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How Has COVID-19 Impacted the Business Performance of Sri Lankan Firms: A Qualitative Inquiry

In: Digital Transformation, Strategic Resilience, Cyber Security and Risk Management

Author

Listed:
  • Narayanage Jayantha Dewasiri
  • Nawalage Shashini Piyumika Perera
  • W. A. I. D. Wijerathna
  • P. G. S. Amila Jayarathne
  • Vithiyalani Muthusamy
  • Simon Grima

Abstract

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.

Suggested Citation

  • Narayanage Jayantha Dewasiri & Nawalage Shashini Piyumika Perera & W. A. I. D. Wijerathna & P. G. S. Amila Jayarathne & Vithiyalani Muthusamy & Simon Grima, 2023. "How Has COVID-19 Impacted the Business Performance of Sri Lankan Firms: A Qualitative Inquiry," Contemporary Studies in Economic and Financial Analysis, in: Digital Transformation, Strategic Resilience, Cyber Security and Risk Management, volume 111, pages 201-216, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-37592023000111b015
    DOI: 10.1108/S1569-37592023000111B015
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