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Article

Pallab Kumar Biswas

Grounded in lemon market theory, this paper aims to examine the influence of corporate governance (CG) on stock market liquidity in Bangladesh, where stock market…

Abstract

Purpose

Grounded in lemon market theory, this paper aims to examine the influence of corporate governance (CG) on stock market liquidity in Bangladesh, where stock market manipulation because of speculative trading is a common concern.

Design/methodology/approach

This study is based on a sample of 2,420 firm-year observations covering all non-financial firms in Bangladesh from 1996 to 2011.

Findings

This study’s results show a significant relationship between governance and liquidity within firms over time. In particular, within firms, when governance quality increases, liquidity significantly improves. For instance, a rise in the governance quality by one standard deviation decreases the illiquidity ratio by 55.97%. The results are unlikely to be confounded by endogeneity.

Practical implications

The results have important policy implications for security regulators, investors, traders and managers. The results support the current regulatory trend of strengthening CG practices in the listed firms in Bangladesh.

Originality/value

This study contributes to the understanding of the role of effective firm-level CG on stock liquidity in the context of an emerging country. Consistent with prior research mostly conducted in the advanced economies, it provides further empirical support that higher CG quality reduces the information asymmetry problem and enhances stock liquidity even in a speculative market.

Details

Accounting Research Journal, vol. 33 no. 2
Type: Research Article
ISSN: 1030-9616

Keywords

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Article

Pallab Kumar Biswas, Helen Roberts and Rosalind Heather Whiting

This paper aims to investigate the impact of female director affiliations to governing families on corporate social responsibility (CSR) disclosures in the context of…

Abstract

Purpose

This paper aims to investigate the impact of female director affiliations to governing families on corporate social responsibility (CSR) disclosures in the context of Bangladeshi firms.

Design/methodology/approach

This study uses a quantitative empirical research method grounded in Socioemotional Wealth (SEW) theory. Data was sourced from Bangladeshi publicly listed non-financial sector companies’ annual reports and stock exchange trading and publication reports and consists of 2,637 firm-year observations from 1996 to 2011. Pooled multivariate regression models are used to test the association between corporate social and environmental disclosure and female directors, and the family affiliation (or not) of those directors.

Findings

The findings provide strong evidence that female directors who are affiliated to the governing family, founders and other board members reduce CSR disclosure in family firms; unaffiliated female board directors enhance CSR disclosure, and this effect is significant in both family and non-family firms.

Research limitations/implications

Definitions of family firms and affiliated directors may lead to over-generalization in the results.

Originality/value

The study highlights variation in the nature of female board appointments in emerging market family-controlled firms. The findings bring attention to the role of affiliated female director appointments in family ownership structures and speak directly to family business owners, advisors and policy makers about the importance of unaffiliated female directors as catalysts of improved CSR disclosure in family and non-family firms.

Details

Meditari Accountancy Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2049-372X

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Article

Pallab K. Biswas, Helen Roberts and Rosalind H. Whiting

Based on the socioemotional wealth (SEW) perspective and agency theory, the purpose of this paper is to examine how the introduction of the 2006 Corporate Governance (CG…

Abstract

Purpose

Based on the socioemotional wealth (SEW) perspective and agency theory, the purpose of this paper is to examine how the introduction of the 2006 Corporate Governance (CG) Guidelines and family governance affected the level of the corporate social responsibility (CSR) reporting of non-financial companies in Bangladesh.

Design/methodology/approach

The authors use multivariate regression to analyse 2,637 firm-level annual observations, from 1996 to 2011 annual reports of Bangladeshi publicly listed non-financial-sector companies, to investigate how firm-level CG quality affects CSR disclosure in family and non-family firms.

Findings

CG quality significantly increases the level of CSR disclosure and this relationship is stronger prior to the new CG Guidelines. Family firms’ CSR reporting levels are significantly lower than non-family firms’, and this effect is stronger after the change in the CG Guidelines. CEO duality, the presence of an audit committee and profitability improve family-firm CSR reporting in Bangladesh, while non-family CSR disclosures are positively associated with board size and firm competition. Board independence is not related to CSR disclosure.

Originality/value

The authors provide evidence of the benefit of the CG Guidelines’ introduction on company CSR disclosure in an emerging economy and the importance of specific governance mechanisms that differentiate family and non-family-firm CSR disclosures in Bangladesh using a SEW framework.

Details

Management Decision, vol. 57 no. 10
Type: Research Article
ISSN: 0025-1747

Keywords

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Article

Samuel Jebaraj Benjamin and Pallab Biswas

This study aims to examine whether CEO duality affects the association between board gender composition, dividend policy and cost of debt (COD).

Abstract

Purpose

This study aims to examine whether CEO duality affects the association between board gender composition, dividend policy and cost of debt (COD).

Design/methodology/approach

The S&P 1500 firms’ data for this study were collected from the Bloomberg professional service terminal for the period 2010-2015.

Findings

The results show that board gender composition positively impacts both a firm’s propensity to pay dividends and the level of payouts. However, this positive association is only present in firms with CEO duality. The authors find no significant association between board gender composition and COD, but when the authors split the sample into firms with and without CEO duality, the authors find a negative association in firms without CEO duality.

Practical implications

The empirical results highlight important issues for policymakers, managers and investors. The study provides positive feedback on corporate governance rejuvenation efforts that seek to engender and advocate the appointments of female directors to corporate boards. Market participants, such as financial analysts and lenders, could recognize the empirical specifics related to the influence of board gender composition on firms’ dividend policy and COD in the context of CEO duality.

Originality/value

This study fills an important gap in the literature on the relationship between board gender composition and its relation with dividend policy and COD.

Details

Accounting Research Journal, vol. 32 no. 3
Type: Research Article
ISSN: 1030-9616

Keywords

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Article

Pallab Kumar Biswas, Mansi Mansi and Rakesh Pandey

The purpose of this study is to examine the impacts of board gender composition, board independence and the existence of a board sustainability committee on the corporate…

Abstract

Purpose

The purpose of this study is to examine the impacts of board gender composition, board independence and the existence of a board sustainability committee on the corporate social and environmental performance of Australian firms.

Design/methodology/approach

The dataset comprises 2,188 Australian Securities Exchange listed firm-year observations (407 individual firms) from 2004 to 2015. The ASSET4 environmental, social and governance database is used to measure corporate social and environmental performance and their sub-dimensions.

Findings

Our results show that firms with higher board gender composition, greater board independence and sustainability committees tend to have better social and environmental performance. This paper also provides empirical evidence of the positive association of these variables on the sub-dimensions of social and environmental performance. The results are robust after controlling for self-selection and various forms of endogeneity.

Originality/value

This is the first study that examines the relationship between sustainability committees and corporate social and environmental performance in the context of Australia. This study also overcomes the relatively small sample size and shorter study period issues of similar studies in Australia that provide inconclusive evidence on the relationship between each of board gender composition, board independence and corporate social and environmental performance.

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Article

Pallab Biswas

The purpose of this paper is to identify, analyze, and categorize the major enablers of reconfigurability that can facilitate structural changes within a supply chain in a…

Abstract

Purpose

The purpose of this paper is to identify, analyze, and categorize the major enablers of reconfigurability that can facilitate structural changes within a supply chain in a global scenario. The paper also addresses five reconfigurability dimensions in the perspective of supply chains and the major enablers to attain them. The paper further aims to understand the mutual interactions among these enablers through the identification of hierarchical relationships among them.

Design/methodology/approach

A framework that holistically considers all the major enablers of reconfigurability has been developed. The hierarchical interrelationships between major enablers have been presented and interpreted using a novel qualitative modeling technique, i.e., total interpretive structural modeling (TISM), which is an extension of ISM. SPSS 22.0 is employed to carry out a one-tailed one-sample t-test further to test the hypotheses for validating the results of TISM. Impact matrix cross-reference multiplication applied to a classification (MICMAC) analysis has been employed to identify the driving and dependence powers of these reconfigurability enablers.

Findings

In this paper, 15 enablers for reconfigurability paradigm have been identified through literature review and expert opinions. The authors established interrelationships and interdependencies among these enablers and categorized them as enablers of each dimension. New product development and customer satisfaction come at the highest level of priority. The levels of these enablers were obtained using TISM. The authors compared the results with the clusters derived from MICMAC analysis, and the results are found to be well within the acceptable range.

Research limitations/implications

The study has implications for both practitioners and academia. The work provides a comprehensive list of enablers that are relevant to reconfigure supply chains in today’s volatile global market. This research will also help decision makers to strategically focus on the top-level enablers and their concerned dimensions. The research is based on an automobile company case study and can be extended to products with volatile and changing demands.

Originality/value

The proposed model for reconfigurability enablers using TISM is a new effort altogether in the area of supply chain management. The novelty of this research lies in its identification of specific enablers to reconfigure a supply chain through different dimensions.

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Article

Nirmal Kumar Manna, Nirmalendu Biswas and Pallab Sinha Mahapatra

This study aims to enhance natural convection heat transfer for a porous thermal cavity. Multi-frequency sinusoidal heating is applied at the bottom of a porous square…

Abstract

Purpose

This study aims to enhance natural convection heat transfer for a porous thermal cavity. Multi-frequency sinusoidal heating is applied at the bottom of a porous square cavity, considering top wall adiabatic and cooling through the sidewalls. The different frequencies, amplitudes and phase angles of sinusoidal heating are investigated to understand their major impacts on the heat transfer characteristics.

Design/methodology/approach

The finite volume method is used to solve the governing equations in a two-dimensional cavity, considering incompressible laminar flow, Boussinesq approximation and Brinkman–Forchheimer–Darcy model. The mean-temperature constraint is applied for enhancement analysis.

Findings

The multi-frequency heating can markedly enhance natural convection heat transfer even in the presence of porous medium (enhancement up to ∼74 per cent). Only the positive phase angle offers heat transfer enhancement consistently in all frequencies (studied).

Research limitations/implications

The present research idea can usefully be extended to other multi-physical areas (nanofluids, magneto-hydrodynamics, etc.).

Practical implications

The findings are useful for devices working on natural convection.

Originality/value

The enhancement using multi-frequency heating is estimated under different parametric conditions. The effect of different frequencies of sinusoidal heating, along with the uniform heating, is collectively discussed from the fundamental point of view using the average and local Nusselt number, thermal and hydrodynamic boundary layers and heatlines.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 29 no. 10
Type: Research Article
ISSN: 0961-5539

Keywords

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