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This study aims to explore the relationship between institutional and macroeconomic factors and corporate financial flexibility while also investigating the moderating impact of selected board governance mechanisms on this relationship.

The sample of the study comprises 174 firms listed on the Colombo Stock Exchange for a period of eight years, from 2014 to 2021. Data were collected from secondary sources, and both descriptive and inferential statistical techniques were used for analyses.

Corporate financial flexibility is notably affected by profitability as an institutional factor and by gross domestic product growth rate and banking sector development as macroeconomic factors. Furthermore, the relationship between a company’s profitability and corporate financial flexibility is found to be moderated by selected board governance mechanisms. However, these governance mechanisms do not influence the relationship between corporate financial flexibility and other institutional factors (i.e. other than profitability) and macroeconomic factors considered in this study.

This study adds a fresh perspective to the existing body of knowledge in the field of corporate finance by emphasizing the interaction effect of board governance mechanisms on the association between macroeconomic and institutional variables and financial flexibility of firms. The findings are expected to be useful for business decision-makers in managing their corporate financial flexibility effectively and maximizing the use of their financial resources.

This study investigates the motivation among customers to be more loyal to online food delivery applications (OFDA) services even after the COVID-19 epidemic by using perceived service quality aspects in Sri Lanka. The data were gathered by physically distributing a self-administrated questionnaire to clients in Sri Lanka who continue to use OFDA services on platform to customer (P2C) service delivery platforms to buy food despite the COVID-19 outbreak. Multiple regression is employed to analyse 287 effective observations, and the data revealed the significant positive effect of interaction, environment, outcome, and food qualities on customer loyalty to OFDA services. In fact, there is no impact from the delivery quality on customer loyalty to OFDA services due to outsourced food delivery. The findings suggest regular improvements in attributes such as interaction, environment, outcome, and food qualities in this hyper-competitive business environment. Further, this study sets substantial facts for the interested parties to establish an exemplary delivery system and other technological advancements to have a sustainable competitive advantage and solid customer base in the long run.

Purpose: The study aims to explore the wider acceptance of blockchain technology and growing faith in this technology among all business domains to mitigate the chances of fraud in various sectors.

Design/Methodology/Approach: The authors focus on studies conducted during 2015–2022 using keywords such as blockchain, fraud detection and financial domain for Systematic Literature Review (SLR). The SLR approach entails two databases, namely, Scopus and IEEE Xplore, to seek relevant articles covering the effectiveness of blockchain technology in controlling financial fraud.

Findings: The findings of the research explored different types of business domains using blockchains in detecting fraud. They examined their effectiveness in other sectors such as insurance, banks, online transactions, real estate, credit card usage, etc.

Practical Implications: The results of this research highlight (1) the real-life applications of blockchain technology to secure the gateway for online transactions; (2) people from diverse backgrounds with different business objectives can strongly rely on blockchains to prevent fraud.

Originality/Value: The SLR conducted in this study assists in the identification of future avenues with practical implications, making researchers aware of the work so far carried out for checking the effectiveness of blockchain; however, it does not ignore the possibility of zero to less effectiveness in some businesses which is yet to be explored.

Purpose: This chapter examines the effect of COVID-19 on the stock market volatility (SMV) in the Colombo Stock Exchange (CSE), Sri Lanka.

Need for the Study: The study is necessary to understand investor behaviour, market efficiency, and risk management strategies during a global crisis.

Methodology: Utilising daily All Share Price Index (ASPI) data from 2 January 2018 to 31 August 2021, the data are divided into subsamples corresponding to the pre-pandemic period, the pandemic period, and distinct waves of the pandemic. The impact of the pandemic is investigated using the Mann–Whitney U test, the Kruskal–Wallis test, and the Exponential Generalised Autoregressive Conditional Heteroscedasticity (EGARCH) model.

Findings: The pandemic considerably affected CSE – the Mann–Whitney U test produced different market returns during the pre-COVID and COVID eras. The Kruskal–Wallis test improved performance during COVID-19 but did not continue to do so across COVID-19 waves. The EGARCH model detected increased volatility and risk during the first wave, but the second and third waves outperformed the first. COVID-19 had a minimal overall effect on CSE market results. GARCH and Autoregressive Conditional Heteroskedasticity (ARCH) models identified long-term variance memory and volatility clustering. The News Impact Curve (NIC) showed that negative news had a more significant impact on market return volatility than positive news, even if the asymmetric term was not statistically significant.

Practical Implications: This study offers significant insight into how Sri Lanka’s SMV is affected by COVID-19. The findings help create efficient mitigation strategies to mitigate the negative consequences of future events.

This study aims to investigate the impact of the COVID-19 pandemic on businesses, their operations, and the financial conditions in Sri Lanka. A sample of 19 executive-level employees from 19 companies registered at the Colombo Stock Exchange in Sri Lanka was interviewed. The thematic analysis method was used to analyse the data. It demonstrates the insecurity of the current business situation, as with the pandemic, most large-scale operating companies have been permanently or temporarily closed. The financial condition was categorised into main sub-themes such as business profitability, liquidity problems, the balance of payments, working capital, and cash flows and was highly impacted during the COVID-19 outbreak. The findings of the study help to improve the favourable image of Sri Lankan companies by facilitating solutions to overcome the challenges and difficulties and are beneficial for the relevant government parties to amend policies and for investors to make prudent investment decisions. As a maiden study, this one focused on investigating the pandemic’s impact on business operations and developed a nine-step plan for organisations, employees, and the government to minimise the impact of COVID-19 on their businesses.

By examining the impact of the day of the week during the COVID-19 pandemic and the subsequent economic recession, it is possible to provide insights into market behaviour during volatile times that can be furnished to investors and policymakers for informed decisions.

This study investigates the day-of-the-week effect on the Colombo Stock Exchange (CSE), with particular emphasis on the variations in this effect during the COVID-19 pandemic and the subsequent economic crisis.

The study applies the Exponential Generalised Autoregressive Conditional Heteroskedasticity (EGARCH) model, allowing for the evaluation of asymmetric responses to positive and negative shocks. The data span from January 2006 to December 2022 and are segmented into different periods: the entire sample, war and post-war periods, the COVID-19 pandemic and the economic crisis period, each reflecting distinct market conditions.

The study uncovers a significant day-of-the-week effect on the CSE. Mondays and Tuesdays typically show a negative effect, while Thursdays and Fridays display a positive impact. However, this pattern shifts notably during the COVID-19 pandemic, with all weekdays exhibiting significant positive impact, and varies further across different waves of the pandemic. The economic crisis period also shows unique weekday effects, particularly before and after an important political event.

We analyzed the effects of different combinations of organic soil amendments (OSAs) and chemical fertilizers on agrifood production, focusing on banana yields in China, the second-largest producer of bananas globally.

We computed these combinations by dividing the expenditures on OSAs by those on chemical fertilizers and called them OSA-CF ratios. First, we classified farmers based on quintiles of expenditures on chemical fertilizers. Then, we studied the association between OSA-CF ratios and banana yields for each quintile. We also considered an alternate specification in which farmers were grouped along the OSA-CF ratio continuum. The first group comprised farmers not using OSAs. Their OSA-CF ratio was zero. Farmers applying low, medium, and high OSA-CF ratios constituted groups two, three, and four; the groups were delineated based on the OSA-CF ratio tertiles, and the associations between tertiles of OSA-CF ratios and banana yields for each quintile were analyzed. The data used in this study were collected by surveying 616 households in three major banana-producing provinces (Guangdong, Hainan, and Yunnan) of China. Standard linear regressions and the two-stage predictor substitution method were employed to complete the analysis.

There were variations in the effects of OSA-CF ratios on banana yields obtained by farmers iifferent quintiles. For the first and second quintiles, low, medium, and high OSA-CF ratios improved banana yields relative to not using OSAs. For farmers in the first quintile using only chemical fertilizers, applying a low OSA-CF ratio was associated with an improvement of 792 kg/mu in banana yields. For their counterparts in the second quintile, the same transition was associated with a gain of 534 kg/mu. For the fifth quintile, comprising farmers spending 320 yuan/mu or more on chemical fertilizers, applying a high OSA-CF ratio instead of using only chemical fertilizers was associated with a 401 kg/mu decline in banana yields. Even so, for this group, no differences were observed between the yields of farmers not applying OSAs and those using low and medium OSA-CF ratios.

Banana farmers in southern China, using only chemical fertilizers, can improve yields by combining them with OSAs if their chemical fertilizer expenditures are less than 66.67 yuan/mu. Those using only chemical fertilizers and spending between 68 yuan/mu and 300 yuan/mu on them can maintain yields by applying OSAs in conjunction with chemical fertilizers. However, yields may decline for farmers using only chemical fertilizers and spending 320 yuan/mu or more on them if they incorporate OSAs such that the OSA-CF ratio reaches 0.78 or higher. Overall, combining OSAs with chemical fertilizers can improve yields while attenuating the adverse effects of chemical fertilizers on the environment. Policymakers should inform farmers of these benefits and accelerate the transition to sustainable agriculture through educational and awareness programs.

Farmers apply OSAs such as organic fertilizers and farmyard manure to adjust and remedy soil nutrition to improve farm productivity. However, little is known about how combining OSAs with chemical fertilizers affects banana yields. This study provided the first attempt to explore the associations between OSA-CF ratios and banana yields using cross-sectional data on farming households.

This paper aims to determine how forensic accounting contributes to fraud detection and prevention and answer the following research questions: What are the standard techniques for fraud detection and prevention; and What are the significant challenges that hinder the application of forensic accounting in fraud prevention and detection?

The authors use the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) method to carry out a systematic literature review (SLR) to identify and assess the existing literature on forensic accounting.

There exists a positive correlation between forensic accounting and fraud detection and prevention. Moreover, in both the empirical and non-empirical findings, the authors note that fraud is complex, and in carrying out fraud investigations, one must be aware of its complexity.

Although drug counterfeiting is a sector where forensic accountants have paid less attention, it is a rapidly expanding fraud area. This paper finds that to detect fraud at an early stage, one must increase consumer understanding of basic forensic accounting techniques by implementing accurate supply chain monitoring systems and inventory management controls and conducting adequate and effective regulatory, honest and legitimate customs inspections.

The major factors that restrict forensic accounting are a lack of awareness and education. Hence, it is essential to incorporate forensic accounting in undergraduate and post-graduate courses.

From the existing literature, it has been observed that very few studies have been conducted in this field using the PRISMA and SLR techniques. Also, the authors carried out a holistic study that focuses on three different areas – fraud detection, fraud prevention and the challenges in forensic accounting.