174 research outputs found
Impact of Corporate Governance Mechanisms on Firm's Performance: A Study on Listed Conventional Banks
Full text linkThis study examines the impact of corporate governance mechanisms on firm’s performance on listed conventional banking companies at Dhaka Stock Exchange (DSE). Based on existing empirical studies, five key attributes of corporate governance (board size, the proportion of independent directors on board, the proportion of female directors on board, institutional ownership and size of audit committee) have been selected to identify their influence on firm’s financial performance. Tobin’s Q (a market-based performance measure) and Return on Asset- ROA (an accounting based performance measure) consider as financial performance measures. Using OLS as a method of estimation, the results provide evidence of a significant negative relationship between the performance of the firm and the proportion of independent directors on board as well as size of the audit committee. The result also provides evidence of a significant negative relationship between Tobin’s Q and institutional ownership but a positive and insignificant between ROA and institutional ownership. Furthermore, there is a negative relationship between the proportion of female directors in board and the performance of the firm but is not significant. Board size as predictor variable is negative and insignificant with Tobin’s Q
Impact of Environmental Moisture on the Intensification of Tropical Cyclone in the Bay of Bengal using WRF-ARW Model
No full textThis thesis is submitted to the Department of Physics, Khulna University of Engineering & Technology in partial fulfillment of the requirements for the degree of Master of Science in Physics, March 2018.Cataloged from PDF Version of Thesis.Includes bibliographical references (pages 90-95).Comprehensive sensitivity analysis on physical parameterization schemes of Advanced Weather Research and Forecasting model (ARW-WRF v3.8.1) has been carried out for the impact of environmental moisture on the intensification of TC Hudhud and TC Mora, which formed in the Bay of Bengal and crossed the eastern coast of India on 12 October 2014 and Bangladesh on 30 May 2017 respectively. The initial and boundary conditions of tropical cyclone (TC) are drawn from the global operational analysis and forecast products of National Center for Environmental Prediction (NCEP-GFS) available for the public at 1°×1o resolution. The model was run by using WSM6-class graupel, Thomson graupel, WDM6-class graupel and NSSL momentum-1 microphysics (MP) schemes coupling with Kain-Fritsch (KF) cumulus parameterization (CP) scheme and four different initial conditions of each cyclone. The model domain consists of 8-24oN and 77-96oE and has 9km horizontal resolution with 19 vertical sigma levels. The model was run for 168, 144, 120 and 96-h using the initial conditions at 0000 UTC of 6, 7, 8 and 9 October 2014 for TC Hudhud and 0000 UTC of 25, 26, 27 and 28May 2017 for TC Mora. We have considered (17-20oN & 85-88oE) and (7-10oN & 92-95oE) positions of TC Hudhud and (20-22oN & 88-92oE) and (8-10oN & 86-90oE) positions of TC Mora as the front and rear positions of TCs respectively to analyze the impact of environmental moisture on the intensification of TC. Track of TCs, Maximum wind speed at 10m level, Minimum Sea level pressure (SLP), Convective available potential energy (CAPE), Convective inhibition (CIN), Relative Humidity (RH), Specific Humidity (SH), Water vapor mixing ratio (WVMR) at 2 meter level, Temperature anomaly, Wind speed (WS) and Wind direction (WD) at different levels have been simulated and analyzed in rear and front positions.
The area average CIN, WVMR, RH, WS, SH, and temperature are found to increase in front and rear position continuously for all MPs before the landfall for all initial conditions. CAPE is found to increase at front position and decrease at rear position with respect to time for all initial conditions. Due to the northeasterly to easterly wind from surface to 200 hPa level during 8-10 October 2014 and southeasterly wind on 11 October at front position the TC Hudhud moved towards eastern coast of India and for southwesterly wind in the upper troposphere during 27-29 May 2017 and westerly wind at all levels on 30 May the TC Mora moved towards Bangladesh coast.Sumon Kumar DasMaster of Science in Physic
Comparative Study of Corporate Governance Guidelines in SAARC Countries
Full text linkTo control the opportunistic behavior of a human being is a very difficult task. In agency theory, the principal delegates decision making to the agent. Delegating decision-making authority can lead to loss of efficiency and, consequently, increased costs. These costs are called agency costs. Sound corporate governance is essential to coordinate interests among all parties' relationship for sustainable development and growth of a company. The study is aimed at comparing corporate governance scenario in Bangladesh and three other countries and to identify the areas that need further improvement in order to ensure better governance, reliability, transparency, and accountability. This study is basically exploratory in nature. Strength areas of our corporate governance code are the specification of board size, restriction of no. of independent directorship, the shareholding of independent directors, and the quorum of the audit committee. But the major weakness areas are the non-specification of no. of committee act as member and Chairman by one person; lack of training of BOD; lack of evaluation of BOD, CEO and Independent directors; non-inclusion of employee participation, whistleblower policy, voting right, remuneration and Nomination Committee. These findings will help regulators in taking corrective actions for better performance and favorable treatment of all stakeholders. Keywords: Corporate Governance, Board of Directors, SAARC, Agency Theor
Firm Investment & Credit Constraints in India, 1997 – 2006: A stochastic frontier approach
Full text linkWe use the stochastic frontier approach to estimate the impact of firm characteristics on investment decisions of Indian firms during the 1997-2006 period. The use of the stochastic frontier approach allows us to define the (unobserved) optimum investment that is consistent with a firm‟s characteristics such as the Tobin‟s q during each firm-year, and then estimate the deviation from this unobserved optimum in the form of an (investment) efficiency score that varies between zero and one. This deviation is interpreted as the degree of credit constraint, and we are also able to estimate the impact of firm characteristics such as leverage and business group affiliation on the degree of credit constraint via their marginal effects. Our results suggest that the degree of credit constraint of an average firm increased over time during the sample period, despite significant reforms of the Indian banking sector by the turn of the century. We also find that the degree of credit constraint decreases with cash flow and assets, which is consistent with the available literature. Further, there is a threshold effect of leverage, and the degree of credit constraint is greater for highly leveraged firms. Finally, we find that the beneficial impact of business group affiliation on the degree of credit constraint decreases over time, and is eliminated by the end of the sample period.Investment, Credit rationing, Imperfect information, Stochastic frontier analysis
A stochastic frontier approach to modelling financial constraints in firms:an application to India
Full text linkWe propose the use of stochastic frontier approach to modelling financial constraints of firms. The main advantage of the stochastic frontier approach over the stylised approaches that use pooled OLS or fixed effects panel regression models is that we can not only decide whether or not the average firm is financially constrained, but also estimate a measure of the degree of the constraint for each firm and for each time period, and also the marginal impact of firm characteristics on this measure. We then apply the stochastic frontier approach to a panel of Indian manufacturing firms, for the 1997–2006 period. In our application, we highlight and discuss the aforementioned advantages, while also demonstrating that the stochastic frontier approach generates regression estimates that are consistent with the stylised intuition found in the literature on financial constraint and the wider literature on the Indian credit/capital market
Impact of Corporate Governance Mechanisms on Firm’s Performance: A Study on Listed Conventional Banks
Full text linkThis study examines the impact of corporate governance mechanisms on firm’s performance on listed conventional banking companies at Dhaka Stock Exchange (DSE). Based on existing empirical studies, five key attributes of corporate governance (board size, the proportion of independent directors on board, the proportion of female directors on board, institutional ownership and size of audit committee) have been selected to identify their influence on firm’s financial performance. Tobin’s Q (a market-based performance measure) and Return on Asset- ROA (an accounting based performance measure) consider as financial performance measures. Using OLS as a method of estimation, the results provide evidence of a significant negative relationship between the performance of the firm and the proportion of independent directors on board as well as size of the audit committee. The result also provides evidence of a significant negative relationship between Tobin’s Q and institutional ownership but a positive and insignificant between ROA and institutional ownership. Furthermore, there is a negative relationship between the proportion of female directors in board and the performance of the firm but is not significant. Board size as predictor variable is negative and insignificant with Tobin’s Q
The Impact of Corporate Governance Mechanisms on Environmental Disclosure Practices: Evidence from Manufacturing Industry in Bangladesh
Full text link]The current study identifies the impact of corporate governance mechanisms on environmental disclosure (ED) in Bangladesh. A total of 359 firm-year observations extracted from the annual reports of 86 listed manufacturing companies listed on the Dhaka Stock Exchange for the period from 2015 to 2019 were examined. Multiple linear regression analysis was performed to identify the driving forces of ED practices. This study found that foreign stockholdings, board size, and audit committee size significantly positively correlate with ED. However, surprisingly, more representation of independent directors in the boardroom and institutional ownership in share capital can actually reduce the extent of ED for our sample firms. These results provide a comprehensive understanding of the determinants of ED in an emerging country like Bangladesh and may prove useful for regulators, policymakers, and corporate managers. The data will assist other stakeholders in making relevant decisions. However, by providing the empirical facts of the underlying determinants of ED practices in developing countries’ manufacturing sector settings, the study provides a novel contribution to the current ED literature. To the best of the authors’ knowledge, this is the first study investigating the determinants of ED practices of the manufacturing industry based on the Global Reporting Initiative
Good and bad institutions: Is the debate over? Cross-country firm-level evidence from the textile industry
Full text linkUsing firm-level data from nine developing countries, we demonstrate that certain institutions, like restrictive labour market regulations, that are considered bad for economic growth might be beneficial for production efficiency, whereas good business environment, which is considered beneficial for economic growth, might have an adverse impact on production efficiency. We argue that our results suggest that there might be significant difference in the macro- and micro-impacts of institutional quality, such that the classification of institutions into 'good' and 'bad might be premature. © The Author 2013. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved
Effect of short-term educational intervention on complementary feeding index among infants in rural Bangladesh: a randomized control trial
Full text linkBACKGROUND: Timely, adequate and appropriate Complementary Feeding (CF) is essential for the growth and cognitive development of infants, but until today, evidence-based information is scarce in terms of impact evaluation of CF index (CFI). The study aimed to examine the effect of the short-term intervention of promoting CF practices on the nutritional status of infants in rural Bangladesh. METHODS: An educational-intervention study followed a randomized controlled trial (RCT) design (NCT03024710). Mothers and family members in the intervention arm received intensive counselling on CF through community health workers (CHWs), whereas existing healthcare services were received in the comparison arm. The study was carried out in the rural Matlab sub-district of Bangladesh between April 2011 and March 2013. In the specified study areas among 360 mother-infant pairs systematically assigned into intervention group and comparison group. Short-term educational intervention on CF was provided for the intervention group and existing services were un-intervened for the comparison group. The outcome of interventions was evaluated after the implementation period using Generalized equation estimation model. RESULTS: At baseline, the study participants were not different except mean height (p = 0.04), weight-for-age Z score (WAZ) (p = 0.03) and religion (p = 0.04) in between two groups. The mean CFI was significantly higher at intervention area than the comparison and higher category of CFI (score 10 or more) was significantly higher at intervention area than comparison. After adjustment, one-unit CFI increased height-for-age z score by 0.07 units and decreased WAZ by 0.13 units in the intervention group but not significantly changed observed at comparison group. CONCLUSION: Guided short-term nutritional intervention and developed CFI indicated a significantly better score in intervention area than comparison groups and would be a well adaptable tool for future studies. TRIAL REGISTRATION: The trial was registered (NCT03024710) at clinical trial registration website. Date of registration: 1/19/2017. Name of the registry: Clinical Trial.gov. Date of registration: 19/1/2017 (retrospective registered). URL of trial: https://clinicaltrials.gov/ct2/show/NCT0302471
The effect of a newly established urban diarrhea treatment facility in Bangladesh: Changing patient characteristics and etiologies
No full textMirpur treatment centre (MTC), Dhaka of the International Centre for Diarrhoeal Disease Research, Bangladesh, was established as a consequence of an outbreak of diarrheal disease during the summer month of April 2007 in Mirpur area.The present study aimed to evaluate the impact of this new facility on patient load, common etiology, and other characteristics of patient population who sought treatment at Dhaka Hospital.As part of the Diarrheal Disease Surveillance System (DDSS), 10% patients (every 10) seeking care irrespective of age, sex, sociodemographic background, and severity of disease were enrolled at MTC as opposed to 2% (every 50) at Dhaka Hospital following identical methodology from 2010 to 2013. Moreover, enrolled DDSS patients from 2005 to 2009 at Dhaka Hospital were also included in analysis to further examine the impact of MTC on Dhaka Hospital.Patient load from Mirpur area attending the Dhaka Hospital reduced from 13% during epidemic in 2010 to 6% in 2013 (53% reduction), whereas attendance in MTC increased substantially by 33%. This changing trend was also observed among childre
- …
