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5th International Conference on Business & Economics
“Business and Economy in the New-normal Landscape”
25-26 September, 2021
University of Dhaka
FaculTy of Business Studies
5th International Conference
on Business & Economics
Business and Economy in the
New-normal Landscape
25-26 September, 2021

Dhaka, Bangladesh
University of Dhaka
Contents Page
About the Faculty of Business Studies 4
Message from the Vice Chancellor 5
Message from the Pro - Vice Chancellor (Academic) 6
Message from the Pro - Vice Chancellor (Admininstration) 7
Message from the Treasurer 8
Message from the Dean 9
Program Schedule 10
Keynote Speech: Business and Economy in the New-normal Landscape

by Professor Bernadine Van Gramberg 16
Abstracts of Accepted Papers 20
Conference Partners and Sponsors 51

About the Faculty of Business Studies
The Faculty of Business Studies, as it stands now, has a long history. The Department of Commerce was established
under the Faculty of Arts of the University of Dhaka in the year 1921. This Department emerged as an independent
Faculty in 1970 with only two Departments. Presently there are nine departments under the Faculty of Business
Studies:
1. Department of Management
2. Department of Accounting and Information Systems
3. Department of Finance
4. Department of Marketing
5. Department of Banking & Insurance
6. Department of Management Information System
7. Department of International Business
8. Department of Tourism & Hospitality Management
9. Department of Organization Strategy &Leadership
The departments offer BBA, MBA, M.Phil and Ph.D. programs. In addition, DBA, MBA (Evening), and Professional
Master Programs are offered for the executives and professionals. At present there are more than 200 faculty
members, 18 Officers and 58 employees and over 6000 students in the 9 Departments under the Faculty of
Business Studies. There is e-library having a wide collection of contemporary books, journals and internet
connectivity for access to online resources and data bases. The Faculty has a research bureau, called the Bureau of
Business Research, which sponsors research projects conducted by teachers of the Faculty on different functional
areas of business, and other allied fields. In addition, some research centres like the Centre for Development and
Policy Research, Centre for Development and Institutional Studies, Corporate Governance and Finance Studies
Centre and the Centre for Micro Finance are actively engaged in research in specific areas.
The Faculty of Business studies publishes one half-yearly journal under the title Journal of Business Studies. The
following Departments also publish their annual Departmental Journals under the titles mentioned against the
respective Departments:
Departments Titles of the Journals

Management Journal of Ma nagement
Marketing Journal of Marketing
Finance Journal of Finance
Banking & Insurance Journal of Banking & Financial Services
Management Information Systems Bangladesh Journal of MIS
Accounting & Information Systems Bangladesh Accounting Review
All the departments have well-equipped class rooms, computer labs, network system and 24-hours internet
connection. Besides this faculty is fully covered under WiFi system which is open for all. The Faculty of Business
Studies maintains a strong linkage with the business community. Business leaders, professional, and managers
are invited to give practice based seminars and workshops for the students and faculties. The Faculty is actively
involved in organizing special programmes like conferences, seminars, job fairs, etc. on a regular basis.
4
Message from the Vice Chancellor
Professor Dr. Md. Akhtaruzzaman

Vice Chancellor
University of Dhaka
Dhaka-1000, Bangladesh
With the birth centenary of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman, golden jubilee of
Bangladesh independence and 100 years of Dhaka University, the year 2021 was destined to be a very special year
for every Bangladeshis, for the nation. It is noteworthy that the onset of the pandemic could not dampen our
celebrations, instead we adapted to keep our spirits alive in the new normal way due to information and
technological advancement in the country. Thanks go to the honourable Prime Minister Sheikh Hasina and her ICT
Advisor Mr. Shajeeb Wazed Joy the grandson of Bangabandhu Sheikh Mujib for terming Bangladesh into a digital
one. With that regard, it gives me immense pleasure to know that the Faculty of Business Studies, University of
Dhaka is virtually hosting the fifth edition of the International Conference on Business and Economics from
September 25-26, 2021 with a very timely theme- “Business and Economy in the New-normal Landscape”.
The COVID-19 pandemic has caused serious damage to the global economy and severely affected all communities
and individuals. The main concern about the long-term consequences of the sudden disruption of the global
economy is the risk of bankruptcy and restructuring, which can not only hinder recovery but also erode the
structure of our society. The unprecedented pandemic time threatened the global value chain while disrupting
global production, affecting export markets, tourism and the supply of intermediate materials. Now the onset is
progressing rapidly, and the business environment is changing at the speed of light. The business experts and
economists are of the opinion that the post-pandemic global economic environment will be more complex with
real economic and business challenges and opportunities.
I understand that the conference will surely be an outstanding platform for both the local and international
academics and business professionals to discuss how the pandemic has changed the global outlook, how
economies and businesses can adapt to the new normal and prepare for the post-pandemic world. It will create an
opportunity for the participants to present their research, collaborate and inspire each other to come up with ideas
that will eventually help heal the wounded economy. More than ever, now, it is important that all of us ensemble
together to do our part to help the world be better again.
I would like to take this opportunity to congratulate the honourable Dean and all esteemed faculty members of
Business Studies who have worked tirelessly to arrange this virtual conference and make this a successful one. I
would also like to extend my warm welcome to all the conference delegates and guests from home and abroad for
their kind participation in these difficult times for such an enlightening novel cause. I wish the utmost success of
this conference and hope we shall continue the legacy of learning for years to come. Stay safe, Stay healthy.
Joy Bangla. Joy Bangabandhu.

Long live University of Dhaka. Long live Bangladesh.
5
Message from the Pro-Vice Chancellor (Academic)
Professor Dr. A. S. M. Maksud Kamal

Pro-Vice Chancellor (Academic)
University of Dhaka
The University of Dhaka is celebrating its 100th birth anniversary with many of its great achievements in every field
of academic activities and research to build the nation from its inception to present. We all aware that the nation
has been observing the most auspicious conjunction of three great occasions - the centennial birth anniversary
(Mujib Barsho) of our Father of the Nation Bangabandu Sheikh Muj ibur Rahman, the greatest Bengali of all time;
100 years of the University of Dhaka; and 50-years of our independence. Therefore, the year of 2020-21 has been a
year of landmarks in the history of the nation, and particularly for the University of Dhaka for its direct association
with the three events.
It is against such a background that the Faculty of Business studies, University of Dhaka, is arranging its 5th Inter-
national Conference on Business and Economics on September 25-26, 2021. The theme of this year is Business and
Economy in the New-normal Landscape. This conference will bring together hundreds of intelectuals with their
unique strategies and views on this subject. I am convinced that the new ideas that they will generate in the
conference will help develop a new business environment and the post pandemic economy. Businesses must
change their policies on how they will operate in this new normal landscape after the seemingly irreparable COV-
ID-19 havoc worldwide.
I believe the conference will be crucial for timely and new innovations in the field of business to emerge. I invite all
academics and scholars to participate in this event and pave the way for the formation of new research and devel-
opment. I genuinely appreciate all your efforts that went into making this event truly global. I earnestly wish the
conference a great success.
6
Message from the Pro-Vice Chancellor (Administration)
Professor Dr. Muhammad Samad

Pro-Vice Chancellor (Administration)
University of Dhaka
I am delighted to know that the Faculty of Business Studies (FBS), University of Dhaka is organizing the 5th Inter-
national Conference on Business and Economics on September 25-26, 2021 in virtual platform with the theme of
Business and Economy in the New-normal Landscape.
During the global crisis of Covid-19, we are witnessing a number of challenges in all aspects of our life including
education, health, social, environmental, and the economy. This situation, along with the ongoing rapid advance-
ment of technology and increased integration and interdependencies of the economies, requires discussions and
debates to explore innovative approach and new business models for inclusive growth and prosperity.
At the time when Bangladesh is being considered a role model for its leadership in sustained economic develop-
ment, the theme of the conference has, carefully been chosen to address various business and economic issues is
indeed a praiseworthy initiative . I have been informed that a total of 09 parallel sessions will be held where around
30 academic papers will be presented by 70+ authors from different countries of the world. I strongly believe that
the intellectual contributions, and key takeaways from the conference will provide us insights and analytics, and
give us some policy recommendations, necessary to deal with the current and future challenges.
I would like to congratulate everyone associated with the conference and extend my wholehearted support and
cooperation. My special appreciation to all the researchers and academic from different regions of the globe who
are presenting their yearlong work with us despite all of the limitations and will be a great inspiration for the future
generations.
I wish all the very best to everyone associated with the conference and would like to congratulate you all.
7
Message from the Treasurer
Professor Mamtaz Uddin Ahmed

Treasurer
University of Dhaka
It brings me immense pleasure to know that the Faculty of Business Studies, University of Dhaka is going to
arrange its 5th International Conference on Business and Economics with the theme ‘Business and Economy in the
New-normal Landscape’.
Although the world is moving through an unforeseen change since 2020 - the year 2021 embarks a special year as
it observes 100th birth anniversary of the father of the nation of Bangladesh Bangabandhu Sheikh Mujibur
Rahman as well as a glorious 100-year journey of the University of Dhaka. Setting out on an arduous yet
momentous journey with only three faculties, 12 departments, three dormitories, 60 teachers and 877 students on
a 600-acre area of land in 1921, Dhaka University (DU) has in the past one hundred years blossomed into a giant
educational and political powerhouse in all aspects.
Bangladesh has been in a dilemma between life and livelihood since last year due to the surge of COVID-19. The
year-long crisis has badly affected the businesses, but quick policy responses has helped them pick up their
activities. To overcome the setback suffered last year, the local business community started to adopt ‘new normal
business strategy’ to make up the losses whereas Bangladesh’s economy is showing nascent signs of recovery
backed by a rebound in exports, strong remittance inflows, and the ongoing vaccination program. This is certainly
a good news amidst all the crisis going on for more than a year.
From a new normal to a new future, businesses are now looking to act decisively and strategically to take
advantage of the world’s changes. The current economic situation may undermine the livelihood of the
underprivileged cohort of the population and the pandemic is likely to increase these challenges, exponentially.
Hence, I recognize the theme of the conference seems very appropriate relating to the current situation as all these
issues need to be addressed and backed up with sustainable solutions.
My heartiest appreciation goes to all the organizers for their great endeavor of establishing a culture of such a
phenomenal symposium every year which allows the academicians and professionals from diverse background to
gather in a common space and exchange their diversified and valuable insights.
I believe the conference will bring about pragmatic directions by developing effective and efficient strategies, to
meet the challenges of global business in the years to come. I wholeheartedly wish every success to this
conference.
8
Message from the Dean
Professor Dr. Muhammad Abdul Moyeen

Dean, Faculty of Business Studies
University of Dhaka
It is indeed a great privilege for me to be able to host the 5th International Conference on Business and Economics
on behalf of the Faculty of Business Studies, University of Dhaka. This is the first-ever online conference held in
this faculty due to the outbreak of COVID-19 pandemic.
The goal of this conference is to bring academics and professionals together in a shared platform to discuss
solutions to tackle the problems of global business in a new normal world. The conference will provide an
opportunity to the participants to discuss their experiences, exchange fresh ideas, encourage innovation, and
develop research relationships.
I hope that this conference will set a stage for a continued cooperation between industry and academia. Such a
linkage, which is of paramount importance in the new-normal situation, shall hopefully transcend space and
time.
I wish to express my profound gratitude to the university administration, conference organizing committee,
sponsors and partners for their tireless efforts to make this conference a reality. I am also deeply thankful to the
keynote speaker and other notable speakers for their thought-provoking insights. I am further grateful to the
conference's national and international attendees for their participation and looking forward to experiencing
interesting, thought-provoking, and lively discussion from the industry leaders and academics. I appreciate the
conference partners' and sponsors' their collaboration and support in making this conference a success.
9
Conference Schedule
5th International Conference on Business and Economics (Virtual)

Theme: Business and Economy in the New-normal Landscape
Dhaka, September 25-26, 2021
Time Program
September 25, 2021 Conference Inauguration Ceremony

1. National Anthem
10:00 am -12.30 pm 2. Welcome Speech by Professor Dr. Muhammad Abdul Moyeen, Dean, Faculty of
(Bangladesh Time) Business Studies, University of Dhaka and Conference Chair.
3. Keynote Speech by Professor Dr. Bernadine Van Gramberg, Pro-Vice
Chancellor Swinburne University of Technology, Australia
4. Speech by Professor Shibli Rubayat-Ul-Islam, Chairman, Bangladesh
Securities and Exchange Commission
5. Speech by Professor Momtaz Uddin Ahmed, Treasurer, University of Dhaka
6. Speech by Professor Dr. ASM Maksud Kamal, Pro Vice Chancellor (Academic),
University of Dhaka
7. Speech by Professor Dr. Muhammad Samad, Pro Vice Chancellor
(Administration), University of Dhaka
8. Speech by the Chief Guest, Professor Dr. Md. Akhtaruzzaman, Vice Chancellor,
University of Dhaka
9. Vote of Thanks by Professor Dr. M. Sadiqul Islam, Co-Chair, ICBE 2021
12:30 pm -1.30 pm Break
September 25, 2021 Parallel Sessions: Session 1:
1:30 pm -3.20 pm Session Chair: Professor Quamrul Alam, Central Queensland University, Australia
(Bangladesh Time)
Discussants: 1. Professor Dr. Firdousi Naher, University of Dhaka

2. Dr. M. Aktaruzzaman, Director General, BIBM
Papers:
1. FDI Spillover Variations among Different Asian Regions: A Firm-Level
Analysis by Mr. Md. Arif-Ur-Rahman, Bangladesh Bank, and Professor Kazuo
Inaba, Ritsumeikan University, Japan.
2. A growth accounting of the Bangladesh clothing industry’s exports using the
input output approach by Dr. Md. Masum, Bangladesh University of Textiles
and Professor Kazuo Inaba, Ritsumeikan University, Japan
3. Readiness of Informal Business Sectors towards Formal Business Sectors in
Kathmandu Valley by Dr. Sushanta Kumar Mahapatra, ICFAI Business School
Hyderabad, IFHE Deemed University, India, Ms. Preeti Gupta, Dr. Niranjan
Devkota, Mr. Udaya Raj Paudel, Quest International College, Pokhara
10
Time Program
4. Factors Influencing Labour Migration from Agriculture sector to

Non-agricultural Sector in Bangladesh: An Econometric Analysis by Mr.
Zubaidur Rahman, Ms. Sayda Mahmuda, Bangabandhu Sheikh Mujibur
Rahman Science and Technology University, and Professor Dr. Md. Elias
Hossain, University of Rajshahi, Bangladesh.
September 25, 2021 Parallel Sessions: Session 2
1:30 pm -3.20 pm Session Chair: Professor Dr. Mijanur Rahman, Former Vice Chancellor, Jagannath
(Bangladesh Time) University
Discussants: 1. Professor Dr. Zakir Hossain Bhuiyan, University of Dhaka

2. Professor Dr. Md. Humayun Kabir Chowdhury, Jagannath
University
Papers:
1. Adoption of the Alternative Delivery Channels of Banks by Their Customers
during COVID-19 Pandemic: An Exploratory Study in the Context of
Bangladesh by Mr. Md. Armaan Rashid Shovon and Mr. Azan Mostofa,
University of Dhaka
2. Influencer Marketing in the COVID-19 Hit Market: The Moderating Effect of
Price Sensitivity by Mr. Mohammad Osman Gani, Mr. Golam Sadman, and Ms.
Israt Mitu, Bangladesh University of Professionals, Bangladesh.
3. Homefluencers’ Endorsement on Millennial Consumers’ Purchase Intention in
New Normal: The Mediating Role of Advertising Recognition by Ms. Mollika
Ghosh, Bangladesh Open University, Professor Dr. ABM Shahidul Islam,
University of Dhaka, Bangladesh; and Dr. Khan Md. Raziuddin Taufique, Curtin
University Malaysia.
4. Customer Satisfaction of Users of Indian Post Offices by Dr. Rohit Kanda, and
Prof. Dr. G. S. Bhalla, Guru Nanak Dev University, India.

Venue: Virtual Classroom, 9th Floor, MBA Building, Faculty of Business Studies
3:30 pm -5.20 pm Session Chair: Professor Kamran Ahmed, LaTrobe University, Australia
(Bangladesh Time)
Discussants: 1. Professor Dr. Sayema Haque Bidisha, Department of Economics,

University of Dhaka
2. Dr. Sushanta Kumar Mahapatra, ICFAI Business School
Hyderabad, IFHE Deemed University, India
Papers:
1. Employment in Informal Sector, Migration and Return to Education in
Bangladesh by Mr. Ileas Mia Mohammad, Ministry of Commerce, GOB,
11
Time Program
Message from the Treasurer
Bangladesh and Professor Kazuo Inaba, Ritsumeikan University, Japan
2. Bangladesh’s Competitiveness in Services Trade by Mr. Saiful Islam,
University of Dhaka, Bangladesh
3. Macroeconomic Effects of Budget Deficits in Bangladesh: VECM Approach by
Mr. Md. Mahbub Alam, Ms. Nusrat Nasir Nimnee, Ms. Dipti Bhowmik, Mr. Md.
Nazmus Sadekin, Mawlana Bhashani Science and Technology University, and
Mr. Md. Mazadul Hoque, Economist, Parliamentarians Caucus on Migration
and Development, Bangladesh
4. Impact of Sustainable Production and Distribution on Sustainability
Performance: Evidence from Pharmaceutical Sector of Bangladesh by Mr.
Azharul Islam, and Mr. Md. Kaysher Hamid, Bangladesh University of
Professionals, Bangladesh
3:30 pm -5 .20 pm Session Chair: Professor Toshifumi Takada, National Chung Cheng University,
(Bangladesh Time) Taiwan
Discussants: 1. Professor Chowdhury Saima Ferdous, University of Dhaka

2. Professor Muhammad Shariatullah, University of Dhaka
Papers:
1. A Qualitative Approach towards Crucial Factors in Developing Rural Women
Entrepreneurship: Evidence from Handicrafts Business in Bangladesh by Ms.
Faria Islam Oridi, and Dr. Md. Shawan Uddin, University of Rajshahi,
Bangladesh.
2. Graduates to Entrepreneurship: Strategy Development in Emerging Countries
Perspective by Mr. S. M. Shahedul Alam, Pabna University of Sciences and
Technology, Professor Dr. AHM Habibur Rahman, Former Professor,
University of Dhaka, Bangladesh, and Professor. Dr. Zahidul Quayyum, Former
Health Economist, Queen Mary University of London, UK
3. Measuring Trade Union Effectiveness in Protecting Workers Rights in the
ReadyMade Garment Industry in Bangladesh by Dr. Md. Shawan Uddin,
University of Rajshahi, Mr. A.K.M. Moniruzzaman, Jagannath University, Mr.
Md. Mahabul Alam, Md. Salah Uddin and Ms. Faria Islam Oridi, University of
Rajshahi, Bangladesh.
4. Work-Life Balance of Service Industry Professionals during COVID-19
Pandemic: An Exploratory Study in the Context of Bangladesh by Mr. Azan
Mostofa, Mr. Md. Armaan Rashid Shovon, and Mr. Sk. Tashrif Uddin,
University of Dhaka
12
Time Program
10:00 am -11.30 am Session Chair: Professor Monir Zaman Mir, University of Canberra, Australia
(Bangladesh Time)
Discussants: 1. Professor Swapan Kumar Bala, University of Dhaka

2. Professor Dr. Muhammad Tareq, University of Dhaka
Papers:
1. Reporting Practices Variation in Public Sector Business Enterprises: Evidence
from Water and Sewerage Sector in Bangladesh by Professor Dr. Mahfuzul
Hoque, Professor Dr. Mahmuda Akter, University of Dhaka, and Dr. Md. Salah
Uddin Rajib, Jahangirnagar University.
2. Economic Development of Japan and Role of Accounting by Mr. Yoko SUGA,
CEO, International Business Alliance Inc., JAPAN, Professor Toshifumi
TAKADA, National Chung Cheng University, TAIWAN, and Professor
Masatoshi SAKAKI, Tohoku University
3. The Impact of Enterprise Risk Management (ERM) on Firm Performance and
Firm Value: Evidence from an Emerging Economy by Dr. Md. Jamil Sharif,
University of Dhaka and Mr. Md. Shuvo Howlader, Siemens Healthcare Ltd,
Bangladesh
10:00 am -11.30 am Session Chair: Professor Kazuo Inaba, Ritsumeikan University, Japan
(Bangladesh Time)
Discussants: 1. Professor ABM Shahidul Islam, University of Dhaka

2. Professor Muhammad Ismail Hossain, University of Dhaka
Papers:
1. Possibilities and Barriers to Develop Sustainable Cultural Heritage Tourism: A
Case Study of Mahasthangarh by Mr. Md. Rifat-Ur-Rahman, Rabindra
University, and Mr. Mohammad Fakhrul Islam, Stamford University,
Bangladesh
2. Travel Vloggers as a Source of Information about Tourist Destinations: A
Study in Bangladesh, Mr. Md. Mobarak Karim, Mr. Mirag Hossain Sizan, and
Dr. Wasib Bin Latif, World University of Bangladesh
3. Challenges and Opportunities in Tourism Sector between Bangladesh and
Nepal by Mr. Alvi Rahman Shovon, American International University –
Bangladesh.

11:40 am -1.30 pm Session Chair: Professor MA Baqui Khalily, Former Professor, Department of
(Bangladesh Time) Finance, University of Dhaka
13
Time Program
Discussants: 1. Professor Gazi Hasan Jamil, University of Dhaka

2. Mr. HA Enamul Huda, University of Dhaka
Papers:
1. The Collateral Channel: Financial Flexibility and M&A Decisions, by Mr. Md.
Imran Hossain, University of Dhaka, Bangladesh, Paul Docherty, Brattle
Group, Australia and Dr. Huu Nhan Duong, Monash University, Australia
2. Examining the impact of financial inclusion on the growth of Women SME
entrepreneurs in Bangladesh by Mr. Kazi Saifur Rahman, Jatiya Kabi Kazi
Nazrul Islam University, Bangladesh.
3. The Effectiveness of G-Score in Predicting the Performance of Growth Stocks
in the Stock Market of Bangladesh, by Mr. Saif Mahmud, and Mr. Tahmid
Islam, University of Dhaka, Bangladesh.
4. Value Investing in Bangladesh using F-Score and V-Score: Generating excess
returns through winner portfolio, by Mr. Tahmid Islam, and Mr. Saif
Mahmud, University of Dhaka, Bangladesh.
1:30 pm -2.00 pm Break
September 26, 2021 Parallel Sessions: Session 8: Cases for Business Education
2:00 pm -3.20 pm Session Chair: Professor Dr. Javed Siddiqui, University of Manchester, United
(Bangladesh Time) Kingdom
Discussants: 1. Dr. Md. Saifuddin Khan, Associate Professor, University of Dhaka

2. Dr. Abdullah Al Mahmud, University of Dhaka
Papers:
1. The Financial Distress of United Airways Bangladesh Limited, by Mr. Tahmid
Islam, and Mr. Saif Mahmud University of Dhaka, Bangladesh
2. WeWork and Its IPO Failure, by Mr. Saif Mahmud, and Mr. Tahmid Islam,
3. Development of the Bangladesh Capital Market: The Case of the New
Commission, by Md. Ashad Ull Haque Akash, University of Dhaka, Bangladesh.
4. Empowering Small Businesses with Financial Technology: The Road Less
Travelled, by Dr. Suborna Barua, and Ms. Adrita Priyodarshini, University of
Dhaka
5. Evaly: The Fall that was Inevitable by Dr. Suborna Barua, and Ms. Kaniz
Ahmed, University of Dhaka, Bangladesh
September 26, 2021 Parallel Sessions: Session 9: Ph.D. Colloquium

2:00 pm -3.30 pm Presentation by Ph.D., DBA and M. Phil. Students
(Bangladesh Time)
Coordinator: Professor M. Thoufiqul Islam & Dr. Suman Das
14
Time Program
Presentation by Ph.D. Students:

1. An Empirical Study on Total Quality Management (TQM) Practices in Private
Commercial Banks of Bangladesh byMs. Nafiza Islam, Ph.D. Student,
Department of Management, University of Dhaka
2. Assessment of Quality in Secondary Business Education: A Study on Some
Selected Institutions by Mr. Mohammad Faruque Sarker, Ph.D. Student,
Department of OSL, University of Dhaka
3. Women Entrepreneurship and Empowerment: Role of Urban Culture in
Bangladesh by Ms. Shaila Sarmin, Ph.D. Student, Organization Strategy
and Leadership, University of Dhaka
4. Impression Management Techniques in Integrated Reporting of Companies in
Bangladesh, by Mr. Niaz Mohammad, Ph.D. Student, Department of
Accounting and Information Systems, University of Dhaka
3:30 pm -3.45 pm Break
September 26, 2021 Concluding Session and Best Paper Award Declaration
1. Welcome Address by the Conference Chair, Professor Muhammad Abdul
3:45 pm -4.30 pm Moyeen.
(Bangladesh Time) 2. Announcement of best paper awards and best case awards by the Award
Committee
3. Vote of thanks by the Conference Co-Chair, Professor M. Sadiqul Islam.
September 26, 2021 Conference Closing and Dinner at Sonargaon Pan Pacific Hotel, Karwan Bazar, Dhaka
7pm (Sponsored by The City Bank Limited and Walton Hitech Industries Limited)
*The schedule is subject to change without notification.
15
Key Note Speech: Business and Economy in the New-normal Landscape
Professor Bernadine Van Gramberg

Pro Vice-Chancellor
Swinburne University of Technology, Australia
Keynote address Health policies such as social distancing, work from

As COVID-19 began to take its toll in terms of human home orders and home schooling cannot possibly be
health and wellbeing, the world witnessed implemented with equal results in different places.
unprecedented rates of death and illness, and nearly all These measures will always be easier to achieve in
governments forced their citizens into lockdowns. The wealthy, well-educated communities. For instance, a
World Health Organisation declared the Novel McKinsey Report on unequal learning outcomes
Coronavirus (COVID-19) outbreak a global pandemic following school closures in the US, found that
on 11 March 2020. In some countries, lockdowns have students from black, Hispanic and indigenous
been imposed regularly as the virus breaks out again in communities do not (and cannot) study effectively
their communities. COVID-19 is principally a health from home and consequentially, they have poorer
crisis, but it is also an economic crisis. Businesses, academic results (McKinsey & Company, 2020).
small and large, have been affected by a combination Children in these circumstances have also been found
of lockdowns and disruptions. Today, we are still in the to have higher levels of anxiety and depression and
midst of COVID-19’s effect on our lives. In many their families are linked to increased risks of domestic
sectors, ‘business as usual’ is still a long way away. violence, decreased nutrient intake, and increased
COVID-19 presents us with a combined challenge to food insecurity than those from higher socioeconomic
manage human health as well as the economy because groups (ECDC 2020).
one cannot function without the other. In my reflection The higher rates of COVID-19 infections in lower
today, I want to shine a spotlight on the emerging socioeconomic groups is also associated with
new-normal landscape in terms of these two differences in people’s increased exposure to the virus
competing (but interrelated) goals – human health on – for example, working in crowded settings such as
one hand, and business and the economy on the other. factories, freight and transport; working in front line
The implications of balancing business interests occupations such as hospitals and retail; living in
against human health provides an opportunity to shared housing or with large families; and having
consider the important role for governments, as increased vulnerability to the virus because of the
market-based solutions alone will be insufficient to general poorer health in these communities
deliver a new-normal landscape. (Katikireddi et al, 2021).
Human Health
The Socioeconomic divide of COVID-19 The International Divide
In both developing and developed nations, COVID-19 The socioeconomic divide within nations is reflected
has demonstrated its drastic effects along the internationally, where we are also witnessing the
socioeconomic fault lines embedded in their societies. unequal distribution of COVID-19 cases amongst
16
countries in developing nations with devastating 10 to 15 years to develop but within months several
effects. Table 1 demonstrates the impact of crowding vaccine contenders were in development. Before any of
on COVID-19 deaths, with the largest number of these vaccines were approved, pre-production orders
deaths witnessed in countries with population had already been placed for over half the projected
densities of over 1,000 people per square kilometre. supply by developed countries. For instance, it was
reported that by mid-August 2020, 800 million doses
across 6 vaccine types had been ordered by the United
States. Meanwhile the UK had secured 340 million
doses (Rutschman, 2021a). These and other high
income countries had secured sufficient vaccine
supplies to immunize their populations multiple times.
The trend has been coined ‘Vaccine Nationalism.’
Rutschman (2021a, p.9) defines it as ‘the act of
reserving millions of doses of new vaccines for
domestic use during a transnational public health
crisis.’ The phenomenon has contributed to an
ongoing debate bringing together the “mix of
geopolitics, international economic inequalities,
Figure 1: COVID-19 Death Rate vs Population Density global capitalism, and ‘me-first’ politics” (Rutschman
Vaccine nationalism 2021a, p2). The debate sheds light on the flaws in the
COVAX program. Although 92 lower-income countries
In 2020, Bill Gates was asked whether the world will be and 54 higher-income countries are members of
able to go back to the way things were before the COVAX, there is no compulsion for high income
coronavirus pandemic. This is what he replied: countries to donate any of their surplus vaccines to low
”when we have an almost perfect drug to treat income countries- although many have done so
COVID-19, or when almost every person on the planet (Rutschman, 2021b).
has been vaccinated against coronavirus. We need to
make billions of doses, we need to get them out to Business and The Economy
every part of the world, and we need all of this to It is not the first time the world has faced a global
happen as quickly as possible.” economic crisis. But it is the first time where economic
Gates added: solutions alone are of little use because the essence of
“I think that low-income countries should be the problem is a human virus and health advice
some of the first to receive it, because people will be at a directly threatens business viability and the economy.
much higher risk of dying in those places. COVID-19 will For instance, it has been estimated that social
spread much quicker in poor countries because measures distancing measures imposed over a three-day period
like physical distancing are harder to enact. More people resulted in a 15% decline in production in the US (Deb
have poor underlying health that makes them more et al., 2020). A report by Reinicke (2020) on the impact
vulnerable to complications, and weak health systems will of COVID-19 shortly after it emerged in China found it
make it harder for them to receive the care they need. led to industrial production falling by 13.5%, sales
Getting the vaccine out in low-income countries could down by 21%. Some industries were particularly
save millions of lives”. (Gates, 2020) affected. Car sales fell by 92% and similarly
The world turned to vaccine development as the only restaurants by 95%. In the US, GDP fell by 3.5% in 2020
way out of the COVID-19 pandemic and the which is reportedly the worst drop since World War II
pharmaceutical response was swift. Vaccines can take (Stiglitz, 2021).
17
Economic damage is difficult to calculate over the long
term as the virus has proved unpredictable, having The Changing and Future Role of Government
already transformed from the Alpha to the more Clearly, the more effectively a government can control
contagious Delta strain. Not surprisingly, a gloomy the spread of COVID and its negative impacts on the
consensus of leading economic forecasting agencies economy, the smaller the lasting effects will be on
suggests an inevitable and probably severe world people and the economy, and the faster recovery can
recession as indicated in Figure 2. happen (Stiglitz, 2021). So far, we can see the role of
government as it emerged during the pandemic in four
Sr. No. Agency Date of Report Forecast
1 Goldman Sachs (2020) # 20th March 2020 US GDP -2% in 2Q, a record drop phases:
The worst global recession since
2 Deutsche Bank (2020) # 18th March 2020 World War II
Recession will rock the US and
3 J P Morgan (2020) # 12th March 2020 Europe by July
The US economy has fallen into
Health and Wellbeing
4 Bank of America (2020) # 19th March 2020 recession
Pacific Investment Government interventions have included the range of
5 16th March 2020 Inevitable recession
Management (2020) #
6 Morgan Stanley (2020) # 17th March 2020
The base case is a global measures to contain the virus and reduce deaths. Apart
recession
7 UBS (2020) # 19th March 2020 Deep recession by July from lockdowns, travel restrictions, masks and social
# As cited in Business Insider (2020) Source:
Business Insider, 21st March 2020 distancing mandates, it has included huge investment
in social support, hospitals, aged care, mental health
Figure 2: Global economic forecast of some leading and vaccination programs.
agencies
Financial Support
Amidst this gloom, we have witnessed examples of Many governments have provided financial packages
business innovation and entrepreneurship as the to citizens and businesses which have acted to
pandemic itself, opened up new business opportunities stimulate shocked economies and reduce the impact of
and new business models. For example many firms the ongoing economic crisis. This has been achieved
moved their operations online through new without the usual criticisms of incurring government
technologies connecting their customers and suppliers debt but also with frequent complaints about delays in
as well as for running their day to day operations. The receiving payments.
rise of e-commerce activities was met with a greater
uptake by business of big data and unstructured data Future Measures
analysis used to fine tune strategies to meet future Governments now need to turn their attention to the
customer needs; and universities switched to online needs of a changing world. Some of these changes have
teaching creating new teaching models and making already been put in motion, driven by what we know as
greater use of the potential of their online teaching the Fourth Industrial Revolution and some have been
platforms. Social enterprises have increased their brought forward amidst the pandemic such as
activities giving out food and support to those in need. managing the forthcoming catastrophe of climate
But these initiatives are insufficient and will continue change. Future measures taken by governments could
to be insufficient to counter the economic devastation include:
of COVID-19. We are seeing a shift in the reliance on • Investment in, and development of vaccine
industry and markets to create workable solutions for making facilities, medtech and telehealth;
the COVID-19 economy. Most western countries have • Investment in Universities and colleges to
had decades of neoliberal government policies deliver future skills programs; e-commerce;
including weak (or rare) government intervention in big data analysis ; cyber security resilience;
the economy and a reliance on market led solutions. and business entrepreneurship training;
This leads to a reconsideration of the role of • Investment in programs to develop business
government and we turn to this next. entrepreneurship and new ventures;
18
• Investment in climate friendly advances such Gates, B. (2020). What you need to know about the
as electric vehicles; sustainability initiatives; COVID-19 vaccine. Gates Notes; available:
waste recycling; and zero emission fuel https://www.gatesnotes.com/health/what-you-need
development; -to-know-about-the-covid-19-vaccine).
• Establish a deeper connection between
Katikireddi SV, Lal S, Carrol ED, et al Unequal impact of
government and industry: consultation and
the COVID-19 crisis on minority ethnic groups: a
co-decision making in the health/economy
framework for understanding and addressing
equation; and
inequalities J Epidemiol Community Health
• Strengthen international government
2021;75:970-974)
coordination and cooperation in global health
Kumar, A., Gawande, A., & Brar, V. (2021). Covid-19
issues and establish good governance of the
Pandemic and Its Likely Effect on Economic
institutional architecture of global health
Development: An Opinion Survey of Professionals.
International Journal of Multidisciplinary: Applied
Conclusions
Business and Education Research. 2(5), 388 – 397. doi:
When COVID-19 became a pandemic, governments
10.11594/ijmaber.02.05.03
everywhere responded to it thinking it was a transient
phase. Lockdowns and stay at home orders were aimed McKee, M., Stuckler, D. 2020 If the world fails to
at stopping the spread of the virus with the intention protect the economy, COVID-19 will damage health
that citizens would return to their normal activities in not just now but also in the future. Nat Med 26,
due course. These policies proved to be unsustainable 640-642
in the long run as the virus spread and then mutated. McKinsey & Company COVID-19 and learning
The COVID-19 new-normal landscape is likely to be loss—disparities grow and students need help.
one marked by a global recession, unemployment, McKinsey & Company, 2020
lower spending and investment. The COVID-19 https://www.mckinsey.com/industries/public-and-so
pandemic has demonstrated that governments can cial-sector/our-insights/covid-19-and-learning-loss
and do play a vital role in balancing human health and -disparities-grow-and-students-need-help
the economy. Governments hold the key to minimize Reinicke, C. 2020 Markets Insider
the damage to the economy through policies and https://markets.businessinsider.com/news/stocks/us
investment which support business innovation, the -gdp-drop-record-2q-amid-coronavirus-recession-
environment, health and new technologies. In doing goldman-sachs-2020–3-1029018308 (2020).
so, governments will lead the transformation of our
Rutschman, A. S. (2021a). Is There a Cure for Vaccine
economies and societies to a more sustainable future.
Nationalism? Current History, 120(822), 9-14)
Rutschman, A. S. (2021b). Is there a cure for vaccine
References
nationalism? Current History, 120(822), 9–14.
Deb, P., Furceri, D., Ostry, J. D. & Tawk, N. (2020) The
https://doi.org/10.1525/curh.2021.120.822.9 ).
economic effects of Covid-19 containment measures.
Stiglitz, J.E 2021 The proper role of government in the
CEPR Discussion Paper No. DP15087.
market economy: The case of the post-COVID
European Centre for Disease Prevention and Control recovery, Journal of Government and Economics, Vol 1,
COVID-19 in children and the role of school settings in 100004, ISSN 2667-3193,
transmission—first update. European Centre for https://doi.org/10.1016/j.jge.2021.100004.
Disease Prevention and Control, Stockholm2020
https://www.ecdc.europa.eu/en/publications-data/ch
ildren-and-school-settings-covid-19-transmission
19
Abstracts of Accepted Papers
Reporting Practice Variations in Public Sector Business Enterprises: Evidence from the
Water and Sewerage Sector of Bangladesh
Mahfuzul Hoque, PhD

Professor, Dept. of Accounting and Information Systems, University of Dhaka
Dhaka – 1000, Bangladesh,
Email: mahoque@du.ac.bd
Mahmuda Akter, PhD

Email: mahmuda.akter.du@gmail.com
Md Salah Uddin Rajib, PhD

Associate Professor, Dept. of Accounting and Information Systems, Jahangirnagar University
Savar, Dhaka – 1342,
Email: rajibais@juniv.edu
Abstract
In response to New Public Management (NPM), corporatization of state owned enterprises (SOEs) is seen both in
the developing and least developed countries (LDCs), though it has been criticized in the LDCs more for
one-size-fits-all approach of donors. This paper aims to investigate the context of reporting practices of govern-
ment-owned business enterprises of Bangladesh, an LDC, through a focus on two particular sectors – Water and
Sewerage. Considering the donors’ affiliations, a legitimate lens has been used in this qualitative study to under-
stand the context through document analysis. The paper finds the evidence that public sector business enterpris-
es’ (PBEs) reporting practices may be viewed from the angle of institutional legitimacy rather than or along with
strategic legitimacy. However, variations of reporting practices among four business units of water and sewerage
sectors are evident in the analysis, though they are running under the same act. Therefore, it seems that decou-
pling danger is difficult to ignore in the reporting practices of PBEs. Furthermore, the study provides empirical
evidences of current recognized best practices (e.g., IR). The findings of the paper contribute to the ongoing debate
about the system of public sector reporting– the criteria, determinants and justifications of public sector report-
ing practices, particularly in LDCs.
20
Economic
Reporting Practice Development
Variations of Japan
in Public Sector and Role
Business of Accounting
Enterprises: Evidence from the
Water and Sewerage Sector of Bangladesh
Yoko SUGA
Mahfuzul Hoque,
CEO, International PhD Alliance Inc.
Business
Tokyo, JAPAN,
yokosuga0806@gmail.com
Email: mahoque@du.ac.bd
Toshifumi TAKADA
Mahmuda Akter,
Professor, National PhDCheng University
Chung
Chiayi, TAIWAN,
ttakada0830@gmail.com
Email: mahmuda.akter.du@gmail.com
Masatoshi SAKAKI
Md SalahTohoku
Professor, Uddin Rajib, PhD
University
Sendai, JAPAN,
Associate Professor, Dept. of Accounting and Information Systems, Jahangirnagar University
sakakimstsh@gmail.com
Savar, Dhaka – 1342,
Email: rajibais@juniv.edu
Abstract
Abstract
Accounting has played a major role in the development of the Japanese economy in the past 150 years. The objec-
In response
tive to New
of this paper Public
is to traceManagement (NPM),
how accounting corporatization
has contributed ofdevelopment
to the state owned of
enterprises (SOEs)
the Japanese is seenand
economy, both in
how
the developing
higher and have
universities least played
developed countries
their roles for(LDCs), though
accounting it has been
education. criticized
We would in thethe
explain LDCs more for through 3
phenomena
one-size-fits-all approach
stages of accounting of donors.
education: This paper
‘Education aims to investigate
of Bookkeeping’: the context
the 1st stage of reporting
(1870-1945), practices
‘Profession andofAccount-
government-owned business
ing Reporting’: the 2nd enterprises ofand
stage (1945-2000) Bangladesh, an LDC,
‘Requirement through a focus
of Professional on two
Ethics’: theparticular sectors –
3rd stage 2001-present.
Since 1868 when modern Japan started, these 3 stages have madetimate lens has been
very significant used in this
contributions toqualitative
Japan. In Japan,
study to understand
universities the
have been context through
providing document
accounting analysis.
education for theThe paper
past finds the
150 years. evidence
Authors that
(Yoko public
SUGA andsector
Toshifumi
business
TAKADA)enterprises’ (PBEs)
were engaged reporting
in the practices
education may be viewed
of international fromprograms
education the anglein
ofaccountancy
institutional(IGSAP)
legitimacy rather
since 2015,
than or along
and this paperwith strategic
would seek tolegitimacy.
explain theHowever, variations
findings based ofauthors’
on the reportingexperiences.
practices among four business units of
water and sewerage sectors are evident in the analysis, though they are running under the same act. Therefore, it
ing practices of PBEs. Furthermore, the study
provides empirical evidences of current recognized best practices (e.g., IR). The findings of the paper contribute
to the ongoing debate about the system of public sector reporting– the criteria, determinants and justifications
of public sector reporting practices, particularly in LDCs.
21
Macroeconomic Effects of Budget Deficits in Bangladesh: VECM Approach
Md. Mahbub Alam

Department of Economics, Mawlana Bhashani Science and Technology University,
Tangail, Bangladesh.
mahbubalam13003@gmail.com
Nusrat Nasir Nimnee

Department of Economics, Mawlana Bhashani Science and Technology University, Tangail, Bangladesh.
nusratnimnee16037@gmail.com
Dipti Bhowmik
bhowmikdipti39@gmail.com
Md. Nazmus Sadekin

sadekin08@gmail.com
Md Mazadul Hoque
Economist, Parliamentarians Caucus on Migration and Development, Bangladesh.
mazadul1985@gmail.com
Abstract
This study aims to investigate the nexus between budget deficits and selected macroeconomic variables such as
inflation, GDP, money supply, and real effective exchange rate for Bangladesh between 1980 and 2020, by utilizing
the Johansen co integration approach and Vector Error Correction Model (VECM). Johansen’s co integration test
outcome reveals that variables under the present study are co integrated, and thus there exists a positive long-run
nexus of selected macroeconomic variables (inflation, money supply, and real effective exchange rate) with the
budget deficit, whereas GDP has a negative one. The short-run outcomes from the VECM reveal that GDP and
money supply have an inverse nexus with budget deficit. . The study recommends the need for solid policy coordi-
nation between the fiscal and monetary authorities of Bangladesh to moderate and control the inflation, money
supply, and real effective exchange rate and efficient budgetary planning, and public sector spending.
22
Factors Influencing Labor Migration from the Agriculture sector to Non-agricultural
oach
Sectors in Bangladesh: An Econometric Analysis
Md. Mahbub Alam
Zubaidur Rahman
Department of Economics, Mawlana Bhashani Science and Technology University,
Tangail,
AssistantBangladesh.
Professor, Department of Economics, Bangabandhu Sheikh Mujibur Rahman Science and Technology University,
mahbubalam13003@gmail.com
Gopalganj-8100, Bangladesh.
Email: zubaidur.eco@bsmrstu.edu.bd
Nusrat Nasir Nimnee

Sayda Mahmuda
nusratnimnee16037@gmail.com
Assistant Professor, Department of Sociology, Bangabandhu Sheikh Mujibur Rahman Science and Technology University,
Gopalganj-8100, Bangladesh.
Dipti
Email: Bhowmik
mahmuda.soc@bsmrstu.edu.bd
Dr. Md. Elias Hossain

bhowmikdipti39@gmail.com
Professor, Department of Economics, University of Rajshahi, Rajshahi-6205, Bangladesh.
Md. Nazmus
Email: Sadekin
eliaseco@ru.ac.bd
Abstract
sadekin08@gmail.com
In the past, labor was extensively used in the agriculture sector and there has been huge surplus of labor in this
Md Mazadul
sector. Hoque
However, such trend has recently been changed and surplus labor in the agricultural sector has reduced
significantly,
Economist, and the agricultural
Parliamentarians sector
Caucus on competes
Migration with non-agriculture
and Development, Bangladesh.sector in terms of hiring labor. The pres-
ent study aims to analyze the determinants of labor transfer from the agricultural sector to non-agriculture
mazadul1985@gmail.com
sectors in the Gopalganj district of Bangladesh. To this end, primary data were collected from labor who had direct
Abstract
involvements with agricultural activities. Descriptive statistics and binary logistic model were used to analyze the
This studydata.
collected aimsResults
to investigate the nexus
found from between
the logit model budget
indicatedeficits and selected
that factors such as macroeconomic variables
family size, education, such
past as
experi-
r Bangladesh
ences, access to available information, transportation facilities, and between
savings are 1980
positively and 2020,
related withby
the log of
utilizing
odd ratiothe Johansen
in favor co integration
of labor approach
migration from and Vectorsector
the agriculture Error to
Correction Model (VECM).
non-agricultural Johansen’s
sectors: corate,
while wage inte-age,
gration
off-farmtest outcome
income andreveals
farm that variables
holdings under the related
are inversely present with
studylabor
are cotransfer
integrated,
fromand thus
the there exists
agriculture a
sector to
positive long-runsectors.
non-agriculture nexus ofIn selected
addition,macroeconomic variables
respondents in the study (in
area have recognized lack of proper technical train-
exchange
ing as the rate)
majorwith the budget
constraint deficit,
in labor whereas
migration GDP
with has a negative
a mean one. The short-run outcomes from the VECM
value of 4.48.
reveal that GDP and money supply have an inverse nexus with budget deficit. . The study recommends the need
for solid policy coordination between the fiscal and monetary authorities of Bangladesh to moderate and control
spending.
23
Factors
FDI Spillover
Influencing
Variations
Labor Migration
among Different
from the
Asian
Agriculture
Regions:sector
A Firm-Level
to Non-agricultural
Analysis
Sectors in Bangladesh: An Econometric Analysis
MD
Zubaidur
ARIF-UR-RAHMAN
Rahman
Joint
Assistant
Director
Professor,
(StudyDepartment
Leave), Bangladesh
of Economics,
Bank Bangabandhu Sheikh Mujibur Rahman Science and Technology University,
Motijheel
Gopalganj-8100,
C/A, Dhaka,
Bangladesh.
Bangladesh
Email: arif_rahman134@yahoo.com
zubaidur.eco@bsmrstu.edu.bd
KAZUO
Sayda Mahmuda
INABA
Professor,
Assistant Professor,
Graduate School
Department
of Economics,
of Sociology,
Ritsumeikan
Bangabandhu
University
Sheikh Mujibur Rahman Science and Technology University,
Noji
Gopalganj-8100,
Higashi 1- 1-1
Bangladesh.
Kusatsu, Shiga 525-8577, Japan
Email: inabak@ec.ritsumei.ac.jp
mahmuda.soc@bsmrstu.edu.bd
Dr. Md. Elias Hossain

Abstract
Foreign
Professor,direct investment
Department (FDI) spillovers
of Economics, are
University of expected
Rajshahi, to have direct
Rajshahi-6205, effects on the productivity of domestic
Bangladesh.
firms. Despite this expectation, the forgoing empirical literature on FDI spillover is still inconclusive. This study
Email: eliaseco@ru.ac.bd
examines firm-level panel data to determine the effects of FDI spillover on firms’ productivity in three regions of
Abstract
Asia. Firm-level information of four emerging economies from each region are analyzed. Both the horizontal and
In the past,
vertical labor was
(backward andextensively
forward) used in the
spillover agriculture
effects of FDIsector
have and
beenthere has been
considered inhuge surplus ofWe
the analysis. labor in this
have found
sector. However,
evidences of the such trend
fact that has recently
depending uponbeen
thechanged and surplus
region under labor in the
consideration, theagricultural sector has
spillover channel reduced
differs. South
significantly,
Asian and productivity
firms gain the agricultural sector competes
improvements withhorizontal
through non-agriculture sector
linkages, in terms
whereas of hiringAsian
Southeast labor.firms
The gain
present study
through aims linkages.
backward to analyzeCentral
the determinants
Asian firmsoffail
labor
totransfer from the agricultural
gain productivity through FDI sector to non-agriculture
spillovers. Our findings
sectors in
suggest theincrease
that Gopalganj
in district
foreign of Bangladesh.
presence in theTo this industry
same end, primary data were
for South Asia collected from labor who
and in downstream had for
industries
direct involvements
Southeast with agricultural
Asia are related activities.
with increases Descriptive
in outputs statistics
of domestic firms.and binary logistic model were used to
analyze the collected data. Results found from the logit model indicate that factors such as family size, educa-
tion, past experiences, access to available information, transportation facilities, and savings are positively
related with the log of odd ratio in favor of labor migration from the agriculture sector to non-agricultural
are inversely related with labor transfer from
the agriculture sector to non-agriculture sectors. In addition, respondents in the study area have recognized lack
of proper technical training as the major constraint in labor migration with a mean value of 4.48.
24
Bangladesh’s Competitiveness in Services Trade evel Analysis
Saiful Islam
MD ARIF-UR-RAHMAN
Assistant Professor, Department of International Business, University of Dhaka
Joint
Dhaka,Director
Bangladesh
(Study Leave), Bangladesh Bank
Motijheel
Email: saifulib@du.ac.bd
C/A, Dhaka, Bangladesh
Email: arif_rahman134@yahoo.com
Abstract
KAZUO INABA
This study explores the contributions of services to Bangladesh’s economy and its national competitiveness. The
contributions
Professor, of services
Graduate inEconomics,
School of the nation's gross domestic
Ritsumeikan product (GDP), employment, and trade from 2010 to 2019
University
is analyzed
Noji using
Higashi 1- descriptive
1-1 Kusatsu, statistics,
Shiga 525-8577,while
Japanthe competitiveness of services is measured using the RCA index. The
findings
Email: show that compared to agriculture and industry, the services sector contributes the most to Bangladesh's
inabak@ec.ritsumei.ac.jp
economic progress and employment generation. However, the total trade of Bangladesh still significantly relies on
Abstract
manufacturing instead of services. Government services, other business services, transportation and information
Foreign direct investment
and communication (FDI) spillovers
technology areas
are evident expected to haveprimary exporting services: while transportation,
Bangladesh's
firms.
travel,Despite this
and other expectation,
business theare
services forgoing empirical
primary literature
importing onBesides,
services. FDI spillover is still
currently, inconclusive.
Bangladesh hasThis study
a compara-
illover
tive advantage in construction and manufacturing services among on firms’
the twelve productivity
analyzed inThis
services. three regions
study of
urges
Asia. Firm-level
a trade information
policy reform of and
to achieve foursustain
emerging economies from
competitiveness each
in the region are
potential analyzed.
services Both the horizontal
of Bangladesh and
for its expect-
ed economic growth. en considered in the analysis. We have found
evidences of the fact that depending upon the region under cons
Asian firms gain productivity improvements through horizontal linkages, whereas Southeast Asian firms gain
through backward linkages. Central Asian firms fail to gain productivity through FDI spillovers. Our findings
suggest that increase in foreign presence in the same industry for South Asia and in downstream industries for
Southeast Asia are related with increases in outputs of domestic firms.
25
Growth accounting of exports of the clothing industry of Bangladesh using the
input-output approach
Md. Masum, PhD

Faculty of Textile Management & Business Studies, Bangladesh University of Textiles
Kazuo Inaba, PhD

Graduate School of Economics, Ritsumeikan University, Japan
Abstract
The aim of this paper is to analyze the gross exports of clothing outputs in the global value chains in terms of
various value–added components. This paper applies input–output techniques to decompose the gross exports of
ready-made garments. The work finds that the domestic added-value and foreign added-value of the clothing
industry’s exports are 87% and 11% respectively, whereas, the double–counted amount is 2%. This paper’s main
contribution is to decompose the clothing industry’s gross exports into various value–added terms.
26
Return
Growth
to Education
accounting
in Bangladesh
of exports of
inthe
terms
clothing
of Employment
industry ofin
Bangladesh
the Informal
using
Sector
the and
input-output
Migration
approach
IleasMasum,
Md. Mia Mohammad
PhD
Kazuoof
Faculty Inaba
Textile Management & Business Studies, Bangladesh University of Textiles
AbstractInaba, PhD
Kazuo
Although employment
Graduate School in the
of Economics, informal sector
Ritsumeikan and Japan
University, migration are important issues and determinants of the labor
market outcomes in Bangladesh, these factors were never considered in previous studies while examining the rate
Abstract
of return to education. This study undertakes the examination of return to education in connection with labor
The aimaspects
market of this paper is to analyzein
like employment the gross
the exports
informal of clothing
sector outputs in
and migration the global
within value chains
and outside in terms
the country. of this
For
various value–added
purpose, it examines components. This paper
data with ordinary leastapplies
squareinput–output techniques
(OLS) method. Since theto decompose
OLS estimatesthe gross exports
potentially suffer
of ready-made
from garments.
endogeneity, Theuses
this study work finds thatgenerated
internally the domestic added-value
instrumental and foreign
variables added-value
to address the issue.of theunavaila-
The clothing
industry’s
bility exports areinstrumental
of conventional 87% and 11%variables
respectively,
oftenwhereas, the studies
constraints double–counted
on return amount is 2%.
to education inThis paper’scoun-
developing main
contribution
tries. is toaddresses
This study decompose theendogeneity
the clothing industry’s gross
caused by exports
omitted into various
variables with value–added terms.
heteroscedasticity-based instru-
mental variable approach, recently developed by Lewbel (2012).
This study examines data on Household Income and Expenditure Survey (HIES) for 2016. The OLS estimates find
the average rate of return of 4.6% for an additional year of schooling for the monthly wage earners in public.
Employees in private and informal sectors earn about 1.5% and 2% less than an employee in the public sector. In
the estimate using heteroscedasticity-based instrumental variable, the average rate of return for an additional
year of schooling is about 11% when schooling is instrumented with generated and external variables. The rates for
male and female are about 10% and 12% respectively, when schooling is instrumented with generated instrument
variable. When schooling is instrumented with both generated and external instrumental variables, the rates of
return to schooling for male remains same with the generated instrumental variable, while for female it is about
11%. With the Lewbel’s (2012) generated instrument, an employee in the informal sector earns more than an
employee in the public sector by about 1.5% for an additional year of schooling, and migration causes higher rate
of return to schooling.
27
Examining
Return to the
Education
impact in
of Bangladesh
Financial Inclusion
in termson
of the
Employment
growth of in
Women
the Informal
SME Entrepreneurs
Sector and
inMigration
Bangladesh
Kazi
Ileas Saifur
Mia Mohammad
Rahman
Kazuo Inaba
Lecturer
Department of Finance & Banking
Abstract
Jatiya Kabi Kazi Nazrul Islam University
Although
Trishal, employment
Mymensingh, in the informal sector and migration are important issues and determinants of the labor
Bangladesh.
market
Email: outcomes in Bangladesh, these factors were never considered in previous studies while examining the
kazisaifur786@gmail.com
rate of return to education. This study undertakes the examination of return to education in connection with
Abstract
labor market aspects like employment in the informal sector and migration within and outside the country. For
To
thisenhance the
purpose, growing trend
it examines of development
data with of an
ordinary least economy
square (OLS)and to eradicate
method. income
Since the inequalitypotentially
OLS estimates by making sure
that access to finance for all citizens is feasible irrespective of their incomevariables
strumental status, financial inclusion
to address should
the issue. The be
made possible of
unavailability although it is a challenging
conventional task.
instrumental In developing
variables countries like
often constraints Bangladesh,
studies a huge
on return numberin
to education ofdevel-
women,
farmers and low-income
oping countries. earning
This study individuals
addresses still do not
the endogeneity have hundred
caused percent
by omitted access
variables to heteroscedastici-
with formal financial services.
Therefore, this study aims
ty-based instrumental to explore
variable the impact
approach, financial
recently inclusions
developed have(2012).
by Lewbel on the growth of Women SME entrepre-
neurs in theexamines
This study context of Bangladesh.
data In order
on Household to conduct
Income this study,Survey
and Expenditure 50 respondents
(HIES) forhave been
2016. Theselected. All of them
OLS estimates find
are
the women
average SME entrepreneurs
rate of who
return of 4.6% foreither initiatedyear
an additional their
ofown SME or
schooling worked
for as an employee.
the monthly For in
wage earners the analytical
public.
purpose,
EmployeesHenry Garret’s
in private andtable rating
informal scale has
sectors earnbeen utilized
about because
1.5% and it not
2% less only
than an provides
employeeclear responses
in the from In
public sector. the
selected respondents,
the estimate but also provides subjective
using heteroscedasticity-based judgments.
instrumental The
variable, thestudy explored
average rate of four important
return impactful
for an additional
factors
year of which playisvital
schooling aboutroles
11%inwhen
the context of financial
schooling inclusions:
is instrumented withconvenience in payment,
generated and external simplicity in transac-
variables. The rates
tion, secured
for male area coverage
and female and10%
are about network issues
and 12% in transaction.
respectively, whenAfter substantial
schooling analysis, the
is instrumented study
with concluded that
generated
easy cashingvariable.
instrument out in the shortest
When possible
schooling time, availability
is instrumented withofboth
leastgenerated
costly transaction methods,
and external securityvariables,
instrumental in financial
transaction and 24-hour
the rates of return continuous
to schooling financial
for male services
remains same through
with thesmart devices
generated are the most
instrumental important
variable, ones
while forarising
from financial
female inclusion
it is about which
11%. With thepositively reinforce
Lewbel’s (2012) the growth
generated of women
instrument, anSME entrepreneurs.
employee in the informal sector earns
more than an employee in the public sector by about 1.5% for an additional year of schooling, and migration
causes higher rate of return to schooling.
28
Examining the impact of Financial
Graduates
Inclusion
to Entrepreneurs:
on the growth of Women SME Entrepreneurs
Strategy Development in Bangladesh
Emerging Countries’ Perspectives
Kazi
Mr.S.Saifur
M. Shahedul
RahmanAlam
Lecturer
Pabna University of Sciences and Technology, Pabna
Department
Email: shahedul1992@gmail.com
of Finance & Banking
Jatiya Kabi Kazi Nazrul Islam University
Professor.Dr.
Trishal, A H Bangladesh.
Mymensingh, M Habibur Rahman
Email:
Formerkazisaifur786@gmail.com
Professor, Department of Finance, University of Dhaka
Email: ahrahman69@gmail.com
Abstract
Professor.Dr.
To enhance the Zahidul Quayyum
growing trend of development of an economy and to eradicate income inequality by making sure
that access
Formerly to finance
Health for all
Economist, citizens
Queen Mary is feasibleof
University irrespective
London, UK of their income status, financial inclusion should be
made
Email: possible although it is a challenging task. In developing countries like Bangladesh, a huge number of
zahid.quayyum1@gmail.com
women, farmers and low-income earning individuals still do not have hundred percent access to formal financial
Abstract Therefore, this study aims to explore the impact financial inclusions have on the growth of Women SME
services.
The purpose ofin
entrepreneurs this
thepaper is toofexamine
context how emerging
Bangladesh. In order tocountries can develop
conduct this suitable
study, 50 strategies
respondents havetobeen
allow graduates
selected.
to become
All of thementrepreneurs.
are women SME Entrepreneurship is now
entrepreneurs who universally
either initiated recognized as the
their own SME most critical
or worked as an factor for fostering
employee. For the
economic development
analytical of aGarret’s
purpose, Henry country. Historically,
table entrepreneurs
rating scale playedbecause
has been utilized a dominant
it notrole
onlyinprovides
the economic develop-
clear respons-
ment
es process
from of the respondents,
the selected developed countries
but alsoby bringing
provides about economic
subjective changes,
judgments. including
The study technological
explored develop-
four important
ments. It isfactors
impactful not enough
whichfor a country
play to have
vital roles land,
in the labor,
context ofcapital andinclusions:
financial other resources for development.
convenience There
in payment, should
simplicity
be transaction,
in someone who by virtue
secured areaofcoverage
his talent,
andcreativity, abilityin
network issues and drive can turn
transaction. Afterthese resources
substantial into valued
analysis, entities.
the study
Developing countries,
concluded that like Bangladesh,
easy cashing in its efforts
out in the shortest to accelerate
possible economic
time, availability growth,
of least is increasingly
costly emphasizing
transaction methods,
on the role
security of entrepreneurship,
in financial and24-hour
transaction and initiating programs financial
continuous to promote and develop
services entrepreneurs
through smart devicesin numbers
are and
the most
quality (Rahman,
important 1979).
ones arising According
from to inclusion
financial Bangladesh Bureau
which of Statistics
positively (BBS)
reinforce the the number
growth of working
of women population
SME entrepre-
aged
neurs.15 and above was 10.91 crore in 2016-17, of which the number of unemployed populations was 26.80 lac. Of
the total unemployed population, about 11.2 % are youth who have completed their higher education, suggesting
that a large number of unemployed graduates are competing for one vacant position. This national debacle of
educated unemployment should be addressed by taking proper strategies and immediate action programs to
develop the fresh graduates as entrepreneurs.
29
Measuring Trade Union Effectiveness in Protecting Workers’ Rights in the Ready-Made
Garment Industry in Bangladesh
Md. Shawan Uddin (Corresponding Author)

Department of Management Studies, University of Rajshahi
Rajshahi-6205, Bangladesh
E-mail: shawanmgt@ru.ac.bd
A.K.M. Moniruzzaman
Department of Management Studies, Jagannath University
E-mail: moniruzzaman64@gmail.com
Md. Mahabul Alam

E-mail: mahbubalam@ru.ac.bd
Md. Salah Uddin

E-mail: suddin@ru.ac.bd
Faria Islam Oridi

E-mail: dibafaria982@gmail.com
Abstract
The purpose of this study is to investigate the reality regarding organizational effectiveness (OE), collective
bargaining effectiveness (CBE), industrial relations climate effectiveness (IRCE) and their relationships with the
effectiveness of trade unions (TUs) in protecting workers’ rights in the RMG industry in Bangladesh. Using posi-
tivism paradigm, a cross sectional survey design was used to highlight the lived experiences of workers working in
the areas of Dhaka and Gazipur. Based on the literature and conceptual model, three hypotheses’ were drawn. To
test the hypothesized relationships among the constructs, a structured questionnaire with closed-ended ques-
tions was developed, designed, and surveyed. This study used non-probability convenience sampling technique to
select the sample. This study was conducted using 276 questionnaires with an answer rate of 62.73%. A 6-point
Likert scale questionnaire was intended to measure the factors and variables of the effectiveness of TUs. To
analyze the surveyed data, partial least square based structural equation modelling approach was used for this
study. The study finds significant positive relationships between OE, CBE and IRCE and TUs effectiveness in the
RMG industry in Bangladesh. The findings of this study have significant policy implications in the Bangladeshi
context.
30
Impact of Sustainable Production and Distribution on Sustainable Performance: Evidence
s in the Ready-Made
from the Pharmaceutical
Garment Sector
Industry in of Bangladesh
Bangladesh
Mr. Shawan
Md. Azharul Uddin
Islam (Corresponding Author)
Email: azharulru7025@gmail.com
Bangladesh University
Rajshahi-6205, of Professionals
Bangladesh
Bangladesh
Mr.Md. Kaysher Hamid

A.K.M. Moniruzzaman
Email: mkhamid21@gmail.com
Department of Management Studies, Jagannath University
Bangladesh
Dhaka-1000,University
Bangladeshof Professionals
Bangladesh
E-mail: moniruzzaman64@gmail.com
Abstract
Md. Mahabul Alam
Sustainable
Department ofmanufacturing process
Management Studies, is gaining
University attention across different sectors because of its consideration of
of Rajshahi
environmental and social responsibility along with its financial responsibility. The objective of the current study
is to measure
E-mail: the impact of sustainable production and distribution process of the pharmaceutical sector of Bang-
mahbubalam@ru.ac.bd
ladesh on sustainability performance, based on triple bottom line measurements. In this study, sustainable manu-
facturing
Md. Salah practice
Uddinis measured through sustainable production process, sustainable supply chain and sustainable
end-life management.
Department Sustainable
of Management performance
Studies, University is the aggregation of three important aspects of performance
of Rajshahi
measurement namely social, environmental and financial performances. A survey questionnaire is designed to
collect
E-mail: data relating to sustainable practices and sustainable performances of listed Pharmaceutical & Chemical
suddin@ru.ac.bd
Companies in Bangladesh. The collected data is analyzed with structured equation model (SEM) to investigate the
relationship
Faria Islambetween
Oridi sustainable production and distribution practices and sustainable economic, environmental
and social performances.
Department of ManagementThe findings
Studies, showofthat
University sustainable production process has positive impacts on environ-
Rajshahi
mental performance,
Rajshahi-6205, but sustainable supply chain management has impacts on economic performance. On the
Bangladesh
other hand,
E-mail: the environmental and social performance of any organization is positively influenced by sustainable
dibafaria982@gmail.com
end life management. It is expected that the findings of the study will provide new insights about sustainable initi-
atives of the manufacturing companies of Bangladesh, and how successfully they are implementing them in
Abstract
achieving theofsustainable
The purpose agenda
this study is of the UN.
to investigate theThe study
reality will contribute to the existing knowledge of sustainable
regardi
production and distribution process and can be used a referencectiveness
for future(IRCE)
work in thetheir
and fieldrelationships
of sustainability.
with the
s in the RMG industry in Bangladesh. Using
positivism paradigm, a cross sectional survey design was used to highlight the lived experiences of workers
working in the areas of Dhaka and Gazipur. Based on the literature and conceptual model, three hypotheses’
were drawn. To test the hypothesized relationships among the constructs, a structured questionnaire with
closed-ended questions was developed, designed, and surveyed. This study used non-probability convenience
sampling technique to select the sample. This study was conducted using 276 questionnaires with an answer rate
of 62.73%. A 6-point Likert scale questionnaire was intended to -
tiveness of TUs. To analyze the surveyed data, partial least square based structural equation modelling approach
was used for this study. The study finds significant positive relationships between OE, CBE and IRCE and TUs
this study have significant policy implications
in the Bangladeshi context.
31
Impact
READINESS
of Sustainable
OF INFORMAL
Production
BUSINESS
and Distribution
SECTORS TOWARDS
on Sustainable
FORMAL Performance:
BUSINESS SECTORS
Evidence
from the Pharmaceutical
IN KATHMANDU Sector
VALLEY
of Bangladesh
Mr.
Dr.Sushanta
Azharul Islam
Kumar Mahapatra
Email:
ICFAI BUSINESS
azharulru7025@gmail.com
SCHOOL (IBS) HYDERABAD, IFHE DEEMED UNIVERSITY, India
Bangladesh
sushanta.mahapatra@ibsindia.org
University of Professionals
Ms.Preeti Gupta
Bangladesh
Quest International College, Pokhara University, Lalitpur, Nepal
Mr.Md. Kaysher Hamid

Email: preetig521021@gmail.com
Dr.Niranjan
Email: Devkota
mkhamid21@gmail.com
Bangladesh
Quest International
University
College,
of Professionals
Pokhara University, Lalitpur, Nepal
Bangladesh
Email: niranjan@quest.edu.np
Mr.Udaya Raj Paudel

Abstract
Sustainable manufacturing process is gaining attention across d

Email: udaya@quest.edu.np
Dr.Deepak Bahadur
environmental Adhikari
and social responsibility along with its financial responsibility. The objective of the current study
is to measure
Department the impactPatan
of Economics, of sustainable production
Multiple Campus, and distribution
Tribhuvan process ofNepal
University, Patandhoka, the pharmaceutical sector of
Bangladesh on sustainability performance, based on triple bottom line measurements. In this study, sustainable
Email: dipakadhikari10@yahoo.com
Ms.Seeprata Parajuli
manufacturing practice is measured through sustainable production process, sustainable supply chain and
sustainable end-life
Quest International management.
College, Sustainable
Pokhara University, performance
Lalitpur, Nepal is the aggregation of three important aspects of
performance measurement namely social, environmental and financial performances. A survey questionnaire is
Email: seeprata@quest.edu.np
Mr.Udbodh
designed Bhandari
to collect data relating to sustainable practices and sustainable performances of listed Pharmaceutical
& Chemical
Quest Companies
International inPokhara
College, Bangladesh. The collected
University, data is analyzed with structured equation model (SEM) to
Lalitpur, Nepal
investigate the relationship between sustainable production and distribution practices and sustainable econom-
Email: udbodh@quest.edu.np
ic, environmental and social performances. The findings show that sustainable production process has positive
Abstracton environmental performance, but sustainable supply chain management has impacts on economic
impacts
The informal sector
performance. On theis not the
other only
hand, theengine of irregular
environmental andjobs, as in
social many countries
performance informality
of any is gaining
organization ground in
is positively
the formal sector.
influenced In this sense,
by sustainable themanagement.
end life government now needs to actively
It is expected that thepromote
findingsthis sector
of the inwill
study which the stakehold-
provide new
ers themselves
insights have taken initiatives
about sustainable the main initiatives so far. Factors
of the manufacturing relating to
companies ofinformal sector
Bangladesh, andare hypothesized
how sothey
successfully as to
increase
are the transition
implementing themof
ininformality. The
achieving the objective of
sustainable the study
agenda was
of the toThe
UN. assess thewill
study readiness of informal
contribute business
to the existing
sectors towards
knowledge formal business
of sustainable sectors
production in Kathmandu
and distribution valley.
process andThe study
can be usedadopted descriptive
a reference approach.
for future 400
work in the
respondents
field were sampled from workers of informal sectors in Kathmandu valley. Questionnaires were used for
of sustainability.
data collection. Based on the findings of the study, the study concluded that the informal economy is a deep-root-
ed problem, especially in terms of undeclared labor, and tackling the illegal economy, undeclared work effectively
could result in transition to formality. The implication of the findings of this study was that vocational training
and development should be formalized. Insurance, security maintenance, legal policy and so on should be carried
out for managing the informal economy, where government, owners, employees, investors and shareholders are
the main responsible factors. The paper recommends that there should be assessment of trade policies for
elements that encourage illicit trade and seek changes in governance that help small informal businesses.
32
READINESS
Work-LifeOF
Balance
INFORMAL
of Service
BUSINESS
Industry
SECTORS
Professionals
TOWARDSduring
FORMAL
COVID-19
BUSINESS
Pandemic:
SECTORS
An
ExploratoryIN
Study
KATHMANDU
in the Context
VALLEY
of Bangladesh
Dr.Sushanta
Azan MostofaKumar Mahapatra
ICFAI
Department
BUSINESS
of Marketing,
SCHOOL (IBS)
Faculty
HYDERABAD,
of BusinessIFHE
Studies
DEEMED
(FBS), UNIVERSITY,
University of Dhaka
India
sushanta.mahapatra@ibsindia.org
Dhaka, Bangladesh
Ms.Preeti Gupta
E-mail: mostofaazan@gmail.com
Md. Armaan
Email: Rashid Shovon
preetig521021@gmail.com
Dr.Niranjan Devkota
Institute of Business Administration (IBA), University of Dhaka
Quest
Dhaka,International
Bangladesh College, Pokhara University, Lalitpur, Nepal
Email:
E-mail:niranjan@quest.edu.np
armaan.rashid.shovon@gmail.com
Mr.Udaya Raj Paudel

Sk. Tashrif
Quest Uddin
International College, Pokhara University, Lalitpur, Nepal
Email: udaya@quest.edu.np
Institute of Business Administration (IBA), University of Dhaka
Dr.Deepak Bahadur Adhikari

Dhaka, Bangladesh
Department
E-mail: sk.tashrif@gmail.com
of Economics, Patan Multiple Campus, Tribhuvan University, Patandhoka, Nepal
Email: dipakadhikari10@yahoo.com
Ms.Seeprata
Abstract Parajuli
The COVID-19
Quest pandemic
International College, has hadUniversity,
Pokhara a great impact on Nepal
Lalitpur, everyone's lives, including the service industry professionals
of Bangladesh,
Email: since 2020. This research paper aims to identify how the COVID-19 pandemic has affected the
seeprata@quest.edu.np
Mr.Udbodh
personal and Bhandari
professional lives and the overall work-life balance of service industry employees of Bangladesh. A
survey, followed by
Quest International one-to-one
College, interview Lalitpur,
Pokhara University, sessions, conducted among 387 employees of Bangladesh’s service
Nepal
industry showed that family time, mental and physical health, recreational opportunities, team coordination,
Email: udbodh@quest.edu.np
training and development opportunities and job security have declined, whereas family support, monthly expens-
Abstract
es, and working hours of people have increased since the pandemic started. However, sleep quality, salary, and
The informal
bonus sector
remained is not the
unchanged only
for engine
most of irregular
people. jobs,
So overall, theas in many has
pandemic countries informality
had negative is gaining
impacts on theground in
work-life
the formal
balance sector. In this service
of Bangladesh’s sense, the government
industry now needs
employees. to actively
The interview promote
sessions this33sector
with surveyin participants
which the stake-
showed
holders
the root themselves have
causes of the taken
impact ofthe main initiatives
COVID-19 pandemicsoon
far.
theFactors relating
work-life to informal
balance sector are hypothesized so
of people.
as to increase the transition of informality. The objective of the study was to assess the readiness of informal
business sectors towards formal business sectors in Kathmandu valley. The study adopted descriptive approach.
400 respondents were sampled from workers of informal sectors in Kathmandu valley. Questionnaires were used
for data collection. Based on the findings of the study, the study concluded that the informal economy is a
deep-rooted problem, especially in terms of undeclared labor, and tackling the illegal economy, undeclared work
tion of the findings of this study was that vocation-
al training and development should be formalized. Insurance, security maintenance, legal policy and so on
should be carried out for managing the informal economy, where government, owners, employees, investors and
shareholders are the main responsible factors. The paper recommends that there should be assessment of trade
policies for elements that encourage illicit trade and seek changes in governance that help small informal
businesses.
33
AWork-Life
QualitativeBalance
Approach
of Service
towardsIndustry
Crucial Factors
Professionals
in Developing
during COVID-19
Rural Women
Pandemic:
Entrepre-
An
neurship:
Exploratory
Evidence from
StudyHandicraft
in the Context
Businesses
of Bangladesh
in Bangladesh
Faria
Azan Mostofa
Islam Oridi (Corresponding Author)
Department of Management
Marketing, Faculty
Studies,
of Business
University
Studies
of Rajshahi
(FBS), University of Dhaka
Rajshahi-6205,
Dhaka, Bangladesh
Bangladesh
E-email:dibafaria982@gmail.com
E-mail: mostofaazan@gmail.com
Md. Shawan
Armaan Uddin
Rashid Shovon
Department
Institute of Business
of Management
Administration
Studies,(IBA),
University
University
of Rajshahi
of Dhaka
Rajshahi-6205,
Dhaka, Bangladesh
Bangladesh
Sk. Tashrif Uddin

Abstract
Based onofan
Institute inductive
Business approach,(IBA),
Administration interpretive
Universityphilosophy
of Dhaka and cross-sectional research design, the researchers
tried
Dhaka,toBangladesh
fill certain gaps with this study, drawing insights from the personal and psychological factors which
hinder
E-mail: rural women entrepreneurs, along with determining the opportunities which flourish rural women entre-
sk.tashrif@gmail.com
preneurship in Bangladesh. Using a convenient-sampling technique, the researchers conducted 21 in-depth

Abstract of rural women entrepreneurs of textile-based handicraft businesses from the Chapainawabganj
interviews
The COVID-19
district. pandemic
Applying contenthas had a the
analysis, great impact onevaluated
researchers everyone's lives,
the includingamong
relationship the service industry
the ideas, professionals
the interview data,
of Bangladesh,
and sincecontext.
the theoretical 2020. This
Thisresearch paperthat
study found aims to identify
personal-psychological conditions and institutional supports
personal
play and professional
significant lives and women
roles in developing the overall work-life balance
entrepreneurs of service
in handicraft industryin
businesses employees of Bangladesh.
Bangladesh. A
The study also
survey,
finds followed
that bythe
most of one-to-one interview
rural women sessions, are
entrepreneurs conducted among 387
facing financial, employees
technical, ofpromotional
and Bangladesh’sproblems
service in
industry showed
operating that family
their businesses. time,
The mental
findings and
can bephysical health,
helpful to recreational
formulate opportunities,
a comprehensive team coordination,
framework to enhance rural
trainingentrepreneurship
women and development in
opportunities and job security
handicraft businesses. have declined,
The insights of the whereas
findingsfamily support,
present monthly
data which explain the
expenses, andand
opportunities working hours of people
challenges womenhave increased since
entrepreneurs the pandemic
of Bangladesh. started.these
Moreover, However, sleep
barriers quality,
can be converted
salary,
into and bonus
positive remained
drivers of ruralunchanged for most people.
women entrepreneurship So overall, the
development pandemic hasareas
in unprivileged had negative impacts
of Bangladesh on
through
the work-lifeassistances
government balance of Bangladesh’s service industry
and other institutional employees.
supports. The interview
The findings sessions
of this study will bewith 33 survey
helpful partici-
guidelines for
pants
the showed the in
policymakers root causes of
inspiring themotivating
and impact of COVID-19 pandemic on more
women entrepreneurs the work-life
than onlybalance of people.
reforming feasible policies
regarding entrepreneurship. Finally, a conceptual model linking personal-psychological and institutional support
and rural women entrepreneurship development has been developed for testing in further studies.
34
Adoption
A Qualitative
of Alternative
Approach Delivery
towards Crucial
ChannelsFactors
of Banks
in Developing
by their Customers
Rural Women
during
Entrepre-
the COV-
ID-19
neurship:
Pandemic:
Evidence
An Exploratory
from Handicraft
Study in
Businesses
the Context
in Bangladesh
of Bangladesh
Faria
Md. Armaan
Islam Oridi
Rashid
(Corresponding
Shovon Author)
Department
of Management
Administration
Studies,(IBA),
University
University
of Rajshahi
of Dhaka
Rajshahi-6205,
Dhaka, Bangladesh
Bangladesh
E-email:dibafaria982@gmail.com
E-mail: armaan.rashid.shovon@gmail.com
Md.
AzanShawan
Mostofa
Uddin
Department
Marketing, Faculty
of Management
of Business
Studies,
Studies
University
(FBS), University
of Rajshahi
of Dhaka
Rajshahi-6205,
Dhaka, Bangladesh
Bangladesh
mostofaazan@gmail.com
Abstract
Based
Digitalon
transformation
an inductive approach,
has beeninterpretive
going on inphilosophy
the banking
and
industry
cross-sectional
of Bangladesh
research
over
design,
the last
the researchers
few years. The
tried
importance
to fill certain
of thisgaps
transformation
with this study,
has increased
drawing insights
even more
from
since
the personal
the start and
of the
psychological
COVID-19 pandemic.
factors which
Banks of
hinder
Bangladesh
rural are
women
giving
entrepreneurs,
more focus than
alongever
withindetermining
the development
the opportunities
and improvement
which flourish
of their rural
alternative
womendelivery
entrepreneurship
channels. However,
in this
Bangladesh.
transformation
Using awill
convenient-sampling
not bear its desiredtechnique,
fruit unless
the
the
researchers
alternativeconducted
channels are
21 in-depth
adopted
interviews
by the majority
of rural
of the
women
banking
entrepreneurs
customers. This
of textile-based
research aims
handicraft
to find out
businesses
the current
from
status
the of
Chapainawabganj
adoption of ‘Alterna-
district.
tive Delivery
Applying
Channels’
content
of analysis,
banks by customers
the researchers
sinceevaluated
the pandemic
the relationship
started. At first,
amongcustomers’
the ideas,
awareness’
the interview
level on
data,
different
andalternative
the theoretical
channels
context.
wereThis
evaluated,
study found
as people’s
that personal-psychological
attitudes towards these
conditions
channelsand
depend
institutional
on how much
supports
they knowplay
about
significant
the channels.
roles in
Then,
developing
customers’
women
usage
entrepreneurs
patterns and
in their
handicraft
perceived
businesses
risk of in
different
Bangladesh.
alternative
The
channels
study alsoof
finds
banks
thatwere
mostevaluated
of the rural
towomen
find out
entrepreneurs
the change in
areadoption
facing financial,
of thesetechnical,
channelsand
since
promotional
the COVID-19
pandemic
problems in
started.
operating their businesses. The findings can be helpful to formulate a comprehensive framework to
enhance rural women entrepreneurship in handicraft businesses. The insights of the findings present data which
explain the opportunities and challenges of women entrepreneurs of Bangladesh. Moreover, these barriers can be
converted into positive drivers of rural women entrepreneurship development in unprivileged areas of Bangla-
desh through government assistances and other institutional supports. The findings of this study will be helpful
guidelines for the policymakers in inspiring and motivating women entrepreneurs more than only reforming
feasible policies regarding entrepreneurship. Finally, a conceptual model linking personal-psychological and
institutional support and rural women entrepreneurship development has been developed for testing in further
studies.
35
Adoption of Alternative
Influencing Delivery
Marketing
Channels
approach
of Banks
in theby
COVID-19
their Customers
hit Market:
during the COV-
ID-19 Pandemic:
The An
Moderating
Exploratory
Effect
Study
of Price
in theSensitivity
Context of Bangladesh
Mohammad
Md. Armaan Osman
Rashid Gani
Shovon
Department
of Marketing,
Administration
Bangladesh
(IBA),
University
University
of Professionals
of Dhaka (BUP)
Dhaka, Bangladesh.
Bangladesh
Email:
E-mail:osman@bup.edu.bd
Golam
Azan Mostofa
Sadman
Department
Marketing, Faculty
of Marketing,
of Business
Bangladesh
Studies University
(FBS), University
of Professionals
of Dhaka (BUP)
Dhaka, Bangladesh.
Bangladesh
Email:
E-mail:sadmanrahi44@gmail.com
mostofaazan@gmail.com
Israt Mitu
Abstract
Digital transformation
Department of Marketing,has been going
Bangladesh on in the
University banking industry
of Professionals (BUP) of Bangladesh over the last few years. The
importance of this transformation has increased even more since the start of the COVID-19 pandemic. Banks of
Dhaka, Bangladesh.
Bangladesh are giving more focus than ever in the development and improvement of their alternative delivery
Email: isratmitu240@gmail.com
channels. However, this transformation will not bear its desired fruit unless the alternative channels are adopted
Abstract
by the majority of the banking customers. This research aims to find out the current status of adoption of ‘Alter-
This study
native aimsChannels’
Delivery to investigate theby
of banks factors affecting
customers sincepurchasing intentions
the pandemic through
started. At the influencing
first, customers’ marketing
awareness’
approach in the COVID-19 hit market of Bangladesh. The study
e’s also investigates
attitudes towardsthe moderating
these role of on
channels depend price
sensitivity
how much between brand
they know awareness
about and purchase
the channels. intention.usage
Then, customers’ Data p
were collected through an online survey utiliz-
ing the snowball
alternative technique
channels of banksfrom
werethe Y generation
evaluated to findusers. A change
out the total ofin258 data were
adoption analyzed
of these by using
channels since structural
the
equation
COVID-19modelling
pandemictechnique.
started. The study shows that e-WOM (electronic-Word of mouth), content quality, and
influencer attractiveness significantly impact building brand awareness through the influencing marketing
approach. Moreover, it was found that price sensitivity has no impact between brand awareness and purchase
intention. This empirical study can suggest to brand or campaign managers that influencing information matter
in order to convert audiences to customers. This research is the very first study that empirically analyzes the
reasons behind purchasing through influencing marketing.
36
Home influencers’
Influencing
Endorsements
Marketing
onapproach
Millennial
in Consumers’
the COVID-19
Purchase
hit Market:
Intentions is the
New Normal: The Mediating Role of Advertising Recognitions
Mohammad
Mollika Ghosh
Osman Gani
Department
Assistant Professor
of Marketing,
(Marketing),
Bangladesh
SchoolUniversity
of Business,
of Professionals
Bangladesh Open
(BUP)
University, Gazipur, Bangladesh and PhD candidate,
Dhaka,
Department
Bangladesh.
of Marketing, Faculty of Business Studies, University of Dhaka, Bangladesh e
Email:
Email ID:
osman@bup.edu.bd
mollikag.du@gmail.com
Golam
ABM Shahidul
SadmanIslam PhD
Department
Professor, Department
of Marketing,
of Marketing,
BangladeshFaculty
University
of Business
of Professionals
Studies, University
(BUP) of Dhaka, Dhaka, Bangladesh
Dhaka, Bangladesh.
Khan Md. Raziuddin Taufique PhD

Email: sadmanrahi44@gmail.com
Senior Lecturer, Department of Marketing, Faculty of Business, Curtin University Malaysia.
Israt Mitu
Abstract of Marketing, Bangladesh University of Professionals (BUP)
Department
Social media campaigns’ new normal is “Home Influencers’” brand endorsements, who are promoting their
Dhaka, Bangladesh.
contents to quarantined followers while staying at home. Drawing on the source credibility of para social interac-
Email: isratmitu240@gmail.com
tion (PSI), persuasion knowledge model (PKM), and purchase intention theory, this research investigates how
Abstract
home influencers’ sponsored posts regarding fashion-beauty, yoga-fitness, and food influence millennial Insta-
intentions
gram and Facebook users’ purchase intentions in Bangladesh. This through
research appliesthe influencing
Structural marketing
Equation Modeling
approach
(SEM) andinmediation
the COVID-19 hit market
analysis as theof Bangladesh.
method The
of data study also
analysis. investigates
Using the moderating
non-probability role
purposive of price the
sampling,
sensitivity
study samplebetween brand
includes 217awareness and
millennials purchase
who intention.
have followed Data were
sponsored collected
micro throughposts
influencers’ an online
from survey
May 2020 to
utilizing
April theBased
2021. snowball technique testing,
on hypothesis from theadvertising
Y generation users. A total
recognition of 258mediates
strongly data were analyzedintentions
purchase by using struc-
with the
tural equation
indirect effectsmodelling technique.
of expertise The study shows
and trustworthiness. Thisthat e-WOM
implies that (electronic-Word ofcredible
in the new normal, mouth),home
content quality,
influencers’
and influencer
sponsorship attractiveness
disclosures significantly
trigger millennial impact building
consumers' brand awareness
advertising through
recognitions the influencing
positively marketing
to purchase goods and
approach.The
services. Moreover,
presentitstudy
was found that price
discusses sensitivity
findings has no impact
and implications between brand
considering awareness
the new normal and
and purchase
post-COVID
intention. This empirical study can suggest to brand or campaign managers that influencing information matter
perspectives.
in order to convert audiences to customers. This research is the very first study that empirically analyzes the
reasons behind purchasing through influencing marketing.
37
CUSTOMER
Home SATISFACTION
influencers’ OF on
Endorsements USERS OF INDIAN
Millennial POST OFFICES
Consumers’ (A Intentions
Purchase Case Study is
ofthe
North-Western
New Normal: The Mediating Role ofIndia)
Advertising Recognitions
Rohit Kanda,
Mollika GhoshPhD, S.R.F. - UGC
University School of(Marketing),
Assistant Professor Financial Studies
School of Business, Bangladesh Open University, Gazipur, Bangladesh and PhD candidate,
Guru Nanak Dev

Department UniversityFaculty of Business Studies, University of Dhaka, Bangladesh e
of Marketing,
Amritsar
Email ID:-mollikag.du@gmail.com
143005 (PB)
Prof. Dr. G. S. Bhalla,

ABM Shahidul Dean (FEB) & Professor
Islam PhD
University School of Financial
Professor, Department StudiesFaculty of Business Studies, University of Dhaka, Dhaka, Bangladesh
of Marketing,
Guru Nanak Dev University
Khan Md.
Amritsar Raziuddin
- 143005 (PB) Taufique PhD
Senior Lecturer, Department of Marketing, Faculty of Business, Curtin University Malaysia.
Abstract
Initial
Abstractfield screening, pilot survey and main survey have been done from the North western region posts of India,
namely Punjab,
Social media Haryana new
campaigns’ and normal
Himachal Pradesh
is “Home Circle for this
Influencers’” study.
brand Given the analysis
endorsements, who areofpromoting
responses their
from 816
respondents across North
contents to quarantined Westernwhile
followers Indiastaying
(204 HP, 360 PB,
at home. 252 HR),
Drawing we source
on the observe that the of
credibility failure
para of handling
social inter-as
established
action (PSI),by literature knowledge
persuasion has had themodel
most impactful effect
(PKM), and on brand
purchase value,theory,
intention loyalty this
and related factors,
research ratherhow
investigates than
that
homeofinfluencers’
perception sponsored
and satisfaction, i.e. havingfashion-beauty,
posts regarding negative effect.yoga-fitness,
Brand value is observed
and to be directly
food influence affected by
millennial
ITES perception,
Instagram e-service
and Facebook satisfaction,
users’ purchasesalesman qualities,
intentions loyalty This
in Bangladesh. and related factors;
research applieswhereas, ITES
Structural perception
Equation
and e-service
Modeling (SEM)satisfaction negatively
and mediation leadastothe
analysis brand value
method ofby (19.6)
data % andUsing
analysis. (.061)non-probability
% respectively. On the other
purposive hand,
sam-
salesman qualities,
pling, the study loyalty
sample and related
includes factors lead
217 millennials who to brand
have valuesponsored
followed by 14.2 %,micro
69.3 influencers’
% and 38.9 posts
% respectively.
from May
Loyalty
2020 to is affected
April 2021. by salesman
Based qualities,
on hypothesis failureadvertising
testing, of handlingrecognition
and relatedstrongly
factors, mediates
with salesman qualities,
purchase failure
intentions
handling and related factors leading to loyalty by 15.4 %, 39.6 %implies
and 43.1 % respectively.
that Failurecredible
in the new normal, of handling
homeleads
to related factors
influencers’ by 77.2 %,
sponsorship whereas, trigger
disclosures related millennial
factors leadconsumers'
to ITES perception by 59.7
advertising %. ITES perception
recognitions positively and
to failure
handling
purchase lead
goodstoand
e-service satisfaction
services. bystudy
The present 30.3 % and 69.3findings
discusses % respectively. Hence given
and implications the above
considering results,
the failure
new normal
handling is a major
and post-COVID factor to be looked upon and taken care of in the modern age of e-era. Additionally, loyalty is
perspectives.
found to be a major factor in formation of brand value, which is again majorly held with the failure of handling and
related factors. Hence, same findings should be taken care of highly for future business prospects.
38
CUSTOMER
Possibilities andSATISFACTION OF USERS
Barriers to Develop OF INDIAN
Tourism POST
based on OFFICES (A
a Sustainable Case Study
Cultural of A
Heritage:
CaseNorth-Western India)
Study of Mahasthangarh
Rohit Kanda, PhD, S.R.F. - UGC

Md. Rifat-Ur-Rahman
University School of Financial
Lecturer, Department Studies
of Cultural Heritage and Bangladesh Studies, Rabindra University, Bangladesh
Guru Nanak Dev

Shahjadpur, University
Sirajganj, Bangladesh
Amritsar - 143005 (PB)

E-mail: rifat218@gmail.com
Prof. Dr. G. S.Fakhrul

Mohammad Bhalla, Islam
Dean (FEB) & Professor
University School of Department
Assistant Professor, Financial Studies
of Business Administration, Stamford University Bangladesh
Guru Nanak
Dhaka, Dev University
Bangladesh
Amritsar - 143005 (PB)

E-mail: hemelmbaru@gmail.com
Abstract
Initial field screening,
As an emerging sector,pilot
the survey
tourismand main survey
industry is not have been
limited to done from the North
only beautiful western
natural region
beauties, but posts of
also customs,
India, namely
heritages, Punjab,
cultures, Haryana
way of life and Himachal Pradesh
so on. Besides Circle
natural for this Bangladesh
heritage, study. Givenisthe analysis
also of responses
a country from
rich in cultural
816 respondents
heritage across North
and archaeological Western
sites. India (204
Incorporating HP,
this 360 PB,
cultural 252 HR),
heritage wethe
into observe that
tourism the failure
sector throughof proper
handling as
care,
rand
and sustainable management would not only conserve the land’s value,
cultural loyalty but
heritage andalso
related factors,
improve therather
chances of
than that of
economic perception
growth. and satisfaction,
This study i.e. having negative
analyzes opportunities and barriers to understand Bangladesh’s cultural heritage’s
by ITES perception,
sustainable tourisme-service satisfaction,
importance as a wholesalesman qualities,
and focuses loyaltyon
particularly and related factors; which
Mahasthangarh, whereas, ITESknown
is also percep-
as
tion and e-service
Pundranagar. satisfaction
In 2018-2019 negatively
from a total oflead to visitors’
1,500 brand value by (19.6)
samples, % and
an FGD (.061) %was
approach respectively. On the of
used as a means other
data
hand, salesman
collection. qualities,
KII was loyaltyto
undertaken and related
collect factors
their lead to brand value
recommendations by 14.2 %, 69.3
for developing % and 38.9cultural
a sustainable % respec-
herit-
ndling and
age-based tourism industry, which would be useful for concerned related factors,
stakeholders with salesman
to adopt the rightqualities,
plans and
failure handling
policies to utilizeand
therelated
ancientfactors leading to
archaeological loyalty by 15.4 %, 39.6 % and 43.1 % respectively. Failure of
sites.
handling leads to related factors by 77.2 %, whereas, related factors lead to ITES perception by 59.7 %. ITES
perception and failure handling lead to e-service satisfaction by 30.3 % and 69.3 % respectively. Hence given the
above results, failure handling is a major factor to be looked upon and taken care of in the modern age of e-era.
Additionally, loyalty is found to be a major factor in formation of brand value, which is again majorly held with
the failure of handling and related factors. Hence, same findings should be taken care of highly for future busi-
ness prospects.
39
Possibilities
TRAVEL VLOGGERS
and Barriers
AS SOURCES
to Develop
OFTourism
INFORMATION
based on
ABOUT
a Sustainable
TOURIST Cultural
DESTINATIONS:
Heritage: A
Case
A STUDY
StudyOF
of Mahasthangarh
BANGLADESH
Md.
Mr.Md.Mobarak
Rifat-Ur-Rahman
Karim
Lecturer,
Email: mobarakrumgt@gmail.com
Department of Cultural Heritage and Bangladesh Studies, Rabindra University, Bangladesh
Shahjadpur,
World University
Sirajganj,
of Bangladesh
Bangladesh
E-mail:
Country:rifat218@gmail.com
Bangladesh
Mr.Mirag
Mohammad Hossain
Fakhrul
Sizan
Islam
Assistant
Email: sizan.fb@gmail.com
Professor, Department of Business Administration, Stamford University Bangladesh
Dhaka,
World University
Bangladeshof Bangladesh
E-mail: hemelmbaru@gmail.com
Dr. Wasib Bin Latif

Abstract
Email: wasib.latif@business.wub.edu.bd
As an University
World emergingof sector, the tourism industry is not limited to only beautiful natural beauties, but also customs,
Bangladesh
heritages, cultures, way of life and so on. Besides natural heritage, Bangladesh is also a country rich in cultural
Abstract and archaeological sites. Incorporating this cultural heritage into the tourism sector through proper
heritage
This paper
care, critically examines
and sustainable the significance
management of travel
would not only vloggers
conserve and their
the land’s vlogs
cultural as sources
heritage of information
but also improve theabout
tourist destinations.
chances of economicIt also explains
growth. the importance
This study of travel vloggers
analyzes opportunities as sources
and barriers of tourismBangladesh’s
to understand information in Bang-
cultural
ladesh. A travel
heritage’s vloggertourism
sustainable is a traveler who shares
importance his/her
as a whole travelling
and focusesexperiences
particularly through videos for his/her
on Mahasthangarh, which viewers.
is also
It is a content
known similar to In
as Pundranagar. travel blog butfrom
2018-2019 in a visual
a totalpresentation. Travel
of 1,500 visitors’ vlog is an
samples, a relatively new phenomenon
FGD approach was used as awhich
showedofup
means first
data in 2016. Travel
collection. vloggers
KII was appear
undertaken as travelers
to collect their who shares their journeys
recommendations in a video
for developing clip. They target
a sustainable
the market
cultural by doing vlogs
heritage-based in theindustry,
tourism destination theywould
which are in,
bedrawing attention
useful for to new
concerned potential to
stakeholders destinations for the
adopt the right
viewer. The
plans and findings
policies to of the study
utilize indicate
the ancient that travel vloggers
archaeological sites. are entirely associated with promoting tourist desti-
nations and motivating their viewers for physical experiences by travelling. The results also found that a travel
vloggers’ uniqueness has a positive impact on viewer perception of a destination.
40
TRAVEL
Challenges
VLOGGERS
and Opportunities
AS SOURCES OF inINFORMATION
the Tourism Sector
ABOUTof Bangladesh
TOURIST DESTINATIONS:
and Nepal
A STUDY OF BANGLADESH
Alvi Rahman Shovon
Mr.Md.Mobarak
Department Karim
of Marketing, American International University – Bangladesh
Dhaka,
Email: mobarakrumgt@gmail.com
Bangladesh
E-mail:
World University
alvishovon94@gmail.com
of Bangladesh
Country: Bangladesh
Abstract
Mr.Mirag
Tourism Hossain Sizan
is flourishing in South Asia, and foreign visitors are flocking in the large number of natural, cultural and
historical attractions. Maximizing the benefits of this growing wave of border tourism is a high priority for Nepal
Email: sizan.fb@gmail.com
and Bangladesh.
World University ofEconomic
Bangladeshcooperation between Nepal and Bangladesh is largely influenced by national policies
which support trade and commerce, infrastructure development, regional agreements and geopolitical settings.
Dr. Wasib itBin
Therefore, Latifimportant to schematize the various dimensions of Nepal-Bangladesh relations, and to find
is very
opportunities and challenges for better economic cooperation through tourism. Nepal and Bangladesh need to
Email: wasib.latif@business.wub.edu.bd
focus their efforts

World University and take the lead in formulating a comprehensive strategy to improve and promote intra-re-
of Bangladesh
gional cooperation and investment in tourism and hospitality consulting services, hotel management and tech-
Abstract
nology application of the tourism sector, training and skills development and hotel operations.
This paper critically examines the significance of travel vloggers and their vlogs as sources of information about
tourist destinations. It also explains the importance of travel vloggers as sources of tourism information in
Bangladesh. A travel vlogger is a traveler who shares his/her travelling experiences through videos for his/her
viewers. It is a content similar to travel blog but in a visual presentation. Travel vlog is a relatively new phenom-
enon which showed up first in 2016. Travel vloggers appear as travelers who shares their journeys in a video clip.
They target the market by doing vlogs in the destination they are in, drawing attention to new potential destina-
tions for the viewer. The findings of the study indicate that travel vloggers are entirely associated with promot-
ing tourist destinations and motivating their viewers for physical experiences by travelling. The results also
found that a travel vloggers’ uniqueness has a positive impact on viewer perception of a destination.
41
Challenges
Value
and Investing
Opportunities
in Bangladesh
in the Tourism
usingSector
F-Score
of and
Bangladesh
V-Score:and Nepal
Generating excess returns through winner portfolio
Alvi Rahman Shovon
Tahmid Islam
Department of Marketing, American International University – Bangladesh
Dhaka,
Department
Bangladesh
of Finance, University of Dhaka
E-mail:
Dhaka, Bangladesh
alvishovon94@gmail.com
E-mail: tahmid-2014112540@fin.du.ac.bd
Abstract
Saif Mahmud
Tourism is flourishing in South Asia, and foreign visitors are flocking in the large number of natural, cultural and
historical
Departmentattractions. Maximizing
of Finance, University the benefits of this growing wave of border tourism is a high priority for Nepal
of Dhaka
and Bangladesh.
Dhaka, BangladeshEconomic cooperation between Nepal and Bangladesh is largely influenced by national policies
which
E-mail:support trade and commerce, infrastructure development, regional agreements and geopolitical settings.
saif-2014612590@fin.du.ac.bd
Therefore, it is very important to schematize the various dimensions of Nepal-Bangladesh relations, and to find
Abstract
opportunities and challenges for better economic cooperation through tourism. Nepal and Bangladesh need to
In an effort to develop a winner portfolio selection based on valuesive
stocks, Piotroski
strategy (2000)and
to improve made a simple
promote account-
intra-re-
ing-based
gional fundamental
cooperation analysis strategy
and investment (F-Score)
in tourism that produced
and hospitality excessservices,
consulting returns in different
hotel markets.and
management The com-
ponent measurement
technology applicationindicators of F-Score
of the tourism sector,to identifyand
training theskills
financial soundness
development andofhotel
stocks have some limitations.
operations.
One of the main limitations is that some of the component parameters are not benchmarked against any standard.
In order to eliminate the limitations of Piotroski's strategy, we developed a modified investment strategy based on
the screening criteria of twelve fundamental measurement indicators, named as V-Score. The major objective of
this study is to examine whether the V-Score can provide superior market-adjusted return than that of F-score in
Bangladesh. In this study, we applied the V-Score method to select portfolios of low price to earnings and low price
to net asset value stocks. From the listed stock of manufacturing companies in Bangladesh during the period
between 2012 to 2018-19, we identified real value stocks for portfolio selection. We find that high F-score and
V-score winner stock portfolios have made 14% and 23% weighted average one-year market-adjusted buy and
hold return, respectively. V-Score screens out more stocks, which currently drag down the returns of the winner
portfolio compared to F-Score. The V-score strategy includes more real value stocks in the winner portfolio, opti-
mizing the portfolio market-adjusted return on a weighted-average basis. Thus, the findings of this study has
significant policy implications for the investors, institutions, portfolio managers and other stakeholders in the
market.
42
The
Value
Collateral
Investing
Channel:
in Bangladesh
Financial using
Flexibility
F-Score
andand
M&AV-Score:
Decisions
Generating excess returns through winner portfolio
Md.
Tahmid
Imran
Islam
Hossain
Assistant
DepartmentProfessor
Department
Dhaka, Bangladesh
of Finance
University
of Dhaka, Bangladesh
E-mail: imran@du.ac.bd
Saif Mahmud
Paul Docherty
Department of Finance, University of Dhaka
Brattle
Dhaka, Group
Bangladesh
Former
E-mail: Senior
Lecturer of Monash University, Australia
E-mail: Paul.Docherty@brattle.com
Abstract
Huu Nhan Duong lue stocks, Piotroski (2000) made a simple
accounting-based
Associate Professor fundamental analysis strategy (F-Score) that p
The component
Department measurement
of Banking indicators of F-Score to identify the financial soundness of stocks have some
and Finance
limitations. One ofAustralia

Monash University, the main limitations is that some of the component parameters are not benchmarked against
any standard.
E-mail: In order to eliminate the limitations of Piotroski's strategy, we developed a modified investment
huu.duong@monash.edu
strategy based on the screening criteria of twelve fundamental measurement indicators, named as V-Score. The
Abstract
major objective of this study is to examine whether the V-Score can provide superior market-adjusted return
We examine
than whetherinUS
that of F-score managers react
Bangladesh. tostudy,
In this exogenous changes
we applied thein their borrowing
V-Score method tocapacity to make M&A
select portfolios of lowinvest-
price
ment decisions.
to earnings We find
and low pricethat an exogenous
to net asset value increase in the
stocks. From local
the realstock
listed estate
ofprices increases companies
manufacturing a US firm’sin
propensity
Bangla-
to undertake
desh an period
during the M&A, particularly cash
between 2012 deals. The
to 2018-19, wepositive impact
identified of borrowing
real value stocks forcapacity
portfolioon M&A propensity
selection. We find is
more pronounced
that high for firms
F-score and with
V-score higher
winner growth
stock opportunities
portfolios and14%
have made better
andcorporate governance.
23% weighted averageM&A’s by firms
one-year
that had a recent buy
market-adjusted positive shock
and hold to collateral
return, valuesV-Score
respectively. exhibit screens
superiorout
post-acquisition performance.
more stocks, which currentlyOverall,
drag downour
findings highlight
the returns the importance
of the winner portfolioof collateraltoinF-Score.
compared shapingThe
corporate
V-scoreM&A decisions.
strategy includes more real value stocks in
the winner portfolio, optimizing the portfolio market-adjusted return on a weighted-average basis. Thus, the
findings of this study has significant policy implications for the investors, institutions, portfolio managers and
other stakeholders in the market.
43
The Impact of
The
Enterprise
Collateral
Risk
Channel:
Management
Financial
(ERM)
Flexibility
on Firmand
Performance
M&A Decisions
and Firm Value:
Evidence from an Emerging Economy
Md. Imran
Jamil Sharif,
HossainPhD, FCMA
Assistant
Associate Professor
Professor,
Department of Finance
Accounting & Information Systems, University of Dhaka
Md. Shuvo
E-mail: Howlader
imran@du.ac.bd
Business Apprentice
Paul Docherty
Finance and Accounts Dept Siemens Healthcare Ltd
Brattle Group
Abstract
Former Senior Lecturer of Monash University, Australia
A transition
E-mail: from traditional risk management (TRM) to enterprise risk management (ERM) evidenced a signifi-
Paul.Docherty@brattle.com
cant change in the way firms managed risks over the last few decades. An increasing number of firms from emerg-
Huueconomy
ing Nhan Duong
have started implementing ERM as integrated and holistic risk management approach. This study
therefore tends to examine the impact of ERM implementation on firm performance and firm value considering
Associate Professor
the listed banking

Department companies
of Banking in Bangladesh from 2013 to 2018. Herein, most of the accounting, financial and risk
and Finance
related data were Australia

Monash University, collected from secondary sources considering annual reports and company website. Although
past studies
E-mail: examine the determinants and disclosures’ quality of risk management and its one dimensional
huu.duong@monash.edu
impact, this study corroborates individual and joint effect of ERM sophistication on firm performance and firm
Abstract
value proxy by return on average asset (ROAA) and market capitalization (LNMC). The multivariate OLS regression
We examine
found whether
significant US managers
association react
between to exogenous
different changes
components in their
of ERM withborrowing capacity
better firm to make
performance M&A
and invest-
also valued
ment
by thedecisions.
market andWe investor.
find that an exogenous
Moreover, theincrease in the
robustness oflocal realhas
results estate
beenprices increases
ensured a US firm’s
by additional propensi-
analysis with
ty to undertake
different an In
proxies. M&A, particularly
addition, resultscash deals.
shows thatThe positive ERM
advanced impact of borrowing
practice capacity
has more onon
control M&A propensity
future is
risks and
more pronounced
uncertainty for lower
resulting firms with higher
risk and thatgrowth opportunities
consequently andthe
improves better
firmcorporate governance.
performance M&A’s
and value of theby firms
firm. This
that had
study a recent
also verifiespositive shock to collateral
equal significance values of
of integration exhibit
both superior post-acquisition
risk governance performance.
and risk assessment Overall, our
components into
findings
ERM highlight the
sophistication forimportance of collateral
better performance andin shaping
market corporate
rewards. M&Athis
Finally, decisions.
study attracts companies to adopt a
holistic approach to ERM and strengthens investors’ conviction in strategic decision-making and allows policy-
makers to validate more integrated risk management practices. Therefore, the corporate governance guidelines in
Bangladesh as listing requirements should include ERM sophistication components ensuring integrated risk man-
agement practice for all the companies.
44
The Effectiveness of G-Score
Graduates
in Predicting
to Entrepreneurs:
the Performance of Growth Stocks in the Stock
Strategy Development Market
in Emerging
of Bangladesh
Countries’ Perspectives
Mr.S.
Saif
M.Mahmud
Shahedul Alam
PabnaDepartment
University of
of Sciences
Finance, and
University
Technology,
of Dhaka
Pabna
Email:
Dhaka,
shahedul1992@gmail.com
Bangladesh
E-mail: saif-2014612590@fin.du.ac.bd
Professor.Dr. A H M Habibur Rahman

Tahmid
Former Islam
Professor, Department of Finance, University of Dhaka
Email:
Department
ahrahman69@gmail.com
Dhaka, Bangladesh
Professor.Dr. Zahidul Quayyum

Formerly Health Economist, Queen Mary University of London, UK
Abstract
Email: zahid.quayyum1@gmail.com
The major objective of this study is to examine whether the simple accounting-based fundamental analysis strat-
Abstract
egy (G-Score) suggested by Mohanram (2005) provide superior return in the Bangladesh market. Mohanram
The purpose of this
applied the papermethod
G-Score is to examine howof
to a series emerging
selected countries
portfolioscan developof
consisting suitable strategies
high market toasset
to net allowvalue
gradu-
stocks in
ates to
thebecome entrepreneurs.
US market Entrepreneurship
to assess if they is now universally
can shift the returns distributionrecognized
acquired byasan
the most critical
investor. factor for
The strategy is replicated
fostering
in theeconomic development
Bangladesh of a country.
market in this Historically,
study. Historically, entrepreneurs
the played a
portfolio consisting ofdominant role in
growth stocks the high
with econom-
G-scores
ic development processperformed
(winner portfolio) of the developed
highercountries by bringing
than the portfolio about economic
consisting of growthchanges, including
stocks with technological
low G-scores (loser port-
developments.
folio) by aItmargin
is not enough for 10%
of almost a country to have
in terms land, labor,
of holding capital
period and other resources
market-adjusted return.for
Butdevelopment.
the findings cannot
There should be someone
conclusively whothe
justify that by virtue of his talent,
fundamental creativity,
analysis ability
investment and drive
strategy can on
based turn these resources
G-Score into winner
can separate
valued entities.
stocks fromDeveloping
loser stockscountries, like Bangladesh,
on an average. in its
The winner portfolio -
performed better than the market or the portfolio that
inglycontains
emphasizing
all theon the role
sample of entrepreneurship,
stocks. and
However, it is not initiating programs
statistically to promote and develop entrepre-
significant.
neurs in numbers and quality (Rahman, 1979). According to Bangladesh Bureau of Statistics (BBS) the number of
working population aged 15 and above was 10.91 crore in 2016-17, of which the number of unemployed popula-
tions was 26.80 lac. Of the total unemployed population, about 11.2 % are youth who have completed their higher
education, suggesting that a large number of unemployed graduates are competing for one vacant position. This
national debacle of educated unemployment should be addressed by taking proper strategies and immediate
action programs to develop the fresh graduates as entrepreneurs.
45
Economic Development
Finance
of Japan
Case
and Role of Accounting
The Financial Distress’ of United Airways Bangladesh Limited
Yoko SUGA
CEO, International Business Alliance Inc.
Tahmid
Tokyo, Islam
JAPAN,
yokosuga0806@gmail.com
Dhaka, Bangladesh;
Toshifumi TAKADA
tahmid-2014112540@fin.du.ac.bd
Professor, National Chung Cheng University
Saif Mahmud
Chiayi, TAIWAN,
ttakada0830@gmail.com
Dhaka, Bangladesh;
Masatoshi SAKAKI
Professor, Tohoku University
Abstract
Sendai, JAPAN,
United Airways Bangladesh Limited is one of the private airline companies of Bangladesh. The company started its
sakakimstsh@gmail.com
operation in 2007 but could not operate sustainably for long. It had to end its flight operation in 2016 on the
Abstractof financial crisis. The company had to deal with high operational costs and needed high working capital.
grounds
Accounting
In has played
2017, it reported a major
a loss role
of Taka in the
1392 development
million offunds
and had no the Japanese
to repaireconomy in theits
and maintain past 150 years.
fleets. The
The company has
objective
a of thisofpaper
huge liability is to
around trace
Taka how
5280 accounting
million to the has
Civilcontributed to the development
Aviation Authority of (CAAB),
of Bangladesh the Japanese
bankseconomy,
and others
and
as how
per thehigher universities have
latest information. playedhas
The CAAB their roles forits
suspended accounting education.
operations Werenewed
and has not would explain
its Air the phenomena
Operating Certif-
through
icate 3 stages
(AOC) of accounting
after failing to repayeducation:
the loans.‘Education of Bookkeeping’:
The Bangladesh theExchange
Securities and 1st stage (1870-1945),
Commission ‘Profession
(BSEC) delisted
and Accounting
United Reporting’:
Airways from theExchanges
the Stock 2nd stage on
(1945-2000) andconsidering
January 2021, ‘Requirement
theof Professional
interests of the Ethics’: the 3rd
shareholders. stage
The BSEC
2001-present.
has Since
reformed the 1868 when
company modern
Board Japan started,
of Directors these2021
in February 3 stages haveits
to start made very significant
operations contributions
again. The to
new directors
Japan.a In
have Japan, universities
challenging have
task at hand. been providing
Should they try toaccounting education
make an alliance withfor the past
another 150 years.
airline Authors
company? (Yoko they
Or should
SUGA
try to and
raiseToshifumi
additionalTAKADA) were engaged
funds? Lastly, in the
should they education
liquidate of business
their international education
and pay programs
off their in account-
debts? Every decision
ancy (IGSAP)
made since
would be very2015, and
crucial this
for thepaper would future.
company’s seek toCan
explain theAirways
United findingsLimited
based on
flythe authors’ experiences.
again?
46
Finance Case
The Financial Distress’
WeWork of United
and Its Airways
IPO Failure
Bangladesh Limited
Saif Mahmud
Tahmid Islam
Department
Dhaka, Bangladesh
Dhaka,
Bangladesh;
Tahmid Islam
Saif Mahmud
Department
Dhaka, Bangladesh
Dhaka,
Bangladesh;
Abstract
Abstract
WeWork - an innovative company which was supposed to change how we perceived workplaces. This workspace
United Airways
provider Bangladesh
is an example Limited
of how is one ofcan
a company thequickly
privateturn
airline companies
from of Bangladesh.
a Wallstreet The
darling into ancompany
outrightstarted
disaster.
its operation
WeWork wentinfrom
2007 but could
being not operate
one highly valuedsustainably
start-up to for long.
losing It had
more totwo-thirds
than end its flight
of operation
its value ininless
2016 on athe
than year.
grounds of financial
Experts attribute crisis.
this loss The company hadgrowth,
to uncontrolled to deal with high operational
unnecessary costs and
diversification, needed
and, most high working lack of
importantly,
capital. In 2017,
supervision. It isitareported
real-lifea case
loss of
of Taka 1392
a failed million and
company thathad
gotno funds
a lot to repair
of money inand maintain
a short itsof
period fleets.
timeThe
with no
company
adequate has a huge liability
supervision. With theof around
help ofTaka 5280CEO,
the new million to theMathrani,
Sandeep Civil Aviation
whoAuthority of Bangladesh
is an established (CAAB),
and experienced
banks
figure and others
in the as per
US real themarket,
estate latest information. Theto
WeWork is set CAAB has suspended
get back its operations
on track. However, beforeand has not renewed
proceeding with theits
new
Air
planOperating Certificate
and vision, (AOC)
the company afterto
needs failing
answerto some
repay questions,
the loans. such
The Bangladesh Securities
as, “What exactly wentand Exchange
wrong Com-
for WeWork?”,
mission
“Was the(BSEC)
timingdelisted United Airways
for diversification from
right?”, the Stock
“What moreExchanges onbeen
could have January
done2021, considering
to make the interests
the company ofto
attractive
the shareholders.
investors?”, “WhatThe BSEC has
corporate reformed the
governance company Board
mechanisms shouldofhave
Directors in February 2021“What
been implemented”? to start
canitsnew
operations
leader-
again.
ship Thefrom
learn new directors have
the previous a challenging
one?”, task
“What can atcompany
the hand. Should
do tothey
earntry
thetotrust
make ofan
thealliance with
investors another
back?”, airline
and most
company? Or “When
importantly, should they
is thetry to raise
right time additional funds?
to file for IPO Lastly,
again?”
their debts? Every decision made would be very crucial for the company’s future. Can United Airways Limited fly
again?
47
Bangladesh’s Competitiveness
Finance Case in Services Trade
Development of the Bangladesh Capital Market: The Case of the New Commission
Saiful Islam
Md. Ashad
Assistant Ull Haque
Professor, Akash
Department of International Business, University of Dhaka
Dhaka,
Graduate
Bangladesh
Student, Department of Finance, University of Dhaka, Dhaka, Bangladesh;
Email:
Research
saifulib@du.ac.bd
Assistant, Research in Business and Economics by Suborna Barua
email: ashadulldhimanhaque@gmail.com
Abstract
Abstract
This study explores the contributions of services to Bangladesh’s economy and its national competitiveness. The
During 2020, of
contributions Bangladesh
services inended as the gross
the nation's best performing capital(GDP),
domestic product market in the region
employment, anddespite having
trade from Covid-19
2010 to
pandemic
2019 situations.
is analyzed usingDuring this year,
descriptive the benchmarking
statistics, index of theof
while the competitiveness DSE (Dhaka
services Stock Exchange),
is measured using theDSEX
RCA has
gainedThe
index. immense growth.
findings show This
that has becometopossible
compared because
agriculture of the newthe
and industry, leadership
services committee in the BSEC
sector contributes (Bangla-
the most to
desh Securities
Bangladesh's and Exchange
economic Commission),
progress the regulator
and employment of the
generation. stock market
However, in Bangladesh.
the total DSEX has
trade of Bangladesh grown by
still
around 51% from
significantly reliesMay 2020 to June 2021,
on manufacturing within
instead 13 months
of services. of the newservices,
Government commission
otherof the BSEC.
business Markettrans-
services, Cap has
reached around
portation BDT 5.14 trillion.
and information All of these growths
and communication have become
technology possible
are evident for taking some
as Bangladesh's initiatives
primary and refor-
exporting
mations in
services: the regulation
while of thetravel,
transportation, stock market, which
and other has helped
business theare
services investors
primarytoimporting
have strong confidence
services. and relia-
Besides,
bility in theBangladesh
currently, stock market.
has a comparative advantage in construction and manufacturing services among the
twelve analyzed services. This study urges a trade policy reform to achieve and sustain competitiveness in the
potential services of Bangladesh for its expected economic growth.
48
Finance Case
Empowering Small Businesses with Financial Technology: The Road Less Travelled
Suborna Barua
Associate Professor, Department of International Business, University of Dhaka
Dhaka, Bangladesh; sbarua@du.ac.bd
Adrita Priyodarshini
Graduate Student, Department of International Business, University of Dhaka
Research Assistant, Research in Business and Economics by Suborna Barua
Dhaka, Bangladesh; priyodarshini.a@gmail.com
Abstract
Financial services still remain unserved to most of the small business owners in Bangladesh. The limited access to
mobile financial services and fintech has a large unaddressed business opportunity for the fintech startups in the
market. TallyKhata is a digital financial services platform that has visualised capturing this untapped sector
becoming the first mover in the industry with an easy-to-use mobile application. This article has studied the case
of TallyKhata in empowering small businesses in Bangladesh through the services that have made business trans-
actions and credit management hassle-free.
49
Finance Case
Evaly: The Fall that was Inevitable
Suborna Barua
Associate Professor, Department of International Business, University of Dhaka
Dhaka, Bangladesh, email: sbarua@du.ac.bd
Kaniz Ahmed
Graduate Student, Department of Finance, University of Dhaka
Research Assistant, Research in Business and Economics by Suborna Barua
Dhaka, Bangladesh, email: ahmed.kaniz97@gmail.com
Abstract
The Bangladeshi e-commerce platform, Evaly has been charged with allegations of fraud and embezzlement of
funds, including the violation of the Digital Security Act 2018, Penal Code 1860, and Consumers’ Rights Protection
Act 2009. Using its unique marketing strategies and preposterous discounts, Evaly is the first large-scale digital
platform to penetrate the rural markets of Bangladesh. This case study focuses on the business model and strategy
of Evaly and the impact of its rise and downfall on customers, policymakers, and e-commerce in Bangladesh.
50
Conference Partners and Sponsors
owth Stocks in the Stock
Market of Bangladesh
Saif Mahmud
Dhaka, Bangladesh
E-mail: saif-2014612590@fin.du.ac.bd
Tahmid Islam
Dhaka, Bangladesh
Abstract
The major objective of this study is to examine whether the simple accounting-based fundamental analysis
strategy (G-Score) suggested by Mohanram (2005) provide superior return in the Bangladesh market. Mohan-
ram applied the G-Score method to a series of selected portfolios consisting of high market to net asset value
stocks in the US market to assess if they can shift the returns distribution acquired by an investor. The strategy is
replicated in the Bangladesh market in this study. Historically, the portfolio consisting of growth stocks with
high G-scores (winner portfolio) performed higher than the portfolio consisting of growth stocks with low
G-scores (loser portfolio) by a margin of almost 10% in terms of holding period market-adjusted return. But the
findings cannot conclusively justify that the fundamental analysis investment strategy based on G-Score can
separate winner stocks from loser stocks on an average. The winner portfolio performed better than the market
or the portfolio that contains all the sample stocks. However, it is not statistically significant.
51
Picture Gallery of the 4th International Conference
52
Picture Gallery of the 3rd International Conference
53
Picture Gallery of the 3rd International Conference
54
University of Dhaka
Tel: +88 02 58613295
Web: www.fbs-du.com
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25-26 September, 2021

About the Faculty of Business Studies 4

Message from the Vice Chancellor 5

Message from the Pro - Vice Chancellor (Academic) 6

Message from the Pro - Vice Chancellor (Admininstration) 7

Message from the Treasurer 8

Message from the Dean 9

Keynote Speech: Business and Economy in the New-normal Landscape

Abstracts of Accepted Papers 20

Conference Partners and Sponsors 51

Departments Titles of the Journals

Professor Dr. Md. Akhtaruzzaman

Joy Bangla. Joy Bangabandhu.

Professor Dr. A. S. M. Maksud Kamal

Professor Dr. Muhammad Samad

Professor Mamtaz Uddin Ahmed

Professor Dr. Muhammad Abdul Moyeen

5th International Conference on Business and Economics (Virtual)

September 25, 2021 Conference Inauguration Ceremony

12:30 pm -1.30 pm Break

September 25, 2021 Parallel Sessions: Session 1:

Discussants: 1. Professor Dr. Firdousi Naher, University of Dhaka

4. Factors Inﬂuencing Labour Migration from Agriculture sector to

September 25, 2021 Parallel Sessions: Session 2

Discussants: 1. Professor Dr. Zakir Hossain Bhuiyan, University of Dhaka

September 25, 2021 Parallel Sessions: Session 3

Discussants: 1. Professor Dr. Sayema Haque Bidisha, Department of Economics,

September 25, 2021 Parallel Sessions: Session 4

Discussants: 1. Professor Chowdhury Saima Ferdous, University of Dhaka

September 26, 2021 Parallel Sessions: Session 5

Discussants: 1. Professor Swapan Kumar Bala, University of Dhaka

September 26, 2021 Parallel Sessions: Session 6

Discussants: 1. Professor ABM Shahidul Islam, University of Dhaka

September 26, 2021 Parallel Sessions: Session 7

Discussants: 1. Professor Gazi Hasan Jamil, University of Dhaka

1:30 pm -2.00 pm Break

Discussants: 1. Dr. Md. Saifuddin Khan, Associate Professor, University of Dhaka

September 26, 2021 Parallel Sessions: Session 9: Ph.D. Colloquium

Coordinator: Professor M. Thouﬁqul Islam & Dr. Suman Das

Presentation by Ph.D. Students:

3:30 pm -3.45 pm Break

*The schedule is subject to change without notiﬁcation.

Professor Bernadine Van Gramberg

Swinburne University of Technology, Australia

Keynote address Health policies such as social distancing, work from

due course. These policies proved to be unsustainable 640-642

Mahfuzul Hoque, PhD

Dhaka – 1000, Bangladesh,

Mahmuda Akter, PhD

Dhaka – 1000, Bangladesh,

Md Salah Uddin Rajib, PhD

Savar, Dhaka – 1342,

Md. Mahbub Alam

Nusrat Nasir Nimnee

Md. Nazmus Sadekin