Prof. Chandana Gunathilaka – PhD

Prof. Chandana Gunathilaka – PhD

B.Sc. (Acc.) Sp.; MBA (Fin.); MABE(UK); FMAAT (SL); FCA (SL), PhD (UNiMAS)




  • PhD (Finance) University of Malaysia Sarawak, 2016.
  • MBA (Finance), University of Colombo, 2008
  • B.Sc. Accounting. Special. University of Sri Jayewardenepura, 2000


  • Fellow Chartered Accountant, Chartered Accountants of Sri Lanka
  • MABE, Association of Business Executives, UK
  • Fellow Member Association of Accounting Technicians, AAT Sri Lanka

Positions Held

  • Coordinator; M.Sc. Applied Finance Program, Faculty of Graduate Studies, USJ
  • Chair, 14th International Conference on Business Management, 2017
  • Chair; Research Symposium, Faculty of Management Studies and Commerce, USJ
  • Member; Education Committee, AAT Sri Lanka (2004-2005)

Review Boards and Editorial

  • Review Board, International Journal of Emerging Markets, Emerald Publishing
  • Review Board, Future Business Journal, Springer
  • Review Board, Journal of Electronic Finance, InderScience
  • Review Board, Journal of Workplace Behavioral Health, Taylor & Francis
  • Review Board, Financial Innovation, Springer
  • Review Board, Colombo Business Journal, University of Colombo
  • Review Board, Journal of Social Sciences, Abasyn University of Pakistan
  • Editorial, Journal of Emerging Financial Markets and Policy
  • Editorial, Asian Finance Review, USJ



Conference Presentations

  1. Factors Influencing Stock Selection Decision: The Case of Retail Investors in Colombo Stock Exchange (2014), International Conference on Business Management, University of Sri Jayewardenepura.
  2. Day of the week effect in equity market: evidence from Bursa Malaysia (2014),Co-author: Daw Tin Hla, University of Malaysia Sarawak, ICTR, Business and innovation conference, Swinburne University of Technology: Sarawak, Malaysia.
  3. Firm Size, Ownership  Concentration and Payout Policy in Malaysia (2014), Co-author Prof. Mohamad Jais, University of Malaysia Sarawak, International Borneo Business Conference, Kuching, Malaysia
  4. Day of the Week Anomaly in Colombo Stock Exchange: is it a result of inappropriate test methods?(2013), International Conference on Business Management , University of Sri Jayewardenepura.
  5. Corporate Financial Distress Prediction in Sri Lanka: An Application of Altman’s Models (2013), International Conference on Business Management , University of Sri Jayewardenepura.
  6. Stock Splits in Sri Lanka: Valuation Effects & Market Liquidity (2011), International Conference on Business Management, University of Sri Jayewardenepura.
  7. Tax evasion ethics: empirical evidence from Sri Lanka (2011), International Conference on Business Management, University of Sri Jayewardenepura.
  8. Ownership structure and dividend policy in Sri Lanka (2009), International Conference on Business Management, University of Sri Jayewardenepura.
  9. Inflation, Corporate Financial Policy and Sustainable Growth (2008), Co-author: Prof. L T Alles, Curtin Business School, Perth, Australia, International Research Conference, University of Colombo.
  10. Modeling Market Sentiment in Pricing Stocks:A Five Factor Model Specification for Bursa Malaysia, R & D Exposition (2015), University Malaysia Sarawak, Malaysia.
  11. Adaptation  Puzzle  of War Widows: the Social Risk of becoming a (Fe)Male (2013) Co-author: Edirisinghe  A, University of Kelaniya, Sri Lanka, International Research Conference, University of Kelaniya.
  12. Capital Structure of Sri Lankan Firms: A Dynamic Panel Data Analysis (2012), Annual Research Conference, South Eastern University of Sri Lanka.
  13. Ownership Structure & Capital Structure Interaction: Evidence from Sri Lankan Panel Data (2012), International Research Conference, Jaffna University of Sri Lanka.
  14. Returns to Liquidity and Impact of Investor Sentiment in Malaysian Stock Market, 2015, International Conference in Finance-IFMA, Indonesia.
  15. The role of investor sentiment and human capital in Malaysian equity market: measurement and performance in multifactor models, 2015,Conference on Contemporary Issues on Accounting and Finance, Malaysia.
  16. Revered Size, BM and Momentum Effects: A review of Malaysian Equity returns behaviour, 2016, ARBUHUM, Indonesia.


  1. Day of the Week Effect: An Enduring  Anomaly in Bursa Malaysia, IUP Journal of Applied Finance, 21 (4), 38-50
  2. Illiquidity exposure of size and value in Malaysian equity returns,International Journal of Business and Finance Research, Vol 10 (2),81-90
  3. Financial Distress Prediction: A Comparative  Study of Solvency Test and Z-Score Models with Reference to Sri Lanka (2014), IUP Journal of Financial Risk Management Vol. XI, No. 3, pp.1-12.
  4. Audit Expectations gap in Sri Lanka: the Role of Policy Makers (2012) ZENITH: International Journal of Multidisciplinary Research Vol.2, Issue 10, pp1-12.
  5. Audit Expectations gap in Sri Lanka: the Role of Policy Makers (2012) ,EXCEL International Journal of Multidisciplinary Management Studies 2012, Vol.2, Issue 10, pp364-375,Online ISSN : 2249-8834.
  6. What Drives Dividend Policy? Evidence from Sri Lanka: A Dynamic Panel Data Analysis (2012), Wayamba Journal of Management, Vol.3, Issue 2, pp1-16.
  7. Reversed Size, Book-to-Market and Momentum Effects: A Review of Malaysian Equity Returns Behavior
    Advanced Science Letters 23 (1), 15-19
  8. Illiquidity, Investor Sentiment and Stock Returns: Evidence from Malaysia International Journal of Economics and Financial Issues, 7 (4), 478-487.
  9. Investor Sentiment and Asset Pricing: A Review. Vidyodaya Journal of Management 3 (1), 77-91.
  10. Investor Sentiment, Human Capital and Fama French Factors: Measurement and Performance in the Malaysian Market, UKM Journal of Management, 55 (2019)
  11. COVID-19 and the Adaptive Role of Educators: The Impact of Digital Literacy and Psychological Well-Being on Education—A PLS-SEM Approach, International Journal of Educational Reform,
  12. Interventions to minimize prejudice and discrimination against female child, International Journal of Early Childhood Special Education (INT-JECS), Vol 14, 03, 2022
  13. Self-attribution and overconfidence in Colombo Stock Exchange, International Journal of Accounting & Business Finance, Vol.8, No.1, 52 – 64.


Books and Chapters

  1. iud.u’ .sKqu’lrKh yd .sKqu’lrK m%us; Ndjs;h (Accounting for Companies and Application of Accounting Standards); 2005,ISBN 955-99042-0 -3
  2. iud.u’ uQ,H m%ldYk yd .sKqu’lrK m%us; js.%yh (Financial Statements of Companies and Explanation of Standards); 2007,SBN 955-99042-1-2
  3. 6 chapters of Wiia fm< .sKqu’lrKh (Advanced Accounting-Educational Publications); 2011,ISBN 955-0693-00-9
  4. uQ,H jdra;dlrKfha uQ,sl isoaOdka (Essentials of Financial Reporting-Sarasavi Publishers); 2012, ISBN 955-671-500-2
  5. Hand Book on Sri Lanka Accounting Standards; 2007, ICASL
  6. .sKqus;rK ixl,am” uQ,Orau yd cd;Hka;r uQ,H jdra;dlrKfha wNsfhda (Accounting Concepts, Principles and the Challenge of International Financial Reporting-Godage Publications); 2012, ISBN: 978-955-30-3668-1
  7. mrsp’fPao 6( wdfhdack ;SrKmssrsjeh yd l<ukdlrK .KldOslrKh (Cost and Management Accounting-Educational Publications); 2012, ISBN: 978-955-0693-01-6

Awards and Honors

  1. PhD Scholarship, National Centre for Advanced Studies, UGC of Sri Lanka, 2013
  2. ZAMALAH Postgraduate Scholarship, University of Malaysia Sarawak, 2013
  3. Outstanding paper award, Conference on Contemporary Issues in Accounting & Finance, Kuching, Malaysia, 2015
  4. Bronze Medal for Invention, Research & Development Exposition, UNIMAS, Malaysia, 2015
  5. MASHAV fellowship for 21st Century Higher Education Pedagogies Program, State of Israel, 2018

Courses Taught at the University

  • Financial Management
  • Financial Analysis
  • Real Estate Finance
  • Investment and Portfolio Management

Other Publications

  • ‘Andun Diviya’ (Detective fictions in Sinahalese) Book published by Godage Publications, 2012.
  • ‘Mili meter’ (Detective fictions in Sinhalese) Book published by Godage Publications, 2019.
  • Anantha Chaya (Fictional) Book by Godage, 2022.

Contact Details

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