Research Symposium-2011

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Analysis of Contribution of Total Factor Productivity in Apparel Sector with Special Reference to Sri Lanka
(Uva Wellassa University of Srilanka, 2011) Vidanapathirana, M.P.; Deshapriya, N.P.R.
Note: See the PDF Version Productivity is useful as a relative measure of actual output of production compared to the actual input of resources, measured across time or against common entities. The econometric terminology for the productivity can be identified as Total Factor Productivity (TFP). TFP is the output growth which is not explained by the input variables (capital (K) and labor (L)). Being the single largest employer in the manufacturing sector, the apparel industry provides a momentous contribution to the economy of Sri Lanka. This study aimed to find out whether the influence of TFP on the production of apparel sector in Sri Lanka and to identify the contribution of production factors to TFP of the production and to identify the determinants of TFP in the apparel sector in Sri Lanka.
Development of a Virtual Dressing System
(Uva Wellassa University of Srilanka, 2011) Liyanawaduge, A.K.; Piyathilaka, L.C.
NOTE: see the PDF version Recent years there have been an overwhelming growth in the usage of internet based systems to sell appareled based products to online customers. One of the major problems that experienced by both electronic apparel merchants and customers is the difficulty in determining how a cloth will fit to the customer. Customers are reluctant to purchase garments online because they are unsure about the exact size to order, and how that cloth will look on them. Virtual dressing room is a relatively new concept which is slowly becoming more on a live video model of the customer. Therefore, the customer can be certain that both the style and the fit are matched before garments are purchased online. The need for the virtual dressing systems is becoming more essential with the rapid growth of online marketing systems. This will benefit the customers by saving the don and doff time. Also customers can order clothes online without going to a shop and try clothes. In addition customers can save lot of time that is wasted in fit on queues. Also shop owners can reduce the extra cost that is involved in fitting rooms and quality of the clothes will not be deteriorated by frequent touches by customers. Instead of operating in a limited geographical area shop owners can use virtual dressing rooms to sell their garments in the internet to a large customer base around the world.
Effect of Knowledge Management Practices on Product Innovations: Study with Special Reference to Hospitality Industry in Southern Province Sri Lanka
(Uva Wellassa University of Srilanka, 2011) Prasadani, M.G.M.; Jayawardhane, A.A.K.K.
Note: See the PDF Version 21' century is considered as the Knowledge era. The knowledge is the factor that drives the businesses in the 2I51 century. It can be seen as an asset raising traditional asset questions to management such as when, how much and what to invest in. Owing to the particular properties of knowledge, however, knowledge assets require special attention (Uwe et al., 2003). Knowledge Management (KM) is defined as the internal modes of collaboration in innovation activities between different departments that involve in the exchange of knowledge. The significant determinants of KM include consumer orientation, continuous R&D activity, and number of employees, high-tech manufacturing and knowledge intensives services (Annelies and Dirk, 2009). Innovation is doing something newly and uniquely to what the competitors are producing or practicing. Companies collect new ideas and forms new products and processes based on those ideas. Innovation is crucial to the success and survival of companies. It can be identified as the single most important building block of competitive advantage. There are two common forms of innovations, product innovation and process innovation. Product innovation generally involves in the introduction of new products or services to meet market needs (Allan, 2008). In accordance with the United Nations World Tourism Organisation (UNWTO), hospitality is an industry that generates three billion dollars per day globally, and one out of twelve people around the world are employed by tourism industry. Potentially, tourism will become Sri Lanka's largest industry and employer. According to Karr R, the 'Pearl of the Indian Ocean', Sri Lanka's diverse attractions have always lured tourists from all over the world. Since the war ended in May 2009, there has been a rapid growth in the numbers of tourists visiting Sri Lanka and as a sector, tourism is booming (Business Today, 2W 0). This study aimed to identify whether there is a relationship between Knowledge Management practices (KMP) and product innovations and assessing the impact of KMPs on product innovations since these two concepts are very important to the business world. Accordingly, the sub objectives of this study were to observe current degree of KMPs in hospitality industry and the degree of KMPs in different classes of hotels, the effect of different types of KMPs on product innovation and to explore the relationship between KMPs and product innovation.
Identification of Impact of Stock Splits on Liquidity Aspect of Stocks
(Uva Wellassa University of Srilanka, 2011) Gunaratne, A.G.D.L.K.; Gunaratne, Y.M.C.
Note: See the PDF Version Stock splits are a common and a very popular tool used by the corporations to increase the liquidity of stocks in the equity markets. A stock split can be defined as the increase in the number of outstanding shares of stock while making no changes in shareholder's equity. Splits are usually announced to create liquidity in a firm by reducing its share price and increasing the number of shares outstanding. While this does not impact on the intrinsic value of firms, it attracts retail investors as it is more affordable to them, The primary objective of a share split is to make a certain share more affordable to small investors by splitting the share at an agreed ratio. However, .a stock split does not change the intrinsic value of a stock and market capitalization of it at the time of the announcement of the split. Increased liquidity is the main advantage of stock splits. Liquidity can be generally defined as "the ability to trade large quantities quickly at low cost with less price impact". Through a stock split a corporation tries to increase the liquidity of the equity stock in the secondary market and the organization can reduce the cost of capital since the organization does not have to concern on the liquidity premium that the shareholders of the company are expected. This study attempted to identify the impact of stock splits on liquidity of a share. Therefore, this study aimed to address the question of, what is the liquidity behavior of a share after a stock split. Effect of stock split on liquidity of a share compared to the period before the split is analyzed in this study. Furthermore, this study identified the change of liquidity behavior of a share after the split in relation to the market. This study was based on 20 share splits which had been undertaken in Colombo Stock Exchange in the years of 2009 and 2010.
Impact Assessment of Quality Certifications on Organizational Performance with Special Reference to Hotels Certified by SLSI
(Uva Wellassa University of Srilanka, 2011) Wijesundara, W.P.N.; Ranasinghe, J.P.R.C.
Note: See the PDF Version Since the awareness of the concept of Quality certification (QC) in foreign countries is very high, implementation of Quality Systems is becoming an international necessity. Therefore, it is vital to identify the impact of Quality certifications (QC) on Organizational Performance (OP). The quality of goods and services in hotel industry is a significant factor for a successful business and therefore, this effort is to conduct a study on the impact of QC on hotel industry. Demand for the QC is very low in service sector as it involves high costs and lack of quality professionals (Almeida et al., 2009). Investors' awareness on QC seems to be in a lower stage and currently there is a trend for being certified in hotel sector (Sri Lanka Standard Institution -SLSI). Hence, it is important to assess whether there is a real value of being certified. The purpose of this study was to discover whether the hotels are really benefited by obtaining the ISO certification and to determine to which extent the various performances were affected. As ancillary objectives, the costs and benefits of being certified and factors influenced hoteliers to obtain quality certification have been investigated in this study.
Impact of Dividend Policy on Share Prices of Listed Companies in Sri Lanka: Evidance from Bank Finance and Insurance Sector in Colombo Stock Exchange (CSE)
(Uva Wellassa University of Srilanka, 2011) Wimalaratna, W.K.P.S.; Gunaratne, Y.M.C.
Note: See the PDF Version Share market is a vital part in any economy as it helps investors to sell their securities in a secondary market at an efficient price. Further, it helps favorably to the initial public offering since most of the people invest in shares with the intention of selling those at a higher price in the future. Stock market gives a great opportunity to investors to buy and sell their shares at a satisfactory price in a well-functioning secondary market. Recently, there is a significant development in Colombo Stock Exchange (CSE). At present, 241 companies have been listed in CSE representing 20 business sectors. Investor seeks to earn the maximum return from their investment. As far as the return of the share market is concerned, total expected return includes two components namely, capital gains and dividends. Shareholders make investment in equity capital with the expectation of earning dividends or capital gains. Thus, shareholders can increase their wealth either from dividends or capital gains. Once the company earns a profit, Board of directors need to decide to retain the profit within the company or to pay it out as dividends to the owners of the company. Dividend policy determines the amount of earnings to be distributed to shareholders and the amount to be retained or reinvest in the firm. The objective of a dividend policy should be to maximize shareholder's wealth. Retained earnings are used to contribute investment opportunities which lead to increase the growth rate of the firm in the long run and the shareholders can obtain benefits of the retain earning in the long run. How much is needed to pay as a dividend is always a controversial topic for the business. Therefore management has to carefully design the dividend policy of the company in order to satisfy all the shareholders while achieving the company's objectivities satisfactorily. Company's profit after tax can either be divided among shareholders as dividend or can retain in the company or combination of these two. However, this may determine after comparing the costs of paying dividends with the cost of retain earnings. None of the companies has an obligation to declare dividends on common stock. However, director board can decide whether to pay or not dividend in the year. By maintaining a proper dividend policy a company can build a good image among the investors. Many theoretical models describe the factors that managers should consider when making dividend policy decisions. Miller and Modigliani (1961) states that in a given perfect capital market, the dividend decision does not affect firm's value and is, therefore, irrelevant. They offered many theories about how dividends affect value of a share and how managers should design their dividend policy. Stock Prices are changing according to the behavior of various factors. Some information regarding the stock prices such as earning per share, net assets per share highly affected the changes of stock prices because they reflect the strength of the company. Basically, investors consider companies' profitability, liquidity, leverage, asset utilization and future strategies when making the investment decisions. Accordingly, earning per share and net assets per share are the major information to the investors in their investment decision making. Thus, the second objective is how do earning per share and net assets per share impact on the market prices and how important those factors in investment decisions.
Impact of quality of work life on organizational commitment of employees in an apparel industry in Galle District
(Uva Wellassa University of Srilanka, 2011) Sampath, G.K.A.D.; Sutha, J.
Note: See the PDF Version Apparel industry in Sri Lanka contributes to the economic development of the country by providing employment opportunities. There are 330000 employees are working in the apparel industry (Sri Lanka Apparel Exporters Association, 2009). Furthermore, according to the Central Bank Annual Report (2009), apparel industry contributes to the Gross Domestic Product (GDP) by 42% and to the exports by 46%. In addition, this industry has achieved the GSP+ tax benefit. Apparel industry is a labor intensive industry and therefore, organizational performance is depending on the performance of the employees. In determining the employee performance, working environment and quality of work life climate would be playing a significant role. Therefore, this study focused on the impact of quality of work life on organizational commitment of employees in apparel industry in Galle district. Objectives of the study were to identify the nature of the quality of work life and organizational commitment in apparel industry in Galle district, to determine the impact of quality of work life on organizational commitment in apparel industry in Galle district and to determine the relative contribution of each factor in quality of work life on organizational commitment in Apparel industry in Galle district.
Impact of Stress on Job Performance of Employees: An Assessment with Special Reference to commercial Banks in Badulla Urban Area
(Uva Wellassa University of Srilanka, 2011) Bamini, S.; Kulathunga, K.M.M.C.B.
Note: See the PDF Version Over the past few decades, stress is emerging as an increasing problem in organizations. Stress is a' vigorous state in which a person is confronted with an opportunity, demand or resource related to what the individual wishes and for which the outcome is perceived to be both vague and vital. The Health Safety Executive UK (HSE) (2001) defines stress as an undesirable response and claims that people have tremendous pressures or other types of demands placed upon them. It arises when they worry about the pressures that they cannot deal with. Sometimes there can be positive and negative implications of stress. Beehr (1976) defines job stress as a condition arising from the interaction of people and their jobs and it is characterized by changes within people that force them to deviate from their normal functioning. According to Anderson (2002), a family conflict is also a predecessor which creates stress in employees of an organization. Job stress has also been viewed as dysfunctional for organizations and their members. Success of the organization depends on the performance of the employees. In addition, the performance of the employees would have an effect on the success of a manager. Porter and Lawler (1968), define job performance as "the net effect of a person's effort modified by the abilities, traits and his role perceptions". Similarly, performance is the degree of accomplishment of the tasks that makes up an employee's job. Stress has to be managed properly by the managers in order to get the work done effectively. There is no single level of stress that is optimal for all people. Positive stress adds anticipation and excitement to life, and we all thrive under a certain amount of stress. Our goal is not to eliminate stress, but to learn how to manage it and use properly. Therefore, it is very important for both individual and the organization to manage the stress to its optimal level. As far as banking industry is concerned, bankers might be under a great deal of stress due the antecedents of stress such as overload, role ambiguity, role conflict, responsibility for people, participation, lack of feedback, keeping up with rapid technological change. In addition to this, some recent factors such as innovative role, career development, organizational structure and climate have contributed to the stress among banking employees. Accordingly, the objective of this study was to identify the relationship between the stress and job performance.
Impact of Working Capital Management on Profitability: An Assessment
(Uva Wellassa University of Srilanka, 2011) Herath, M.S.; Kulathunga, K.M.M.C.B.
Note: See the PDF Version Working capital management (WCM) means planning and controlling current assets and current liabilities to eliminate the risk of inability to meet short term obligation on one hand and avoid excessive investment in current assets on the other hand (Eljelly, 2004).Working capital management is an important part of financial management decisions of the firms. This study contributes to the literature by examining the impact of Working Capital Management on the profitability. The study also sheds light on the relationship of working capital components with profitability. The research carried out by mil consulting on the Challenges of Sri Lankan Corporate Finance reveals that 68% of the respondents had reported that they have been impacted by longer cash generation cycles. It means that there is an unnecessary tie up of capital in working capital. Most firms have invested large amount of cash in working capital and a considerable amount of short term payables have used as a source of finance (Deloof 2003). Moreover, according to the rel/cfo Asia survey (2006) which was carried out to evaluate the Asian working capital improvements based on over 725 Asian companies, the Asian companies have unnecessarily tied up in working capital. Many research articles have found that, the managers spend a considerable time on day-today working capital decisions since current assets are short-lived investments and hence, continuously convert into other asset types (Rao, 1989). Therefore, it is important to assess whether the time spend on managing working capital is effective or not. Thus, the primary objective of this study was to identify the relationship between working capital management and profitability. The secondary objective of this study was to evaluate the effect of different components of working capital management on profitability.
Performances of Customer Relationship Management and Business in Sri Lankan Financial institutes: A Detailed Analysis
(Uva Wellassa University of Srilanka, 2011) Karunarathna, R.G.S.N.; Sutha, J.
Note: See the PDF Version In the last few decades, the service sector has experienced a dramatic change and in turn has also increased its importance to the economy. Further, it can be identified that there is a significant growth in the service sector of the Sri Lankan economy. Today in Sri Lanka, Financial sector is growing rapidly since most people understand the importance of the financial services to the day to day activities. Hence, this trend triggers the competition among the financial companies. In order to face the competition, companies tend to implement various strategies. Among them, Customer Relationship Management (CRM) is one of the strategies that the companies have adapted and invested more. Accordingly, this study focused to identify the impact of these programs on the performance of the companies. Thus, this study mainly focused on identifying the nature of the CRM and performance in Sri Lankan Financial institutions, identifying the impact of CRM on business performance in Sri Lankan Financial institutions, and determining the relative contribution of each factor of CRM on the business performance of Sri Lankan Financial institutions.
Study of Impact of Compensation towards the Work Attitudes and Employee Turnover in Apparel Industry with Special Reference to Kalutara District
(Uva Wellassa University of Srilanka, 2011) Rasangee, P.P.; Gunaratne, Y.M.C.
"Human resource management is responsible for how people are treated in organizations. It is responsible for bringing people into the organization, helping them perform their work, compensating them for their labors, and solving problems that arise" (Cherrington, 1995). There are seven management functions of a human resources department that have to be specifically addressed and they are staffing, performance appraisals, compensation and benefits, training and development, employee and labor relations, safety and health, and human resource research. Compensation means the combination of all cash incentives and the fringe benefit mix that an employee receives from a company and that constitutes an individual total compensation (Lawler, 1981). Apparel industry has emerged as one of the largest and fastest growing industries in the world. Hence, employers highly concern about the satisfaction of the employees. However, there can be seen an employee turnover in the apparel industry. The objective of this study was to analyze the impact of compensation planning on the work attitudes and employee turnover.
Study on Application Potential of Ultra Modern Technology for Profit Maximization in Ceylon Cinnamon Industry
(Uva Wellassa University of Srilanka, 2011) Thennakoon, T.M.N.; Mahindarathne, M.G.P.P. M.G.P.P.,; Wijewardhana, H.V.P.
Note: See the PDF Version Cinnamon at present is the dominant spice in Sri Lanka in terms of the foreign exchange earnings. Further, Sri Lanka is the major and also the only true or genuine Cinnamon (Cinnamomum zeylanicum) producer and exporter to the world market. However, the Sri Lanka is still earning high foreign exchange from Cinnamon industry exporting traditional Cinnamon products with little or without any value addition. The major export product out of Cinnamon is the Cinnamon Quills which was accounted for about 8,468 million rupees during year 2009 and bark and leaf oil exports were comparatively insignificant as only income of 133 and 143 million rupees, respectively generated in the same year. Since the attention to extract Cinnamon bark oil is less, a large portion of the Cinnamon tree is being discarded without any economical use. In the current practice, use of technology is very low and very primitive. Traditional methods and equipment are being used in this industry. In the attempt of promoting the value addition in the Ceylon Cinnamon industry, technology has been the major stumbling block. There have been some important technologies and modern machineries developed around the world which have potential use in the Cinnamon industry. Therefore, it is vital to introduce those technologies if it is needed to promote the value addition in the Cinnamon industry. The Selected ultra modern technology for this study is extraction of water soluble Polyphenolic type A compound from oil extracted Cinnamon bark which has anti diabetic effect. Polyphenol type A polymer is a water soluble compound and it is not found in the spice oils sold as food additives. It is believed that Cinnamon makes fat cells much more responsive to insulin, the hormone that regulates sugar metabolism and thus controls the level of glucose in the blood (Anderson, 2004). This compound can be extracted from oil extracted Cinnamon bark leading to the production of value added product of Cinnamon. This study determines the possibility of applying that ultra modern technology for profit maximization in Ceylon Cinnamon industry.
Study on Impact of Marketing Strategies on Customer Satisfaction: Case on Commercial Banks in Uva Province
(Uva Wellassa University of Srilanka, 2011) Rathnayake, R.M.B.M.B.; Kulathunga, K.M.M.C.B.
Marketing strategy is one of the most important factors associated with the desirable business outcomes in a competitive market place. This research identifies marketing strategy as a remarkable impact on customer satisfaction. Customer satisfaction differs from person to person and situation to situation. Many researchers have looked into the importance of customer satisfaction. Kotler (2000) defines satisfaction as a person's feelings of pleasure or disappointment resulting from comparing a product's perceived performance in relation to his or her expectations. Hoyer and Maclnnis (2001) say that satisfaction can be associated with feelings of acceptance, happiness, relief, excitement and delight. Marketing strategy is the most essential factor that is required to product sustainability in a competitive market place. There are many examples of marketing programmes designed to build loyalty. If it has been done improperly, marketing strategy will not be able to achieve the goals of the client firm. One strategy is not appropriate for all the marketing programmes. The best marketing strategy must be adopted for a successful business. Marketing methods and tools are the basis of the marketing strategy that a company will use to raise to the top of their market (Kotler and Andreasen, 1996). Customer repurchasing behavior for a particular product or service leads to profitability. In the early 1960s, Professor Neil Borden at Harvard Business School identified a number of actions that can influence the consumer decision to purchase goods or services. Bearden (1983) suggested that all those actions of the company represented a "Marketing Mix". Customer satisfaction is the most sensitive factor that is exposed to various factors. In order to maintain a stable customer satisfaction level, a continuous consideration is required. In the banking sector in Sri Lanka, there are many competitors such as, Bank of Ceylon, People's Bank, Commercial Bank, Hatton Nnational Bank, Development Finance Corporation of Ceylon, Hong-Kong Shanghi Bank Corporation. Therefore, to ensure the market share among these competitors, each bank has to take considerable efforts to maintain a stable customer satisfaction level. In order to improve the customer retention through customer satisfaction, each competitor should focus on the particular strategies that are able to identify the sensitivity of customer satisfaction. Customer satisfaction in banking sector cannot be maintained by merely satisfying customers. Firms try to delight customers and then loyal customer base is retained. The strength of the marketing strategy is strongly affected the Customer satisfaction
A Study on Impact of Risk and Benefits of Outsourcing towards the Business Performance in Financial Institutions in Sri Lanka
(Uva Wellassa University of Srilanka, 2011) Sameera, P.A.N.; Sutha, R.J.
Note: See the PDF Version Throughout the world, usage of Information Technology (IT) has been increasing with the globalization. Presently every organization utilizes the IT based treatment in their common business practices. Network management, application development, data management, maintaining infrastructures and providing hardware are the services that are involved in booming the IT scenario. Furthermore, the IT consultation and the IT solutions for the organization are the treatments which are offered by IT services providers. When the IT decisions are implemented by the organization, they consider the cost of implementation of IT infrastructures. It may relatively be a significant investment that cannot be borne by the organization within their cost structure. In the Sri Lankan context, the IT involvement in the business process has now been increased with a rapid enhancement of Information Technology. Global consulting giant, A.T. Keameys, Global Services Location Index, 2006 highlights Sri Lanka among the top 50 outsourcing destinations. Sri Lanka finds its place in the index at the ranking of 29111 among the 50 nations which were considered by AT Kearny. The A.T. Kearney Global Services Location Index analyzes the top 50 services locations worldwide against 41 measurements in three major categories and they include the cost, people's skills and availability and business environment.
A Study on Visual Merchandising and Consumer Store Choice Behaviour in Sri Lankan Supermarkets
(Uva Wellassa University of Srilanka, 2011) Weerasooriya, D.A.; Sutha, J.
Retailing industry is a highly competitive industry due to the difficulty in differentiating the products and services based on the marketing mix of product, price, place and promotion from one store to another. Self service retailing is typically used by sellers of convenience goods (such as supermarkets) and nationally branded fast ir ovins shopping goods ( Kotler and Ariaistrong, 2006). The trend of isiodern self service retailing rather the supermarket trend exists in Asia Pacific region where Sri Lanka is being one of the countries with tremendous rise of the trend. In accordance with the Nielsen company report on retail and shopper trends in Asia Pacific 2010 in Sri Lanka, the modem trade continued steadily to gain share in 2009. Further, the share of supermarkets has been expanded by l% compared to 2008.The share in 2009 is comprised with a 1 6% share. Supermarket is a self-service store offering a wide variety of food and household merchandise, organized into departments. It is larger in size and has a wider selection than a traditional grocery store and it is smaller than a hypermarket or superstore (Matanials and Ramos, 2009). Millions of dollars are spent each year by retailers designing, building and refurbishing stores (Baker et.al. , 1992).Visual merchandising, or visual presentation, is the mean to communicate a store/company’s fashion value and quality image to prospective customers (Kim, 2003). Kim (2003 ) has expressed a similar concept in a different view that is “a way of presenting merchandise effectively to improve the desirability of a product and to influence a customer’s buying behavior” Number of elements have used in past literature to measure the level of visual merchandising In-stores. The classifications and i!l ustrations presented in past literature are different and vary in accordance with the past researches’ perspectives. Agnihotri and Oburai (I 997) have categorized visual merchandising elements in to two rñain elements namely, exterior visual merchandising elements (Marquees, Entryway and Store windows) and in-store visual merchandising elements (Store layout plan, Color, Lighting, In-store signage, Merchandise sequencing style and Fixtures and Hardware). Store choice is a decision that a shopper is fairly involved in. It is important for a store to understand this behaviour in order to develop marketing strategies to attract and keep its clientele. Shoppers choose the store based on many aspects that could be classified as primary and image based and also the importance of each of these aspects changes with the kind of store the shopper wants to visit (Sinha ct al., 2002). Ther efore, th is research aims to answer whether there is an impact of visual merchandising in favour of supermarkets as the trend is that more consumers are attracted towards supermarkets and in favour of the consumer store choice behavior in the curren t Sri Lankan Context. The objectives of this study were to identify the current practices of visual merchandising that exist in Sri Lankan super markets, to identify the impact of each interior and exterior visual merchandising element on consumer store choice behavior and to determine the relative contribution of each interior and exterior element towards store choice behavior.

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