Papers by SUMAN PAUL CHOWDHURY
Business and Economic Horizons, 2010
Modigliani & Miller (1958) show the impact of debt-equity ratio on firm value in their capital st... more Modigliani & Miller (1958) show the impact of debt-equity ratio on firm value in their capital structure theory. Economist and financial researchers have spent time to develop new thoughts around this theory. Despite their effort the Modigliani & Miller (MM) model is still in vague. In this paper attempt has been made to empirically support the argument of MM. The paper tests the influence of debt-equity structure on the value of shares given different sizes, industries and growth opportunities with the companies incorporated in Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) of Bangladesh. For the robustness of the analysis samples are drawn from the four most dominant sectors of industry i.e. engineering, food & allied, fuel & power, and chemical & pharmaceutical to provide a comparative analysis. A strong positively correlated association is evident from the empirical findings when stratified by industry.
International Journal of Disclosure and Governance, 2022
papers.ssrn.com
This study first identifies the importance of mission statement for an organization and then trie... more This study first identifies the importance of mission statement for an organization and then tries to find out the quality of mission statements of the listed Public Limited Companies (PLCs) in Bangladesh. The nine criteria suggested by Fred R. David (2003) were taken as benchmark for this study. The annual reports of a sample of 167 PLCs have been surveyed to determine the nature and extent of disclosure by computing total score and a Mission Statement Disclosure Index (MSDI). The study results show that 55 companies (32.93%) are disclosing mission statements with a mean score of 4.145 out of total score 9 (MSDI 46.00). The results also show that the companies are focusing more on customers and concern for survival, growth and profitability and little focus is placed on self-concept, technology and market. As the average score of the companies are below 4.5 (half of the total score possible), conclusion has been drawn that the companies are preparing and disclosing the mission statements without having proper knowledge of the characteristics of the mission statement from strategic management viewpoint.
The Cost & …, 2007
SSRN-Corporate Internet Reporting Practice in Developing Economies: Evidence from Bangladesh by M... more SSRN-Corporate Internet Reporting Practice in Developing Economies: Evidence from Bangladesh by Md. Hamid Bhuiyan, Pallab Biswas, Suman Chowdhury. ...
Corporate Ownership and Control
We observe the association amid ownership structure and real earnings management in Bangladesh. O... more We observe the association amid ownership structure and real earnings management in Bangladesh. Our study takes 2195 firm-year observations which are listed on the Dhaka Stock Exchange over the period of 2000-2017. The outcome of the panel least square regression indicates that inside ownership, as well as foreign ownership, is inversely related to real earnings management, whereas institutional ownership is positively related to real earnings management. In particular, firms tend to reduce discretionary expenses to manage earnings if the magnitude of inside ownership is low. In contrast to that, when firms are characterized by more institutional ownership, they are more inclined towards real earnings management through additional price discounts, offering a more friendly credit facility, and lowering discretionary expense. This result is consistent with previous findings. Nevertheless, if firms encounter an absence of foreign ownership, they prefer to manage earnings through operat...
This study first identifies the importance of mission statement for an organization and then trie... more This study first identifies the importance of mission statement for an organization and then tries to find out the quality of mission statements of the listed Public Limited Companies (PLCs) in Bangladesh. The nine criteria suggested by Fred R. David (2003) were taken as benchmark for this study. The annual reports of a sample of 167 PLCs have been surveyed to determine the nature and extent of disclosure by computing total score and a Mission Statement Disclosure Index (MSDI). The study results show that 55 companies (32.93%) are disclosing mission statements with a mean score of 4.145 out of total score 9 (MSDI 46.00). The results also show that the companies are focusing more on customers and concern for survival, growth and profitability and little focus is placed on self-concept, technology and market. As the average score of the companies are below 4.5 (half of the total score possible), conclusion has been drawn that the companies are preparing and disclosing the mission stat...
Internet reporting is a recent phenomenon in Bangladesh. This paper investigates the internet cor... more Internet reporting is a recent phenomenon in Bangladesh. This paper investigates the internet corporate reporting practices of listed companies in Bangladesh. For this study, an Internet Disclosure Index (IDI) of 54 items is constructed, which incorporates content and presentation criteria. A total of 93 corporate websites under various sectors are screened, and both partial and aggregates scores were produced. The mean IDI score is 21.33 with standard deviation of 12.89. The disclosure ranges from 5.56 to 51.85. Hypothesis test results show that significant difference exists in the average IDI among the sectors. The results show that Bangladeshi companies have a lot of work to do in order to enhance the investor relations activities on the internet. Still now no company under Food & Allied sector provides any internet disclosure. As more and more people of Bangladesh are connecting themselves to the Internet, companies are expected to change their internet reporting practices, in t...
Banking sector of Bangladesh is growing rapidly. The executives of this sector are playing vital ... more Banking sector of Bangladesh is growing rapidly. The executives of this sector are playing vital role and as a return they are compensated from the organization. Now a day, this pay-performance relationship has come under the scrutiny of the shareholders, regulatory agencies, as well as debt holders. The stakeholders have the apprehension that the executives may not always perform their tasks in line with the interest of stakeholders, which causes the agency problem. This study tries to identify, whether key performance indicators and size have any impact on executive compensation of the scheduled commercial banks listed in the Dhaka Stock Exchange (DSE) Limited, Bangladesh. For this study several statistical models are developed to test the influence of organization performance & size on the compensation of the executives’ of banking sector of Bangladesh. The statistical models are developed for the industry initially and later tested on individual banks. The results of this study ...
… of Innovation in Economics and Business, 2010
Modigliani & Miller (1958) show the impact of debt-equity ratio on firm value in their capital st... more Modigliani & Miller (1958) show the impact of debt-equity ratio on firm value in their capital structure theory. Economist and financial researchers have spent time to develop new thoughts around this theory. Despite their effort the Modigliani & Miller (MM) model is still in vague. In this paper attempt has been made to empirically support the argument of MM. The paper tests the influence of debt-equity structure on the value of shares given different sizes, industries and growth opportunities with the companies incorporated in Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) of Bangladesh. For the robustness of the analysis samples are drawn from the four most dominant sectors of industry i.e. engineering, food & allied, fuel & power, and chemical & pharmaceutical to provide a comparative analysis. A strong positively correlated association is evident from the empirical findings when stratified by industry.
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Papers by SUMAN PAUL CHOWDHURY