Browsing by Author "Hettiarachchi, S"

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Open Access
Determinants of Firm Value in Frontier Markets: Evidence from a Panel Oprobit Analysis in Sri Lanka
(Springer Nature, 2025-09-01) Hettiarachchi, S; Kasthuriarachchi, U; Kokilakumar, S; Himaanthri, S; Jayathilaka, R; Peiris, S
This study explores the firm-level determinants of firm value in the context of a frontier market, using a panel dataset of 222 companies listed on the Colombo Stock Exchange from 2013 to 2024. Employing panel probit and ordered probit models, the analysis examines how capital structure, investment decisions, profitability, firm size, and sector classification influence firm value, measured across three distinct valuation tiers. The results reveal that the debt-to-equity ratio positively impacts firm value, especially during transitions from low to medium categories, supporting the relevance of the Trade-Off Theory. Profitability and firm size are also found to significantly increase the probability of achieving higher firm valuations. However, the price-to-earnings ratio displays negligible predictive power in this context. Sectoral analysis indicates that non-financial firms demonstrate stronger valuation potential than financial firms, likely due to reduced regulatory constraints and greater strategic flexibility. These findings contribute to the limited empirical literature on frontier markets by highlighting key drivers of corporate value and providing comparative insights. The study offers practical implications for policymakers, investors, and corporate managers aiming to enhance firm value through financial structure optimisation, strategic growth initiatives, and regulatory improvements that promote market confidence and transparency.
Embargo
Determinants of Firm Value in Frontier Markets: Evidence from a Panel Oprobit Analysis in Sri Lanka
(Springer, 2025-09-01) Hettiarachchi, S; Kasthuriarachchi, U; Kokilakumar, S; Himaanthri, S; Jayathilaka, R; Peiris, S
This study explores the firm-level determinants of firm value in the context of a frontier market, using a panel dataset of 222 companies listed on the Colombo Stock Exchange from 2013 to 2024. Employing panel probit and ordered probit models, the analysis examines how capital structure, investment decisions, profitability, firm size, and sector classification influence firm value, measured across three distinct valuation tiers. The results reveal that the debt-to-equity ratio positively impacts firm value, especially during transitions from low to medium categories, supporting the relevance of the Trade-Off Theory. Profitability and firm size are also found to significantly increase the probability of achieving higher firm valuations. However, the price-to-earnings ratio displays negligible predictive power in this context. Sectoral analysis indicates that non-financial firms demonstrate stronger valuation potential than financial firms, likely due to reduced regulatory constraints and greater strategic flexibility. These findings contribute to the limited empirical literature on frontier markets by highlighting key drivers of corporate value and providing comparative insights. The study offers practical implications for policymakers, investors, and corporate managers aiming to enhance firm value through financial structure optimisation, strategic growth initiatives, and regulatory improvements that promote market confidence and transparency.
Embargo
An Integrated Platform of Water Quality Management for National Water Supply and Drainage Board
(IEEE, 2019-12-18) Hettiarachchi, S; Proboshena, D; Stembo, L; Rajapaksha, H; de Silva, R; Nawinna, D. P
With the growing rates of population and environmental pollution, the need for in-depth research on sustainable water-quality management systems has become evident. This paper presents a smart system for water quality management including predictive capabilities. The proposed system facilitates the regular monitoring of water quality parameters at water treatment plants using an easy to use IoT device and facilitates to identify water leakage points in the water distribution network using crowd-sourcing and visualization techniques. Most importantly, proposed system is capable of predicting of upcoming changes of water quality with an accuracy of 99% and calculating the respective purification costs. Digital dashboard in the system presents summarized information on leakages, customer feedback, water quality patterns and associated purification costs.
Open Access
WEB BASED MONITORING AND EVALUATION SYSTEM FOR EXTERNAL QUALITY ASSESSMENTS IN UNIVERSITIES
(INQAAHE Conference, 9-11 April, 2013-Chinese Taipei, 2013-04-09) Peiris, C. N; Wickramasinghe, S; Peiris, S; Meegama, R; Upeksha, G; Hettiarachchi, S
External Quality Assessment (EQA) is the major component of QA framework in Sri Lanka. The main function of EQA is to review the standard and quality of the HEIs and its programmes of study and to provide the outcome to stakeholders to observe their expectations. Due to lack of organized mechanism to monitor and evaluate the outcome of the EQA conducted in universities the improvement in quality is not visible. Also the System users are in different geographical locations and therefore, no access to observe the outcome of EQA’s. A web based approach was developed, as a method to achieve the expected outcomes of EQA’s. The system provides user friendly, accurate and up-to date information of EQAs and also it provides a feedback mechanism through online forms/questionnaires. The easy access of information would provide the authorities a basis for decision making to improve higher education sector in Sri Lanka.