Conference Program

Keynote Speaker Introduction: Prof. Aruna Shantha, Secretary-Annual Conference Sri Lanka Finance Association

Professor Janice How’s research interests are primarily in corporate finance, with particular focus on corporate governance, capital raisings (IPOs and SEOs), analyst forecasts, payout policies, and the political economy of finance. Her work is published in leading international journals including The Journal of Business, Journal of Corporate Finance, Journal of Accounting Auditing and Finance, and Journal of Business Ethics. She is a strong advocate for regional research, with contributions to Pacific-Basin Finance Journal, Accounting and Finance, and Australian Journal of Management. Her research has been recognised through numerous international awards, and she has supervised over 150 Honours, Masters, and PhD theses.

Janice has held senior academic appointments across Australia and New Zealand, including Professor and Head of Finance at The University of Auckland, and academic roles at Curtin University and The University of Western Australia. She was the founding Director of Area of Research Excellence in Asia-Pacific Capital Markets at Curtin Business School and served as Director of Research Training in QUT’s Faculty of Business and Law (2020-2023).

10.10 AM – 10.15 AM            Vote of Thanks:

Mr. Chanaka Weerasekara, Conference Secretary

10.15 AM – 11.00 AM            Break     

Session A: Corporate finance, governance and sustainability

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Meeting ID: 952 1566 9868
Passcode: t!Ps2&bC

Chair: Prof. P.R. Weerathunga, Rajarata University of Sri Lanka
Convener: Madushika Ekanayake, University of Ruhuna

1. 1. Reducing Agency Costs Through Balanced Decision-Making Power

Author(s): Kiyara Dissanayake, Wayamba University Sri Lanka

Emil Uduwalage, Wayamba University Sri Lanka

Presenter: Kiyara Dissanayake

Discussant: Hiranya Dissanayake, Wayamba University Sri Lanka

1. 2. Unveiling the Influence of Sustainability Control Systems on the Adoption of Circular Economy Business Models: A Mixed Method Approach

Author(s): D.L.M.N.K. Ariyasena, University of Ruhuna

Presenter: D.L.M.N.K. Ariyasena

Discussant: M.I.M. Riyath, South Eastern University of Sri Lanka

1. 3. Audit Quality on Earnings Management: Evidence from Sri Lankan Listed Companies

Author(s): Janarthan Manthahine, University of Vavuniya.

Janaki Samuel Thevaruban, University of Vavuniya.

Presenter: Janarthan Manthahine

Discussant: P.R. Weerathunga, Rajarata University of Sri Lanka 

1. 4. Adoption of Responsible Finance Strategy for Good Governance in Sri Lankan State Universities

Author(s): G.R.M. Gamlath, University of Vavuniya

Presenter: G.R.M. Gamlath

Discussant: Emil Uduwalage, Wayamba University Sri Lanka

Session B: Financial Markets, Policy & Asset Pricing

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Meeting ID: 997 1031 3940
Passcode: dB9T&WcM

Chair: Prof. Sujeewa Kodithuwakku, University of Peradeniya
Convener: Malmi Samarasinghe, Wayamba University of Sri Lanka

1.       Post-war relation between beta and returns in Sri Lankan stocks

Author(s): T.D. Hewavitharana, University of Ruhuna

M.K. Wanniarachchige, University of Ruhuna

L.D. De Silva, University of Ruhuna

Presenter: L.D. De Silva

Discussant: T.C. Ediriwickrama, University of Colombo

2.       Does Stock Market React to Politically Appointed Central Bank Governors?

Author(s): Pavithra Herath, Wayamba University Sri Lanka

Emil Uduwalage, Wayamba University Sri Lanka

Indunil Ediriweera, Wayamba University Sri Lanka

Harshani Wijesinghe, Wayamba University Sri Lanka

Presenter: Pavithra Herath

Discussant: Sanjeewani Nanayakkara, University of Ruhuna

3.       Impact of Fundamentals on Share Price of Financial Firms in a Country Depressed by Economic Crisis

Author(s): Sudath Wanasinghe, Central Finance Company PLC

Emil Uduwalage, Wayamba University Sri Lanka

Presenter: Sudath Wanasinghe

Discussant: H.R. Samapath, The Sabaragamuwa University of Sri Lanka

Session C: Financial Literacy, Inclusion and SME Resilience

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Meeting ID: 943 3524 4423
Passcode: #bQM8gYa

Chair: Prof. A.R. Ajward, University of Sri Jayewardenepura
Convener: Nuwan Sameera, Rajarata University of Sri Lanka

1. 1. The Impact of Financial and Digital Literacy on Awareness of Investment Scams: Evidence from Management Undergraduates in Sri Lankan State Universities

Author(s): H.M.H.C.B. Herath, Rajarata University of Sri Lanka

J.M.N. Wijekumara, Rajarata University of Sri Lanka

M.U.S. Ilangasinghe, Rajarata University of Sri Lanka

Presenter: M.U.S. Ilangasinghe

Discussant: Sampath Kongahawatte, University of Sri Jayewardenepura 

1. 2. Factors Influencing Financial Management Behavior among Small and Medium Enterprise Operators in the Jaffna District, Sri Lanka

Author(s): G. Mithila, University of Jaffna

Kengatharan, University of Jaffna

Yathurshan, University of Jaffna

Presenter: G. Mithila

Discussant: C.W. Senarathne, The Open University of Sri Lanka

1. 3. Barriers to Credit and Blockchain’s Potential for Retail Micro-Enterprises in Harare, Zimbabwe

Author(s): Jonathan Nyisome, Harare Institute of Technology, Zimbabwe

Jonathan B. Rushwaya, Harare Institute of Technology, Zimbabwe

Maceline Nyatsambo, Harare Institute of Technology, Zimbabwe

Parmenus Makunura, Harare Institute of Technology, Zimbabwe

Presenter: Jonathan Nyisome

Discussant: Gayithri Kuruppu, University of Moratuwa

Session D: Behavioral Finance

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Meeting ID: 952 9358 4423
Passcode: Tz+0Qjs*

Chair: Prof. T.U.I. Peiris, Sabaragamuwa University of Sri Lanka
Convener: Sugandi Alwis, The Open University of Sri Lanka

1. 1. Heuristic Biases and Investment Decision-Making: The Mediating Role of Risk Attitude in an Emerging Market Context

Author(s): N.W.A.D. Hasanka, University of Jaffna

Tharshiga, University of Jaffna

Presenter: P. Tharshiga

Discussant: H.D.D. Champika Liyanagamage, The Open University of Sri Lanka

1. 2. The Mediating Role of Risk Tolerance in the Relationship between Emotional Intelligence and Investment Decisions

Author(s): J.M.N. Wijekumara, Rajarata University of Sri Lanka

D.M.T. Madushanka, University of Ruhuna

Presenter: J.M.N. Wijekumara

Discussant:  T.U.I. Peiris, Sabaragamuwa University of Sri Lanka

1. 3. Influence of Herding Behaviour on Perceived Market Efficiency: A Study of Individual Investors in Stock Market of Sri Lanka

Author(s): N. Pratheepan, University of Vavuniya, Sri Lanka

Presenter: N. Pratheepan

Discussant: K. Charith, Uva Wellassa University, Sri Lanka

1. 4. Role of Investor Cognition and Psychology in Mitigating Loss Aversion Bias Occurred in Stock Trading

Author(s): G.W.I.U. Ekanayake, The Open University of Sri Lanka

K.V.A. Shantha, The Open University of Sri Lanka

Presenter: G.W.I.U. Ekanayake

Discussant: K.G.P. Vijitha Gunarathne, University of Ruhuna

Join online via: https://learn.zoom.us/j/96986530075?pwd=XhxbzO6D9AClXmR7HXrSPQhErJVk8U.1
Meeting ID: 969 8653 0075
Passcode: 7mD+wsTP

Mr. Hemal Chaminda Lokugeegana
General Manager / CEO
HDFC Bank of Sri Lanka

Mr. Manoj Akmeemana
Senior Deputy General Manager
Credit Control, Credit Administration & Recoveries
Sampath Bank PLC

Mr. Umair Ismail
Senior Advisor
TWC Holdings (TWC Pte. Ltd)

Moderated by:
Ms. Tharanga Weerasinghe
Lecturer, Department of Accounting & Finance,
Faculty of Management Studies,
The Open University of Sri Lanka

Join online via: https://learn.zoom.us/j/96986530075?pwd=XhxbzO6D9AClXmR7HXrSPQhErJVk8U.1
Meeting ID: 969 8653 0075
Passcode: 7mD+wsTP

03.00 PM – 03.10 PM          Briefing of the EFMP 2025 Conference:

Prof. Aruna Shantha, Conference Coordinator, EFMP 2025

03.10 PM – 03.25 PM           Presentation of Best Paper Awards

Chair, Best Paper Selection Committee

Presentation of Service Appreciation Certificates

03.25 PM – 03.30 PM          Closing Remarks

Convener: W.T.D. Weerasinghe, The Open University of Sri Lanka