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RISS 인기검색어
- 검색키워드
- 저자 : Raihan SOBHAN (검색결과 4 건)
- 무료
- 기관 내 무료
- 유료
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SOBHAN, Raihan Korea Distribution Science Association 2022 Asian journal of business environment Vol.12 No.4
Purpose: The main purpose of this study is to find out the impact of ownership structure on firm performance in the pharmaceutical and chemical industry of Bangladesh. Research design, data and methodology: The study has been conducted on 28 listed pharmaceutical and chemical companies from 2012 to 2020. Return on Assets (ROA) and Tobin's Q are selected as indicators of internal and market performance of the firms respectively whereas institutional ownership, directors' ownership and foreign ownership are selected as proxies of ownership structure. Panel analysis using random effects, lag method and time dummy method is used to analyse the relationship. Results: The study has found the existence of highly concentrated directors' ownership, a low percentage of institutional ownership and a very insignificant proportion of foreign ownership in the industry. The regression results show that directors' ownership has a positive and significant impact on firm performance, supporting the concept of agency theory. The study has also found a positive and significant impact of foreign ownership on firm performance. Unfortunately, the impact of institutional ownership is found to be insignificant. Conclusions: Directors' ownership and foreign ownership decreases agency cost that ultimately increases firm performance. However, the role of institutional investors is not significant enough to improve firm performance. It is suggested that institutional investors should be more active and involved in monitoring the activities of the organisations to improve performance.
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Raihan SOBHAN 한국유통과학회 2022 Asian Journal of Business Environment (AJBE) Vol.12 No.4
Purpose: The main purpose of this study is to find out the impact of ownership structure on firm performance in the pharmaceutical and chemical industry of Bangladesh. Research design, data and methodology: The study has been conducted on 28 listed pharmaceutical and chemical companies from 2012 to 2020. Return on Assets (ROA) and Tobin’s Q are selected as indicators of internal and market performance of the firms respectively whereas institutional ownership, directors’ ownership and foreign ownership are selected as proxies of ownership structure. Panel analysis using random effects, lag method and time dummy method is used to analyse the relationship. Results: The study has found the existence of highly concentrated directors’ ownership, a low percentage of institutional ownership and a very insignificant proportion of foreign ownership in the industry. The regression results show that directors’ ownership has a positive and significant impact on firm performance, supporting the concept of agency theory. The study has also found a positive and significant impact of foreign ownership on firm performance. Unfortunately, the impact of institutional ownership is found to be insignificant. Conclusions: Directors’ ownership and foreign ownership decreases agency cost that ultimately increases firm performance. However, the role of institutional investors is not significant enough to improve firm performance. It is suggested that institutional investors should be more active and involved in monitoring the activities of the organisations to improve performance.
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Md. Musfiqur Rahman,Raihan Sobhan,Md. Shafiqul Islam 한국유통과학회 2019 Asian Journal of Business Environment (AJBE) Vol.9 No.2
Purpose - The purpose of this study is to find out the intellectual capital disclosure (ICD) and its determinants in the pharmaceutical and chemical industry of Bangladesh. Research design, data, and methodology - This research study is conducted on the listed firms of pharmaceutical and chemical industry in Bangladesh during the period of 2016 to 2017. This study develops a self-structured intellectual capital disclosure index; and the proxies of determinants of ICD are used as board characteristics (board size, independent directors and female directors), ownership structures (institutional ownership and director ownership), and firm characteristics (firm size, leverage and performance). The study uses a content analysis to analyze the extent of ICD and a pooled cross-sectional method to find the determinants of ICD. Research Findings - This study finds that intellectual capital disclosure is positively associated with firm size, leverage, and firm performance and negatively associated with director ownership and institutional ownership. This study also finds that there is no significant association of ICD with independent director or female director. Conclusions - The study recommends that the regulatory authority should develop mandatory guidelines on ICD for ensuring proper and consistent disclosure about the intellectual capitals. Besides, the companies should include a separate section in the annual reports to disclose the measurement and management of intellectual capital.
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RAHMAN, Md. Musfiqur,SOBHAN, Raihan,ISLAM, Md. Shafiqul Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.2
The main purpose of this study is to examine the impact of intellectual capital disclosure (ICD) on firm performance in the pharmaceutical and chemical industry of Bangladesh. In this study, 21 listed pharmaceutical and chemical companies have been selected as sample for 2016 and 2017. This study used the intellectual capital disclosure index developed by Rahman, Sobhan, and Islam. Return on assets and return on equity have been used as the proxy variable of firm performance. In this study, content analysis is performed to assess the level of disclosure regarding intellectual capital and pooled cross-sectional analysis is used to assess the relationship between ICD and firm performance. The study has found a positive and significant relationship between ICD and firm performance. Besides, an in-depth analysis of this study shows that all the components of ICD namely internal capital disclosure, external capital disclosure, and human capital disclosure are also positively and significantly associated with firm performance. The study suggests the development of an intellectual capital disclosure framework by the regulatory authority for mandatory compliance. This will improve the quality and quantity of ICD in the annual reports. Besides, firms should more emphasize on ICD which will help to improve their performance.
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