APrf Niro Wellalage

Associate Professor of Finance

School of Accounting and Finance

College of Business and Law

Eligible to supervise Masters and PhD - email supervisor to discuss availability.

Available For Media Comment.


Dr. Nirosha Wellalage is an Associate Professor in the School of Accounting and Finance at Adelaide University. She specialises in corporate finance, insurance economics, pension systems, and FinTech, and serves as the Graduate Research Coordinator within the School. She holds a PhD in Corporate Governance from the University of Waikato (New Zealand), an MBA from Keele University (United Kingdom), and a Bachelor of Science (First Class Honours) in Management Information Systems from the National University of Ireland, Dublin.
 
Dr. Wellalage brings extensive experience applying a Gender Equality, Disability and Social Inclusion (GEDSI) lens to financial systems research. Her empirical work examines how structural factors—including gender inequality, institutional quality, political connections, and firm ownership structures—shape financial access, financial inclusion, and firm performance across emerging economies. Her research on women-owned enterprises and financial inclusion in Southeast Asia has generated policy-relevant evidence to support inclusive financial sector development. This work is complemented by longstanding collaborations with researchers and institutions across emerging economies and her experience examining doctoral research in financial governance across South Asia and Southeast Asia. She has a strong track record of translating research into policy and practice. Dr. Wellalage has served as a consultant to the World Bank's Business Enabling Environment project and the Inter-American Development Bank's Housing and Urban Development Division, contributing to research on women's access to mortgage markets in Latin America and the Caribbean. 
 
Dr. Wellalage has extensive experience in designing and delivering executive education for industry, government, and professional audiences. Her portfolio includes industry-focused micro-credential programs developed in partnership with the Governance Institute of Australia, as well as the co-design and co-delivery of the DFAT-funded short course, Mobilising Long-Term Capital through Insurance and Pension Reform in Indonesia. Her excellence in teaching has been recognised through the Teaching Collaboration and Peer Support Award at UniSA Business. An experienced international educator, she has delivered university teaching, executive education, and professional training across Australia, New Zealand, China, Sri Lanka, Thailand, and Indonesia.
 
Her commitment to adult learning and community capacity building extends beyond higher education. In New Zealand, she delivered financial literacy workshops for older Māori participants through the Rauawaawa Charitable Trust (2012–2013) and for newly arrived refugees through the Refugee Orientation Trust, where she also served as a Board Member (2017–2018). She also facilitated a Writing for Grants workshop at the Waikato Institute of Technology (Wintec) in 2022. In Australia, she was invited to co-present Empowering CALD Communities through Financial Literacy at the Australian Refugee Association Annual Meeting (2024), delivering practical insights to government and non-profit sector representatives on improving financial capability and inclusion among culturally and linguistically diverse communities.

My research sits at the intersection of financial systems, social inclusion, and sustainable development, with a particular focus on how underserved populations including women, micro-entrepreneurs, and informal sector participants engage with formal financial systems. A central thread of this work examines access to long-term financial instruments, including insurance products and pension schemes, and the structural conditions that either enable or obstruct their uptake in emerging economies, directly informing policy priorities around long-term capital mobilisation, financial sector deepening, and inclusive growth.

My research is internationally recognised, with nearly 3,000 citations on Google Scholar and a global ranking in the top 3% of female economists (IDEAS/RePEc, based on the past decade of publications). I have received several prestigious awards, including the International Corporate Governance Network (ICGN) Outstanding Scholar Award, the ICAI International Research Award (Finance Stream), the Young Researcher Award from the Baku World Science Forum, and the Early Career Research Excellence Award from the Modelling and Simulation Society of Australia and New Zealand (MSSANZ).

 

 

Date Position Institution name
2026 - ongoing Associate Professor Adelaide University
2023 - 2025 Associate Professor University of South Australia
2013 - 2023 Senior Lecturer University of Waikato

Date Institution name Country Title
University of Waikato New Zealand PhD

Year Citation
2026 Cingillioglu, I., & Wellalage, N. (2026). The digital tightrope: balancing value and ethics in hotel transformation. Journal of Hospitality and Tourism Technology, 17(3), 801-821.
DOI Scopus3 WoS3
2026 Kijkasiwat, P., Wellalage, N. H., & Locke, S. (2026). Signal transfer in symbiotic relations: the mediating effects of inter-firm relationships and business-bank relations. Global Business and Economics Review, 34(3), 352-372.
DOI
2025 Hunjra, A. I., Azam, M., Wellalage, N. H., & Mishra, T. (2025). Inflation bites: The dynamic interdependence between financial market volatility and energy consumption during pandemic. International Review of Economics and Finance, 104, 29 pages.
DOI Scopus1 WoS1
2025 Wellalage, N., Wallace, D., & Reddy, K. (2025). Access to finance: the role of production level technology. Finance Research Letters, 71(106460), 1-8.
DOI Scopus2 WoS1
2025 Rasool, N., Arunachalam, M., Wellalage, N. H., & Kumar, V. (2025). Unveiling the relationship between ESG and growth of unlisted firms: empirical insights from Eastern Europe and Central Asia. Business Strategy And The Environment, 34(5), 5669-5686.
DOI Scopus13 WoS11
2025 Islam, T., Arunachalum, M., Wellalage, N., & Benjamin, S. (2025). Corporate environmental performance leading financial performance: impacts of social media sentiment and corporate reputation. Business Strategy And The Environment, 34(4), 4274-4290.
DOI Scopus19 WoS18
2025 Benjamin, S. J., Wellalage, N., Biswas, P. K., & Wasiuzzaman, S. (2025). Do negative social media sentiments affect firm risk?. Accounting Research Journal, 38(2), 190-207.
DOI Scopus4 WoS4
2025 Reddy, K., Wallace, D., & Wellalage, N. H. (2025). The impact of financial literacy on financial inclusion. Australian Journal of Management, 5(528), 1-28.
DOI Scopus7 WoS3
2024 Zhang, D., Wellalage, N., & Fernandez, V. (2024). Temporary employment and financial distress in times of crisis. Journal of Risk Finance, 25(4), 602-628.
DOI Scopus5 WoS5
2024 Kijkasiwat, P., Cave, J., Wellalage, N. H., & Locke, S. (2024). Forecasting symbiosis in tourism enterprise networks: Monte Carlo simulation of risk and return. International Journal of Services, Economics and Management, 15(1), 63-83.
DOI Scopus2
2023 Wellalage, N., Reddy, K., & Wallace, D. (2023). Environmental performance and the role of government support: evidence from the recent COVID-19 pandemic. Finance Research Letters, 58(104318), 1-11.
DOI Scopus6 WoS6
2023 Wellalage, N. H., Zoysa, A. D., & Ma, S. (2023). Corporate cash holdings and firm performance in India: an empirical investigation of the effects of audit quality and firm growth. American Business Review, 26(1), 122-147.
DOI Scopus7
2023 Reddy, K., & Wellalage, N. H. (2023). Effects of family ownership and family management on the performance of entrepreneurial firms. Research in International Business and Finance, 65(101977), 1-14.
DOI Scopus13 WoS12
2023 Wellalage, N. H., Fernandez, V., & Bui, T. Q. T. (2023). Immigration and entrepreneurship: is there a uniform relationship across countries?. International Review of Economics and Finance, 85, 270-285.
DOI Scopus19 WoS15
2022 Agyekum, F. K., Reddy, K., Wallace, D., & Wellalage, N. H. (2022). Does technological inclusion promote financial inclusion among SMEs? Evidence from South-East Asian (SEA) countries. Global Finance Journal, 53(1000618), 1-15.
DOI Scopus37 WoS32
2022 Zhang, D., & Wellalage, N. H. (2022). Comparative analysis of environmental performance measures and their impact on firms' financing choices. Journal of Cleaner Production, 375(134176), 1-11.
DOI Scopus21 WoS17
2022 Zhang, D., Wellalage, N. H., & Fernandez, V. (2022). Environmental assurance, gender, and access to finance: evidence from SMEs. International Review of Financial Analysis, 83(102326), 1-14.
DOI Scopus23 WoS23
2022 Wellalage, N. H., Kumar, V., Hunjra, A. I., & Al Faryan, M. A. S. (2022). Environmental performance and firm financing during COVID-19 outbreaks: evidence from SMEs. Finance Research Letters, 47(102568), 1-8.
DOI Scopus70 WoS58 Europe PMC7
2022 Benjamin, S. J., Biswas, P. K., Wellalage, N. H., & Man, Y. (2022). Environmental disclosure and its relation to waste performance. Meditari Accountancy Research, 31(6), 1545-1577.
DOI Scopus25 WoS23
2022 Wellalage, N. H., Thrikawala, S., & Ghardallou, W. (2022). Political connections, family ownership and access to bank credit. Finance Research Letters, 50(103347), 1-8.
DOI Scopus13 WoS12
2022 Wellalage, N. H., Boubaker, S., Hunjra, A. I., & Verhoeven, P. (2022). The gender gap in access to finance: evidence from the COVID-19 pandemic. Finance Research Letters, 46(102329), 1-9.
DOI Scopus49 WoS35 Europe PMC3
2022 Kijkasiwat, P., Cave, J., Hewa Wellalage, N., & Locke, S. (2022). Synergistic model to boost business performance: a New Zealand case study. Journal of Small Business and Enterprise Development, 29(2), 241-260.
DOI Scopus1 WoS1
2022 Wellalage, N. H., Kumar, V., Hunjra, A. I., & Al-Faryan, M. A. S. (2022). Environmental Performance and Firm Financing during COVID-19 Outbreaks: Evidence from SMEs. SSRN Electronic Journal.
DOI
2022 Wellalage, N. H., Boubaker, S., Hunjra, A. I., & Verhoeven, P. (2022). The Gender Gap in Access to Finance: Evidence from the COVID-19 Pandemic. SSRN Electronic Journal.
DOI
2021 Wellalage, N. H., Hunjra, A. I., Manita, R., & Locke, S. M. (2021). Information communication technology and financial inclusion of innovative entrepreneurs. Technological Forecasting and Social Change, 163(120416), 1-13.
DOI Scopus68 WoS49
2021 Wellalage, N. H., & Kumar, V. (2021). Environmental performance and bank lending: evidence from unlisted firms. Business Strategy and the Environment, 30(7), 3309-3329.
DOI Scopus77 WoS70
2021 Wellalage, N., & Thrikawala, S. (2021). Does bribery sand or grease the wheels of firm level innovation: evidence from Latin American countries. Journal of Evolutionary Economics, 31(3), 891-929.
DOI Scopus29 WoS24
2021 Wellalage, N. H., & Thrikawala, S. (2021). Bank credit, microfinance and female ownership: are women more disadvantaged than men?. Finance Research Letters, 42(101929), 1-8.
DOI Scopus41 WoS33
2021 Kijkasiwat, P., Wellalage, N. H., & Locke, S. (2021). The impact of symbiotic relations on the performance of micro, small and medium enterprises in a small-town context: the perspective of risk and return. Research in International Business and Finance, 56(101388), 1-19.
DOI Scopus17 WoS14
2020 Wellalage, N. H., & Locke, S. (2020). Formal credit and innovation: is there a uniform relationship across types of innovation?. International Review of Economics and Finance, 70, 1-15.
DOI Scopus19 WoS18
2020 Wellalage, N. H., Fernandez, V., & Thrikawala, S. (2020). Corruption and innovation in private firms: does gender matter?. International Review of Financial Analysis, 70(101500), 1-14.
DOI Scopus47 WoS22
2020 Wellalage, N. H., & Reddy, K. (2020). Determinants of profit reinvestment undertaken by SMEs in the small island countries. Global Finance Journal, 43(100394), 1-13.
DOI Scopus12 WoS9
2020 Hewa Wellalage, N., Locke, S., & Samujh, H. (2020). Firm bribery and credit access: evidence from Indian SMEs. Small Business Economics: an entrepreneurship journal, 55(1), 283-304.
DOI Scopus65 WoS55
2020 Benjamin, S. J., Regasa, D. G., Wellalage, N. H., & Marathamuthu, M. S. M. (2020). Waste disclosure and corporate cash holdings. Applied Economics, 52(49), 5399-5412.
DOI Scopus33 WoS31
2020 Wellalage, N. H., & Locke, S. (2020). Remittance and financial inclusion in refugee migrants: inverse probability of treatment weighting using the propensity score. Applied Economics, 52(9), 929-950.
DOI Scopus11 WoS12
2019 Wellalage, N. H., & Fernandez, V. (2019). Innovation and SME finance: evidence from developing countries. International Review of Financial Analysis, 66(101370), 1-14.
DOI Scopus149 WoS133
2019 Wellalage, N. H., Locke, S., & Samujh, H. (2019). Corruption, gender and credit constraints: evidence from South Asian SMEs. Journal of Business Ethics, 159(1), 267-280.
DOI Scopus76 WoS66
2018 Wellalage, N., Locke, S., & Acharya, S. (2018). Does the composition of boards of directors impact on CSR scores?. Social Responsibility Journal, 14(3), 651-669.
DOI Scopus25 WoS18
2018 Wellalage, N. H., & Locke, S. (2018). Do female directors create value for the shareholders? Case study of New Zealand publicly listed companies. International Journal of Corporate Governance, 9(4), 347.
DOI
2018 Wellalage, N. H., & Locke, S. (2018). Do female directors create value for the shareholders? Case study of New Zealand publicly listed companies. International Journal of Corporate Governance, 9(4), 347.
DOI
2017 Wellalage, N., & Locke, S. (2017). Access to credit by SMEs in South Asia: do women entrepreneurs face discrimination. Research in International Business and Finance, 41, 336-346.
DOI Scopus79 WoS58
2016 Hewa Wellalage, N., & Locke, S. (2016). Closely held family business agency costs between owners. International Journal of Corporate Governance, 7(4), 287.
DOI
2016 Jha, D. K., Locke, S., & Wellalage, N. H. (2016). Governance and regulatory issues: microfinance and development of rural communities in Nepal.. Corporate Ownership and Control, 13(3), 491-501.
DOI
2016 Hewa Wellalage, N., & Locke, S. (2016). Informality and credit constraints: evidence from Sub-Saharan African MSEs. Applied Economics, 48(29), 2756-2770.
DOI Scopus51 WoS47
2016 Wellalage, N. H., & Locke, S. (2016). Closely held family business agency costs between owners. International Journal of Corporate Governance, 7(4), 287.
DOI
2015 Wellalage, N. H., & Locke, S. (2015). Impact of ownership structure on capital structure of new zealand unlisted firms. Journal of Small Business and Enterprise Development, 22(1), 127-142.
DOI Scopus13 WoS8
2014 Wellalage, N. H., & Locke, S. (2014). The Capital Structure of Sri Lankan Companies: A Quantile Regression Analysis. Journal of Asia Pacific Business, 15(3), 211-230.
DOI Scopus17
2014 Wellalage, N. H., & Locke, S. (2014). Capital structure choice: a case study on New Zealand's unlisted firms. American J. of Finance and Accounting, 3(2/3/4), 93.
DOI
2013 Wellalage, N. H., & Locke, S. (2013). Women on board, firm financial performance and agency costs. Asian Journal of Business Ethics, 2(2), 113-127.
DOI Scopus80 WoS58
2013 Wellalage, N. H., & Locke, S. (2013). Corporate governance, board diversity and firm financial performance: New evidence from Sri Lanka. International Journal of Business Governance and Ethics, 8(2), 116-136.
DOI Scopus44
2013 Wellalage, N. H., & Locke, S. (2013). Capital structure and its determinants in New Zealand firms. Journal of Business Economics and Management, 14(5), 852-866.
DOI Scopus12 WoS11
2012 Wellalage, N. H., Locke, S., & Scrimgeour, F. (2012). Does one size fit all? An empirical investigation of board structure on family firms' financial performance. Afro Asian Journal of Finance and Accounting, 3(2), 182-194.
DOI Scopus12
2011 Wellalage, N. H., & Locke, S. (2011). Agency costs, ownership structure and corporate governance mechanisms: A case study in New Zealand unlisted small companies. International Research Journal of Finance and Economics, 78(3), 178-192.
DOI Scopus6
2011 Hewa Wellalage, N., & Locke, S. (2011). Does CEO duality is really matter? Evidence from an emerging market. Corporate Ownership and Control, 8(4 A), 112-122.
Scopus17
2011 Wellalage, N. H., & Locke, S. (2011). Does CEO duality is really matter? Evidence from an emerging market. Corporate Ownership and Control, 8(4), 112-122.
DOI
- Fauzi, F., Hewa-Wellalage, N., & Locke, S. (2012). The Global Financial Crisis’ Impact on Short-term Performance of IPO: The Case Study of New Zealand Firms’ IPOs. Asian Journal of Finance & Accounting, 4(2).
DOI
- Hewa Wellalage, N., & Locke, S. (n.d.). Informality and Credit Constraints: Evidence from Sub-Saharan African MSEs. SSRN Electronic Journal.
DOI
- Hewa Wellalage, N., Locke, S., & Scrimgeour, F. (n.d.). The Global Financial Crisis Impact on Ethnic Diversity of Sri Lanka Boards. SSRN Electronic Journal.
DOI
- Abidin, S., Hewa Wellalage, N., Yu, Y., & Zhao, Z. (n.d.). Do Positive P/E Firms and Negative P/E Firms Differ in Characteristics and Performance?. SSRN Electronic Journal.
DOI
- Hewa Wellalage, N., Locke, S., & Scrimgeour, F. (2012). The Global Financial Crisis Impact on Ethnic Diversity of Sri Lanka Boards. Asian Journal of Finance & Accounting, 4(1).
DOI
- Fauzi, F., Hewa Wellalage, N., & Locke, S. (n.d.). The Global Financial Crisis’ Impact on Short-Term Performance of IPO: The Case Study of New Zealand Firms’ IPOs. SSRN Electronic Journal.
DOI
- Man, Y., Locke, S., & Hewa Wellalage, N. (n.d.). Earnings Management and Agency Costs: Evidence from China. SSRN Electronic Journal.
DOI
- Hewa Wellalage, N., & Locke, S. (n.d.). A dynamic estimation of governance structures and financial performance for Singaporean companies. SSRN Electronic Journal.
DOI
- Reddy, K., Wellalage, N. H., & Wang, Z. (n.d.). Corporate Governance Practices of Family Firms in Europe and Firm Financial Performance. SSRN Electronic Journal.
DOI
- Hewa Wellalage, N., & Locke, S. (2018). Agency Costs and Ownership Structure in New Zealand Unlisted Small Businesses. SSRN Electronic Journal.
DOI
- Hewa Wellalage, N. (n.d.). Women on Board, Firm Financial Performance and Agency Costs. SSRN Electronic Journal.
DOI
- Hewa Wellalage, N., & Locke, S. (n.d.). Capital Structure Choice: A Case Study on New Zealand Unlisted Firms. SSRN Electronic Journal.
DOI
- Hewa Wellalage, N., & Thrikawala, S. (n.d.). Does bribery sand or grease the wheels of firm level innovation: Evidence from Latin American countries. SSRN Electronic Journal.
DOI

Year Citation
2024 Ranabahu, N., Samujh, R. H., Rajapakshe, S., Wellalage, N. H., & de Vries, H. P. (2024). Dreamers, delayers, or doers: Entrepreneurial intentions and behaviours of former refugees in New Zealand. In N. Ranabahu, H. P. Vries, & R. T. Hamilton (Eds.), Source details - Title: Refugee Entrepreneurship: A Research Companion (pp. 51-70). US: Taylor and Francis.
DOI Scopus1
2018 Locke, S. M., & Hewa-Wellalage, N. (2018). The impact of institutional factors on female and male owned firm financing: Evidence from South Asian Countries. In Gender and Diversity Concepts Methodologies Tools and Applications (Vol. 4, pp. 1720-1738). IGI Global.
DOI
2018 Locke, S. M., & Hewa-Wellalage, N. (2018). The Impact of Institutional Factors on Female and Male Owned Firm Financing: Evidence From South Asian Countries. In Gender Economics Breakthroughs in Research and Practice (pp. 616-634). IGI Global.
DOI
2016 Agyekum, F. K., Locke, S., & Wellalage, N. H. (2016). Does financial accessibility and inclusion promote economic growth in low income countries (LICs)?. In Financial Performance Analysis Measures and Impact on Economic Growth (pp. 99-135).
Scopus2

Year Citation
2019 Wellalage, N. H. (2019). Petty corruption on firm level innovation of MSMEs: Evidence from emerging economies. In 23rd International Congress on Modelling and Simulation Supporting Evidence Based Decision Making the Role of Modelling and Simulation Modsim 2019 (pp. 1188-1193).
2016 Wellalage, N., & Locke, S. (2016). Closely held family business agency costs between owners. In Proceedings of the 4th International Conference on Management Leadership and Governance Icmlg 2016 (pp. 377-382). RUSSIA, St Petersburg State Univ Econ, Saint Petersburg: ACAD CONFERENCES LTD.
2015 Wellalage, N. H., Abidin, S., & Wang, L. (2015). Quantitative measurement of contagion effects during a Global Financial Crisis: Evidence from selected countries. In T. Weber, M. J. McPhee, & R. S. Anderssen (Eds.), Proceedings 21st International Congress on Modelling and Simulation Modsim 2015 (pp. 1050-1055). AUSTRALIA, Gold Coast: MODELLING & SIMULATION SOC AUSTRALIA & NEW ZEALAND INC.
2015 Abidin, S., Wellalage, N., & Chowdhury, I. (2015). Modelling the linkages between dividend policy and future earnings. In T. Weber, M. J. McPhee, & R. S. Anderssen (Eds.), Proceedings 21st International Congress on Modelling and Simulation Modsim 2015 (pp. 1105-1111). AUSTRALIA, Gold Coast: MODELLING & SIMULATION SOC AUSTRALIA & NEW ZEALAND INC.
2013 Cave, J., Locke, S., Hewa Wellalage, N., & Gupta, K. (2013). International travel and leisure company performance : key yield ratios. In J. Fountain, & K. Moore (Eds.), CAUTHE 2013: Tourism and Global Change: On the Edge of Something Big (pp. 69-85). New Zealand: Lincoln University.
DOI

Year Citation
2020 Wellalage, N. H., & Kumar, V. (2020). Does it pay to be green? Environmental performance and firm financing during COVID-19 outbreaks.
DOI
  • Cross-Disciplinary Decision-Making Framework across Economics, Finance and Accounting, College of Business and Law Learning and Teaching Grant-Adelaide University, 2026-2027

  • Financial literacy and safer, more secure futures, Centre for Markets, Values and Inclusion (CMVI) at the University of South Australia, 2025

  • Non-binary Individuals and Financial Wellbeing in Australia, Accounting And Finance Association of Australia And New Zealand Limited, 01/07/2023 - 30/06/2024

  • Building wellbeing via financial empowerment: The case of Māori youth in Aotearoa/New Zealand,  Accounting and Finance Association in Australia and New Zealand (AFAANZ), 2021-2022 

Courses I teach

  • BUSI 6003 Business Analytics for Managers (2026)
  • BUSI 1009 Predictive and Visual Analytics for Managers and Consultants (2026)
  • BANK 5054 International Perspectives in FinTech (2025)
  • INFS 5128 Data Visualisation and Communication for Business Professionals (2025)
  • INFS 5130 Fundamentals of Data Analytics for Business (2025)
  • BANK 5054 International Perspectives in FinTech (2024)
  • INFS 5128 Data Visualisation and Communication for Business Professionals (2024)

Date Role Research Topic Program Degree Type Student Load Student Name
2024 Principal Supervisor Lived experiences of older Australians with a mortgage debt Doctor of Philosophy Doctorate Part Time Miss Arti Jhuremalani

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