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Item Revisiting inflation and growth nexus in Bangladesh: an asymmetric cointegration based on non-linear ARDL approach(Revista Finanzas y Politíca Económica,, 2021-07) Hossain, Mohammed Akter; Acet, Hakan; Ahmed, Zobayer; Majumder, AlauddinSustainable high economic growth is the major objective of a country. In contrast, inflation is a critical issue that alters economic development. For this, the growth-inflation nexus is one of the most controversial topics in this present world. This study re-investigates the link between inflation and the economic development of Bangladesh by applying a nonlinear autoregressive distributed lagged (NARDL) method. We utilize yearly time series data set on the growth rate of per capita GDP and the inflation rate for the time range from 1986 to 2017. Based on the NARDL approach, the asymmetric cointegration result confirms, between the GDP growth and inflation rates (CPI), a long-run integration exists. Between growth rate and inflation rate, the study finds a positive and robust nexus both in the long-run and in the short-run with statistically significant results. This study further explores an asymmetric relationship between the rate of inflation and the rate of economic growth. The nonlinear ARDL approach shows that the GDP growth rate responds more with an upward change in inflation than a downward change. Furthermore, the positive change in inflations has a significant and positive influence on the growth rate in the short run. Still, the effect of an adverse change in inflations has statistically insignificant. Both the policymakers of Bangladesh (Bangladesh Bank) and development partners working in the country can be benefited from these results in the context of policy implementation. To boost the economic growth in the context of Bangladesh, this study recommends that a moderate inflation rate can be treated as a significant determinationItem Circular economy model for developing countries: evidence from Bangladesh(by Elsevier Ltd., 2018-05) Ahmed, Zobayer; Mahmud, Sakib; Acet, HakanFrom environmental and sustainable development perspective, circular economy model is rarely applied in developing countries compared to developed nations. The aim of this paper is to review the overall scenario of the circular economy (CE) model in Bangladesh toward sustainable development. The study relies on the descriptive analysis of both qualitative and quantitative data, collected mostly from secondary sources with some in-depth interviews of the experts in the relevant field. The overall environmental status of Bangladesh, prospects, prac- tices, and challenges of the circular economy model were thoroughly discussed in this paper. Though there are prospects to switching towards CE, the study reveals that the CE model's applicability is very limited in Bangladesh, being exercised mostly through recycling processes in some industries. Most importantly, we attempted to explore what is holding the CE practice in Bangladesh back, and iterated some policy, technical, and public participation barriers existing in Bangladesh. This paper will benefit the policymakers in developing countries in general and Bangladesh in particular to look more into the matter and hope to present ideas for future researchers to work on the idea of CE in the context of particular sectors and subsectors of Bangladesh.Item Criticisms of Coase Theorem: Can Ethical Strength of the Parties Ensure Efficient Resource Allocation?([International Journal of Ethics in Social Sciences, 2016-06) Ahmed, ZobayerRonald Harry Coase (1910–2013), a British economist and author in his famous Coase Theorem states, As long as private property rights are well defined under zero transaction cost, exchange will eliminate divergence and lead to efficient use of resources or highest valued use of resources.‟ The theorem has greater implications to internalize the externalities through market mechanism. However, the theorem has been criticized by environmental economists since the fundamental flaws of the theorem lie under the invalidity of its assumptions in the reality. Specially, in the presence of environmental externality, the assumptions of the theorem are not valid. This paper focuses on the role of parties in transaction where environmental externality exists, from the perspective of Islamic ethics. The paper argues, in the presence of negative externality where the assumptions of Coase Theorem are not applicable, the internalization of externality can still be possible without any government intervention. Such internalization is related to the ethical strengths of the parties involved in the environmental pollution. The paper further argues, the efficiency of resource utilization is positively related with the ethical strength of the parties in the market.Item Public Expenditure and Economic Growth Relationship in Developing Countries: The case of Bangladesh(Journal of Current Researches on Business and Economics,, 2020-10-15) Ahmed, Zobayer; Acet, HakanThis analysis empirically focuses on how government spending affects economic development in Bangladesh. The study uses time-series data from 1965 through 2016 from the World Development Indicators for independent variables household consumption expense, capital formation and public sector consumption spending. The Johansen co-integration test showed a long-run association among the variables. However, OLS results show that capital formation and household consumption expenditure positively and public sector consumption spending negatively affect Bangladesh's GDP. A more productive investment by the government sector may reduce government spending's adverse effects on Bangladesh's GDPItem Environmental Kuznets Curve (EKC) for Bangladesh: Evidence from Fully Modified OLS Approach(Journal Of Emerging Economies and Policy, 2021-03) Rahman, Mohammad Mahbubur; Enayet Karimb, Abu Ansar Mohammad; Ahmed, Zobayer; Acetd, HakanItem Privatization policy, entrepreneurship, and economic development: the dynamics in Bangladesh economy(Journal of Global Entrepreneurship Research, 2021-05-24) Uddin, Muhammad Salah; Ahmed, ZobayerBangladesh has been experiencing dual economic trends with and without the inclusive institution since its independence in 1971. The era of nationalization with limited property rights and a liberal economy with an inclusive institution have evolved the economic path of Bangladesh. The study aims to explore if the privatization matters for economic development through entrepreneurship and to find the outcomes of these two-policy shocks producing. The current study presented both trend analysis and econometric modeling using annual time series data from 1960 to 2017. Findings show that private property rights instigate private entrepreneurial activity more through higher GDP per capita, more capital formation, and imports of capital goods. Eventually, privatization contributes to the economic development of Bangladesh. The result of the study is new from the perspective of Bangladesh compared to the existing bulk of knowledge related to economic impacts of privatization, and thus the findings of the study are subject to offer impactful benefits to policymakers.Item Privatization policy, entrepreneurship, and economic development: the dynamics in Bangladesh economy(Journal of Global Entrepreneurship Research, 2021-05-24) Uddin, Muhammad Salah; Ahmed, ZobayerBangladesh has been experiencing dual economic trends with and without the inclusive institution since its independence in1971. The era of nationalization with limited property rights and a liberal economy with an inclusive institution have evolved the economic path of Bangladesh. The study aims to explore if the privatization matters for economic development through entrepreneurship and to find the outcomes of these two-policy shocks producing. The current study presented both trend analysis and econometric modeling using annual time series data from 1960 to 2017. Findings show that private property rights instigate private entrepreneurial activity more through higher GDP per capita, more capital formation, and imports of capital goods. Eventually, privatization contributes to the economic development of Bangladesh. The result of the study is new from the perspective of Bangladesh compared to the existing bulk of knowledge related to economic impacts of privatization, and thus the findings of the study are subject to offer impactful benefits to policymakersItem User Perception Of Mobile Banking Adoption: An Integrated Ttf-Utaut Model(Journal of Internet Banking and Commerce, 2017-12) Ahmed, Zobayer; Kader, Abdul; RASHID, Harun Ur; Nurunnabi, MohammadThis study investigates the factors influencing users’ perception on adoption of mobile banking (mBanking) services in Bangladesh from the understanding of technology perception. Exploratory factor analysis (EFA) has used as an instrument to analyze the data collected from the respondents. The established framework of integrating the task technology fit (TTF) and the unified theory of acceptance and usage of technology (UTAUT) have been applied to examine users' perception and intention in adopting mBanking services. The study shows that the most influencing factor is Social influence (SOI) in adopting mBanking. Besides, Task-technology fit (TTF), Technology characteristics (TEC), Performance expectancy (PEE), Facilitating conditions (FAC), Task characteristics (TAC), and User adoption (USE) have great influence on users’ perception and attitude towards mobile banking services. The findings of this research show a useful understanding to the decision makers to implement and develop mBanking service and help to know how it affects users’ attitude, perceptions and intention. This research provides a highlight to understand the users’ perceptions about the adoption of mBanking in Bangladesh. It emphasizes greatly on the social influence from the users understanding toward adopting mBanking services and new technologies that have been a part of modern life style.Item Rationalizing the Choice of Housing on Cultivable Land: Is Cash-Return the Only Determinant?(Journal of Social and Development Sciences, 2013-12) Saha, Pronab Kumar; Ahmed, ZobayerSociety faces numerous problems due to high population growth where housing along with other settlements is a notable concern. Horizontal expansion of housing on cultivable land in rural area reduces the availability of land for cultivation. The study is a combination of both quantitative and qualitative in nature based on primary data, carried out in a village in Comilla, an eastern district of Bangladesh during April 2012. The study finds that the households receive returns both in cash as well as in kind from new homesteads made on cultivable land. The cash benefit received by households at new place is Tk. 156238.14 on an average per year in 2011 price and on an average the cash investment per year in 2011 price (inflation adjusted) for housing is Tk. 213108.1818 (weighted average). This clearly indicates a cash loss from housing on cultivable land from household’s perspective. However, statistically the cash investment for housing in rural area is not significantly different from the cash return received by the households at 5% level of significance. Thus it becomes an important question whether the household’s choice of making new home on cultivable land is a rational choice or not. Further, the amount of money each household spent for housing could have been used for a higher cash return through some alternative investments. The study reveals, households derive positive utility (non cash returns) from new homes notwithstanding cash loss and other investment options forgone. The study further argues that if the government or any authority is to take some steps regarding the declining trend of cultivable land in rural areas, the perspectives of the households must be considered with great attention.Item Investigating Okun‟S Law In SAARC Countries: An Ardl Approach(EUL Journal of Social Sciences, 2021-06) Hanif, Abu; Ahmed, Zobayer; Çevag, SavaĢThe aim of this paper is to test the applicability of Okun‟s law in SAARC (South Asian Association for Regional Cooperation) countries. It also intends to find the long-run association between unemployment rate and growth rate and investigate the impact of growth rate on unemployment in the South Asian Region. The study uses annual time series data for eight SAARC countries, from 1991 to 2017. To meet the objectives of the research, the graphical illustration of trend with descriptive statistics are followed by econometric analysis. Based on the stationarity of the variables, an autoregressive distributive lag (ARDL) model has been estimated to test the long- run relationship between unemployment and growth. The results indicate that per capita GDP negatively influences the unemployment rate in the long run only in three member countries of SAARC, namely- Afghanistan, India and Sri Lanka and in the South Asian Region in aggregate. This paper also finds a negative relationship between the growth rate and unemployment rate in Bangladesh, but this association is not statistically significant. The study doesn‟t find any negative relationship between the two variables in Bhutan, Maldives, Nepal and Pakistan. The study discovers the validity of Okun‟s law, but the attained Okun coefficient is less than that of the actual Okun coefficient, documented by Arthur Okun. Another substantial evidence is that the significance of the connection between the growth rate and unemployment rate varies among the SAARC countries. The main limitation of this paper is the unavailability of data for Afghanistan compared to other SAARC countries. This paper is unique as it tests the validity of Okun‟s law in every member country of SAARC and as a region of South Asia. To date, no such study like this has been found in the body of literature which finds long-run relationship in all SAARC countriesItem Revisiting inflation and growth nexus in Bangladesh: an asymmetric cointegration based on non-linear ARDL approach(Revista Finanzasy Politíca Económica, 2021-07-31) Acet, Hakan; Ahmed, Zobayer; Majumder, Alauddin; Hossain, Mohammed AkterSustainable high economic growth is the major objective of a country. In contrast, inflation is a critical issue that alters economic development. For this, the growth-inflation nexus is one of the most controversial topics in this present world. This study re-investigates the link between inflation and the economic development of Bangladesh by applying a nonlinear autoregressive distributed lagged (NARDL) method. We utilize yearly time series data set on the growth rate of per capita GDP and the inflation rate for the time range from 1986 to 2017. Based on the NARDL approach, the asymmetric cointegration result confirms, between the GDP growth and inflation rates (CPI), a long-run integration exists. Between growth rate and inflation rate, the study finds a positive and robust nexus both in the long-run and in the short-run with statistically significant results. This study further explores an asymmetric relationship between the rate of inflation and the rate of economic growth. The nonlinear ARDL approach shows that the GDP growth rate responds more with an upward change in inflation than a downward change. Furthermore, the positive change in inflations has a significant and positive influence on the growth rate in the short run. Still, the effect of an adverse change in inflations has statistically insignificant. Both the policymakers of Bangladesh (Bangladesh Bank) and development partners working in the country can be benefited from these results in the context of policy implementation. To boost the economic growth in the context of Bangladesh, this study recommends that a moderate inflation rate can be treated as a significant determination.Item Financial Development, International Trade and Economic Growth Nexus (1971-2016): Examining Bangladesh Perspective(Bangladesh Journal of Integrated Thoughts, 2022-05-25) Islam, Md. Shaidul; Faruque, Omar; Ahmed3, ZobayerStudies have examined economic growth mostly without inspecting the combined effect of international trade (IT) and financial development (FD). Considering Bangladesh's perspective, this study investigates the nexus of IT, FD, and economic growth. Time-series econometric data covering 1971-2016 are used. Econometric techniques that are used to meet the objectives are mainly the “Augmented Dickey-Fuller” for unit root test, “Johansen and Juselius” test for co-integration and popular VECM for checking long-run equilibrium relation and causality test. The exploratory findings of this study show that a long-run equilibrium relationship exists among the IT, FD and the growth of the economy. This study also finds unidirectional or one-way long-run causality from IT and FD to the economy's growth, and in the short-run, bidirectional causality is running from IT to Economic growth and Economic Growth to IT. Policies related to further FD and trade openness are suggested for accelerating the growth of Bangladesh economy.Item Blue Economy of Bangladesh: Opportunities and Challenges for Sustainable Development(Advances in Social Sciences Research Journal, Society for Science and Education, United Kingdom, 2018-08-25) Islam, Md. Khairul; Rahaman, Mahbubur; Ahmed, ZobayerThe blue economy refers to the economic activity based on maritime resources. The paper aims to explore the current scenario of sea resources of Bangladesh. Using secondary data, the study reveals that Bangladesh can accelerate its economic growth through the sustainable use of the sea resources. Moreover, Bangladesh has 710 km long coastline with 200 Nautical Miles of an exclusive economic zone inside the Bay of Bengal. Marine fisheries contribute 19.4% of the total fish production of the country. Besides, the western coastline of Cox’s Bazaar is the longest sea beach in the planet that is visited by on an average, 81% of the international tourists arrive in Bangladesh. However, due to lack of institutional capacity and given the socio-cultural context, the sustainability of the sea resources is now facing critical threats. Apart from studying the present status of sea resources, the paper proposed some way forwards based on existing opportunities and challenges for promoting sustainable development in BangladeshItem Effect of military expenditure on economic growth: evidences from India Pakistan and China using cointegration and causality analysis(Asian Journal of German and European Studies, Springer open, 2019-06-21) Raju, Mohammad Hasan; Ahmed, ZobayerThe study revisited the existing evidences of India Pakistan and China with updated data on the effect of military expenditure on economic growth. Econometric approaches analyzed the short and long run relationship between GDP growth and Military expenditure. Empirical studies have been done using cointegration analysis and causality test to justify the relationship and causality of the variables. Interestingly, study obtained positive log-run relation, no short run relationship and unidirectional long run causality in every cases, but for different degrees of relationship. Obtained results are robust and passed necessary diagnostic tests significantlyItem Firms’ Characteristics and Tax Evasion(2021) Rashid, Md. Harun Ur; Morshed, AnikaThe study investigates whether the firms’ characteristics, including ownership structure, audit, and famil-iarity affect tax evasion. The study has used the ordinary least square (OLS) to analyze cross-sectional data of 85 countries between 2007 and 2015 collected from the world enterprise survey. The study finds that the domestic, foreign, and government ownership in the firm increases tax evasion, whereas proprietorship and female ownership decreases the tax evasion. Further, the results show that familiar firms with international recognition are less inclined to evade tax. Similarly, the negative relationship between audit and tax evasion implies that the government should make it compulsory to check the financial statements of the firms by the external auditors, which, in turn, reduces the firms’ tax evasion.Moreover, the firms that face more financial constraints evade more tax than the firms with access to the bank loan and solvent ones. The tax authorities should also consider reducing the corporate tax rate as the higher tax rates stimulate the firms to evade more tax.Item Corporate Social Responsibility Disclosure and Firm’s Productivity: Evidence from the Banking Industry in Bangladesh(Sustainability, 2022-05-20) Zheng, Yubin; Rashid, Md. Harun Ur; Siddik, Abu Bakkar; Wei, Wei; Hossain, Syed ZabidSince the empirical evidence on the relationship between corporate social responsibility disclosure (CSRD) and firm productivity is scarce in the context of the banking industry, the study examines whether CSRD leads banks in Bangladesh to higher productivity. Using annual reportdata of all 30 banks listed on the Dhaka Stock Exchange in Bangladesh from 2011 to 2018, the study applied a data envelopment analysis (DEA) to determine the productivity of the sample banks, and then ordinary least squares (OLS) analysis to examine the impact of CSR on the banks’ productivity. Furthermore, the study utilized two-stage least squares (2SLS) and a generalized method of moments (GMM) to check the robustness of the findings amid the detection of endogeneity issues. The study also used several alternative variables to check and verify the reliability of the study. The findings indicate that the greater a bank’s contribution to CSR, the higher its productivity. However, banks with more debt to assets are less productive. Additionally, the study observed that the impact of CSRD on bank productivity is higher in GRI banks compared to non-GRI banks, non-politically connected banks as opposed to politically connected banks, and conventional banks compared to Islamic banks. The study provides valuable insight into how CSR activities can promote bank productivity, thus motivating the banks to execute a well-thought-out action plan to ensure more CSR contribution.This study is the first ever bank-level evidence that provides insight into how the patterns of CSR activity of publicly traded banks impact their productivityItem Exploring the Relationship between Customer Loyalty and Financial Performance of Banks: Customer Open Innovation Perspective(Journal of Open Innovation: Technol. Mark. Complex., 2020-10-09) Rashid, Md. Harun Ur; Nurunnabi, Mohammad; Rahman, Mahfuzur; Masud, Md. Abdul KaiumAbstract: In the age of technology, continuous innovation is the ultimate motto of the financial sectorto attract customers. Firms in the financial sector must be innovative in terms of service quality and operational performance to obtain customer loyalty and gain financial stability. A dearth of studies on customer loyalty and financial performance of Islamic Banks motivated the authors to examine the relationship between customer loyalty and financial performance. The study also explores whether the service qualities have any impact on customer loyalty. The study uses both primary and secondary data to conclude the research objectives. A survey of 356 questionnaires was carried out among the customers of the selected Islamic banks of Bangladesh to gather information regarding customer service quality and customer loyalty, while financial performance data were attained from the annual reports. Moreover, the study follows the SERVQUAL model’s five dimensions (tangibles, empathy, assurance, reliability, and responsiveness) to determine the service quality of Bangladeshi Islamic Banks. Rigorous statistical techniques, including exploratory factor analysis, reliability testing, and regression analysis were used to investigate the hypothesis. The study empirically documents a positively significant impact of service quality (tangibles, empathy, reliability, and responsiveness) on customer loyalty, while assurance shows an insignificant relationship. Furthermore, the study does not find any significant relationship between customer loyalty and the financial performance of Bangladeshi Islamic Banks. The findings of the study profoundly denote that the financial performance of Bangladeshi Islamic Banks mostly depends on many other financial and non-financial factors, rather than customer loyaltyItem Does board independence moderate the effect of politician directors on CSR disclosure? Evidence from the publicly listed banks in Bangladesh(© Emerald Publishing Limited, 2021-04-20) Rashid, Md. Harun Ur; Hossain, Syed ZabidThis study aims to investigate the moderating effect of independent directors on the relationship between politicians on the board and corporate social responsibility disclosure (CSRD).Design/methodology/approach – The ordinary least square has been used to analyze the CSRD data collected from the annual reports of all 30 listed banks of Bangladesh covering six years period rangingfrom 2013–2018. Further, the study has applied the generalized method of moments to prove the robustness of the model across the endogeneity issue. Findings – The study found a positive relationship between board independence and CSRD that indicates board independence enhances the CSRD to a great extent. On the contrary, the inclusion of politicians on the board has shown a negative impact on CSRD that implies the higher the presence of political members on the board of a bank, the lower the involvement of the bank in CSR activities. However, board independence positively and significantly moderates the politician directors on the CSRD. The findings imply that if the independent directors are empowered, they play the role of whistleblowers that, in turn, mitigates the negative role of politician directors to CSRD.Research limitations/implications – The study suggests the banks’ management, and regulatorybodies formulate sound policies so that the banks are forced to include more independent directors withenough power and at the same time, reduce the politician directors on the board.Originality/value – The study extends debate on the political CSR and CSRD through validating the roleof board independenceItem Anti-Corruption Disclosure, Corporate Social Expenditure and Political Corporate Social Responsibility: Empirical Evidence from Bangladesh(Sustainability, 2022-05-18) Masud, Md. Abdul Kaium; Rahman, Mahfuzur; Rashid, Md. Harun UrCorruption is a major concern globally, particularly in developing countries, such as Bangladesh, where it is the main obstacle to economic development. Corruption is also mentioned asthe major impediment to accomplishing sustainable development. There is a dearth of studies on anti-corruption disclosure (ACD), political corporate social responsibility (PCSR), and cash holding in Bangladesh magnitude of this research. This study investigates different drivers and motivations of ACD practice of a less control of corruption country’s firm-level observations. This study incorporates an institutional and legitimacy theoretical lens to explain anti-corruption disclosure practice. In order to draw the best picture of corruption disclosure, the study uses all financial sector companies listed on the Dhaka Stock Exchange. Therefore, the total firm-year observations are 245 from 2012–2016.The authors developed a diverse set of 97 keywords as content for ACD. The regression results show that CSR expenditures, political corporate social responsibility (PCSR), financial constraint, internationalization of reporting, and media visibility positively and significantly affect firm-level ACD. Furthermore, cash holdings show negative and significant relationships. The study provides new evidence on CSR expenditure, PCSR, cash holdings, and media visibility from a developing country’s perspective. Therefore, the results suggest that policymakers and regulatory authorities can deal with ACD as a legitimization tool for society and stakeholders.Item “A longitudinal study of corporate social responsibility expenditure and ownership structure of financial firms”(LLC “Consulting Publishing Company “Business Perspectives” Hryhorii Skovoroda lane, 10, Sumy, 40022, Ukraine B, 2022-01-28) Jahid, Abu; Rashid, Harun Ur; Masud, Abdul Kaium; Yaya, RizalThere is a dearth of longitudinal studies of corporate social responsibility expenditure (CSRE) and corporate governance in Bangladesh, which has been the impetus for this study. The study aims to identify the relationship between ownership structure and CSR expenditure. The empirical study considered a longitudinal period of 2007–2019 of listed financial firms (banks and non-banking financial institutions) of Bangladesh. The final sample consisted of 461 firm-year observations for 53 firms. The study in corporated a set of theories, including agency cost theory and stakeholder theory. The study applied the ordinary least square (OLS) regression technique to test hypotheses. The results of multiple regression analysis showed that foreign ownership and manage rial ownership contribute positively and significantly to CSRE. However, the study did not document any relationship between institutional ownership and CSRE. The study used rigorous and alternative measurement techniques to further verify the findings. It was concluded that value creation from CSRE is highly dependent on the ownership structure of financial firms. The empirical study has significant theoretical and mana gerial implications.