Table of Contents

Contents
Chapter-01: Introduction.................................................................................................................. 1
1.2 Background of the Study ........................................................................................................ 1
1.2 Scope of the Study .................................................................................................................. 2
1.3 Statement of the Problem ...................................................................................................... 2
1.4 Research Aim and Objectives: ................................................................................................ 3
1.5 Organization of the study ....................................................................................................... 3
Chapter-02: Review of the literature ............................................................................................... 4
Chapter-03: Methodology of the Study ......................................................................................... 10
3.1 Research Design ................................................................................................................... 10
3.2 Sampling Design ................................................................................................................... 11
3.3 Data & Variables ................................................................................................................... 12
3.4 Descriptions of the Variables ............................................................................................... 13
3.4 Data Collection Methods ...................................................................................................... 16
3.5 Data Analysis Techniques ..................................................................................................... 16
Chapter-04: Findings and Analysis ................................................................................................. 18
4.1 Status of Executive Directors in Bangladesh ........................................................................ 18
4.2 Characteristics of Executive Directors and Firm Performance ............................................. 21
4.3 Duties and Responsibilities of the Executive Directors ........................................................ 25
Chapter-05: Summary and Conclusion ........................................................................................... 27
5.1 Discussion of the Findings .................................................................................................... 27
5.2 Suggestions and Recommendations .................................................................................... 28
5.3 Limitations of the Study ....................................................................................................... 29
5.4 Area of the Further Research ............................................................................................... 29
References ...................................................................................................................................... 30
Appendix......................................................................................................................................... 32
 List of Tables

Table-01: Sampling Strategy ........................................................................................................ 11

Table-02: Description of Variables .............................................................................................. 13
Table-03: Descriptive Statistics of the Sample ........................................................................... 21
Table-04: Summary of the Regression Analysis ......................................................................... 22
Table-05: Analysis of Variance of Regression Analysis ............................................................. 23
Table-06: Regression Coefficients ............................................................................................... 24
List of Figures

Figure-01: Age of the Executive Directors .................................................................................. 18

Figure-02: Educational Qualification of the Executive directors .............................................. 19
Figure-03: Experience of the Executive Directors ..................................................................... 20

List of Abbreviations and Nomenclatures

ANOVA- Analysis of Variance

BB- Bangladesh Bank

BEI- Bangladesh Institution Enterprise

BSEC- Bangladesh Securities & Exchange Commission

CEO- Chief Executive Officer

CFO- Chief Financial Officer

CG- Corporate Governance

DSE- Dhaka Stock Exchange

DSE- Dhaka Stock Exchange

MD- Managing Director

OECD- Organization for Economic Co-operation and Development

ROA- Return on Asset

ROE- Return on Equity

S&P- Standard & Poors

SPSS- Statistical Tool for Social Science

 Chapter-01: Introduction

1.2 Background of the Study

Corporate governance is the convergence of theories originated from accounting,

economics, finance, industrial relations, law, organizational behavior and psychology.
The increasing number of corporate collapse is linked to the lack of effective corporate
governance mechanism. Corporate governance is the central authority to supervise the
management for running the company. The board of a company is composed of executive
and non-executive directors. Several researches have been conducted on corporate
governance, independent directors and CEO compensation. But the characteristics of
executive directors, their skills and responsibilities have not been studied intensively. So
the rationale of this study is to analyze the impact of the characteristics of executive
director on financial performance of the firm. The status of executive directors in
Bangladesh is not also explored yet. The study also aims at identifying the duties and
responsibilities of the executive directors.

Even in case of executive directors in developing nations, there stills prevails lack of
capabilities and expertise. Previous studies have examined how executive directors
facilitate board appointments through CEO ingratiation or gain influence through
experience and network ties (Westphal, 2000). However, few prior studies examine how
executive directors exercise such influence and make an actual contribution to the work
of boards (Terjesen, 2009). It has been argued that greater representation of executive
directors on boards potentially leads to better team or group based decision making
(Luckert, 2013).

The few empirical studies that investigate the impact of executive representation on
boards generally test for a direct relationship between the characteristics of the executive
directors and corporate performance. Such studies provide mixed evidence, some find a
positive relationship (Carter, 2003) while others find no significant or even negative
relationships (Sharder, 1997). A possible explanation for the contradictory findings is the
lack of attention to intermediate variables that help in explaining the effects of the
characteristics of executive directors on firm performance (Pearce, 1989). The study
addresses gap in research by focusing on executive directors by analyzing the
characteristics of them and their impact on firm performance from Bangladesh
perspective.

1
1.2 Scope of the Study

The study considers 50 S&P DSEX index listed companies of Dhaka Stock Exchange to
explain the result of the impact of the characteristics of executive directors on firm
performance and different other dimensions of corporate governance in Bangladesh. The
foreign companies are excluded because the operations and corporate culture of those
companies may be influenced by their home country customs and regulations. The result
of the study may not explain the absolute scenario or vary with other research for small
sample size and inclusion of limited number of variables on the regression model. The
study is unable to explain the scenario of the firm outside the DSEX index. The general
limitations of regression analysis also prevail as a constraint of the study. The data for
analysis counted for fiscal year 2015-2016 to make it as a cross sectional data set. So, the
result may vary with the analysis of previous years.

1.3 Statement of the Problem

An executive director holds two resignations of a company as an employee and a member

of the board. On top of their full time executive position, they are appointed to the board.
The scenario of executive director can be used as an important intelligence for
understanding the characteristics of executive directors in Bangladesh. In accordance with
the act, they have the same duties and responsibilities as other directors. The core issue
for the research is the characteristics of the executive directors influence the performance
of the firm. Presence of different behavioral aspects of the executive directors may ensure
the company better performance. The study aims to identify the key issues about specific
responsibilities of the executive directors.

The most common obstacle that executive directors are to face is role confusion. Boards
must govern in the best interest of the corporation. Boards of directors are ultimately
appointed by and aware of the interests of the shareholders. Boards primarily set strategy
and monitor management. Management implements strategy and reports to the board.
Therefore, an executive director is a governor and a manager, an employer and an
employee of the company. The key to success for executive directors is to be clear on the
purpose of each role. Generally, in board meetings, the executive director needs to focus
on strategic issues rather than operational matters.

2
1.4 Research Aim and Objectives:
Executive directors are the key components to construct a board of a company. They have
to play a dual role both in the management of the company and as a director of the board.
The main interest of the study is to explore the characteristics of the executive directors
and find out the relationship of the variables with the firm performance. In many cases,
Executive directors do not always understand the responsibilities of the board. Some
executive directors do not want to be held accountable by the boards. For the purpose of
the study, the research statements above are broken down into two specific objectives as
outlined below:
To show the status of executive directors in Bangladesh
To analyze the relationship between the characteristics of the executive directors
and the firm performance
To identify the duties and responsibilities of the executive directors of a company

1.5 Organization of the study

The paper is composed with five chapters. Each chapter is comprised of different
subtitles. At the very beginning of the study the background of the study, scope of the
research, the explanation of the problem, objectives of the study has explained.
Chapter two covers existing literature on the corporate governance issue both in
developed and developing countries. The understanding of corporate governance and
board issues has reviewed. The composition of board and the duties of board members are
also discussed. There is sufficient discussion about the understanding of executive
directors. Finally, the research gap is found the characteristics of executive directors on
firms performance. Chapter three explains the methodology used in the study. It includes
the research design which reflects the overview of the entire plan of the research. The
mechanism of sampling design, definition and explanation of relevant data, sources of
data, data collection methods and data analysis techniques are the issues of part three.

The findings of the analysis are explained in chapter four. The analysis part consists of
three parts: The scenario of executive directors in Bangladesh, Characteristics of
executive directors and firm performance and responsibilities of the managing directors.
Finally the summary and conclusion of the analysis has drawn in chapter five. It consists
of discussion of the findings, suggestions and recommendations, limitations of the study,
area of the further research.

3
 Chapter-02: Review of the literature

Corporate Governance
Deferent authors define corporate governance form deferent perspectives. Cadbury
Report defines corporate governance as The system by which the companies are directed
and controlled. The Report recognizes that a good corporate governance system allows
board of director to be free to drive their companies by maintaining a framework of
effective accountability (Cadbury, 1992). Accepting the Cadbury definition of corporate
governance, the Hampel Report suggested that the single overriding objective of
companies is the preservation and greatest practical enhancement over time of their
shareholders investment (Hampel, 1998).Tricker provides more extensive definition by
explaining four principle activities: direction, executive action, supervision and
accountability (Tricker, 1984). One the other hand, Charkham identifies how the basic
principles of corporate governance and the ability of the management drive the enterprise
forward and a framework of effective accountability (Charkham, 1994).

Corporate governance has been receiving increasing consideration from regulatory bodies
and practices worldwide since the last decade of the previous century (Ullah, 2009).The
maximization of the value of shareholders and the protection of the interests of other
stakeholders is the fundamental objective of corporate governance. It explains the
relationship among the shareholders, management, and the board of directors and others
stakeholders (Karim, Sarkar & Fowzia, 2010).

A number of high profile corporate bodies collapses around the world have had an
adverse effect on the economic impact on the local and international communities. The
corporate scandal of Hallmark group, Sonali Bank, Bismillah group and Agrani Bank are
the major incidents in Bangladesh.The scenario of corporate governance practices in
Bangladesh is not satisfactory (Ullah, 2009). The investors are willing to invest in
companies where there is good corporate governance practice (Sharoar, Zahirul & Arafat,
2009). The issue of corporate governance came into light in the wake of stock market
debacle in Bangladesh in 1996 by organizing seminars, conferences and discussion by
Organization for Economic Co-operation and Development (OECD), Securities and
Exchange Commission(SEC) and other scholars of corporate culture (Talukdar, 2007).
Scholars and researchers linked those problems with lack of effective corporate
governance (Mallin, 2003).

4
Corporate Governance in Bangladesh
During the stock market crisis in Bangladesh in 1996, the issue of corporate governance
came to light. In March 2004, Bangladesh Enterprise Institute introduces the code of
corporate governance for Bangladesh. In February 2006, the Security Exchange
Commission (SEC) issued a notification to enhance the practice of corporate governance
and by this notification the SEC imposes conditions comply or explain to all companies
listed with any stock exchange in Bangladesh. After introducing SEC guidelines the
corporate governance practices are gradually increasing in Bangladesh, but it is in initial
stage till now (Sarkar, 2014).

The financial system of Bangladesh is mainly bank based. The corporate governance
system in Bangladesh is a combination of insider dominant bank based system and
outsider dominant market based system. British colonial rule led to the poor institutional
and corporate base. As a result, the corporate environment in Bangladesh does not have
an effective market based corporate governance system (Farooque et all, 2007).

Most of the companies in Bangladesh do not practice corporate governance. Considering

its neighbors and the global economy, Bangladesh has lagged behind in corporate
governance mechanism (Gillibrand, 2004). There are many reasons behind this situation
such as family oriented companies, lack of motivation to disclose information and
nonexistence of improved governance practice by companies for corporate governance.
Insufficient legal, institutional and economic motivations discourage shareholders to
practice corporate governance (Haque, Jalil & Naz, 2007).

In addition, Founder families or group of families or foreign owner predominantly owned

and control the corporate sector in Bangladesh. In most cases more than 50 percent shares
are owned by family members and domestic or foreign companies. As a result, families
have extensive influence on the decision making process of the company. Most of the
companies have executive directors, the CEO and the chairperson from the controlling
family. Other high ranked posts in organizational hierarchy are taken by the members
from controlling family. As the representation of minority shareholders and industrial
investors are minimal and founder family has the controlling power, corporate boards
generally lack independence. The dominating families use boards as tools for
implementing their agenda (Farooque et all, 2007).

5
The financial sector in Bangladesh is controlled by the Company Act of 1994, the
Insurance Act of 1973, Ministry of Commerce and other government laws and policies.
The Registrar of Joint Stock Companies, Bangladesh Bank, the professional accountancy
bodies like Institute of Chartered Accountants of Bangladesh, and the Security and
Exchange commission are the main regulatory bodies to monitor corporate regulations.
But various complications reduce overall effectiveness of the rules and regulation of these
institutions (Hossain & Rahman, 2013).

Board of Directors
The core issue associated with corporate governance is the board of directors of a
company. They are the ultimate authority to provide guidance and direction to the
company to the company. According to common law, once a person accepts appointment
as a director, he becomes a fiduciary in relation to the company and is obliged to display
the utmost good faith towards the company and in his dealings on its behalf. A board of
directors is a group of individuals elected to act as representatives of the stockholders to
establish corporate management related policies and to make decisions on major company
issues. The Board is a link between managers and investors (Malin, 2003). The business
and affairs of a company must be managed by or under the direction of its board which
has the authority to exercise all of the powers and perform any of the functions of the
company. The powers of the board may be limited by specific provisions of the Act or by
the Memorandum of Incorporation of the company (Deloitte, 2013).According to
Company Act 1994, the board of every public limited company and a private company
which is a subsidiary of a public company should be composed of at least three directors.
In case of private limited company the board should have at least two directors.

In law there is no real distinction between the different categories of directors. But the
classification of directors becomes particularly important when determining the
appropriate membership of specialist board committees, assigning the boundary of roles
and responsibilities of several board members and when making disclosures of the
directors remuneration in the annual report of a company.

6
Usually, the board of directors is made up of executive directors and non-executive
directors. Executive directors are full-time employees of the company whereas Non-
executive directors are not employees of the company and are not involved in its day-to-
day running. The majority of non-executive directors should be independent. Factors to
be considered in assessing their independence include their business, financial and other
commitments, other shareholdings and directorships and involvement in businesses
connected to the company. However, holding shares in the company does not necessarily
compromise independence. It is now recognized as best practice that a public company
should have more non-executive directors than executive directors.

Executive Directors
The board of a company comprises with different types of directors named Executive
directors, non-executive directors and independent director. Executive directors is a
member of the board of a company who is also an employee of that company and who
often has a specified area of responsibility such as finance or production (Tricker, 2015).
Robert Souster defined executive directors as full-time employees of the company who
are usually recruited by the board of directors. They are the highest earners in the
company, with remuneration packages made up partly of basic pay and fringe benefits
and partly performance-related pay (Souster, 2012).

According to Deloitte (2013), the directors are defined as executive when they are
involved in the day to day management of the company or being in full-time salaried
employment of the company or both. An executive director has an intimate knowledge of
the workings of the company through his or her privileged position. Therefore, the
amount and quality of information can be regarding the company affairs possessed by
executive and non-executive directors can be imbalanced (Deloitte, 2013).

Executive Directors work for the company in a senior capacity usually concerned with
policy matters or functional business areas of major strategic importance. Large
companies tend to have executive directors responsible for finance, marketing, operations
and so on. Achieving maximum returns for the shareholders is the moral obligation of the
executive directors (Roselina & Shakil, 2005).

7
Exploring Executive Directors Effusively

The executive director is responsible for the day to day management of the organization
working with the Chairman of the company and other Board of Directors. The principal
role of the board is to oversee the overall management of the company and the role of the
CEO is to manage the company well and protecting the supreme interest of the
shareholders (Lin, 2005). Thus executive directors have to play a dual role both in
directorship and management. The combination of the two roles facilitates decision
making and helps a board stay better informed about company matters without a
confusion of accountability (Coombes & Wong, 2004). Executive directors provide
information on the firms operation to other board members (Bumosleh & Reeb, 2005).
The CEO who is the highest-ranking executive in the organization has full power in
appointing executives.

Executive directors are regarded as a valuable source of knowledge and expertise for
formulating and assessing firm strategic decisions (Pearce, 1989). Hence, directors are
expected to make important contribution to different phases of strategic decision making
of a firm (Rindova, 1999).

Besides the involvement in the day to day management of the company, executive
directors carry an added responsibility. They are entrusted with ensuring that the
information laid before the board by management is an accurate reflection of their
understanding of their affairs of the company (Deloitte, 2013).

King III (2009) highlights the fact that executive directors should maintain a balance
between their management of the company and their duties and independent state of mind
required when serving on the board. The executive directors should prefer the interest of
the company over the interest of the management of the company.

Executive directors have the same duties as other members of a unitary board. These
duties are not limited to the part that is covered by their individual executive roles and
extend to the whole of the business. When engaged in board business, executive directors
should see themselves as more than members of the executive team. Executive directors
should be aware of their wider responsibilities when joining the board. The executive
team is responsible for setting an example to the company culture, values and behaviors.

8
The original committee chaired by Sir Adrian Cadbury charged with the duty of
considering ways of creating the transparency of operations envisaged under corporate
governance suggested executive directors should do. Without shareholders approval,
executive directors should not be granted service contracts in excess of 3 years duration.
The concept is to try to ensure that if a director fails to perform the perceived cost of
terminating their service should not be too difficult. It should be ensured that the pay of
executive directors is a subject to the deliberation of a remuneration committee. The total
emoluments of the directors as well as the actual figures for the chairman and highest
paid director should be disclosed in the annual report.

A Chairman is a director who is authorized to preside over the board and general meeting.
Company Act (1994) states that, the positions of the Chairman of the Board and the Chief
Executive Officer of the companies should preferably be filled by different individuals.
The Chairman of the company should be elected from among the directors of the
company. The Board of Directors should clearly define respective roles and
responsibilities of the Chairman and the Chief Executive Officer.

Board members should be and remain qualified individually and collectively for their
positions. They should understand their oversight and Corporate Governance role and be
able to exercise sound, objective judgment about the affairs of the company (Mahmud &
Ara, 2015). During board meetings Executive directors are expected to provide
satisfactory explanation on the firms operation to the outside directors. Executive
directors bring a unique combination of talent and experience to the board and can thus
play important advisory roles in identifying and exploiting strategic opportunities. Chief
executive officers of the firms are a major source of candidates for board positions.

Yet, in spite of the recent growth of empirical research in corporate governance and
Executive directors, not much is known about the characteristics of the executive
directors, their skills, roles and responsibilities and the impact of these variables on board
effectiveness and overall performance of the firm. The executive director of a firm plays a
significant role on both the management and the board of a company. The objective of the
study is to analyze the nature of relationship between the characteristics of the executive
directors and the firm performance. Based on the review of the literature, two hypotheses
can be formed as follows,

9
 : There is no relationship between the characteristics of the executive directors and
firm performance.

: There is a relationship between the characteristics of the executive directors and

firm performance.

Chapter-03: Methodology of the Study

3.1 Research Design

The main objective of the research is to test the hypothesis that there is a relationship
between the characteristics of the executive director and firm performance. The other
objectives are to show the status of executive directors in Bangladesh and their roles and
responsibilities. The hypothesis has been tested with two regression models and the
status and responsibilities of the executive directors have identified by reviewing different
journals, government policies, laws and other sources. Regression models consist of ROA
and ROE as dependent variables, Age, education, experience, gender and board duality as
independent variables. There are also two control variables named size of the board and
age of the firm. The sample for the analysis comprised with 50 representative companies
from different industries included in the DSEX index of Dhaka Stock Exchange.

The necessary data for the analysis is basically collected from the audited annual report of
the companies and the company websites. Net earnings before tax have been considered
to calculate Return on Asset and Return on Equity of the company. Years of schooling
has used to represent the educational qualification the directors. The number of years the
directors career has referred as his experience. Board size refers the number of members
prevails in the board.

After collecting data from several sources, the data has been analyzed with the Statistical
Package for Social Science (SPSS) to test the hypothesis and interpret the findings.
Descriptive statistics of the variables provides the overall scenario of the data set.
Regression analysis provides three tables names Model Summary, ANOVA and
regression Coefficients.

10
Finally the result of the regression has explained and the recommendation has been given
based on the result of the regression analysis. The research also figured out the limitations
and areas of further research in the summary and conclusion section.

3.2 Sampling Design

The study considers 50 firms of the S&P developed DSEX index from a diverse
industries under convenient sampling. The S &P DSEX index comprises with 264 firms.
According to the principle of convenient sampling, the data collection has conducted
from conveniently available companies on non-probability basis. The firms are chosen
from banks, financial institutions, insurance companies, IT, pharmaceutical, ready-made
garments, cement and many other industries. The number of firms from respective
industries is shown in the following table,

Table-01: Sampling Strategy

Name of the Industry Number of Firms

Bank 7
Insurance 5
Financial Institutions 6
Textiles & Chemicals 4
Pharmaceuticals 6
Engineering 4
Food & Allied Products 3
Fuel & Power 4
Cement 3
IT Sector 3
Ceramic 2
Miscellaneous 3
Total 50

Foreign companies are excluded for the research because they are influenced by their
home country rules and regulations. All the data for the selected companies has collected
for the fiscal year of 2015/2016.

11
3.3 Data & Variables

The evaluation of the characteristics of the executive directors on firm performance

requires some variables that will make the analysis into a reasonable study. This paper
does not include all dimensions of the characteristics of executive directors and
performance of the firm but limited to some specific variables which have been classified
as dependent variables, Independent variables and control variables. The relationship
between the characteristics of the executive directors and firm performance has analyzed
considering Return on Asset (ROA) and Return on Equity (ROE) as dependent variable
against five independent variables (Age, Gender, Education, Experience, Board duality)
representing the characteristics of the executive directors along with two control
variables including age of the firm and size of the board.

The definition of the key variables of the study are explained here,

Dependent Variable: Firm Performance

The dependent variable of the analysis are the Return of Asset (ROA) and Return on
Equity (ROE) of the firm. ROA is the ratio of net operating income and total asset of the
company. Similarly, ROE is a ratio of the net operating income divided by the
shareholder equity of a company. Both of the measures are usually expressed in the form
of percentage.

Independent Variable: Characteristics of the Executive Directors

The Characteristics of the executive directors in this study refers to the various attributes
of an executive director such as age, educational qualification, experience, gender and
board duality.

Control Variables

Control variables are usually variables that are not the key interested area of the study are
related to the dependent variable to some great extent. The control variables of the study
are the size of the board and the age of the company.

12
3.4 Descriptions of the Variables

The study focuses on the characteristics of the executive directors such as age, gender,
educational qualification, and experience and board duality are included in the regression
model to identify the relationship of the variables with the firm performance. There are
also some control variables named board size and firm age to ensure more accuracy of the
result of the analysis. All the variables are grouped into independent and dependent
variables. Dependent variables represent the firm performance such as Return on Asset
and Return on Equity. Independent variables cover the characteristics of the executive
directors. The following table showing the summary of terms of measurement,

Table-02: Description of Variables

Variables Terms of Measurement

Dependent Variables
FP Model-01: Return on Asset (ROA)
(Financial performance of the firm) Model-02: Return on Equity (ROE)
Independent Variables
Exp The experience of the executive directors serving as a
(Experience) board member
Edu Educational qualification of the Executive director
(Education)
Age Age of the executive director
Gender Gender of the executive director of the firm
BDuality Board Duality explains whether the chairman and the
(Board Duality) executive directors of the company is the same
individual
Control Variables
BSize Number of members composed the board
(Size of the board)
FAge Number of years since the firm started its operation
(Age of the firm)

13
Dependent Variables

Financial Performance of the Firm (FP):

The study considers Dependent variable Return on Asset and Return on Equity (ROE) as
the financial performance indicator of a firm.
Return on Asset (ROA) is an indicator of how profitable a company is relative to its total
assets. ROA gives an idea as to how efficient management is at using its assets to
generate earnings. It is calculated by dividing a company's annual earnings by its total
assets.
ROA is displayed as a percentage and calculated as follows,

Return on Asset= Net income/ Total Asset

Return on equity (ROE) is the amount of net income returned as a percentage

of shareholders equity. Return on equity measures a corporation's profitability by
revealing how much profit a company generates with the money shareholders have
invested.

ROE is expressed as a percentage and calculated as:

Return on Equity = Net Income/Shareholder's Equity

ROE is chosen for reflecting the performance of the firm because it is well
comprehensive, easy to calculate and board & management both are congratulated when
there is positive ROE growth occurs in accompany.
Independent Variables
Age
Age is an important attribute of the executive director. The performance of a natural
person usually varies with age. A major argument in favor of appointing more women to
company boards is that they add not only to gender diversity but also to age diversity. The
directors of a company under age 40 are much rarer than directors over 70 (Anne
ODonnell, 2016). The hypothesis under this variable are,
0 = Age of executive directors is not correlated to firm performance
1 =Age of executive directors is correlated to firm performance

14
Education
Educational background is fundamental characteristics of the executive director. The
assessment of educational background starts from higher education and ends with a
doctoral degree. The educational qualification of the executive directors has expressed by
years of schooling. It is assumed that Higher Secondary education takes 12 years,
Graduation levels needs 16 years, Post-graduation for 17 years and a Doctorate degree
requires 20 years of schooling.
Educational qualification of executive directors link firm performance with the following
hypothesis,
0 =Educational background of the executive directors is not related to firm performance
1 = Educational background of executive directors is related to the firm performance
Experience:
Experience of the executive directors is a very important variable that is related to the
performance of the firm. The study defines experience as the number of years the
Executive director serving the company. The hypothesis under the variable are,
0 =Experience of executive directors has no impact on the firm performance
1 = Experience of the Executive directors has an impact on firm performance
Gender
Executive director of a company can be either male or female. The participation of female
directors has been increased significantly in the recent years. Ensuring board diversity
improves the performance of the firm that urges companies to appoint females as board
members (Malin, 2003). The dummy variable gender explains whether the executive
director of a company is male or female where male indicates 1 and female 0. The
hypothesis of the variable are,
0 = Male executive directors contribute more to the company performance
1 = female executive directors contribute more to the company performance.
Board Duality
Both the company Act, 1994 and Corporate Governance Code of BEI recommend that,
the positions of the Chairman of the Board and the Chief Executive Officer of the
companies should preferably be filled by different individuals. But there are still some
companies which has the same person for both chairman of the board and CEO popularly
known as board duality.

15
Abdul Rahman and Haniffa (2005) reveal significant relationship between role duality
and performance. Board duality is also a dummy variable where 1 indicates absence of
board duality and 0 refers to presence of board duality. The following hypothesis can be
developed for this variable,
0 = Absence of board duality increases firm performance
1 = Absence of board duality doesnt increases firm performance

3.4 Data Collection Methods

A total of 50 observations are made for this study to form a cross sectional data set to run
the regression model. The sample consists of a variety of industries. The audited financial
reports from companies are the basis for obtaining necessary information about the
executive directors and financial performance indicators Return on Asset and Return on
Equity (ROE. The characteristic of the executive directors has collected from the annual
report, company website and directors report. The age, educational qualification and
experience of the directors have been collected from the directors profile section of the
annual report of the selected companies. History of the company part contains the
information about the age of the firm. The number of members made up the board is also
given both in the website of the company as well as in the annual reports.

3.5 Data Analysis Techniques

The basic estimation strategy of the study is to gather necessary data across the firms and
apply multiple regression models on the data set. Multiple regression models will provide
more accurate information to find out the actual relationship between the dependent and
explanatory variables.

16
In order to examine the relationship between the characteristics of executive directors and
firm performance the following regression model has been developed:

Model-01:

() = 1 + 2 + 3 + 4 + 5 + 6 + 7 +
8 +

Model-02:

() = 1 + 2 + 3 + 4 + 5 + 6 + 7 +
8 +

Where,

FP = Financial performance of the firm (ROA and ROE)

2Exp = Experience of the executive director
3Edu = Educational qualification of the Executive director
4 = Age of the director
5 = Identifies the executive directors is a male or female
6 = Represents whether the chairman and the CEO of the firm is the same
individual
7 = Size of the board
8 = Age of the firm since its operation
1 is intercept, is the regression coefficient of variable and is the composite
error term

The subscript i represents the different firms and t represents the different years

17
 Chapter-04: Findings and Analysis

4.1 Status of Executive Directors in Bangladesh

Executive directors play a vital role both in providing strategic direction and achieving
the goals of the company. All over the world, CEO Directors are the highest paid
employee of a firm. They exercise intensive power for managing the company and
supervising the management team. Managing directors need to have maximum
educational qualification, working experience and exclusive leadership skills.

Resembling the other countries of the world, Executive directors of listed companies in
Bangladesh are highly qualified and experienced. The age level of executive directors
usually starts at the early 40s. Only 4% of the executive directors in Bangladesh are
having age below 40 years and only 2% is above 70 years old. The following figure
explains the different age concentration of executive directors,

Figure-01: Age of the Executive Directors

Age of the Executive Directors

2% 4%

Below 40
21% 20%
40-50
50-60
60-70
Above 70
53%

More than 50% managing directors fall between the age levels of 50 to 60 years. 40 to 50
years and 60 to 70 years age groups contain 20 % and 21 % of executive directors
respectively.

Executive Directors require excellent academic knowledge to run the company and
perform the task both as a director and an executive of the company. The study finds that,
all the managing directors of listed companies of Dhaka Stock Exchange under DSEX
index have minimum a Graduation degree from reputed universities. Having a foreign

18
degree is most frequent among the directors. They have training and membership of
reputed trade association of local and international Bodies.

Figure-02: Educational Qualification of the Executive directors

35
Number of Executive Directors

30

25

20 Graduation

15 Post-Graduation

10 Doctorate Degree

0
Educational Qualification

The study having a sample size of 52 companies of DSEX index finds that, executive
directors of 15 companies completed their graduation, 32 of the directors have done post-
graduation degree and 5 executive directors have doctorate degree. Almost all the
directors have completed their higher education in the top level public University in
Bangladesh or received a graduation and post-graduation from abroad.

Beside, Interlocking directorship is found among the managing directors. Interlocking

directorship means individual director possess the directorship of several companies both
of related industries or unrelated industries. Having directorship in more than one
company is more frequent in Bangladesh. At the same time it is very common that a
group of companies of a family owned business has directors of the respective companies
from the same family and their relatives.

The experience level of executive directors in Bangladesh is dispersed among different

experience levels. All the directors have adequate experience to perform their duties and
responsibilities effectively. 29% of the executive directors have experience level of 10 to
20 years. 69% of the directors show experience level of 20 to 40 years. Only 2%
executive directors have more than 40 years of experience.

19
 Figure-03: Experience of the Executive Directors

Experience of the Executive Directors

2%
29% Below 20
36% 20-30
30-40
Above 40
33%

Banking, insurance and Financial Institutions refer average 30 years of experience levels
of their executive directors. On contrary, managing directors of textile and
Pharmaceutical companies contains mean experience of 25 years. At the same time, Fuel,
Cement and IT companies have executive directors having nearly 26 years of experience.

The participation of females as executive directors is null according to the study. None of
the company of 52 companies under DSEX index has a female executive director.
Though females are most frequently seen as a board member of those companies, but they
are posing other positions of the company like the Chairman, Independent directors and
other regular directors.

There is no board duality exists among the companies. Even a few years ago, the position
of the chairman and the CEO was frequently filled by one individual. The trend has been
changed significantly most probably the introduction of the corporate governance codes
and guidelines provided by BSEC, BEI and other authorities. At present, all the
companies have separate Chairman of the board and executive director or CEO.

20
4.2 Characteristics of Executive Directors and Firm Performance

Descriptive Statistics

The descriptive statistics of all variables used in the model are shown in Table-03.

Table-03: Descriptive Statistics of the Sample

Descriptive Statistics

N Minimum Maximum Mean Std. Deviation Variance

ROA 50 -2.59 35.76 7.5854 8.44104 71.251

ROE 50 2.14 55.05 13.2118 8.91867 79.543
Age 50 34 73 54.38 8.400 70.567
Edu 50 16 20 16.96 1.009 1.019

Exp 50 10 55 25.54 8.961 80.294

Size 50 5 21 9.64 4.213 17.745
FAge 50 8 64 27.54 13.533 183.151
Valid N (listwise) 50

According to the table, the average Return on Asset of the firms is approximately 7.59%.
The company having maximum return on asset is 35.76% whereas the lowest performing
company has negative return on asset of -2.59%. The mean Return on Equity of the firms
is 13.21% and the value ranges from minimum 2% to maximum 55%. The variance of the
values ROA is 71.25 which indicate that companies have large differences in their ROA
and the values are spread moderately away from their mean. ROE has the variance of
79.54 which also express the same attributes.

The average age of the executive directors of the companies is 54 years. The study found
the youngest managing director of 34 years old and the oldest with 73 years. The
minimum educational qualification is graduation level where maximum numbers of CEO
Directors have MBA degree. The result shows that, the average experience level of the
executive directors is 26 years of which 10 years working experience is the minimum and
maximum of 55 years of experience. The average number of board of directors in a board
is 10. The smallest board is comprised with 5 members and 21 is the largest board size.
27 years is the average age of the firms. The newest company had started its operation 8
years ago and the oldest firm had started its journey 64 years ago.

21
Model Analysis and Hypothesis Testing

The model is regressed by using linear regression analysis by the SPSS (The Statistical
Package for Social Science). Two variables of the five independent variables have
excluded from the regression model while computing the result because there were no
variability in gender and board duality. All the executive directors in the sample are found
male and there is no board duality on the firms.

The regression has run with three independent variables for two dependent variables
along with two control variables. The result of the regression analysis presented in Table-
04 indicates that there is no significant relationship between the characteristics of the
executive directors and firm performance of the firm. That means the age, educational
qualification, experience, gender, board duality, board size and firm age has no
relationship with the financial performance of the firm namely Return on Equity (ROE)
and Return on Assets (ROA). So, it can be easily perceived that the age, educational level
and experience cannot influence the firms economic performance.

At first the model summary shown in Table -04 tells the goodness of fit of the regression
models respectively. The R Square value of the table for model-01 is 0.162 and model-02
is 0.085. Expressing the values as percentage form it can be stated that, the explanatory
variables of model-01 can explain about 16.2% change in the dependent variable and
model-02 can explain 8.5 % change in the dependent variables.

Table-04: Summary of the Regression Analysis

Model Summary

Model R R Square Adjusted R Square Std. Error of the

Estimate

1 .402a .162 .066 8.15647

2 .292a .085 -.019 9.00094
a. Predictors: (Constant), FAge, Edu, Size, Age, Exp
b. Model-01: ROA
c. Model-02: ROE

The ANOVA table tells whether the model can predict dependent variables by using the
Independent variables. Table-05 shows that, the significance value of ROA and ROE
models are .156 and .541 respectively which is visibly larger than 0.05. So, the null
22
hypothesis cannot be rejected. The study finds that, there is no relationship between the
characteristics of executive directors and the financial performance of the firm.

Table-05: Analysis of Variance of Regression Analysis

ANOVAa

Model Sum of Squares df Mean Square F Sig.

Regression 564.072 5 112.814 1.696 .156b

1 Residual 2927.232 44 66.528

Total 3491.304 49

Regression 332.848 5 66.570 .822 .541b

2 Residual 3564.743 44 81.017

Total 3897.591 49
a. Dependent Variable:
i. Model-1:ROA
ii. Model-2: ROE
b. Predictors: (Constant), FAge, Edu, Size, Age, Exp

Table-06 explains the coefficients of the model. As the tale shows all the significance
values of the dependent variables for both the dependent variables ROA and ROE are
greater than 0.05 except education for ROA. The characteristics of executive directors
age, education and experience have no relationship with firm performance. But the
education of executive directors has positive impact on Return on Assets of the firm.

Now referring the individual hypothesis of the each independent variable under both
dependent variables the following conclusions can be developed,

i. Age of the executive directors is not related with either Return on Asset or Return
on Equity of the firm.
ii. Education shows vague result. Under Regression Model-01, Educational
qualification of the executive directors has a positive impact on the Return on
Asset of the firm. In case of Return on Equity education has no relationship with
financial performance (ROE).

23
 iii. Both the models find that the experience of the executive directors is not related
with the financial performance of the firm. Thus, Null hypothesis is true for both
ROA and ROE as the significance values for the variables are .86 and .76
respectively which is clearly higher than 0.05.

Table-06: Regression Coefficients

Coefficientsa

Model Unstandardized Coefficients Standardized t Sig.

Coefficients
B Std. Error Beta
(Constant) -51.155 22.235 -2.301 .026
Age .183 .200 .182 .913 .366
Edu 3.058 1.282 .366 2.385 .021
1
Exp -.035 .195 -.037 -.179 .859
Size -.195 .304 -.097 -.641 .525
Fage -.011 .089 -.017 -.120 .905
(Constant) -26.566 24.537 -1.083 .285
Age .105 .221 .099 .475 .637
Edu 2.158 1.415 .244 1.525 .134
2
Exp -.065 .216 -.066 -.303 .763
Size -.231 .336 -.109 -.688 .495
FAge .049 .098 .075 .504 .617
a. Dependent Variable:
i. Model-1:ROA
ii. Model-2:ROE

It should however be mentioned that the data were mainly collected from the companys
annual reports which may not have explanatory power to express the true performance of
the firms. Also, the data were collected from entities ignoring the underlying differences
of their operations, as any two organizations are not the same. The extreme value of some
observed variables may have further impacts on the results.

24
4.3 Duties and Responsibilities of the Executive Directors

Duties of the Executive Directors

Most of the literature on governance assumes that the behavior of the board of directors is
defined by the corporate structure it governs. But there are still some mechanisms of
effective corporate governance and roles of executive directors that can be applied
regardless of the corporate structure of an institution. The Duties of any Board of Director
can be divided into three categories: Duty of Care, Duty of Loyalty, and Duty of
Obedience.
Firstly, The Duty of Care requires a director to be reasonably informed, to participate in
decisions and to do so in good faith. All the directors must attend meetings, exercise
independent judgment, and an appropriate level of understanding of the issues critical to
the institution.
Secondly, The Duty of Loyalty emphasizes that directors should exercise their power in
the best interest of the corporation. The best interests of the corporation must prevail over
their individual interests or the particular interests of the individual directors.
Finally, The Duty of Obedience requires board members to be faithful to the mission of
the institution. In this context, Directors remain faithful to the institutional mission and
works relentlessly for maximizing stakeholder value in a manner consistent with ethical
practices.

Responsibilities of the Executive Directors

The executive director determines and supervises the strategic direction of the company.
Managing director bears the collective responsibility of all management functions and
decisions. In the public eye, CEO is seen as the figurehead of the company. So, executive
directors are responsible to establish a positive image of the company to the stakeholders.
The executive director of a company plays a dual role both as the member of the board
and working with the management of the company. Although board remains accountable
to shareholders and stakeholders, it may delegate a huge amount of power and
responsibility to the managing director.

25
Executive directors are responsible for recommending or appointing the executive team
and ensuring proper succession planning and performance appraisals of the company.
Managing director develops the companys strategy for consideration and approval by the
board. Developing and recommending to the board annual business plans and budgets
that support the companys long-term strategy is also the responsibility of the executive
directors. Executive directors establish organizational structure for the company which is
necessary to enable execution of its strategic planning approved by the board. They are
responsible for providing ethical leadership and creating an ethical environment for the
company. Its the accountability of the executive director to ensure that the company
complies with all relevant laws and corporate governance principles and also confirm that
the company applies all recommended best practices.

Some of the more important functions that King III suggests that the CEO perform
include:

Appointing the executive team and ensuring proper succession planning and
performance appraisals
Developing the companys strategy for consideration and approval by the board
Establishing an organizational structure for the company which is necessary to
enable execution of its strategic planning
Ensuring that the company complies with all relevant laws and corporate
governance principles, and
Confirming that the company applies all recommended best practices and, if not,
that the failure to do so is justifiably explained.

26
 Chapter-05: Summary and Conclusion

5.1 Discussion of the Findings

The study found that there is no relationship between the characteristics of the executive
directors and the financial performance of the firm (ROA and ROE). The regression
analysis confirms that the null hypothesis under different dependent variables such as age,
education and experience of the executive directors is not associated with Return on Asset
and Return on Equity of the selected DSEX index companies in Bangladesh. Though the
dependent variable under return on asset finds a positive relationship with the firm
performance, it is overridden by the other variables.

The performance of a company depends on a large number of factors such product

variety, differentiation and innovation, rand image, efficient workforce with other macro
environmental forces. Again the board of a company comprises with 7 to 20 members.
So, usually it is not possible for the executive director to contribute to the firm
performance solely to a great extent. Again human behaviors like age experience and
educational qualification is not likely related to the managerial competitiveness of a
person. Rater it is very much depends on the intellectual ability and intuition.

The result reveals that the executive director of a company is not the only performer to
increase the financial performance of the firm. All the board of directors should work
collectively as a team to build up strategy and direction for the management to execute.
So, the skills, educational qualification and experience are required in all level of the
organization to earn better profitability.

The roles and responsibilities of the executive directors and as well as other directors is
not defined specifically in law and any other policies. So, there always exits a
misconception about their duties. All the directors should have to be careful about their
duties, loyal to the company and obedient to the opinion of the other board members.
Executive director has to play the most critical role in the company to work with the
board for developing plans and long term objectives and execute the plan with the
management team to earn the desired objectives.

27
5.2 Suggestions and Recommendations

The study finds some recommendations for both the corporations of Bangladesh. The
economy of Bangladesh is private dominated and import oriented in nature. Most of the
companies in this country have family influence. The board of directors and the top
management is most likely to be the members of the same family.

So, the first recommendation is to minimize the family influence on board decision
making and the overall management of the company. The independence of the outside
directors and the executive directors will be improved in this way.

Secondly, the study finds that there are adequate female members in the board of different
companies. But they are either independent or recommended directors. There is no
female is seen as an executive director in any company. Although even some the largest
companies of the world are now appointing females as executive directors and they are
performing well. So female should be appointed as executive directors in Bangladesh
very soon.

At the same time interlocking directorship is very frequent among the companies in
Bangladesh. It probably makes the executive directors busier and forces them to put less
concentration on a specific company. So, the nature of interlocking directorship should be
reduced or eliminated from the companies and distinct executive directors should be
appointed for different companies.

Frequency of board meetings is very low among the listed companies in Bangladesh.
Though arranged the presence of the directors is not satisfactory. So, the participation of
board of directors in board meetings and general meetings should be made obligatory.

The executive directors and the entire management team should be made more
accountable and should have clear idea about their duties. The performance evaluation
technique should be improved.

Finally, the remuneration mechanism of the chairman and executive directors should be
made more transparent. The actual value of their compensation should be disclosed in the
annual reports.

28
5.3 Limitations of the Study

Every study has some limitations. The study uses regression model to find out the
relationship between the characteristics of the executive directors and firm performance.
The ROA and ROE has been chosen to represent financial performance of the companies.
But at real scenario there are other measures to define financial performance. So, the
findings of the study may vary with previous studies. Age, experience and education have
been used as the determinant of the characteristics of the executive directors. These
variables may not explain the actual characteristics of the directors. Only 50 companies
from DSEX index are used as a sample to represent the overall industries and explain the
overall scenario of the status of executive directors in Bangladesh. The data of the
selected companies have been collected for the year of 2015/2016 to make it a cross
sectional data set. Foreign companies are excluded from the sample because they are very
much influenced by the practices of their parent countries. So, the result may vary with
reality due to the constraints or limitation of the data and the sources.

5.4 Area of the Further Research

The study covers only five variables age, education and experience to explain the
characteristics of the executive directors. It paves the way to show the status of executive
directors in Bangladesh by using some other variables like family membership,
ownership, professional qualification etc. Along with ROA and ROE as dependent
variables EPS and Tobins Q can be used to gain better insight about the characteristics of
executive directors and firm performance. The competency of executive directors can be
a suitable area to research based on this study. The study can be done in a specific
industry to get the result of the certain industry with the same model. A potential
researcher may use pooled data for 5 to 10 years to find the result more accurately y using
a larger sample size.

29
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31
 Appendix

Collected Data on Sample

Companies Name of Independent Variables Control

the Dependent Variables
Executive Variable
Director
ROA ROE Age Edu Exp Gender Bduality BSize FAge

Banks
Brac Bank Selim R. F. 1.13 13.32 47 17 30 1 1 9 15
Hussain
Islami Bank Mr. Md. Abdul 0.44 6.28 65 17 37 1 1 21 33
Bangladesh Hamid Miah
Limited
AB Bank Moshiur 0.48 6.03 55 17 30 1 1 12 34
Rahman
Chowdhury
Bank Asia Ltd Md. Arfan Ali 1.26 14.45 45 17 15 1 1 13 17
Southest Bank Mr. M. Kamal 3.08 11.86 61 16 32 1 1 13 22
Hossain
United Mr. 1.42 16.54 64 17 39 1 1 21 33
Commercial Muhammed
Bank Ali
City Bank Mr. Sohail 1.8 14.7 50 17 25 1 1 14 33
R.K. Hussain
Insurance
Dhaka Insurance Mr. A.Q.M. 10.1 24.97 57 17 30 1 1 12 20
Co. Ltd. Wazed Ali 4
Fareast Islami Al-Haj 20.8 8.5 59 17 32 1 1 20 16
Life Insurance Mohammad 4
Co. Helal Miah
Pragati Life Mr. Md. 22.7 9.82 48 17 22 1 1 16 16
insurance Jalalul Azim 5
Limited
Sunlife Insurance M. Solaiman 35.7 4.4 57 17 30 1 1 11 16
Company Hossain 6
Prime insurance Mr. Shah 6.68 18.16 66 16 32 1 1 20 20
Company Muhammed
Limited Hasan
Financial
Institutions
Lanka Bangla Mr. 0.94 6.81 39 17 15 1 1 10 19
Finance Limited Mohammed
Nasir Uddin
Chowdhury
IDLC Arif Khan 1.93 20.21 52 17 24 1 1 13 31
United Finance Syed Ehsan 2.26 13.4 59 17 28 1 1 10 27
Ltd. Quadir
Premier Leasing Mr. Asad 0.56 5.72 17 36 1 1 10 20
& Fin. Service Khan
Ltd.
MIDAS Mr. Shafique- 0.82 7.53 57 17 30 1 1 11 21
Financing Ltd. ul-Azam
Uttara Finance S. M. Shamsul 2.95 10.86 60 17 30 1 1 12 21
Ltd Arefin
Textile
Paramount Mr. Shakhawat 4.91 18.4 59 17 30 1 1 8 10
textile Ltd. Hossain

32
Al-Hajtex Md. Talha 5.98 11.69 73 16 55 1 1 10 56
Company Name of the ROA ROE Age Ed Exp Gende BDualit BSize FAge
Executive u r y
Director
Envoy Textile Mr. Abdus 2.78 7.44 53 16 22 1 1 8 21
Salam
Murshedy
Desh Garments Mr. Omar 10.5 24.45 45 16 18 1 1 5 39
Quader Khan 7
Pharmaceutical
s & Chemicals
ACI Limited Dr. Arif Dowla 13.4 29.45 46 20 16 1 1 10 48
7
Beximco Mr. Nazmul 1.08 16 55 17 22 1 1 8 40
Pharmaceuticals Hassan
Global Heavy Abdur Rakib 3.94 5 57 16 29. 1 1 7 16
Chemicals Ltd Khan 0
Renata Limited Syed S Kaiser 16.0 21.33 55 20 27 1 1 9 25
Kabir 8
Orion Pharma Salman 5.93 8.08 34 16 11 1 1 7 51
Ltd. Obaidul Karim
MJL Bangladesh Azam J 21.4 26 67 17 15 1 1 8 18
Limited Chowdhury 6
Engineering
Bangladesh Mr. Aameir 6.27 8.44 41 17 15 1 1 6 64
Steels Re- Alihussain
Rolling Mills Ltd
(BSRM)
Aftab Saiful Islam 3.79 4.99 44 17 19 1 1 8 35
Automobiles
Rangpur Mr. Rathendra 15.7 55.05 46 17 20 1 1 5 35
Foundry Nath Paul 4
GPH Ispat ltd. Mr. 4.18 6.72 52 16 36 1 1 9 10
Mohammed
Jahangir Alam
Food & Allied
Product
Fu Wang Food Mr. Arif 0.89 5.36 46 16 18 1 1 5 19
Ahmed
Chowdhury
Golden Harvest Ahmed Rajeeb 4.05 9.09 42 17 15 1 1 9 23
Agro Industries Samdani
Ltd.
Apex Foods Mr. Shahriar 0.06 2.14 41 17 12 1 1 5 37
Ahmed
Fuel & Power
Jamuna Oil Md. Masudur 7.24 18.94 53 17 25 1 1 6 52
Company Rahman
Summit Power Lt Gen( Retd) 11.3 14.67 68 20 10 1 1 13 19
Limited Abdul Wadud 1
Titas gas Engr. Mir 7.81 13.02 54 17 28 1 1 9 52
Mashiur
Rahman
Eastern Md. Abul 29.1 5.56 58 17 30 1 1 7 53
Lubricants Ltd. Khair 4
Cement
Premier Cement Mohammed 29.1 16.37 56 20 18 1 1 7 15
Mills Ltd. Amirul Haque 6
Meghna Cement Ahmed Akbar 3.71 6.74 65 16 38 1 1 6 24
Ltd. Sobhan

33
Confidence Mr. Rupam 12.3 21.54 67 16 36 1 1 7 22
Cement Ltd. Kishore Barua 2

Company Name of the ROA ROE Age Ed Exp Gende BDualit BSize FAge
executive u r y
Director
IT Sector
Intech Ltd. Mirza Aminul -2.59 9.83 52 16 22 1 1 5 15
Islam Beg
Daodil Mr. Md. Sabur 9.99 16.39 51 17 26 1 1 5 26
Computers Khan
BDCOM Online Mr. S.M. 6.42 18.93 50 17 24 1 1 6 19
Ltd. Golam Faruk
Alamgir
Ceramic
RAK Cemamics Mr. S.A.K. 10.9 14.98 59 17 30 1 1 5 18
Bangladesh Ekramuzzama 4
Limited n
Standard Mr. Helal 5.09 9.4 55 16 29 1 1 8 32
Ceramic Uddin Ahmed
Miscellaneous
Bangladesh Mr. Md. 2.47 3.19 60 17 35 1 1 9 8
Submarine Cable Monwar
Company Hossain
Limited
(BSCCL)
Bangladesh Comodor H. 1 4.94 55 17 12 1 1 7 44
Shipping R. Bhuiyan
Corporation
National Feed Akther H. 8.84 12.9 55 16 17 1 1 7 17
Mill Ltd. Babul

34