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The purpose of this study is to examine the mediating role of corporate board characteristics in the relationship between ownership structure and firm performance in the listed public limited companies of Bangladesh.

The study analyzed 527 annual reports of listed companies in Bangladesh for the years 2015-2017. The direct and indirect effect of ownership structure on firm performance was examined using AMOS 23. Baron and Kenny’s (1986) four steps procedure was used to establish the mediating role of board characteristics.

The results demonstrated that foreign ownership and director ownership have significant positive influence on both accounting and market based firm’s performance, while institutional ownership exhibits positive influence only on accounting-based performance (return on assets). With respect to mediating effect, the results show that board size and board independence partially mediate the relationship between ownership structure and firm performance.

The major limitation of the study is that it focuses only on three years data in examining the hypothesized relationship among the variables.

Investors, regulators and managers can get evocative insights, particularly who seek to improve their company’s performance in the capital market through restructuring their ownership structure and board composition.

The study focuses on both direct and indirect effect of ownership structure on firm performance in the context of an emerging and developing economy. In examining the indirect effect, the study uses board size and board independence as the mediating variables.

This paper presents comparative studies of modern transportation systems in the Bengal Delta and British Borneo. To meet the demands of the new modes of resource extraction, the British colonial rulers introduced a new transportation system in both regions and built roads, railways, and navigational routes connecting major commercial and political centers. There has been little research into the historical connections between modern transportation and environmental changes in colonial South Asia and Malaysia. When modern transportation was introduced, environmental consequences were rarely considered. As a result, significant ecological changes and declines were unintentionally caused. The environmental changes brought about by these transportation systems in these two regions were not the same one from the other. For example, railroad construction harmed the plains and waterways in the Bengal Delta, whereas, in British Borneo, rubber plantations for the global market harmed the rainforests.

The purpose of this study is to examine the effect of board characteristics on foreign equity ownership (FEO) in the listed public limited companies of Bangladesh.

The study collected data from 418 annual reports of listed companies of Bangladesh for the years 2015, 2016 and 2017 to examine the effect of board characteristics on FEO. Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) regression methods are used to test the hypotheses of the study.

The results show that board size has significant negative influence on FEO. Other board characteristics variables such as board independence and female directorship appear to have an insignificant influence on FEO. However, several firm characteristics variables such as return on assets, market-to-book ratio, firm size and firm age have a significant positive relationship with FEO. While presenting the regression results separately for manufacturing and non-manufacturing firms, the findings reveal a number of differences in the results between the two sectors.

The major limitation of the study is that it concentrates only on three years annual report data in analyzing the hypothesized relationships.

Policy makers, regulators and top management can get meaningful insights with respect to optimal board structure and firm characteristics to attract foreign investors as the results revealed significant effects of several board and firm characteristics variables on FEO.

The present study includes the presence of female directors on the board to represent board characteristics. No other study has examined the relationship between FEO and female directors.

The purpose of this study is to examine the effect of financial reporting quality (FRQ) on share price movement (SPM) of listed companies in an emerging and developing economy – Bangladesh.

The study analyzed 296 annual reports for the year 2015 and 2016 in examining the effect of FRQ on SPM. Ordinary least squares (OLS) regression model is used to examine the hypothesized relationship among the variables. A modified version of Lang et al. (2003) has been adopted in measuring the SPM. FRQ is measured using the qualitative characteristics approach as defined by the International Financial Reporting Standard Framework and used by Beest et al. (2009) and Braam and Beest (2013).

The study finds a positive association (though not significant statistically) between the FRQ and SPM in the country’s leading stock exchange (Dhaka stock exchange). Furthermore, the effect of enhancing quality on SPM is found to be stronger as compared to fundamental quality. Majority of the FRQ constructs demonstrate an improvement in the quality score in the year 2016 as compared to 2015 except for relevance.

The key limitation of the study is that it focuses only on two years (2015 and 2016) annual reports data in measuring FRQ and its effect on SPM.

The study uses qualitative characteristics approach in measuring the FRQ and to examine its effect on SPM using the context of an emerging and developing economy – the case of Bangladesh.

This research explores the spillovers and portfolio implications for green bonds and environmental, social and governance (ESG) assets in the context of the rapidly expanding trend in green finance investments and the need for a green recovery in the post-COVID-19 era.

This study utilizes Diebold and Yilmaz’s (2014) spillover method and portfolio strategies (hedge ratio, optimal weights and hedging effectiveness) for the data starting from February 29, 2012, to March 14, 2022.

The study’s findings reveal that the lower volatility spillover is evidenced between the green bonds and ESG stocks during tranquil and turbulent periods (e.g. COVID-19 and Russia-Ukraine War). Furthermore, hedging costs are lower both in normal times and during economic slumps. Investing the bulk of the funds in green bonds makes it possible to achieve maximum hedging effectiveness between the S&P green bond (GB) and the S&P 500 ESG.

Both investors and policymakers may use these findings to make wise investment and policy choices to achieve post-COVID environmental sustainability.

Unlike previous research, this is the first to explore the interconnectedness among the major global and country-specific green bonds and ESG assets. The major findings of this study about the lower volatility spillovers and hedging costs between green bonds and ESG assets during the tranquil and turbulent periods may contribute to the post-COVID investment portfolio for environmental sustainability.

The purpose of this study is to examine the effect of the presence of professional accountants in the top management team (TMT) on financial reporting quality (FRQ) in public limited companies using the context of Bangladesh, which is an emerging economy.

This study adopts a modified version of Beest et al.’s (2009) FRQ index to measure the quality of information published in 351 annual reports of listed companies in Bangladesh. It also uses a qualitative characteristics approach to measure the quality of financial reporting, as defined by the International Financial Reporting Standards framework 2018, as opposed to an accrual or value relevance approach that solely depends on the information disclosed in the financial statements.

This study finds that the presence of professional accountants in the TMT is positively and significantly associated with FRQ. The findings also show that the sample companies disclosed better quality information in the enhancing qualitative characteristics category, as compared to the fundamental qualitative characteristics category.

This study uses the context of Bangladesh to explore a new type of relationship between the presence of professional accountants in the TMT and FRQ.

In this study, the authors evaluate seven calendar anomalies’–the day of the week, weekend, the month of the year, January, the turn of the month (TOM), Ramadan and Eid festivals–effects in both the conventional and Islamic stock indices of Bangladesh. Also, the authors examine whether these anomalies differ between the two indices.

The authors select the Dhaka Stock Exchange (DSE) Broad Index (DSEX) and the DSEX Shariah Index (DSES) of the DSE as representatives of the conventional and Islamic stock indices respectively. To carry out the investigation, the authors employ the generalized autoregressive conditional heteroskedasticity (GARCH) typed models from January 25, 2011, to March 25, 2020.

The study’s results indicate the presence of all these calendar anomalies in either conventional or Islamic indices or both, except for the Ramadan effect. Some significant differences in the anomalies between the two indices (excluding the Ramadan effect) are detected in both return and volatility, with the differences being somewhat more pronounced in volatility. The existence of these calendar anomalies argues against the efficient market hypothesis of the stock markets of Bangladesh.

The study’s results can benefit investors and portfolio managers to comprehend different market anomalies and make investment strategies to beat the market for abnormal gains. Foreign investors can also be benefited from cross-border diversifications with DSE.

To the authors’ knowledge, first the calendar anomalies in the context of both conventional and Islamic stock indices for comparison purposes are evaluated, which is the novel contribution of this study. Unlike previous studies, the authors have explored seven calendar anomalies in the Bangladesh stock market's context with different indices and data sets. Importantly, no study in Bangladesh has analyzed calendar anomalies as comprehensively as the authors’.

The purpose of this study is to review the empirical studies that have focused on the adoption, benefits and contingencies of strategic management accounting (SMA) practices and the effects of adoption on firm performance.

The study has highlighted empirical studies conducted on SMA practices in the context of both developed [1] and developing economies. In reviewing the literature, the study focuses on the findings of developed economy separately from that of developing economy to get more insight into the differences in the practices of the two set of economies. Based on the review, avenues for future research studies are outlined.

The review of extant literature reveals that several SMA techniques such as competitor accounting, strategic pricing, benchmarking and customer accounting have been highly or moderately adopted in several developed countries while majority of other techniques remained at the bottom line of the adoption status. However, the review demonstrates substantial differences in the SMA practices between the two set of economies in terms of the level of adoption, contingent factors and the effects of adoption.

The study attempts to focus on empirical studies that have concentrated exclusively on SMA practices. The adoption status, benefits derived, contingent factors affecting the adoption decision and the effect of adopting a package of SMA techniques on several aspects of firm performance are presented in the context of both developed and developing economies.

This study aims to investigate the impact of organizational external environmental factors on strategic management accounting (SMA) usage in an emerging economy.

The study collected data from 79 public limited companies listed with the Dhaka Stock Exchange (Bangladesh) through a questionnaire survey. Multiple regression analysis is employed to test the impact of external environmental variables such as perceived environmental uncertainty and intensity of competition on SMA usage.

The study finds a significant positive impact of environmental uncertainty (fluctuation in the external environmental factors) and intensity of competition (domination by few companies) on SMA usage. However, the direction and magnitude of this impact vary considerably for specific groups of SMA practices such as costing, competitor accounting, customer accounting and planning and performance measurement techniques.

This study shows the impact of several facets of environmental uncertainty (i.e. unpredictability, fluctuation, ambiguity, lack of information and uncertainty of the outcome of decision) and intensity of competition (i.e. stressfulness and domination) in the empirical-based SMA research.

This study aims to investigate the nature of management accounting (MA) change and the institutional pressures driving the change using the context of an emerging economy – Bangladesh.

The study collected data from 20 listed companies in Bangladesh through in-depth interviews. It uses the typology of MA change proposed by Sulaiman and Mitchell (2005) in identifying the nature and extent of MA change executed during the preceding three years. A modified version of Granlund and Lukka’s (1998) model is used to identify and explain the impact of institutional and economic pressures on MA change.

This study finds that MA changes have taken place in the Bangladeshi listed companies in the forms of modification, addition and replacement during the preceding three years. The findings also showed that mimetic and coercive pressures influence the adoption of new MA techniques or changes in the existing MAP. The impact of economic forces (specifically the advancement of operating technology and competition intensity) on MA change is also well evident.

This study focuses on the typology of MA change and the institutional forces affecting the MA change, which have rarely been addressed in the context of an emerging and developing economy.