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Intellectual Capital (IC) stimulates corporate competitive advantages that can enhance firm performance and sustainable growth (SG). This study investigates IC’s affinity with and impact on accounting and market performance and SG of... more
Intellectual Capital (IC) stimulates corporate competitive advantages that can enhance firm performance and sustainable growth (SG). This study investigates IC’s affinity with and impact on accounting and market performance and SG of listed nonfinancial companies in Bangladesh. Data were collected from 69 nonfinancial companies for five years during 2017–2021, forming 345 observations. Modified Value Added Intellectual Coefficient (MVAIC) and steady-state models consecutively measured IC efficiency and Sustainable Growth Rate (SGR). The Robust fixed effect model was applied to confirm the highest reliable results. Results of MVAIC, Intellectual Capital Efficiency (ICE), and Human Capital Efficiency (HCE) showed a positive affinity with and impact on firm performance and SGR. Structural Capital Efficiency (SCE) showed an insignificant association with and impact on explained variables, whereas Relational Capital Efficiency (RCE) showed a significant negative relationship with and impact on the same. Tangible capital employed efficiency (CEE) enhanced firm performance but failed to confirm sustainable growth. The findings help business executives, government, and policymakers formulate strategic plans for sustainable resource utilization and can create value, competitive edges, and survival for firms. The study recommends that corporate entities should strive to enhance their efficiency in internal structural resources and relational activities to achieve better firm performance and sustainable growth.
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This study strives to ascertain the financial and nonfinancial challenges of higher education budget for human resources development (HRD) based on both primary and secondary sources of data. Inadequate budgetary support from the... more
This study strives to ascertain the financial and nonfinancial challenges of higher education budget for human resources development (HRD) based on both primary and secondary sources of data. Inadequate budgetary support from the government and inappropriate implementation of the same due to nonexistence of good governance and inefficient utilization of allocated amount due to session jam, unemployment, and job nature of the graduates are the major challenges of higher education budget in Bangladesh. Similarly, poor planning and inefficient implementation, slavish national politics in higher educational institutions, priority of political attachment and even political slavery over merit in selecting and promoting academic faculties and nonacademic staff and assigning different duties to them, abuse of public university autonomy, absence of quality research, mismatch between expected and actual study area and discipline, and also mismatched between expected and actual job are the not...
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Tax reform is an issue of endless political debate in all developed and developing countries. The discussion on tax reform revolves around the issues relating to designing an appropriate tax base, strengthening tax administrations, and... more
Tax reform is an issue of endless political debate in all developed and developing countries. The discussion on tax reform revolves around the issues relating to designing an appropriate tax base, strengthening tax administrations, and ensuring efficiency, equity, and progressive taxation. In Bangladesh, a lot of reform initiatives have taken in the last four decades. This study is an attempt to review those initiatives by highlighting corporate matters as there is hardly any research work on those issues in the context of Bangladesh. Content and document analysis and interview methods are used to carry out this study. The study finds that the outcome of those reforms is mixed and in some cases, noteworthy achievements are evident, as for examples, the establishment of Large Taxpayers Unit (LTU) and Central Intelligence Cell (CIC) and digitalization of the tax process, while remarkable weaknesses are still prevailing in enforcement, audit, and compliance. Revenue implication of tax ...
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Research Interests: Business and Perception
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This study intended to explore the IPO motives and the factors that contributed to IPO oversubscription in Bangladesh. Based on hand-collected data from 101 sample IPO prospectus during 2010–19, the study found an average of 10 IPOs per... more
This study intended to explore the IPO motives and the factors that contributed to IPO oversubscription in Bangladesh. Based on hand-collected data from 101 sample IPO prospectus during 2010–19, the study found an average of 10 IPOs per year, mostly (90%) through the fixed-price method. Among the sample companies, 34.7% were in the textile sector, followed by 17.8% in the engineering sector and 12.9% in the pharmaceuticals & chemical sector. This study observed an average subscription times of 23.41, which was much lower than in some other South Asian countries. Regarding the use of IPO proceeds, loan settlement was the prime motive, followed by capital expenditure, and working capital financing. Companies expensed around 6% of the total IPO proceeds as flotation cost. Although the detailed disclosure of the use of IPO proceeds in the prospectus is a common and expected feature, it was found absent in around 12% of companies. The logistic regression model found a statistically signi...
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We explore the relationship between the degree of financial risk disclosure and a firm’s financial attributes. Financial risk disclosure indices (FRDIs) are calculated based on a set of 30 disclosure identifiers through content analysis... more
We explore the relationship between the degree of financial risk disclosure and a firm’s financial attributes. Financial risk disclosure indices (FRDIs) are calculated based on a set of 30 disclosure identifiers through content analysis of the annual reports of 48 manufacturing companies over a six-year period (2010–2015) in Bangladesh. We find no common practice among the companies in disclosing financial risk by integrating a customized financial risk disclosure into their financial reporting process. The results indicate that firm size, financial performance, and auditor type are positively and significantly associated with the level of financial risk disclosure.
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The study strives to examine the effect of financial leverage on financial performance in a developing country context using two OLS regression models based on panel data consisting of 816 cases (48 companies x 17 years). Financial... more
The study strives to examine the effect of financial leverage on financial performance in a developing country context using two OLS regression models based on panel data consisting of 816 cases (48 companies x 17 years). Financial performance is measured using ROA, ROE, EPS, and Tobin’s Q, and financial leverage is measured using the debt-assets ratio and debt-equity ratio. It is observed that ROA and Tobin’s Q are negatively correlated with financial leverage, which is in line with the assumptions of the pecking order theory, market timing theory, and many empirical studies. However, financial leverage has a positive effect on ROE and no effect on EPS. These results are also consistent with the MM theorem, static trade off theory and many other empirical studies. Yet again, the two OLS models have put forward conflicting results while taking EPS as the dependent variable. The results corroborate the inefficient use of debt capital and suggest the need to improve the reliability of...
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Due to huge loss in the secondary market during the 2010-2011 stock market crash, small investors in Bangladesh involved themselves in IPO investment. This study, based on secondary data, depicts the IPO market in Bangladesh and also... more
Due to huge loss in the secondary market during the 2010-2011 stock market crash, small investors in Bangladesh involved themselves in IPO investment. This study, based on secondary data, depicts the IPO market in Bangladesh and also identifies the factors influencing IPO subscription times. The study documented 85% growth in the listed companies on the Dhaka Stock Exchange (DSE) through IPO during the last decade with an average number of 14.80 IPOs per year. Fixed price method was followed in most of the IPOs; whereas the book building method was followed in only 2.70% of IPOs. Earnings forecast, a very common phenomenon of IPO prospectus in developed countries, was hardly ever found in the IPO prospectus in Bangladesh. Multiple regression model indicates that market lot has significant positive, whereas EPS and offer price have insignificant negative influence on IPO subscription times. The current study has explored the existing scenario of IPOs in Bangladesh that will help regu...
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This study intended to explore when and how often fixed asset revaluation (FAR) is practiced in Bangladesh and explain the impacts of FAR on net asset value (NAV), stock prices, and debts of companies. Based on 175 listed companies on the... more
This study intended to explore when and how often fixed asset revaluation (FAR) is practiced in Bangladesh and explain the impacts of FAR on net asset value (NAV), stock prices, and debts of companies. Based on 175 listed companies on the Dhaka Stock Exchange, this study found increasing use of the revaluation model where the textile industry witnessed the highest number of revaluations. Most of the listed companies were irregular revaluer, and they performed FAR during the bull market in 2010. Most newly listed companies did it just before their initial public offerings (IPO). The results of the Wilcoxon signed-rank test imply that the changes in NAV, stock prices, and total debts after revaluation were statistically significant. This study found evidence of enhancing debt capacity and stock prices of several companies through improved NAV. The findings will assist regulators to recognize the consequence of revaluation and enable them to take an appropriate stance for controlling a...
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This study intended to explore when and how often fixed asset revaluation (FAR) is practiced in Bangladesh and explain the impacts of FAR on net asset value (NAV), stock prices, and debts of companies. Based on 175 listed companies on the... more
This study intended to explore when and how often fixed asset revaluation (FAR) is practiced in Bangladesh and explain the impacts of FAR on net asset value (NAV), stock prices, and debts of companies. Based on 175 listed companies on the Dhaka Stock Exchange, this study found increasing use of the revaluation model where the textile industry witnessed the highest number of revaluations. Most of the listed companies were irregular revaluer, and they performed FAR during the bull market in 2010. Most newly listed companies did it just before their initial public offerings (IPO). The results of the Wilcoxon signed-rank test imply that the changes in NAV, stock prices, and total debts after revaluation were statistically significant. This study found evidence of enhancing debt capacity and stock prices of several companies through improved NAV. The findings will assist regulators to recognize the consequence of revaluation and enable them to take an appropriate stance for controlling a...
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[enter Abstract Body]The study reveals the extent of changes in selective financial numbers caused by fixed asset revaluation (FAR) and explores whether there was a management motive for playing the financial numbers game through using... more
[enter Abstract Body]The study reveals the extent of changes in selective financial numbers caused by fixed asset revaluation (FAR) and explores whether there was a management motive for playing the financial numbers game through using the FAR model. The data set consists of a sample of 142 listed companies purposively selected from 13 industries. The study found a significant impact of FAR on the net asset value (NAV), fixed asset intensity (FAI), and debt-to-equity ratio (DER). These findings are supported by the political cost and the debt covenant hypotheses. The study also observed a high growth of fixed assets by 9.5% to 14,603.8% resulting from FAR. More revealing is that FAR increased NAV in revaluer companies by an average of 427.20% as compared to 6.86% in non-revaluer companies. Even some companies with negative NAV took resort on FAR to show positive NAV. Besides, revaluer companies managed to reduce their DER by 70.45% as opposed to an increase of 8.45% in non-revaluer companies. Hence, the study concludes that most of the publicly-listed companies are involved in financial numbers game by the use of the FAR model. To build confidence among investors, companies should practice FAR rightly and disclose related information to help reduce information asymmetry.
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The study strived to explore whether the accounting curricula of the University of Rajshahi fit the needs of both domestic and foreign job markets. To accomplish this purpose, we prepared five sets of Likert-type structured questionnaires... more
The study strived to explore whether the accounting curricula of the University of Rajshahi fit the needs of both domestic and foreign job markets. To accomplish this purpose, we prepared five sets of Likert-type structured questionnaires and administered them to stakeholders viz faculties, students, alumni, non-academic staff, and employers. The Higher Education Quality Enhancement Program (HEQEP) of the University Grants Commission of Bangladesh provided the questionnaires. The study found a notable gap between the courses and content covered in the accounting curricula and the skills acquired by the graduates as well their skills and needs of the job market. The Department of Accounting and Information Systems of the University developed the accounting curricula without any participation of its stakeholders and professional body members. Faculties designed curricula, but it was just routine work. Recently it has mandatory to include a member from alumni, employers, and profession...
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This study focuses on disclosures by manufacturing companies listed on Dhaka Stock Exchange (DSE), Bangladesh. Shareholders are the main users of disclosed information in the annual report of a corporate entity and their steward, the... more
This study focuses on disclosures by manufacturing companies listed on Dhaka Stock Exchange (DSE), Bangladesh. Shareholders are the main users of disclosed information in the annual report of a corporate entity and their steward, the Board of Directors (BOD), is exclusively responsible for disclosing information. BOD governs the corporate entity as an agent of shareholders. In Bangladesh, conflict of interest between agent (BOD) and principal (shareholders) is comparatively high. In such a situation, shareholders seldom keep confidence on the disclosure of financial reporting by their agents. In this context, the study assessed the presence of necessary attributes of disclosure such as timeliness, reliability, adequacy, etc of the annual reports from shareholders’ perspective. The result reveals that the overall disclosure level of pharmaceuticals segment is 72 percent, followed by cement segment at 67 percent, food & allied at 66 percent and textile at 63 percent as against the ove...
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The study focuses especially on the disclosure, distribution of disclosure, disclosure checklist, scoring the disclosure, developing of disclosure index, dichotomous procedure, partial compliance approach and the results of an empirical... more
The study focuses especially on the disclosure, distribution of disclosure, disclosure checklist, scoring the disclosure, developing of disclosure index, dichotomous procedure, partial compliance approach and the results of an empirical investigation to the extent of disclosure index in Bangladesh. The overall disclosure index is 67 percent, which is more than previous studies. But, this is not a good score because relevant information should pass to the stakeholders for ensuring good governance and transparency.
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Se están utilizando los videos de capacitación Mujeres-a-Mujeres para llegar a las mujeres de hogares de escasos recursos de Bangladesh. Se ha mostrado una serie de videos Mujeres-a-Mujeres que explican y muestran las mejores prácticas... more
Se están utilizando los videos de capacitación Mujeres-a-Mujeres para llegar a las mujeres de hogares de escasos recursos de Bangladesh. Se ha mostrado una serie de videos Mujeres-a-Mujeres que explican y muestran las mejores prácticas de producción, ...
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Corporate accounting scandal is not a new phenomenon and it is the outcome of corporate accruals i.e., accruals by management choice. This study investigated the use of corporate accruals in the financial statements of the listed... more
Corporate accounting scandal is not a new phenomenon and it is the outcome of corporate accruals i.e., accruals by management choice. This study investigated the use of corporate accruals in the financial statements of the listed companies in Dhaka Stock Exchange (DSE) through segregating total accruals into corporate (discretionary) and accounting (non-discretionary) accruals. The average rate of corporate accruals was 35 percent and in many cases, cash flow from operation exceeded the net income, the growth in accounts receivable was faster than sales growth, and inventory growth was not consistent with sales growth. In this context, this study may create awareness of the risk factors of corporate accruals among external users’ of accounting information especially analysts, regulator, policy makers, existing and potential shareholders, lenders, trade creditors, external auditors, researchers, financial advisors, and stock brokers. Consequently, it may reduce the use of management ...
This empirical study evaluates the views and perceptions of external users about selected qualitative characteristics of corporate financial reports in Bangladesh. The selected qualitative characteristics were predictive value, feedback... more
This empirical study evaluates the views and perceptions of external users about selected qualitative characteristics of corporate financial reports in Bangladesh. The selected qualitative characteristics were predictive value, feedback value, timeliness, verifiability, representational faithfulness, neutrality and comparability. An opinion survey was conducted on one hundred ninety external users specifically shareholders, stockbrokers, bankers, academicians and tax officers. The users’ perception about the qualitative characteristics of corporate financial reporting is far below the acceptable level and as such users have a negative attitude towards disclosures of financial reporting. The study suggests that Board of Directors (representatives of the majority shareholders) should try to resuscitate the confidence level of external users through ensuring good corporate governance with utmost sincerity and integrity. The BOD should also ensure that financial statements reflect the t...