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Investigating the Relationship between Stock Liquidity and Firm Value
Get PDFPurpose: This paper aims to investigate the effect of stock liquidity on firm value (MV), operating income to price (OIP), market value of equity to market value of the asset (MVEA), and operating income to assets (OIA) ratios in Bangladesh. This paper also investigates whether firm size, leverage, or financial crisis have any moderating role to play on the liquidity-firm value relationship.
Method: The study used panel data on 159 nonfinancial firms listed in the Dhaka Stock Exchange for the period of 2006 to 2019. Ordinary Least Squares, Fixed Effect, and Two-Stage least Squares estimation methods are used to determine the desired relationship.
Results: The results show that stock liquidity has a positive and significant impact on firm value and the results are robust to alternative estimation techniques. The relationship is found more acute for small and less levered firms and more intense in the post-crisis (after the 2010 stock market crash) period in Bangladesh.
Implications: The role of firm size, leverage, or financial crisis on the liquidity-firm value relationship will help corporate managers to adopt policies and strategies for improving the stock liquidity, changing investors\u27 perceptions, and overall, increasing the depth and stability of the capital market in Bangladesh or elsewhere.
Limitations: Due to the unavailability of data, for the robustness check, we couldn\u27t use any alternative proxy of stock liquidity such as bid-ask spreads
Succession Planning and Women Inclusion in Family Businesses
Get PDFPurpose: This study assesses succession planning and women\u27s inclusion in family businesses in Nigeria. It shows the extent of the challenges of succession planning and women\u27s inclusion and the advantages that follow if the problem is corrected.
Methodology: A survey research design was employed. Using a close-ended questionnaire data were collected from owners of businesses, company directors of family businesses, management employees of family businesses, consultants, civil servants, faculty members, and legal practitioners. Data were analyzed using descriptive and inferential statistics using the SPSS Statistics 26.
Result: The study found that the exclusion of women in succession planning was a common reason for the unsustainability of the family businesses. Challenges and factors such as cultural and religious bias, patriarchal system, the absence of proper and inadequate implementation of governance structures, etc. lead to the exclusion of women.
Implications: Family businesses must focus on including women in succession planning as this would lead to an increase in their sustainability, productivity, and profitability, and it would also impact the Nigerian economy positively
Impact of Organizational and Family Support on Work-Life Balance: An Empirical Research
Get PDFPurpose: Aim of this study is to examine the impact of organization and family support on an individual’s work-life balance (WLB in the context of higher educational institutes (HEIs) in Bangladesh. The theoretical basis of the study is grounded on the work/family border theory of Clark (2000).
Methods: The study was conducted with a sample of 198 academicians of the (HEIs) in Bangladesh. A self-administered questionnaire was used for data collection. SPSS version 21 and SmartPLS 3.0 software were used for data analysis. A measurement model was analyzed for assessing the reliability and validity of the research instrument. The partial least squares structural equation model (PLS-SEM) was applied for testing the hypothesized model of the study.
Results: The results reveal that organizational support (β = 0.404) and family support (β = 0.269) significantly (p<0.05) influence work-life balance with a variance (R2) of 32.1%.
Implications: This study exposed the organizational roles in managing the conflicts of people’s personal life and professional life. Findings would inspire the authorities to formulate employee-friendly organizational strategies and design WLB programs in assisting employees to manage their overall life both in the work and family domains.
Limitations: The research was limited to HEIs in Bangladesh which restricts the generalizability of its results
Value Congruence and Organizational Commitment: Does Work Happiness Matter?
Get PDFPurpose: Lack of employee commitment to their organization has been reported as one of the numerous challenges faced by the Nigerian Civil Service. The study investigated the mediating role of work happiness on the relationship between value congruence and organizational commitment in Federal Public Service in Abuja, Nigeria.
Method: Data were collected from the Nigerian Civil Service staff in Abuja, Nigeria. Following the random sampling technique, a total of 386 responses were used for data analysis. Data were analyzed using SmartPLS 3.
Results: Findings revealed that value congruence and work happiness have a positive and significant effect on organizational commitment. Work happiness is also found to have fully mediated the relationship between value congruence and organizational commitment.
Implication: The study implies that value congruence and work happiness are factors to be considered in getting employees committed to organizational goals and objectives. It also recommends that regulatory authority should ensure a congenial environment for the staff of Federal Civil Service that would make them happy and committed to the organization
Tax Structure and Its Relationship with Economic Growth – Bangladesh Context
Get PDFPurpose: The paper aims to explain the current tax structure of Bangladesh. It also intends to identify the relationship between different categories of taxes and the country’s economic growth.
Methods: Data have been gathered from different publications of the government for a period of 29 years from 1989-90 to 2017-18. Both descriptive and inferential statistics are utilized to achieve the purpose of the study.
Results: Results reveal that tax revenue constitutes, on average, 84.20% of the total revenue of the Government of Bangladesh, while 70.47% of the total tax comes from indirect sources. VAT has been found as the largest source of tax revenue (34.12% of the total tax) followed by income tax (27%). Supplementary duty and customs duty contribute significantly to the national exchequer amounting to approximately 15% of the total tax each. Concerning the influence of taxation on economic growth, indirect taxes are found significant. When corporate and personal income taxes are considered, only personal income tax is identified as having a significant impact on economic growth. As far as the specific categories of taxes are concerned, customs duty, excise duty, and non-tax revenue are found significant, while income tax, VAT, supplementary duty, and other taxes do not have any significant relationship with the economic growth of Bangladesh.
Implications: The paper recommends enhancing the collection of indirect tax, as well as expansion of the tax net to bring more and more people under the umbrella of taxation rather than increasing the tax rate which may impede entrepreneurial enthusiasm at the individual level.
Limitations: The study combines some types of taxes such as import duty, export duty, narcotics duty, land tax, motor vehicle tax, surcharge, etc. under one heading, namely other taxes. As such the impact of these taxes per se on economic growth remains unveiled
The Effect of Store Image on Store Loyalty Mediated by Customer Satisfaction and Trust
Get PDFPurpose: This study aims to identify the influence of store image on store loyalty in the context of the Bangladesh retail market. It also observes the mediating roles of trust and customer satisfaction on store image and store loyalty.
Methods: This is a quantitative cross-sectional study based on survey data. Data were collected through a structured questionnaire. The study used a non-probability, convenience sampling technique. Responses from 534 supermarket shoppers were included for analysis. Partial Least Square (PLS) based Structural Equation Modeling (SEM) was used to analyze the data.
Results: The results revealed that the store image has a direct relationship with store loyalty. The study also validates an indirect relationship between store image and store loyalty via customer satisfaction and trust.
Implications: This paper contributes to the theoretical and practical knowledge to formulate effective retail marketing strategies which may affect customer loyalty. The results of the study also have a contribution to the overall development of the retailing industry of Bangladesh.
Originality: This study envisioned a unique model considering the multi-dimensional hierarchical concept of store image and customer loyalty. Additionally, this study validated the intervening role of trust between store image and store loyalty which is a pioneering attempt in this regard.
Limitations: The study would have been made more effective if other variables like service quality, store choice, purchase intention, store reputation affecting store loyalty, etc. were also included. In addition, the use of non-probability sampling (convenience sampling) also restricts the generalizability of the findings
Do the Elements of Emotional Intelligence Determine Charismatic Leadership? : An Empirical Investigation
Get PDFPurpose: Emotional intelligence is a critical stimulus of charismatic leadership. This research is an effort to detect the relationships between the elements of emotional intelligence and charismatic leadership.
Method: Purposive sampling technique was adopted to assemble data from 356 bankers working in different private commercial banks in Bangladesh. The Emotional Quotient Index (EQ Index: Rahim et al., 2002) and a Multifactor Leadership Questionnaire (MLQ 5X: Bass &Avolio, 2000) were used to assess emotional intelligence and charismatic leadership respectively. A total of 356 usable responses were received which were analyzed using descriptive statistics, Pearson correlation, and linear regression.
Results: The study revealed that all elements of emotional intelligence, namely, self-awareness (r=.64, p<.001), self-regulation (r=.62, p <.001), motivation (r = .65, p< .001), empathy (r = .63, p< .001), and social skills (r = .59, p <.001) were positively correlated with charismatic leadership. It also demonstrated that potential covariates (e.g. experience, age, employee, department, education, gender, and position) shared a negligible correlation with emotional intelligence and charismatic leadership.
Implications: These unique findings would be helpful to academics, scholars, policymakers, and managers/executives of commercial banks to flourish their charisma by cultivating and boosting emotional intelligence to realize a higher level of organizational outcomes.
Limitations: The generalizability of the findings is limited by its particular sampling technique which is less reliable.
 
Leveraging on the Urban Economy to Promote the Growth of Women-Owned Small Businesses in Bangladesh
Get PDFPurpose: The contribution of small businesses to a country’s economic growth is vital. It makes sense to accentuate the small businesses by emphasizing the neglected segments. The present study aims to explore the women-owned small businesses (WOSB) and their various problems. The study also examines if the city-based features of the urban economy can be favorable to promote the growth of WOSB.
Methods: The concept paper conducts secondary research by selecting sample literature on WOSB of Bangladesh from the manufacturing, and trading sectors. The selection and classification of extant literature were conducted by emphasizing problems faced by WOSB, and the city-based amenities of developing countries. The extracted information is analyzed by categorizing and interpreting relevant issues to create a base-model of venture-growth.
Results: Based on the literature review, a growth-framework is formulated that reflects the issues faced by WOSB categorized as financial illiteracy, inadequate human capital, insufficient social capital, and business environmental hiccups. Also, the substandard growth of WOSB is envisaged in the model if the problems are not addressed timely. The study also discovers that the urban economy could be leveraged to make these issues less coercing for the women owners.
Implications: The paper creates a nexus with the WOSB and the privileges of urban platforms to ensure better growth of the firms.
Originality: As far as authors could determine, the aimed research-domain was mostly covered from the perspectives of developed countries, rarely covered in the context of developing countries, and almost absent in Bangladesh. This paper attempts to fulfill that gap
Factors Influencing Adoption of Islamic Banking in Morocco: An Exploratory Study
Get PDFPurpose: The objective of this research is to explore the factors influencing the choice of Islamic banking services by Moroccan banking customers.
Methods: This study is based on an exploratory qualitative study conducted with a sample of forty active users of the banking services (having a bank account), but non-users of Islamic banking products, aged 25 to 60 in Morocco.
Results: This research identified factors influencing the choice of Islamic banking services by the Moroccan banking customers, mainly the compatibility of the ethical and economic benefits provided by the Islamic banks with the needs of the potential adoption, as well as the influence of the two variables, namely the perceived complexity and the risk perceived by the potential adopter of the services and products offered by participatory banks in Morocco.
Implications: This study allows managers of participatory (Islamic) banks to understand Moroccan’s views as regards Islamic banking products. The major concern of Islamic banks is to increase the number of accounts and deposits of customers to face the challenge of the liquidity crisis. To this end, Islamic banks need to understand the factors that hinder or motivate the adoption of Islamic banking by consumers in Morocco so as to focus on these factors at the level of commercial communication
Social Entrepreneurship: A New Genre of Entrepreneurship
Get PDFPurpose: Social entrepreneurship has evolved as a domain of great significance for researchers. The positive impact of social entrepreneurship on alleviating social problems has already been proven. Traditionally, entrepreneurship has been viewed as an entrepreneur\u27s logical response to the opportunities created by the dynamic competitive environment and thus generate profits for individuals or organizations by exploiting the opportunities. This research investigates whether social entrepreneurship is a new genré of entrepreneurship and how it differs from traditional entrepreneurship.
Methods: Followed by the archive method of research, this article establishes the legitimacy of social entrepreneurship as a separate academic field and explores several factors, e.g., mission, identification, and exploitation of opportunity, and resource strategy is differentiating social entrepreneurship from its commercial counterparts.
Implications: The study findings would help policymakers develop the institutional framework for supporting the social venture development process and bringing desired policy reforms to encourage social entrepreneurs\u27 sufficient encouragement and motivation