Federation Business School

Dr Sisira Colombage

Position: Senior Lecturer,
Location: Berwick,
903 1122
Phone: 5122 6644


  • BSc (Business Administration) Honours
  • MBA (Finance)
  • GCHE (Monash)
  • MBA (Accounting Systems)
  • PhD (Finance)
  • CPA (Australia)


Dr. Sisira Colombage is a senior lecturer in finance. He held the position of Discipline Head from June 2014 to December 2015, Accounting & Finance, Economics and Law, and HDR Coordinator, School of Business, Gippsland. Prior to this, he spent 6 years at Monash University, 8 years at University of Sri Jayewardenepura where he held positions as Senior Lecturer, and 2 years at Kobe University as a postdoctoral fellow. He has broad teaching experience in Corporate Finance, Money and Capital Markets and Investments. Sisira is an active research supervisor and he has supervised a number of PhD and honours students to completion.


His current research interests include: Corporate Finance, Banking, Capital Markets, and Financial Institutions.

He has published papers in numerous journals including the Journal of International Financial Markets Institutions and Money, Accounting and Finance, Journal of Asian Economics, Pacific-Basin Finance Journal, and Southeast Asia Research and presented papers in international conferences.



  • Roshaiza Taha, Financial systems and taxation: the role in the economy. (Principal Supervisor - Monash University)
  • Syed Shams, The performance of bidding firms in merger and acquisition (M&A) deals: an empirical investigation of public, private and subsidiary acquisitions in Australia.(Principal Supervisor - Monash University)
  • Nafisa Ovi, Competition, bank stability, revenue diversification and loan pricing; evidence from ASEAN countries. (Principal Supervisor - Monash University)


  • Madurika Nanayakkara, Scaling up Green Bond market worldwide: A fantasy or a reality? (Principal Supervisor- Federation University)
  • Suborna Barua, The link between climate change & foreign direct investment, (Associate Supervisor – Federation University)
  • Peter Lambourn, A comprehensive study of the syndicated loans market in Australia. (Principal Supervisor - Monash University)

Grants and awards

  • Earnings management and long term return performance of Australian Convertible Debt Issues, 2010. Granted by Monash University, Gippsland Campus ($9,945)
  • Cash flow research study, 2008. Granted by Loy Yang Power ($33,657)
  • Investments in Real Estate, 2008. Granted by School of Business and Economics, Gippsland ($5,652)



Sisira Colombage (co-authored with Anura Amarasena), 2017 “Exporting in The Asian Century: The dynamics of success”, Sid Harta Publications, Australia. ISBN:978-1-921030-85-7

Journal Articles

Baker, H., Kumar, S., Colombage, S., Singh, H., 2017, "Working Capital Management Practices in India: Survey Evidence", Managerial Finance, Vol 43 (3), pp 331-353.

Kumar S, Sisira R.N. Colombage, 2017, Research on Capital Structure Determinants: a review and future directions, International Journal of Managerial Finance, Vol 13 (2), pp. 106-132.

Kumar, S. and Colombage S., 2017, "Working Capital Management and Firm Profitability: A Meta-Analysis" Qualitative Research in Financial Markets, Vol. 17 (9), pp. 34-47.

Fonseka M.M., Xing Y., Gao-Liang T. and Sisira R. N. Colombage, 2015, Political connections, ownership structure and private-equity placement decision: evidence from Chinese listed firms, Applied Economics, Vol 47 (52), pp. 5648-5666.

Colombage S. R.N., Maslyuk, S., Taha, R., 2015, Stock market and tax revenue as determinants of economic growth: Panel data evidence from Developing Asia, Journal of Developing Areas, Vol 49 (4), PP. 1-19.

Fonseka, M.M., Colombage, Sisira R.N., Tian, Gao-Liang, 2014, Effects of Regulator's Announcements, Information Asymmetry and Ownership Changes on Private Equity Placements: Evidence from China,International Financial Markets Institutions and Money, Vol 29, pp. 126-149.

Ovi, N., Perera, S., Colombage, S.,2014,Market power, credit risk, revenue diversification and bank stability in selected ASEAN countries", South East Asia Research, Vol 22, pp. 399-416.

Colombage, S., Gunasekarage. A. & Shams, S.M., 2013, Target organisational form and returns to Australian bidders in cross-border acquisitions, Accounting and Finance, Vol 54, pp. 1063-1096.

Shams, S.M, Gunasekarage. A. & Colombage, S., 2013, Does the organisational form of the target influence the market reaction to acquisition announcements? Australian evidence, Pacific-Basin Finance Journal, Vol. 24, pp 89-108.

RoshaizaTaha, Sisira R.N. Colombage, Svetlana Maslyuk, Loganathan, Nanthakumar, 2013, Does Financial System Activity Affect Tax Revenue In Malaysia? Bounds Testing And Causality Approach,Journal of Asian Economics, Vol 24, pp 147-157.

Colombage S.R.N. and Abdel Halabi, 2011, Asymmetry of Information and the Finance-Growth Nexus in Emerging Markets-Empirical Evidence using Panel VECM Analysis, Journal of Developing Areas, Vol 46, No 1, pp 133-146.

Nicholas Boone, Sisira Colombage, Abeyratna Gunasekarage, 2011, Block shareholder identity and firm performance in New Zealand, Pacific Accounting Review, Vol 23(2), pp.185 – 210.

Roshaiza Taha, Sisira R.N. Colombage, Svetlana Maslyuk, 2011, The Financial System and Revenue Collection in Malaysia: An Empirical Analysis, Empirical Economics Letters, No 11, Vol 9, pp.1027-1032.

Roshaiza Taha, Nanthakumar Loganathan, Sisira R. N Colombage, 2011, The Effect of Taxation on Economic Growth; the Case of a Newly Industrialized Country, International Review of Business Research Papers, Vol 7, pp. 319-329.

Amarasena, A., and Colombage, Sisira R.N., 2010, An Emerging Asian Niche Market for Export,"Thunderbird International Business Review, Vol 52 (6), pp. 525-539.

Colombage, Sisira, R.N., 2009, Financial markets and economic performances: Empirical evidence from five industrialized economies, Research in International Business and Finance, Vol 23, pp. 339-348.

Colombage, Sisira, R.N., 2007, Consistency and controversy in corporate financing practices: evidence from an emerging market, Studies in Economic and Finance, Vol 24 No 1, pp. 51-71.

Colombage, Sisira R.N., 2005, Sectoral Analysis of Corporate Capital Structure Choice – Emerging Market Evidence from Sri Lanka, Journal of Asia-Pacific Business, Vol. 6 (3), pp. 5-35.

Association and memberships

  • Full member of CPA (Australia)
  • Fellow member of Financial Services Institute of Australia (FINSIA)
  • Accounting and Finance Association of Australia and New Zealand
  • Editorial advisory board of scholarly journals
  • Editor of the Journal of Economics and Behavioural Studies