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Although numerous studies have explored gamification, its effects on student intrinsic motivation and behavioral engagement remain ambiguous. This study aims to address this gap by investigating the impacts of exogenous and endogenous fantasies on students’ intrinsic motivation, behaviors and perception of learning in gamified, fully online courses.

Using a quasi-experimental design and mixed methods, this study involved two groups of postgraduate students: exogenous fantasy group (N = 23) and endogenous fantasy group (N = 23). Intrinsic motivation was assessed through surveys, while behavioral engagement was tracked over 10 weeks using online trace data. Semi-structured interviews gathered student insights on learning perceptions. The patterns of behavioral engagement in both fantasy groups were analyzed using epistemic network analysis.

Observed behavioral data indicated a significantly higher level of intrinsic motivation in the endogenous fantasy setting. The endogenous group was more engaged in pre-task analysis and post-task reflection, while the exogenous group focused more on quiz work and post-task reflection. Participants in the endogenous fantasy setting also reported increased cognitive engagement and a strong identification with their fictional characters.

Integrating endogenous fantasy into the curriculum can boost students’ intrinsic motivation, behavioral engagement and self-identification. Adopting a first-person perspective that allows students to embody the role of a virtual character is highly recommended. The use of interactive multimedia can greatly enrich the fantasy environment, resulting in a more immersive and engaging learning experience.

The study provides valuable insights into the impact of endogenous and exogenous fantasies on intrinsic motivation and behavioral engagement. It also stands out for its use of epistemic network analysis to assess and compare complex networks of learning task participation in two fantasy settings. Through analyzing these engagement patterns, researchers can obtain a more profound understanding of how each fantasy environment influences student engagement.

This study aims to explore the motives behind the company’s decision to go public in Sri Lanka.

This study adopts the explanatory sequential mixed-method approach based on the benefit-cost trade-off theory, incorporating survey-based descriptive statistics of 143 respondents from listed companies in the Colombo Stock Exchange (CSE) followed by content analysis of 52 initial public offering prospectuses and 11 interviews with top management of listed companies.

Companies primarily go public to raise capital for long- and short-term growth, followed by enhancing corporate image and governance structure. Also, they go public to rebalance capital structure, lower the cost of capital, diversify risk, compete in their product market and grab market timing opportunities. Furthermore, the qualitative analysis established that companies are going public also for value addition, broadening the ownership structure, establishing new strategic partnerships and funding for working capital requirements, which are not highlighted in previous studies.

These findings offer valuable insights for policymakers aiming to attract new companies to CSE, which would contribute to the capital market development of Sri Lanka.

This study combines quantitative survey and qualitative content analysis in a single investigation, revealing novel motives for going public that were not previously identified. This approach allows for a more comprehensive topic exploration, including the participants’ experiences and perceptions, while minimizing bias and maximizing robustness. This study is more comprehensive than previous studies that relied on descriptive statistics.