions.Design/Methodology/Approach: Data were collected from four branches of a leading Commercial Bank in the Gampaha District under the convenience sampling technique with 130 personal loan borrowers as the study sample.Findings: The logit model test resulted that age, level of education, and monthly income, are positively influencing the creditworthiness of the borrowers. Increasing the number of dependents and the tenure of the loan have more chances of default. 39% to 56% of the dependent variable was explained by the independent variables in the regression model and the model predicted default correctly by 85.4%.Originality: The study contributes to the existing literature in terms of identifying important predictors for developing a credit-scoring model while helping lenders to assess the creditworthiness of personal loan applicants. Hence the study will assist in taking effectual measures to enhance the quality of the credit approval process and ultimately reduce the losses of lending institutions from bad debt.","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"16 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81644567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose: The banking sector is a crucial player in any economy, often affected by economic and social crises. Thus, it is vital to identify the intrinsic weaknesses of banks to manage their operational risk. The recent COVID-19 pandemic also severely affects the global financial sector, irrespective of the development status. Accordingly, this study is an attempt to find out the evidence on operational risk management and its relationship with bank size and ownership structure of the banking sector in one of the developing countries in the world, Sri Lanka.Design/Methodology/Approach: Financial data of eight out of thirteen commercial banks in Sri Lanka were analyzed over 13 years using panel data regression analysis. Sri Lankan banks' operational risk management practices are measured by excess capital (over the required minimum capital for operational risk). Deposits plus advances are used to calculate the size of a bank.Findings: It is revealed a significant positive relationship between firm size and operational risk management. A significant relationship between the ownership and excess capital held by banks for managing operational risk is also identified. This result leads to the conclusion that the larger commercial banks hold higher excess capital over the required minimum as per Basel accords. Moreover, government-owned banks are recognized to have more excess capital for operational risk management.Implications: Given the high amount of losses from bad loans and the central bank's implementation of Basel III regulations, the study has implications for Sri Lankan banks.Originality: When considering Sri Lankan context there can be found only a little amount of evidence on operational risk management practices and its relationship with size and ownership.
{"title":"Ownership Structure, Firm Size and the Operational Risk Management of Domestic Commercial Banks in Sri Lanka","authors":"S. Rathnayake, K. Nanayakkara","doi":"10.4038/sajf.v3i1.51","DOIUrl":"https://doi.org/10.4038/sajf.v3i1.51","url":null,"abstract":"Purpose: The banking sector is a crucial player in any economy, often affected by economic and social crises. Thus, it is vital to identify the intrinsic weaknesses of banks to manage their operational risk. The recent COVID-19 pandemic also severely affects the global financial sector, irrespective of the development status. Accordingly, this study is an attempt to find out the evidence on operational risk management and its relationship with bank size and ownership structure of the banking sector in one of the developing countries in the world, Sri Lanka.Design/Methodology/Approach: Financial data of eight out of thirteen commercial banks in Sri Lanka were analyzed over 13 years using panel data regression analysis. Sri Lankan banks' operational risk management practices are measured by excess capital (over the required minimum capital for operational risk). Deposits plus advances are used to calculate the size of a bank.Findings: It is revealed a significant positive relationship between firm size and operational risk management. A significant relationship between the ownership and excess capital held by banks for managing operational risk is also identified. This result leads to the conclusion that the larger commercial banks hold higher excess capital over the required minimum as per Basel accords. Moreover, government-owned banks are recognized to have more excess capital for operational risk management.Implications: Given the high amount of losses from bad loans and the central bank's implementation of Basel III regulations, the study has implications for Sri Lankan banks.Originality: When considering Sri Lankan context there can be found only a little amount of evidence on operational risk management practices and its relationship with size and ownership.","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"29 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82261384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-01DOI: 10.1177/22779787221097782
Haroon Rasool
The present study aims at examining the inflation dynamics in Indian context with a particular focus on its determinants from 1991–1992Q1 to 2017–2018Q4. The purpose of this study is to investigate the role of monetary, fiscal, structural and external variables in explaining inflationary tendencies in India in the post economic reform period. To identify the determinants fuelling the inflationary tendencies, the study employs ARDL bounds testing procedure followed by the VECM Granger causality test. The findings indicate that interest rate shock and output growth mitigates inflation while rupee depreciation, money supply generate inflationary pressures in the economy. Moreover, fiscal deficit has inflationary impact only in the short run. The positive link between inflation and openness refutes the applicability of Romer’s hypothesis in the Indian context. VECM based Granger causality indicates that money supply and interest rate causes both output and inflation, which suggests monetary policy in India has an important role to play in the process of economic growth and price stability. JEL Classification: E3, E4, F6, E620
{"title":"Identifying Inflation Dynamics in India in the Post Reform Period","authors":"Haroon Rasool","doi":"10.1177/22779787221097782","DOIUrl":"https://doi.org/10.1177/22779787221097782","url":null,"abstract":"The present study aims at examining the inflation dynamics in Indian context with a particular focus on its determinants from 1991–1992Q1 to 2017–2018Q4. The purpose of this study is to investigate the role of monetary, fiscal, structural and external variables in explaining inflationary tendencies in India in the post economic reform period. To identify the determinants fuelling the inflationary tendencies, the study employs ARDL bounds testing procedure followed by the VECM Granger causality test. The findings indicate that interest rate shock and output growth mitigates inflation while rupee depreciation, money supply generate inflationary pressures in the economy. Moreover, fiscal deficit has inflationary impact only in the short run. The positive link between inflation and openness refutes the applicability of Romer’s hypothesis in the Indian context. VECM based Granger causality indicates that money supply and interest rate causes both output and inflation, which suggests monetary policy in India has an important role to play in the process of economic growth and price stability. JEL Classification: E3, E4, F6, E620","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"12 1","pages":"53 - 82"},"PeriodicalIF":0.9,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48593341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-03DOI: 10.1177/22779787221147992
Vimal Pant, P. Pathak
Climate Change has acquired centre stage in all business and economic decisions globally after numerous studies have warned of its catastrophic impacts on humankind. The article is a commentary on the state of climate finance around the world and the key issues in India. It draws the latest data from credible sources to form the narrative. This analysis reflects on recent developments and trends in climate or green finance across the world as well as its impact on India. It aims at finding possible solutions to address the impediments in boosting the prospects of a vibrant green finance landscape. ESG finance has gained momentum around the world due to policy support, investor enthusiasm and innovative funding options as economic growth policies are being integrated with environmental sustainability. However, the pie is still small and a lot needs to be done to catapult it into mainstream business finance. The article also includes recommendations for rejuvenating the green finance landscape so that the market can reach its full potential for all stakeholders and help India fulfil its international commitments to reduce greenhouse gas emissions. JEL Classification: E44, E66, G1
{"title":"Reflections on Climate Finance in India and the Way Forward","authors":"Vimal Pant, P. Pathak","doi":"10.1177/22779787221147992","DOIUrl":"https://doi.org/10.1177/22779787221147992","url":null,"abstract":"Climate Change has acquired centre stage in all business and economic decisions globally after numerous studies have warned of its catastrophic impacts on humankind. The article is a commentary on the state of climate finance around the world and the key issues in India. It draws the latest data from credible sources to form the narrative. This analysis reflects on recent developments and trends in climate or green finance across the world as well as its impact on India. It aims at finding possible solutions to address the impediments in boosting the prospects of a vibrant green finance landscape. ESG finance has gained momentum around the world due to policy support, investor enthusiasm and innovative funding options as economic growth policies are being integrated with environmental sustainability. However, the pie is still small and a lot needs to be done to catapult it into mainstream business finance. The article also includes recommendations for rejuvenating the green finance landscape so that the market can reach its full potential for all stakeholders and help India fulfil its international commitments to reduce greenhouse gas emissions. JEL Classification: E44, E66, G1","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"12 1","pages":"111 - 128"},"PeriodicalIF":0.9,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41408755","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Effect of Household Debt on the Stability of the Banking System in Vietnam","authors":"D. T. Thuong, P. Minh","doi":"10.4038/sajf.v2i2.45","DOIUrl":"https://doi.org/10.4038/sajf.v2i2.45","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"11 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86487379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Dilemma of Information Overload: A Review of Literature from Accounting and Finance Related Studies","authors":"A. Regina, M. Munasinghe","doi":"10.4038/sajf.v2i2.43","DOIUrl":"https://doi.org/10.4038/sajf.v2i2.43","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"25 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89772739","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
L. Alles, A. Lokeshwara, D. L. N. Y. Liyanage, C. M. Edirisinghe, P. Siriwardhana
{"title":"Investment Behavior among Accounting / Finance Professionals in Sri Lanka","authors":"L. Alles, A. Lokeshwara, D. L. N. Y. Liyanage, C. M. Edirisinghe, P. Siriwardhana","doi":"10.4038/sajf.v2i2.47","DOIUrl":"https://doi.org/10.4038/sajf.v2i2.47","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"4 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72583252","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Tax Implication on Recurrent Expenditure and Internally Generated Revenue: Analysis on Southwestern States, Nigeria","authors":"T. Adegbite, S. Ishola","doi":"10.4038/sajf.v2i2.49","DOIUrl":"https://doi.org/10.4038/sajf.v2i2.49","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"2 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90575385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Hussain, P. Kijkasiwat, H. K. Ur Rehman, M. Z. Ullah
{"title":"Financial Literacy and Investment Decisions: Evidence from Pakistan","authors":"A. Hussain, P. Kijkasiwat, H. K. Ur Rehman, M. Z. Ullah","doi":"10.4038/sajf.v2i2.46","DOIUrl":"https://doi.org/10.4038/sajf.v2i2.46","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"98 4 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88462755","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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