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Article
Publication date: 12 February 2018

Harjeet S. Bhabra and Ashrafee T. Hossain

The purpose of this paper is to examine whether or not the seminal legislation called the Sarbanes-Oxley Act (SOX) influenced a strategic shift in the merger and…

Abstract

Purpose

The purpose of this paper is to examine whether or not the seminal legislation called the Sarbanes-Oxley Act (SOX) influenced a strategic shift in the merger and acquisition (M&A) market.

Design/methodology/approach

The sample consists of 4,839 completed deals undertaken by US acquirers from the Securities Data Corporation’s US M&As database from January 1, 1996 to December 31, 2009. The authors used the standard event study methodology for short-term performance analysis and the Berkovitch and Narayanan (1993) method to identify merger motives.

Findings

By following the same acquirers who participated during both pre- and post-SOX periods, the authors find that these acquirers generate 1-1.5 percent more returns for their stockholders around M&A announcement dates and that the motivation has shifted to value maximization (synergy), a notable strategic shift.

Research limitations/implications

All acquirers and targets are public.

Originality/value

This paper adds to SOX-related literature as well as to M&A literature. By analyzing M&A deals, often the largest capital investments for acquirers, this paper shows that, despite criticism of SOX, this legislation fundamentally contributed to a strategic shift in the M&A market.

Details

Managerial Finance, vol. 44 no. 2
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 7 October 2015

Md Nuruzzaman

The objective of this study is to investigate how country risk, different political actions from the government and bureaucratic behavior influence the activities in…

Abstract

The objective of this study is to investigate how country risk, different political actions from the government and bureaucratic behavior influence the activities in industry supply chains (SCs) in emerging markets. The main objective of this study is to investigate the influence of these external stakeholders’ elements to the demand-side and supply-side drivers and barriers for improving competitiveness of Ready-Made Garment (RMG) industry in the way of analyzing supply chain. Considering the phenomenon of recent change in the RMG business environment and the competitiveness issues this study uses the principles of stakeholder and resource dependence theory and aims to find out some factors which influence to make an efficient supply chain for improving competitiveness. The RMG industry of Bangladesh is the case application of this study. Following a positivist paradigm, this study adopts a two phase sequential mixed-method research design consisting of qualitative and quantitative approaches. A tentative research model is developed first based on extensive literature review. Qualitative field study is then carried out to fine tune the initial research model. Findings from the qualitative method are also used to develop measures and instruments for the next phase of quantitative method. A survey is carried out with sample of top and middle level executives of different garment companies of Dhaka city in Bangladesh and the collected quantitative data are analyzed by partial least square-based structural equation modeling. The findings support eight hypotheses. From the analysis the external stakeholders’ elements like bureaucratic behavior and country risk have significant influence to the barriers. From the internal stakeholders’ point of view the manufacturers’ and buyers’ drivers have significant influence on the competitiveness. Therefore, stakeholders need to take proper action to reduce the barriers and increase the drivers, as the drivers have positive influence to improve competitiveness.

This study has both theoretical and practical contributions. This study represents an important contribution to the theory by integrating two theoretical perceptions to identify factors of the RMG industry’s SC that affect the competitiveness of the RMG industry. This research study contributes to the understanding of both external and internal stakeholders of national and international perspectives in the RMG (textile and clothing) business. It combines the insights of stakeholder and resource dependence theories along with the concept of the SC in improving effectiveness. In a practical sense, this study certainly contributes to the Bangladeshi RMG industry. In accordance with the desire of the RMG manufacturers, the research has shown that some influential constructs of the RMG industry’s SC affect the competitiveness of the RMG industry. The outcome of the study is useful for various stakeholders of the Bangladeshi RMG industry sector ranging from the government to various private organizations. The applications of this study are extendable through further adaptation in other industries and various geographic contexts.

Details

Sustaining Competitive Advantage Via Business Intelligence, Knowledge Management, and System Dynamics
Type: Book
ISBN: 978-1-78441-764-2

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Article
Publication date: 1 July 2005

Duncan Orr, David Emanuel and Norman Wong

This study examines the relationship between board composition and firm value, and the extent to which this relationship may be affected by a company’s investment…

Abstract

This study examines the relationship between board composition and firm value, and the extent to which this relationship may be affected by a company’s investment opportunity set. There is little research that examines this issue, particularly for the New Zealand market. Of the research that exists, and generally for the research that examines how board composition affects firm performance, the findings have been mixed. Using a randomly chosen sample, which improves the external validity of results from prior studies, we find that board composition of high growth option firms is positively related to firm value, and this relationship is maintained when more refined measures that proxy the characteristics of outside directors (such as tenure of outside directors, the level of outside director equity ownership, the number of other board positions held by outside directors, and the total proportion of non‐executive directors, including grey directors) are recognised.

Details

Pacific Accounting Review, vol. 17 no. 2
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 8 February 2021

Dewan Mahboob Hossain, Md. Saiful Alam, Mohammed Mehadi Masud Mazumder and Al Amin

The purpose of this study is to explore the gender-related discourses in the annual reports of the listed companies in Bangladesh.

Abstract

Purpose

The purpose of this study is to explore the gender-related discourses in the annual reports of the listed companies in Bangladesh.

Design/methodology/approach

To fulfill this objective, a sociological discourse analysis (SDA) of the gender-related texts in the annual reports of Bangladeshi companies (listed in the Dhaka Stock Exchange) was conducted. Sandberg and Holmlund’s (2015) organizational impression management tactics (description, praise, admission, defense and writing styles) was applied as the analytical framework of SDA. The findings of the study were interpreted from a triangulation of two different theories: legitimacy theory and impression management theory.

Findings

The study suggests that the companies in Bangladesh are disclosing gender-related information to a limited extent. They provide some information in relation to equal opportunities, business activities targeted to women and corporate contribution to women’s welfare. Most of these gender-related discourses are rhetorical in nature. The companies used various impression management tactics such as description, praise, positive writing style, vague writing style and emotional writing style.

Research limitations/implications

This study is exploratory in nature and focuses on cross-sectional data. Thus, it does not identify the trend of corporate gender reporting over the years.

Practical implications

At the policy level, the findings revealed a need for reporting guidelines for gender narratives. Although there is a global gender reporting guideline as proposed under global reporting initiative, there is no local guideline in Bangladesh. Our findings suggest that in the absence of proper directives, companies presented facts and figures rhetorically and qualitatively.

Social implications

Our findings provide valuable insights for the companies in assisting the Government of Bangladesh to deal with the prevailing gender inequality and achieved gender-related sustainable development goals. It is argued that the government should take more interest in corporate social responsibility activities (such as promoting gender equality) and introduce legislation and guidelines for social accounting.

Originality/value

This is one of the very few studies that illustrate the corporate gender reporting of a developing economy – Bangladesh. To make a unique contribution to corporate gender disclosure, the study has drawn its analysis from a triangulation of the impression management and the legitimacy perspectives. Also, the use of SDA for annual report analysis has informed the readers about “how” the corporate narratives are presented in the annual reports rather than “what” issues are disclosed as commonly done in content analysis.

Details

Journal of Accounting & Organizational Change, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1832-5912

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Article
Publication date: 2 January 2018

Mohammad Alamgir Hossain, Md Moazzem Hossain and Tajmin Hossain Chowdhury

A successful education system is a great asset for any society. However, what factors make an academic institution successful and how these factors interact with each…

Abstract

Purpose

A successful education system is a great asset for any society. However, what factors make an academic institution successful and how these factors interact with each other are not clear in literature. Therefore, the purpose of this paper is to develop and validate a model that explains success of private universities which entails clarification on theoretical understanding and explains the relationships among relevant variables.

Design/methodology/approach

Variables from information systems success models and marketing theories have been adapted in the context of private universities to theorize a conceptual model. In order to validate the model, this study employed quantitative approach. Survey data, collected from 326 respondents, were analysed using partial least squares algorithm.

Findings

The results suggest that: “curriculum quality”, “teaching competence”, “service facility”, and “service delivery” provided by a private university are positively related to “perceived value (PV)”, while students’ perceived satisfaction (SPS) is dependent on “service facility”; PV and SPS drive to students’ “intention for continued education (ICE)”, and ICE eventually improves quality of students’ lives. Additionally, PV and SPS are interrelated. The mediating roles of PV and SPS are also identified.

Research limitations/implications

Empirical data analyses confirm that improving quality of life through continued education represents an insightful theoretical lens for investigating success in higher education. To become successful in education business, maintaining both academic quality and service quality are important for a private university because they lead to student satisfaction and the overall PV of education.

Originality/value

This study is the first initiative that develops and validates a success model of private universities. The findings provide some guidelines for top managers in higher education to maximize their abilities to understand customers’ expectations in both strategic and operational settings.

Details

International Journal of Quality & Reliability Management, vol. 35 no. 1
Type: Research Article
ISSN: 0265-671X

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Article
Publication date: 13 August 2018

Harjeet Bhabra and Ashrafee Tanvir Hossain

The purpose of this paper is to analyze and compare the influence of the Sarbanes–Oxley (SOX) Act of the USA and the Canadian SOX (C-SOX) through the comparison of…

Abstract

Purpose

The purpose of this paper is to analyze and compare the influence of the Sarbanes–Oxley (SOX) Act of the USA and the Canadian SOX (C-SOX) through the comparison of corporate acquisitions in these two countries.

Design/methodology/approach

The final sample includes 1,187 merger and tender offers undertaken by publicly traded (TSX listed) Canadian firms between 1990 and 2016. The authors use standard event study methodology (Patell, 1976) and Berkovitch and Narayanan’s (1993) seminal method to examine announcement period performance and deal motive, respectively.

Findings

The findings support the pro-regulation hypothesis which states that stricter regulations are more useful. Cross-listed acquirers exposed to SOX regime performed much better (both short- and long-term) than non-cross-listed counterparts with only C-SOX exposure. These findings are both statistically and economically significant.

Research limitations/implications

This study has direct implications as it provides evidence to the legislatures of the provinces, as well as to the federal government, that stricter regulations are effective and Canada should enact additional corporate legislation. Canada may have fared well in the past, but dynamics are changing and may further change in the future, and therefore, timely and stricter corporate legislation are more appropriate.

Practical implications

This study has direct implications as it provides evidence to the legislatures of the provinces, as well as to the federal government, that stricter regulations are effective and Canada should enact additional corporate legislation. Canada may have fared well in the past, but dynamics are changing and may further change in the future, and therefore, timely and stricter corporate legislation are more appropriate.

Originality/value

This study contributes to the growing literature of SOX-related studies. This is the first study to investigate comprehensively the differences between the two laws enacted by these neighboring countries. As USA and Canada share largely integrated capital markets and are each other’s biggest trading partner, this genre of research has great value. It is a timely study as the Canadian Federal Government is looking into standardizing corporate legislation across provinces and territories.

Details

Managerial Finance, vol. 44 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 12 March 2018

Md. Rafiqul Islam Hossaini

The purpose of this paper is to analyse the legendary decision of the Appellate Division of the Supreme Court of Bangladesh. Apart from this, the author’s aim is to…

Abstract

Purpose

The purpose of this paper is to analyse the legendary decision of the Appellate Division of the Supreme Court of Bangladesh. Apart from this, the author’s aim is to analyse the constitutional interpretation done by the Higher Judiciary of the Country. Another aim of this note is to simplify the decision of this case for the understanding of the mass people and law students.

Design/methodology/approach

To conclude this paper, both qualitative and analytical methods have been used.

Findings

In this paper, a summarized fact of the case has been presented. In addition to that, decision of the High Court Division in the Writ petition has been simplified with six simple points. Moreover, major arguments submitted by both the Appellant’s and Respondent’s Lawyers have been summarized. Decision of the Appellate Division has been simplified with 12 simple points along with the reasoning behind the judgement.

Research limitations/implications

In this paper, only the case of Secretary, Ministry of Finance vs Md. Masdar Hossain and Others has been studied and analysed in depth.

Practical implications

This paper will mainly help the Law and Social Science students for simply understanding the decision and the reasoning behind the decision of the case. Apart from that, this case noting will help both academics and legal professionals to study this case within a short period.

Social implications

This paper will help mass people who want to study about this case to simply understand the case in depth. In addition to that, people will get known about the procedure hoe the subordinate judiciary of Bangladesh became independent.

Originality/value

This conceptual paper is the original piece of work and is not under review in any other journal. This paper has not been published previously in any other journal.

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Article
Publication date: 3 May 2016

Md Moazzem Hossain, Manzurul Alam, Angela Hecimovic, Mohammad Alamgir Hossain and Aklema Choudhury Lema

The purpose of this study is to explore the contributing barriers to corporate social and environmental responsibility (CSER) practices. In particular, this study focuses…

Abstract

Purpose

The purpose of this study is to explore the contributing barriers to corporate social and environmental responsibility (CSER) practices. In particular, this study focuses on non-managerial stakeholders’ perceptions of the barriers to CSER practices in a developing country context. The study also investigates the current initiatives undertaken by the different stakeholders, such as government, non-governmental organisations (NGOs) and regulators.

Design/methodology/approach

The study takes a qualitative approach, undertaking semi-structured in-depth interviews with 26 participants from NGOs, the media, regulatory authorities, government departments, shareholders, trade union leaders and customers.

Findings

The views of stakeholder groups were analysed to identify the contributing barriers to CSER practices. The findings of the study reveal that corruption and politics, lack of coordination, lack of government initiatives and unsatisfactory implementation of laws are perceived as the major barriers that hinder CSER practices in Bangladesh. The study also found a lack of awareness amongst various stakeholder groups regarding the influential role CSER plays in promoting sustainable development. The current initiatives undertaken by various stakeholders to improve CSER practices were limited but growing.

Research Limitations/implications

The study utilises the stakeholder theory to examine the role of stakeholders, rather than managers, in relation to CSER practice in Bangladesh. The findings may provide impetus for mitigating CSER barriers in a developing country context.

Originality/value

This study is one of the few engagement-based studies to explore the non-managerial stakeholders’ views on CSER in a developing country context.

Details

Sustainability Accounting, Management and Policy Journal, vol. 7 no. 2
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 19 November 2006

Mahmud Hossain, Barry R. Marks and Santanu Mitra

The ownership structure of a corporation can alleviate the agency problem that arises between shareholders and managers of a corporation, which implies that the ownership…

Abstract

The ownership structure of a corporation can alleviate the agency problem that arises between shareholders and managers of a corporation, which implies that the ownership composition of a firm may infl uence the level of voluntary disclosure. This study investigates whether the ownership structure of U. S. based multinational corporations affects the managerial decision to voluntarily disclose quarterly foreign segment data. The empirical results show that the three ownership variables of interest, institutional stock ownership, managerial stock ownership and outside blockholder stock ownership are inversely related to the level of voluntary disclosure of quarterly foreign segment data. Therefore, it is inferred that an increase in the proportion of outstanding common stock held by these ownership groups is accompanied by a decrease in the probability that a U.S. multinational firm voluntarily discloses quarterly foreign segment data.

Details

Multinational Business Review, vol. 14 no. 3
Type: Research Article
ISSN: 1525-383X

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Article
Publication date: 17 September 2020

Miriam Borchardt, Giancarlo Pereira, Alexandre Rodrigues Ferreira, Marcela Soares, Josiano Sousa and Daniel Battaglia

This paper aims to analyse the factors that influence frugal innovation (FI) in micro- and small enterprises (MSEs) at the base of the pyramid (BOP) through the…

Abstract

Purpose

This paper aims to analyse the factors that influence frugal innovation (FI) in micro- and small enterprises (MSEs) at the base of the pyramid (BOP) through the theoretical lens of dynamic capabilities. The input–process–output (I-P-O) framework was used as a tool to support the analysis of FI as a process.

Design/methodology/approach

A multiple case study was performed with 25 MSEs at the BOP in Brazil, all of which were in the food industry.

Findings

This study indicates that dynamic capabilities are present in enterprises that are migrating to low income and middle-class consumers, which influences their FI practices. To analyse FI in the context of MSEs at the BOP, the I-P-O framework was adapted. Enterprises that have focussed on extremely poor and subsistence markets develop more disruptive innovation, aiming to reduce the final prices they charge consumers. The primary focus of these enterprises is on maintaining ordinary capabilities. Enterprises that have focussed on low income and middle-class customers have implemented incremental innovation, adding value based on colonial tastes and close relationships with their consumers. Such a strategy demands changes in the physical facilities, use of social media and investment in quality control of these enterprises. Considerations for policymakers and institutions are also presented.

Originality/value

The use of a dynamic capabilities lens in such a context is a new approach and provides a relevant basis for further studies. The study has identified different approaches to FI and different sets of barriers and successful practices, both related to the target market segment, that could leverage FI. This study contributes to case studies from Brazil, spreading the research context beyond Asia.

Details

Journal of Entrepreneurship in Emerging Economies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4604

Keywords

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