School of Business
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Publication Embargo The Role of Women on Corporate Boards in Driving Green Product and Process Innovation in Sri Lanka(John Wiley and Sons Ltd, 2026-04-24) Kaluarachchi, SThe purpose of this study is to explore the impact of female leadership on the green innovation efforts of firms in Sri Lanka.Green product innovation was evaluated through the presence of ‘green’ patents, whereas green process innovation was assessedbased on environmental management certifications. This study utilises secondary data from the annual reports of publicly listedcompanies covering the period from 2012 to 2023, applying probit regressions to examine the relationship between female direc-tors and firm-level green innovation. The findings indicate a systematic relationship between female board representation andthe occurrence of green innovation at the firm level. This is evident through factors such as the presence of female directors,female chairpersons, board size, ESG, R&D, firm size and industry type. An additional increase in female representation onboards is more likely to enhance green product innovation, rather than green process innovation. The study provides empiricalevidence that women in top management play a crucial role in shaping a firm's proactive environmental strategies. The findingsoffer valuable insights for enhancing corporate governance with a focus on environmental sustainabilityPublication Embargo From Tourism Growth to Sustainable Development: A Causality Analysis of Tourism, Exchange Rates, and Economic Growth in Asia(John Wiley and Sons Ltd, 2026-02-04) Wickramaarachchi, C; Jayathilaka, RTourism is widely recognised as a catalyst for sustainable development, particularly in regions where it supports employment, foreign exchange earnings and local entrepreneurship. However, the extent to which tourism contributes to sustainable development depends on macroeconomic stability and policy environments that enable long-term investment rather than short-term revenue maximisation. This study examines the causal relationships between tourism receipts, per capita GDP (PGDP), and exchange rates across 46 Asian countries from 2000 to 2020, while controlling for trade openness to account for broader external sector exposure. Employing a panel data framework that accounts for cross-sectional dependence, heterogeneity, and mixed integration properties, the analysis combines second-generation unit root and cointegration tests with country-specific Granger causality techniques. The findings reveal substantial heterogeneity in causal dynamics across countries. In some economies, tourism-led growth emerges, where expanding tourism receipts stimulate economic growth. In others, economy-driven tourism dominates, indicating that rising income levels facilitate tourism development through improved infrastructure and destination competitiveness. Exchange rate stability plays an important conditioning role, shaping the extent to which tourism revenues translate into sustained development gains. Countries characterised by stable exchange rate environments are better positioned to channel tourism income toward long-term, sustainability-oriented investments. The study offers actionable policy insights by demonstrating that macroeconomic stability is a prerequisite for sustainable tourism development. Strengthening exchange rate governance, promoting eco-friendly tourism investment, and enhancing regional cooperation can support a transition from growth-oriented tourism strategies toward sustainable development pathways.Publication Embargo Impact of economic growth, energy consumption, and trade openness on carbon emissions: evidence from the top 20 emitting nations(Taylor and Francis Ltd., 2025) Methmini, D; Dharmapriya, N; Gunawardena, V; Edirisinghe, S; Jayathilaka, R; Wickramaarachchi, Che study focuses on the top 20 carbon emission-increasing nations across continents from 2000 to 2021 and the effects of gross domestic product, energy consumption, and trade openness on carbon emissions. The study uses a panel dataset and multiple linear regression analysis to pinpoint the significant factors influencing each nation's carbon emissions. The findings indicate that China, Kazakhstan, Saudi Arabia, and South Korea in Asia; Algeria, Egypt, Morocco, and the Seychelles in Africa; Antigua and Barbuda, Bolivia, Chile, and Panama in America; Albania, Belarus, Lithuania, and Russia in Europe; and Fiji, Samoa, Tonga, and Vanuatu in Oceania have a highly significant impact on carbon emissions in their respective regions. Energy consumption significantly increases carbon emissions in all countries except Panama and Kazakhstan, where it only significantly impacts GDP-related carbon emissions. These insights lay the groundwork for policymakers to prioritise sustainable development, reduce carbon emissions in their decision-making processes, and establish comprehensive strategies that reconcile ecological concerns with socioeconomic goals by understanding the intricate dynamics between gross domestic product, energy use, trade openness, and carbon emissions.Publication Open Access Impact of economic growth, energy consumption, and trade openness on carbon emissions: evidence from the top 20 emitting nations(Taylor and Francis, 2024-07-08) Methmini, D; Dharmapriya, N; Gunawardena, V; Edirisinghe, S; Jayathilaka, R; Wickramaarachchi, CThe study focuses on the top 20 carbon emission-increasing nations across continents from 2000 to 2021 and the effects of gross domestic product, energy consumption, and trade openness on carbon emissions. The study uses a panel dataset and multiple linear regression analysis to pinpoint the significant factors influencing each nation’s carbon emissions. The findings indicate that China, Kazakhstan, Saudi Arabia, and South Korea in Asia; Algeria, Egypt, Morocco, and the Seychelles in Africa; Antigua and Barbuda, Bolivia, Chile, and Panama in America; Albania, Belarus, Lithuania, and Russia in Europe; and Fiji, Samoa, Tonga, and Vanuatu in Oceania have a highly significant impact on carbon emissions in their respective regions. Energy consumption significantly increases carbon emissions in all countries except Panama and Kazakhstan, where it only significantly impacts GDPrelated carbon emissions. These insights lay the groundwork for policymakers to prioritise sustainable development, reduce carbon emissions in their decision-making processes, and establish comprehensive strategies that reconcile ecological concerns with socioeconomic goals by understanding the intricate dynamics between gross domestic product, energy use, trade openness, and carbon emissions.