استكشف المجموعة الواسعة من العناوين المتاحة.

The study examines economic and non-economic endeavors to explore the association between family involvement and financial decisions within family firms. The non-economic factors of a family drive the need to analyze the impact of socioemotional factors on the financial policies of the family firms. The study explores the impact of family ownership, family management, and family control drawn from agency theory and socioemotional wealth perspectives on the financial decisions of family firms. Our findings in support of the socioemotional wealth perspective show a positive relationship between family ownership and debt financing with a desire to finance growth and avoid control dilution, with an increase in the level of debt. However, the involvement of family members in management and the top management team leads to an adverse relationship between family ownership and debt level, exhibiting the risk-averse behavior of a firm, which drives firms to reduce debt levels. Overall, our findings suggest that the perceptions of the socioemotional wealth theoretical paradigm are important in determining capital structure decisions in family enterprises. The results are resilient to potential endogeneity and heterogeneity difficulties, which may assist scholars and practitioners in assessing capital structure decisions in emerging economies.

This study explores whether the family firms outperform nonfamily firms in Bangladesh. Secondly, we test whether family firms with political connections outperform non-connected family firms, given that more than 60 percent of Members of Parliament (MPs) have business backgrounds in the same setting. We find that the performance of nonfamily firms is significantly higher than that of family firms. However, we do not find any impact of political connection on the link between family ownership and market-based performance. At the same time, we document a negative impact of political connection on operating performance. Finally, our analysis shows that COVID-19 has negatively affected operating performance but positively affected market valuation, regardless of the firms' category. The paper’s findings will be highly important to researchers, policymakers, and academics in emerging economies.

Purpose This study investigates if the implementation of International Financial Reporting Standard (IFRS)-9: Financial Instruments (IFRS 9 hereafter) affects a firm’s cash holdings from a developing country perspective. Moreover, we explore whether the above nexus varies between Islamic banks and conventional banks in the same setting. Design/methodology/approach This study covers all the listed banks in Bangladesh. The data period is 2015–2022, which allows the study to have a pre- and post-IFRS 9 impact on corporate cash holdings. We use ordinary least square regression models to test our conjectures. Our entire analysis is based on 232 firm-year observations. Findings The overall findings suggest that the cash holding decreased significantly in post-IFRS 9 periods compared to pre-IFRS 9 periods. We further test whether the impact of IFRS 9 presents heterogeneity between Islamic banks and conventional banks in terms of cash holdings. However, we do not find any variation. Our results remain robust through a set of alternative measures of cash holding and sub-sample analysis. Originality/value Our study presents an empirical analysis of IFRS 9 in general, and in a developing country Bangladesh in particular. Prior research overlooked the possible impact of IFRS 9 from a developing country perspective, hence, this paper contributes to policy development and the literature of IFRS in emerging countries.

An experimental study shows how the emulsion terpolymerization of lauryl methacrylate (LMA) and methyl methacrylate is influenced by the nature of the third monomer. The third monomer is either glycidyl methacrylate, hydroxyethyl methacrylate, hydroxypropyl methacrylate, or styrene. We report the synthesis of terpolymer particles with an appreciably high content of the very hydrophobic LMA (between 0.2515 and 0.238 molar fraction in the monomer mixture) in 60:40 weight water/ethanol mixture as the continuous phase, poly(vinyl pyrrolidone) as a polymeric steric stabilizer, and potassium peroxodisulfate as the initiator. The emulsion terpolymerization proceeds smoothly without the formation of coagulum and leads to particles with an average diameter clearly below 1 μm. We discuss the overall polymerization behavior regarding conversion–time curves, particle morphology, and glass transition temperature of the terpolymers in dependence of the lyophilicity/lyophobicity of the monomer mixture.

PurposeThe main objective of the study is to ascertain the level of independence and the effectiveness of the Shariah Supervisory Board (SSB) members of Islamic banks in Bangladesh. This is because only SSB members are empowered to oversee and certify the overall business functions of Islamic banks.Design/methodology/approachThis paper implements qualitative case research approach to explore the research objective in the context of Bangladesh. We applied purposeful and snowball sampling tactics for selecting respondents. By using a semi-structured questionnaire and face-to-face interviews, we collect data from SSB members, central bank executives and experts in Islamic banking and Shariah governance.FindingsThe study finds that majority Islamic banks' SSB's positions are similar to the Board of Directors (BOD) of the banks. Next, this study finds that in recruiting/selecting SSB members, some banks do not follow the guidelines of the central bank. This study finds mixed evidence regarding the independence of the members of the SSB. Most of the respondents opined that SSBs do not have power; in some cases, members of SSB are not independent and seeming powerless as BOD selects and recruits them. In contrast, they are dependent on management in respect of strategy implementation.Research limitations/implicationsThe study significantly contributed to the national and global regulatory bodies by identifying an important governance determinant of Islamic banks that is the independence of SSB members, which is highly important for both Shariah functions, and to enhance the trust level of the stakeholders. This study makes a theoretical contribution by documenting the violation of stakeholder theory and agency theory in recruiting SSB members by BOD's choice. The lack of SSB members' independence has an impact on Shariah legitimacy of the Islamic banks which is contradictory with the notion of legitimacy theory. This study recommends the central bank to ensure the independence of the SSB and central bank should take initiatives to develop an environment for the Islamic banking sector.Originality/valueThis study extends the literature of corporate governance relating to Islamic banking and financial institutions. More specifically, this paper explores the necessity of independence of members of the monitoring body (here SSB), an important constituent of governance, to ensure high-quality governance and transparency in reporting to increase diverse stakeholders' trust/confidence. The absence of independence of SSB in performing their functions contradicts with the agency, stakeholder and legitimacy theory, which is inconsistent with global evidence, that demands further investigations.

Purpose This paper aims to investigate the association between International Financial Reporting Standards (IFRS) effort due to higher levels of material adjustments and audit fees. In addition, this paper tests whether these associations differ between industry specialist auditors and non-specialist auditors. Design/methodology/approach The authors measure IFRS effort by using differences between local GAAP and IFRS. More specifically, they measure the differences in the balances of accounts that are prepared under IFRS as opposed to the previously used Australian Accounting Standards Board (AASB) standards. They posit that higher material adjustments and more risk to fair presentation of financial statements require additional accounting and auditing effort (“IFRS effort”). Findings The authors find that audit fees are higher when accounting standards are more material and complex at an aggregate level. Nevertheless, not all standards are equally complex and/or material and not all individual standards contribute to higher audit fees. In addition, the results show that the positive association between IFRS effort and audit fees is more pronounced when firms are audited by city-level industry specialists than by non-industry specialists. Originality/value Overall, the results are consistent with the prediction of increasing audit fees for firms requiring higher levels of IFRS effort compared to firms requiring lower levels of IFRS effort. The results contribute to the understanding that not all IFRS are equally complex and, thereby, the standards require different levels of auditor effort. Isolating specific standards based on materiality/risk levels is informative to standard setters for standard setting, standard implementation and post-implementation review of standards.

Purpose The purpose of this paper is to investigate the influence of board of directors (BODs) and management in the decision-making of Shariah supervisory board (SSB) and implementation of their decisions. Design/methodology/approach The paper implements qualitative case research to explore the influences of BODs and management in the context of Bangladesh. To accomplish the research objective, we collected data from the 17 respondents from the regulators, Shariah supervisory boards, Shariah department executives and Shariah experts from the central bank and Islamic banks of Bangladesh. Findings This study found that management of Islamic banks indirectly influences the practices and functions of SSB, their decision-making and other activities. However, from either ethical or moral ground, management cannot influence SSB; management does not have legitimate power to control over their activities. Sometimes the BODs and management use the SSB and Shariah executives as a showcase and rubber stamp to accomplish their goals and to maximize profit in either partially or fully. Management assumes that Shariah officers are accomplishing and minimizing their income and hindering business functions without any contributions. Research limitations/implications The study significantly contributed to the national and global regulatory bodies by providing suggestions that regulatory bodies should be more concerned with the independence of SSB and Shariah executive officers. Besides, the BODs and management should be careful in handling Shariah issues as they were committed to do Islamic banking as per Shariah law. The study has theoretical contributions regarding the stakeholder and legitimacy theories. Originality/value This is the first research which extends the literature of the Islamic banking and Shariah governance mechanisms in perspective of Bangladesh concerning the influence of BODs and management in the decision-making of SSB and implementation of their decisions.

In this study, we examine the association between interim financing and firm performance in an emerging economy. Prior research shows that firms utilize trade credit to boost their operating performance or market valuation. However, recent research on the relation between trade credit as alternative financing and firm performance provides mixed evidence. Nevertheless, limited research has been conducted in developing economies; hence, we attempt to fill this gap in the present paper. We argue that trade credit may not be attractive to external debt financing as trade credit may not contribute to business growth while external debt financing does. To test our conjecture, we employed ordinary least squares (OLS), firm fixed effects, and random effects regressions. By utilizing 1002 firm-year observations, our findings suggest a negative relationship between trade credit and firm performance. To check and control endogeneity and reverse causality issues we use instrumental variable approach (i.e., Heckman two-stage least squares regression). Our results remain robust through different measures of firm performance and trade credit. Our study provides policy implications and contributions to trade credit and firm performance literature.

This paper examines the relationship between firm performance and cost of debt. More specifically this paper empirically shows that fund providers charge lower cost on debt for highly performing companies compared to lower performing companies. We argue that the profitable companies are more resilient, and they have more survivable capacity which impacts on the pricing of the cost of debt. In contrast, lower performing companies are more prone to financial distress or may have higher chances of non-repayment of loans thereby fund providers charge higher interest to compensate the risks. Consistently, analyzing 547 firm year observations for the period of 2015–2019 we find that the cost of debt is significantly lower for the highly performing companies compared to the lower performing companies. The negative relation between the cost of debt and firm performance is highly pronounced in smaller companies compared to bigger companies. It suggests that fund providers create opportunities for smaller companies thereby results in balanced growth in the economy. Our results are robust to a set of alternative measures of firm performance. This study has several policy implications and contributions to the literature of the cost of debt in developing economies.

Introduction Coronavirus disease (COVID‐19) patients and survivors face stigma, discrimination, and negligence. The motives for and the different types and consequences of COVID‐19‐related stigmatization remain underexplored in Bangladesh. Therefore, this study examined how the COVID‐19 stigmatization process is interlinked with transmission flow. Methods Using a qualitative research design, we conducted 20 in‐depth interviews with infected and suspected caregivers and five key informant interviews with physicians, local media representatives, leaders, law enforcement officials, and local administrative officials in three divisional cities of Bangladesh. We performed thematic analysis to analyze the data. Results Participants expressed their experiences with multiple subthemes within three themes (stigma related to symptoms, stigma associated with isolation and quarantine, and stigma associated with health services). Participants reportedly faced stigma, for example, exclusion, hesitation to interact, avoidance, bullying, threat, and negligence caused by misinformation, rumors, and fear. Stigmatized individuals reportedly hid their symptoms and refrained from seeking healthcare services, contributing to COVID‐19 transmission flow. Conclusion Revealed insights may contribute to effective prevention, control, and management of such an emerging pandemic. Further in‐depth exploration of such stigmatization process will enrich unexpected outbreaks management effectively.