Analysis of the Crucial Factors and Reforms for the Financial Shortfall of Sri Lanka Railways (SLR)
Sri Lanka Railways (SLR) provides wide-ranging socio-economic benefits to the country while ensuring accessibility and mobility needs of passengers and goods shippers. SLR has been facing a financial shortfall since the early 1940s and needs strategies to mitigate this, which will reduce the burden...
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| Published in | Journal of the Eastern Asia Society for Transportation Studies Vol. 15; pp. 475 - 493 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
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Eastern Asia Society for Transportation Studies
2024
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| Abstract | Sri Lanka Railways (SLR) provides wide-ranging socio-economic benefits to the country while ensuring accessibility and mobility needs of passengers and goods shippers. SLR has been facing a financial shortfall since the early 1940s and needs strategies to mitigate this, which will reduce the burden on the government treasury and economy. The objective of this study is to ascertain the crucial factors of the long-term financial shortfall of SLR and the possible reforms by analyzing the expert opinions in rail transportation. This study adopted a qualitative research methodology, leveraging primary data and conducting an expert opinion survey to identify crucial factors and propose potential reforms. The findings revealed a range of internal and external factors, as well as diverse institutional-level and policy-level reforms to address the financial shortfall. These findings offer valuable insights for transport policy decision-makers, enabling them to implement appropriate reforms that effectively reduce the revenue-expenditure gap for SLR. |
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| AbstractList | Sri Lanka Railways (SLR) provides wide-ranging socio-economic benefits to the country while ensuring accessibility and mobility needs of passengers and goods shippers. SLR has been facing a financial shortfall since the early 1940s and needs strategies to mitigate this, which will reduce the burden on the government treasury and economy. The objective of this study is to ascertain the crucial factors of the long-term financial shortfall of SLR and the possible reforms by analyzing the expert opinions in rail transportation. This study adopted a qualitative research methodology, leveraging primary data and conducting an expert opinion survey to identify crucial factors and propose potential reforms. The findings revealed a range of internal and external factors, as well as diverse institutional-level and policy-level reforms to address the financial shortfall. These findings offer valuable insights for transport policy decision-makers, enabling them to implement appropriate reforms that effectively reduce the revenue-expenditure gap for SLR. |
| Author | KUMARAGE, Amal S. DANTHANARAYANA, Chamila Tharangani |
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| Copyright | 2024 Eastern Asia Society for Transportation Studies |
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| References | Kravchenko, O., Bohomolova, N. (2019). Determinants of railway transport sustainability, SHS Web Conference, 67, 04008. Downs, A. (1957). An Economic Theory of Political Action in a Democracy. Journal of Political Economy, 65(2), 135–150. http://www.jstor.org/stable/1827369 Patton, M. Q. (2002). Qualitative research & evaluation methods (3rd ed.). Thousand Oaks, CA: Sage Publications. Cantos, P., Pastor, J., Serrano, L. (2002). Cost and Revenue Inefficiencies in the European Railway. International Journal of Transport Economics, 29(3), 279-308. Gallagher, R., Tougas, F.E.J., Stuhldreier, L. (2019). Operating Ratio as A Measure of Railway Operating Efficiency, 54th Annual Proceedings of the Canadian Transportation Research Forum, May 2019. Blaug, M. (1997). Economic Theory in Retrospect. Cambridge University Press. Mian, A.W. (1980). The measurement of railway operating performance with an application to Pakistan railways. [Masters Dissertation, University of British Columbia]. University of British Columbia Library. George S.A., Rangaraj, N. (2008). A Performance Benchmarking Study of Indian Railway Zones. Benchmarking: An International Journal, 15, 599-617. Sima, M. G. (2009). Major factors influencing the competitiveness of Romanian SMEs in the context of the current economy, Journal of doctoral research in economic sciences, I, 2(2009): pp. 26-35. Knight, F. H. (1921). Risk, Uncertainty, and Profit. Boston, MA: Houghton Mifflin Company. Transport and ICT Global Practice, International Bank for Reconstruction and Development, & The World Bank. (2017). Railway Reform: Toolkit for Improving Rail Sector Performance. Washington DC 20433. Retrieved from http://www.worldbank.org/transport Kumarage, A. S. (2012). Sri Lanka Transport Sector Policy Note. World Bank, Colombo, Sri Lanka. Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. Prentice Hall/Pearson Education. Hayes, A. (2020, November 28). Shortfall. Retrieved from https://www.investopedia.com/terms/s/shortfall.asp Fraszczyk, A., Lamb, T., Marinov, M. (2016). Are railways really that bad? An evaluation of rail systems performance in Europe with a focus on passenger rail. Transportation Research Part A: Policy & Practice, 94, 573-591. Kesavan, R.A., Chandrakumar, C., Kulatunga, A.K., Gowrynathan, J., Rajapaksha, R.T.D., Senewiratne, R.K.G.D.M., Laguleshwaran, D. (2015). 150 Years of Sri Lankan Railways: Evaluation of the Services from Employee and Customer Perspectives, International Journal of Emerging Technology and Advanced Engineering, Vol 5, (5). Chanmugarajah, A., (1991). A History of the Sri Lanka Government Railway 1864- 1989. The Institute of Engineers, Sri Lanka. Stenström, C. (2014). Operation and Maintenance Performance of Rail Infrastructure Model and Methods, [Doctoral Dissertation, Operation and Maintenance Engineering Luleå University of Technology, Sweden]. Danthanarayana, C.T., Kumarage, A.S. (2021). Drivers of the Financial Performance of Sri Lanka Railways (SLR). Proceedings of the Eastern Asia Society for Transportation Studies, Vol.13. Couto, A., Graham, D.J. (2009). The determinants of efficiency and productivity in European railways, Applied Economics, 42:22, 2827-2851. Ministry of Transport. (2009). National Policy on Transport in Sri Lanka. Globe Printing Works, Colombo. Mizutani, F., Shoji, K. (1997) A Comparative Analysis of Financial Performance: US and Japanese Urban Railways. International Journal of Transport Economics, 24(2): 207-239. Baumol, W. J. (1977). Economic Theory and Operations Analysis (2nd ed.). Prentice-Hall. Sri Lanka Railways. (1940-2018). Administrative Report. Colombo. Randeree, K., Youha, H.A. (2009). Strategic Management of Performance: An Examination of Public Sector Organisations in the United Arab Emirates. The International Journal of Knowledge, Culture & Change Management, Vol. 9 (4). Schumpeter, J. A. (1934). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Clark, J. B. (1899). The Distribution of Wealth: A Theory of Wages, Interest, and Profits. New York, NY: Macmillan. Dissanayake, R. L. (2010). Fascination of Railways, Rail Transportation in Sri Lanka. Dharshana Marketing Enterprises. Jayasundera, T.D. D. S.W. (1991). Operating the Railway during the Post 1970 Period, A History of the Sri Lanka Government Railway 1864- 1989, The Institute of Engineers, Sri Lanka. Peetawan, W., Suthiwartnarueput, K. (2018). Kasetsart Journal of Social Sciences, 320-327. Retrieved from http://www.elsevier.com/locate/kjss Black, D. (1948). The Theory of Committees and Elections. The Economic Journal, 58(230), 361-374. Hassan, M.D., Kavale, S. (2015). The Strategic Factors affecting Adoption of Rail Transport in Kenya. International Journal of Science and Research (IJSR), Vol: 6(10), 71-76. Kumara, E.G.N.S.H., Bandara, Y.M. (2021). Towards Reforming Sri Lanka Railways: Insights from International Experience and Industry Expert Opinion. Sri Lanka Journal of Economic Research, Volume 8(2), SLJER 08.02.04: pp. 51-80 Williamson, O. E. (1964). The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm. Prentice-Hall. Boianovsky, M. (2008). Hawley, Frederick Barnard (1843–1929). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_2261-1 Shaoul, J. (2004). Railpolitik: The financial realities of operating Britain's national railways. Public Money & Management, 24(1), 27-36. Marris, R. (1964). The Economic Theory of "Managerial" Capitalism. Macmillan, London. Retrieved from http://dx.doi.org/10.1007/978-1-349-81732-0 |
| References_xml | – reference: Clark, J. B. (1899). The Distribution of Wealth: A Theory of Wages, Interest, and Profits. New York, NY: Macmillan. – reference: Transport and ICT Global Practice, International Bank for Reconstruction and Development, & The World Bank. (2017). Railway Reform: Toolkit for Improving Rail Sector Performance. Washington DC 20433. Retrieved from http://www.worldbank.org/transport – reference: Cantos, P., Pastor, J., Serrano, L. (2002). Cost and Revenue Inefficiencies in the European Railway. International Journal of Transport Economics, 29(3), 279-308. – reference: Downs, A. (1957). An Economic Theory of Political Action in a Democracy. Journal of Political Economy, 65(2), 135–150. http://www.jstor.org/stable/1827369 – reference: Kesavan, R.A., Chandrakumar, C., Kulatunga, A.K., Gowrynathan, J., Rajapaksha, R.T.D., Senewiratne, R.K.G.D.M., Laguleshwaran, D. (2015). 150 Years of Sri Lankan Railways: Evaluation of the Services from Employee and Customer Perspectives, International Journal of Emerging Technology and Advanced Engineering, Vol 5, (5). – reference: Danthanarayana, C.T., Kumarage, A.S. (2021). Drivers of the Financial Performance of Sri Lanka Railways (SLR). Proceedings of the Eastern Asia Society for Transportation Studies, Vol.13. – reference: Fraszczyk, A., Lamb, T., Marinov, M. (2016). Are railways really that bad? An evaluation of rail systems performance in Europe with a focus on passenger rail. Transportation Research Part A: Policy & Practice, 94, 573-591. – reference: George S.A., Rangaraj, N. (2008). A Performance Benchmarking Study of Indian Railway Zones. Benchmarking: An International Journal, 15, 599-617. – reference: Stenström, C. (2014). Operation and Maintenance Performance of Rail Infrastructure Model and Methods, [Doctoral Dissertation, Operation and Maintenance Engineering Luleå University of Technology, Sweden]. – reference: Williamson, O. E. (1964). The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm. Prentice-Hall. – reference: Black, D. (1948). The Theory of Committees and Elections. The Economic Journal, 58(230), 361-374. – reference: Chanmugarajah, A., (1991). A History of the Sri Lanka Government Railway 1864- 1989. The Institute of Engineers, Sri Lanka. – reference: Knight, F. H. (1921). Risk, Uncertainty, and Profit. Boston, MA: Houghton Mifflin Company. – reference: Mizutani, F., Shoji, K. (1997) A Comparative Analysis of Financial Performance: US and Japanese Urban Railways. International Journal of Transport Economics, 24(2): 207-239. – reference: Patton, M. Q. (2002). Qualitative research & evaluation methods (3rd ed.). Thousand Oaks, CA: Sage Publications. – reference: Dissanayake, R. L. (2010). Fascination of Railways, Rail Transportation in Sri Lanka. Dharshana Marketing Enterprises. – reference: Kumarage, A. S. (2012). Sri Lanka Transport Sector Policy Note. World Bank, Colombo, Sri Lanka. – reference: Gallagher, R., Tougas, F.E.J., Stuhldreier, L. (2019). Operating Ratio as A Measure of Railway Operating Efficiency, 54th Annual Proceedings of the Canadian Transportation Research Forum, May 2019. – reference: Boianovsky, M. (2008). Hawley, Frederick Barnard (1843–1929). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_2261-1 – reference: Couto, A., Graham, D.J. (2009). The determinants of efficiency and productivity in European railways, Applied Economics, 42:22, 2827-2851. – reference: Hassan, M.D., Kavale, S. (2015). The Strategic Factors affecting Adoption of Rail Transport in Kenya. International Journal of Science and Research (IJSR), Vol: 6(10), 71-76. – reference: Baumol, W. J. (1977). Economic Theory and Operations Analysis (2nd ed.). Prentice-Hall. – reference: Sima, M. G. (2009). Major factors influencing the competitiveness of Romanian SMEs in the context of the current economy, Journal of doctoral research in economic sciences, I, 2(2009): pp. 26-35. – reference: Ministry of Transport. (2009). National Policy on Transport in Sri Lanka. Globe Printing Works, Colombo. – reference: Kravchenko, O., Bohomolova, N. (2019). Determinants of railway transport sustainability, SHS Web Conference, 67, 04008. – reference: Schumpeter, J. A. (1934). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. – reference: Marris, R. (1964). The Economic Theory of "Managerial" Capitalism. Macmillan, London. Retrieved from http://dx.doi.org/10.1007/978-1-349-81732-0 – reference: Jayasundera, T.D. D. S.W. (1991). Operating the Railway during the Post 1970 Period, A History of the Sri Lanka Government Railway 1864- 1989, The Institute of Engineers, Sri Lanka. – reference: Shaoul, J. (2004). Railpolitik: The financial realities of operating Britain's national railways. Public Money & Management, 24(1), 27-36. – reference: Blaug, M. (1997). Economic Theory in Retrospect. Cambridge University Press. – reference: Hayes, A. (2020, November 28). Shortfall. Retrieved from https://www.investopedia.com/terms/s/shortfall.asp – reference: Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. Prentice Hall/Pearson Education. – reference: Mian, A.W. (1980). The measurement of railway operating performance with an application to Pakistan railways. [Masters Dissertation, University of British Columbia]. University of British Columbia Library. – reference: Sri Lanka Railways. (1940-2018). Administrative Report. Colombo. – reference: Kumara, E.G.N.S.H., Bandara, Y.M. (2021). Towards Reforming Sri Lanka Railways: Insights from International Experience and Industry Expert Opinion. Sri Lanka Journal of Economic Research, Volume 8(2), SLJER 08.02.04: pp. 51-80 – reference: Randeree, K., Youha, H.A. (2009). Strategic Management of Performance: An Examination of Public Sector Organisations in the United Arab Emirates. The International Journal of Knowledge, Culture & Change Management, Vol. 9 (4). – reference: Peetawan, W., Suthiwartnarueput, K. (2018). Kasetsart Journal of Social Sciences, 320-327. Retrieved from http://www.elsevier.com/locate/kjss |
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| Title | Analysis of the Crucial Factors and Reforms for the Financial Shortfall of Sri Lanka Railways (SLR) |
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