http://reposit.library.du.ac.bd:8080/xmlui/xmlui/handle/123456789/170 Tue, 07 Apr 2026 00:26:10 GMT 2026-04-07T00:26:10Z http://reposit.library.du.ac.bd:8080/xmlui/xmlui/handle/123456789/4074 Budgetary Process and Control in Bangladesh Police Aziz, Mohammad Abdul This thesis is submitted for the degree of Doctor of Philosophy. Thu, 10 Apr 2025 00:00:00 GMT http://reposit.library.du.ac.bd:8080/xmlui/xmlui/handle/123456789/4074 2025-04-10T00:00:00Z http://reposit.library.du.ac.bd:8080/xmlui/xmlui/handle/123456789/3581 Budgetary Practices in Selected Public Enterprises of Bangladesh: An Evaluation of their Effectiveness Uddin Sikder, Mohammad Zamir Public Enterprises are dominant agents in the production sector of Bangladesh. After independence, from 1972 these enterprises or corporations were sole manufacturing firms in the leading Public Sector of the country. From the beginning of 1980s, Public Enterprises were also important in the competitive scenario of Public and Private sectors of the country. Public Enterprises were the members of total economy of the pre-impendence period and were sole agents in the post-independence period. Till now these holds dominant share of the industrial and financial sectors of the economy. The financial performances of the Public Enterprises were not satisfactory from the very beginning. In most of the cases, they are continuously subsidized from the national exchequer to meet their losses. For social and political reasons, disinvestment and denationalization of those enterprises failed in the 1980s and in the 1990s. To streamline national economy, the financial performances of the Public Enterprises need to be addressed to improve with adequate research. The major determinants of the financial performances of the Public Enterprises are budgeting and budgetary control. This study was launched to explore the current budgetary practices and analysis of its effectiveness of the public enterprises in Bangladesh. This study was completed by reference to expectancy theory and institutional theory, using qualitative and quantitative methods to investigate, and collecting both primary and secondary data to reach to objectives. The main purposes of this study were set to see the regulatory framework and other guidelines for preparing the budget, its implementation by the selected public enterprises of Bangladesh, efficiency of the budgeting system followed, bottlenecks in the current budgetary practices, ways and means of removing those bottlenecks, analyse the internal and external sources of ix funds, and application process in the public enterprises of Bangladesh, budget variances and deficits of public enterprises and ways of overcoming those. This study reveals that all the selected public firms have regulatory framework and guidelines framed by the relevant authorities, both efficient and inefficient budgeting practices in public firms, managing ways of bottlenecks, uses of both internal and external sources of funds efficiently, and all the firms efficiently manages the budget variances and deficits. This study also confirms that all findings support at least one theory either institutional theory or expectancy theory. This study will help the practitioners and academicians to understand the current budgeting practices of public enterprises in Bangladesh and their effectiveness. In this study I have formulated eight (8) null hypotheses and corresponding alternative hypotheses. On the basis of questionnaire survey, focus group discussion and opinion survey all null hypotheses were not true but all alternative hypotheses were proven true. Bangladesh is an emerging Asian economy which grew at an accelerated rate of 8% in recent years. Per capita income in nominal US $ (dollars) increased from $ 576 in 2009 to $ 2,765 in 2024. Bangladesh is out performing India in health and human capital development. She achieved record in reducing economic vulnerability in the last decade. Public enterprises are playing very important role in the sustainable development process of Bangladesh. There are 46 government-owned enterprises operating successfully in Bangladesh. In my study I have selected 7 public enterprises and 3 private organizations to study the effectiveness of their budgetary practices. Both primary and secondary data sources have been used. I have conducted semi-structured interview with the CFO and other two officers at each public enterprise selected for the study. This data has been summarized and analyzed through content analysis. For studying the budgetary practice effectiveness, I have conducted opinion x survey with 30 officers, and senior officers of selected public enterprises and 3 private organizations. I have got 100% response from the respondents. The answer of these respondents was analyzed by using descriptive statistics, such as frequencies, average value, maximum and minimum value of their responses. Their feedback or opinion has been evaluated or assessed by using 5-point Likert Scale. There are twenty statements which have been presented before them (30 respondents), who then have expressed their opinions on these 20 statements. Then I have analyzed these by using SPSS. I have also collected the budget data and actual figures and calculated the variance of the selected 7 public enterprises and 3 private organizations in Bangladesh. The findings of the study of all 7 public enterprises have effective and efficient budgetary practices. Three (3), private organizations also have effective budgetary practices. But for private organizations these is no legal framework for monitoring the effectiveness of budgetary practices. They have budget calendar, budget committee, due approval process in all 7 selected public enterprises in Bangladesh. Since the development process is accelerated through the activities of 46 public enterprises in Bangladesh, their budgetary practices are quite effective. All organizations are playing an important role in the developing process. Budget is a quantitative expression of plan. It is a tool for future planning. Budgeting is the tool of management for performance measurement and standard for control. Modern budgetary practices also recognize the human behavior aspects of budget through participatory approach model of budgeting. This study explores the current budgetary practice of seven (7) public enterprises and Three (3) private enterprises in Bangladesh based on expectancy theory and institutional theory. xi The study used both quantitative data and qualitative data from both primary source and secondary sources. They use both internal and external sources of funds for financing budget deficit. The study also confirms that all findings support at least one theory. The budget variance analysis reveals the favorable and unfavorable variance of the selected 7 enterprises. The study would help the practitioners and academicians to understand the current budgeting practices of public as well as private enterprises in Bangladesh. After analyzing the quantitative and qualitative data I have found that the budgetary practices are quite effective for both public and private enterprises in Bangladesh but it is more effective for private enterprises. A Dissertation submitted to the Department of Accounting & Information Systems, Faculty of Business Studies, University of Dhaka, in the fulfillment of the requirements for the Degree of Doctor of Philosophy. Sun, 09 Feb 2025 00:00:00 GMT http://reposit.library.du.ac.bd:8080/xmlui/xmlui/handle/123456789/3581 2025-02-09T00:00:00Z http://reposit.library.du.ac.bd:8080/xmlui/xmlui/handle/123456789/3321 Adoption of Strategic Management Accounting Techniques in Bangladesh: An Exploratory Study Rashid, Md. Mamunur The aim of this study is to explore the adoption status of a package of SMA techniques, factors influencing the adoption decision, and the impact of their usage on firm performance in the context of a developing economy-Bangladesh. To this end, using a structured questionnaire survey this study collects data from 83 listed public limited companies. Descriptive statistics such as frequencies, mean, median and mode are analyzed to present the current status of SMA usage. Multiple regression analysis is employed to recognize the contingent factors affecting the adoption of SMA techniques. Moreover, using the ground of New Institutional Sociology (NIS), management accounting changes specifically a shift from traditional management accounting techniques to SMA techniques has been addressed in this study by conducting 20 in-depth interviews in the second stage of this research. The findings show that strategic costing is the most popular SMA technique in the Bangladeshi listed companies followed by competitive position monitoring and strategic pricing. The overall SMA usage rate shows a slightly below average score (3.0403) indicating the awareness of the sample companies with respect to the innovation in the field of management accounting. With respect to the contingent factors, strategic pattern, degree of decentralization, organizational culture, process characteristics, advanced technology, environmental uncertainty, intensity of competition and institutional pressures appear to have significant influence on the adoption of SMA techniques. With respect to the management accounting change, controlling organizations such as parent company and fund providers (coercive isomorphism) of private sectors companies have substantial impact on the imitation of the best practices in the industry, whereas donor organizations such as the World Bank and International Monetary Fund via the government ministry and agency exert pressures on the state-owned enterprises to adopt rules and structures and MAPs of the most successful companies. The findings of the study have several implications from a theoretical, practice and policy perspectives. From a theoretical perspective, the findings support the notion of contingency theory and institutional (NIS) theory in many respects. Practitioners can get meaningful insights with respect to an appropriate package of SMA tools compatible to their strategic stance, structure of the organization, preferred cultural values, process characteristics, and the nature of operating technology. Policy makers may contemplate formulating suitable policies to improve the usage of innovative SMA techniques by taking into consideration the role of regulators, top management team, and several other external agents reported by this study. A Thesis Submitted to the University of Dhaka in Fulfillment of the Requirements for the Degree of Doctor of Philosophy. Sun, 23 Jun 2024 00:00:00 GMT http://reposit.library.du.ac.bd:8080/xmlui/xmlui/handle/123456789/3321 2024-06-23T00:00:00Z http://reposit.library.du.ac.bd:8080/xmlui/xmlui/handle/123456789/3316 CORPORATE DIVIDEND POLICY IN BANGLADESH: A STUDY OF FIRMS LISTED IN DHAKA STOCK EXCHANGE Sheikh, Md. Jahangir Alam The main objective of the study is to identify the determinants of corporate dividend policy followed in Bangladesh and to investigate the impact of dividend policy on stock price. The study uses a firm-level panel data set of 61 companies from eight major sectors of DSE for ten years from 2008 to 2017. The relationship between dividend per share and ownership structure, reserve & surplus, net asset value per share, earnings per share, dividend payout ratio, dividend yield and stock price has been examined in addition to the type of dividend policy of each sample company. Statistical tools and techniques like analysis of variance (ANOVA), Pearson correlation coefficient, multiple regression as well as simple linear regression have been used to find out the results of the study. One-way ANOVA test shows that there is a significant difference in dividend per share between intra-sector as well as inter-sector companies. Pearson correlation coefficient shows mixed results for the relationship between dividend per share and ownership structure, reserve & surplus, net asset value per share, earnings per share, dividend payout ratio, dividend yield and stock price. Backward Elimination Method of Multiple Regression has been used to investigate the impact of six explanatory variables viz., ownership structure, reserve & surplus, net asset value per share, earnings per share, dividend payout ratio and dividend yield on dividend per share. Log transformed value of reserve & surplus is taken to make the regression model linear. The study is done separately for eight major sectors of DSE and it is found that same factors are not equally important in dividend decisions of firms under different sectors. The results show that log transformed value of reserve & surplus, net asset value per share and dividend yield have significant positive impact on dividend per share in Banking sector. On the other hand, earnings per share and dividend payout ratio have significant negative impact on dividend per share. In Financial Institutions sector, ownership structure, net asset value per share and dividend yield have significant positive impact while log transformed value of reserve & surplus has negative impact on dividend per share . Earnings per share and dividend yield have significant positive impact on dividend per share in Engineering sector. In Food & Allied Product sector, earnings per share has significant positive impact on dividend per share. In Fuel & Power sector, dividend payout ratio and dividend yield have significant positive impact on dividend per share. Net asset value per share of Textile sector has significant positive impact on dividend per share. Log transformed value of reserve & surplus and earnings per share of Pharmaceuticals & Chemicals sector have positive impact on dividend per share. Net asset value per share and dividend payout ratio have significant positive impact on dividend per share of Insurance sector. In addition, multiple regression results of all the sectors taken together show significant positive impact of ownership structure, earnings per share and dividend payout ratio on dividend per share. Overall, ownership structure, log transformed value of reserve & surplus, net asset value per share, earnings per share, dividend payout ratio and dividend yield have significant positive or negative impact on dividend per share of one or more of the selected sectors under study. These findings support the studies of Likitwongkajon (2019), Tanjung (2017), Gupta (2017), Chesini and Staniszewska (2017), Martin Reyna (2017), Oloidi and Adeyeye (2014), Michaely and Roberts (2011), Huda and Farah (2011), Denis and Osovob (2008), Al- Twaijry (2007), Imam and Malik (2007), Adaoglu (2000) and many others. Moreover, management views on dividend policy of firms listed in DSE have also been analyzed to identify the factors that influence dividend decisions. The survey results reveal that same factors are not equally important in dividend decisions of firms under different sectors, which is consistent with the findings of secondary data analysis. Thus, this study identified earnings per share, net asset value per share, dividend payout ratio, dividend yield, reserve & surplus and ownership structure as six major determinants of corporate dividend policy followed in Bangladesh. The findings of the impact of dividend per share on stock price of companies of eight selected sectors produced very interesting results. The results of simple linear regression show that Banking, Food & Allied Product, Pharmaceuticals & Chemicals and Insurance sectors have significant positive impact of DPS on stock price, which supports the Relevance Theory of dividend, i.e., Walter’s model and Gordon’s model. Studies conducted by Golder, Akter and Sheikh (2019), Islam (2019), Bajaja and Jain (2019), Zainudin, Mahdzan and Yet (2018), Prabhakaran and Karthika (2018), Banerjee (2018), Ahmed (2018), Joshi and Mayur (2017), Memon, Channa and Khoso (2017), Velankar, Chandani and Ahuja (2017), Warrad (2017), Misir and Khandoker (2017), Ngo and Cuong (2016), Priya and Mohanasundari (2016), Sharif, Ali and Jan (2015), Balagobei and Selvaratman (2015), Rahman (2015), Islam, Humyra and Sultana (2015), Masum (2014), Al-Hasan, Asaduzzaman and al Karim (2013), Dharmarathne (2013), Gupta, Dogra, Vashisht and Ghai (2012), Suwanna (2012), Hussainery, Zakaria, Muhammad and Zulkifli (2012), Hasan, Akhter and Huda (2012), Mgbame and Chijoke- Mgbame (2011), Zaman (2011), Misir (2010), Uddin (2009), Yilmaz and Gulay (2006), Baker, Veit and Powell (2001), Travlos, Trigeorgis and Vafeas (2001), Ahmed (2000), Richardson, Sefcik and Thompson (1986) and Ariff and Finn (1989) are among those who empirically proved that dividend has an impact on the stock price of the firm. On the other hand, it is found that there is no significant impact of DPS on stock price of Financial Institutions, Engineering, Fuel & Power and Textile sectors, which supports Irrelevance Theory of dividend, i.e., MM Hypothesis. Seyedimany (2019), Vavilina, Levanova and Tkahenko (2019), Alaeto (2018), Dedunu (2018), Tharshiga and Velnamby (2017), Balakrishnam (2016), Geetha and Swaaminathan (2015), Uddin and Uddin (2014), Dhungel (2013), Ali and Chowdhury (2010), Rahman and Rahman (2008), Uddin and Chowdhury (2005), Allen and Rahim (1996), Miiler and Sholes (1982), Miller and Sholes (1978), Srivastava (1968) are among those who empirically showed that there is no relevance of dividend to stock price in line with Miller and Modigliani (1961). The survey regarding the impact of dividend on stock price produced mixed results in line with the findings of secondary data analysis. However, the findings of simple linear regression of all sample companies from all the sectors under the study taken together show that there is a significant positive impact of dividend policy on the stock price. The findings of the study will be helpful to the equity investors, corporate managers and other stakeholders of the capital market in Bangladesh. A Dissertation Submitted in Fulfillment of the Requirements for the Degree of Doctor of Business Administration (DBA). Sun, 23 Jun 2024 00:00:00 GMT http://reposit.library.du.ac.bd:8080/xmlui/xmlui/handle/123456789/3316 2024-06-23T00:00:00Z