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.
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. 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. |
| 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. |
| 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. |
| 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. |
| 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. |
| 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. 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. |
| 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. |
| 2016 | Hewa Wellalage, N., & Locke, S. (2016). Informality and credit constraints: evidence from Sub-Saharan African MSEs. Applied Economics, 48(29), 2756-2770. 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. |
| 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. 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. 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. |
| 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. 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. 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. 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. 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. 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. |
| - | 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). |
| - | Hewa Wellalage, N., & Locke, S. (n.d.). Informality and Credit Constraints: Evidence from Sub-Saharan African MSEs. SSRN Electronic Journal. |
| - | Hewa Wellalage, N., Locke, S., & Scrimgeour, F. (n.d.). The Global Financial Crisis Impact on Ethnic Diversity of Sri Lanka Boards. SSRN Electronic Journal. |
| - | 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. |
| - | 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). |
| - | 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. |
| - | Man, Y., Locke, S., & Hewa Wellalage, N. (n.d.). Earnings Management and Agency Costs: Evidence from China. SSRN Electronic Journal. |
| - | Hewa Wellalage, N., & Locke, S. (n.d.). A dynamic estimation of governance structures and financial performance for Singaporean companies. SSRN Electronic Journal. |
| - | Reddy, K., Wellalage, N. H., & Wang, Z. (n.d.). Corporate Governance Practices of Family Firms in Europe and Firm Financial Performance. SSRN Electronic Journal. |
| - | Hewa Wellalage, N., & Locke, S. (2018). Agency Costs and Ownership Structure in New Zealand Unlisted Small Businesses. SSRN Electronic Journal. |
| - | Hewa Wellalage, N. (n.d.). Women on Board, Firm Financial Performance and Agency Costs. SSRN Electronic Journal. |
| - | Hewa Wellalage, N., & Locke, S. (n.d.). Capital Structure Choice: A Case Study on New Zealand Unlisted Firms. SSRN Electronic Journal. |
| - | 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. |
| 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 |
Available For Media Comment.