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A Comparative Analysis of Corporate Governance Guidelines: Bangladesh Perspective
Rahman,Md,Musfiqur,Khatun,Naima 한국유통과학회 2019 KODISA ICBE (International Conference on Business Vol.2019 No.-
The purpose of this research study is to make a comparative analysis between corporate governance guidelines 2006 and 2012 and area of further improvement to ensure better governance, accountability and transparency. This research study is mainly based on the corporate governance guidelines 2006 and 2012 issued by the regulatory authority known as Bangladesh Securities and Exchange Commission (BSEC). This study finds that corporate governance guideline 2012 include some new issues such as criteria and qualification of independent director; some additional statements in the directors report; mandatory requirement of separation of chairman and CEO; constitution of audit committee, chairman of audit committee; role of audit committee; duties of CEO and CFO on financial statements; and collection of compliance certificate from professional accountant or secretary in compare to corporate governance guidelines 2006. This study suggests that the regulatory authority should include more issues such as tax management and reporting, risk management and reporting; individual and overall performance analysis of the board and independent directors; separate nomination and compensation committee; assessment of true independence of the board and its supporting committees to ensure higher quality of corporate governance and transparency.
Rahman, Md. Musfiqur,Abd El-Aty, A.M.,Kim, Sung-Woo,Na, Tae-Woong,Shin, Ho-Chul,Hong, Su-Myeong,Shim, Jae-Han Applied Science Publishers 2017 Food chemistry Vol.221 No.-
<P><B>Abstract</B></P> <P>An effective analytical method was developed for the detection and quantification of polyoxin D in butterbur using ultra-performance liquid chromatography-tandem mass spectrometry (UPLC-MS/MS). Samples were extracted using acidified deionised water and purified via solid-phase extraction (SPE) using an HLB cartridge. An external matrix-matched standard calibration curve was prepared, which provided an excellent linearity with a coefficient of determination (<I>R</I> <SUP>2</SUP>) ⩾0.999. Limits of detection (LOD) and quantification (LOQ) were 0.015 and 0.0.05μg/g, respectively. The developed method was validated in terms of recovery performance using two fortification levels in triplicate. The storage stabilities of the various field samples were also determined. Our method provided consistent recovery (86.26–87.37%) with a relative standard deviation (RSD) of <5%, and was successfully applied to field-treated butterbur grown under greenhouse conditions and collected at various times following commercial fungicide application. As expected, a gradual degradation of polyoxin D was observed, with a half-life (t<SUB>1/2</SUB>) of 2.11d being recorded. Finally, we propose that the developed method can be extrapolated to other crops for routine analysis and can be used to determine the pre-harvest intervals (PHIs), thus preventing the development of antibiotic resistance genes in humans and in the environment.</P> <P><B>Highlights</B></P> <P> <UL> <LI> A simple and effective method was developed for the detection and quantification of polyoxin D in butterbur using UPLC-MS/MS. </LI> <LI> Due to the hydrophilic character of polyoxin D, the analyte was unrecovered following QuEChERS extraction. </LI> <LI> QuEChERS d-SPE was also unable to remove interference in the UPLC-MS/MS results originating from chlorophyll and other pigments from green leafy vegetables. </LI> <LI> Use of acidified water extractions and Oasis HLB cartridges successfully recovered the target analyte. </LI> </UL> </P> <P><B>Graphical abstract</B></P> <P>[DISPLAY OMISSION]</P>
Rahman, Md. Musfiqur,Abd El-Aty, A.M.,Kim, Sung-Woo,Lee, Young-Jun,Na, Tae-Woong,Park, Joon-Seong,Shin, Ho-Chul,Shim, Jae-Han Elsevier 2017 Journal of chromatography. B, Analytical technolog Vol.1040 No.-
<P><B>Abstract</B></P> <P>A high-performance liquid chromatography-fluorescence detection method was developed for the simultaneous determination of thiodicarb and its degradation product methomyl in animal-derived food products, including chicken muscle, beef, pork, table eggs, and milk. Thiodicarb is known to degrade during analysis; therefore, a thorough investigation was carried out, revealing that thiodicarb degrades to methomyl immediately after spiking into a matrix of animal-derived food products. Consequently, thiodicarb was determined as the sum of the parent compound and methomyl. Samples were extracted with acetonitrile and sodium salts, and purified using solid-phase extraction (SPE). The limits of detection (LODs) and quantification (LOQs) were 0.0013 and 0.004mg/kg, respectively, for both analytes in various matrices. Seven-point external calibration curves were obtained, and they showed excellent linearity with determination coefficients (<I>R<SUP>2</SUP> </I>)≥0.999 for all tested matrices. The method was validated at three fortification levels (LOQ, LOQ×2, and LOQ×10) in triplicate with average recoveries ranging from 84.24 to 112.8% (for methomyl) and relative standard deviations (RSDs)≤6.5% in all matrices. The converted recoveries of thiodicarb in various matrices ranged from 74.80 to 107.80% with RSDs≤4.5%. The identities of both compounds in standard solutions and for recovery were confirmed using liquid chromatography-tandem mass spectrometry (LC–MS/MS). The developed method was further validated by accurate reproduction at another laboratory. Finally, the method was applied to market samples collected from different areas (and, in the case of milk, different brands), and none of the samples tested positive for thiodicarb or methomyl. In conclusion, the developed method can be successfully applied for a single-run analysis of thiodicarb and methomyl in livestock products.</P> <P><B>Highlights</B></P> <P> <UL> <LI> Due to the frequent degradation of thiodicarb in animal food products, its recovery was very poor. </LI> <LI> It was observed that thiodicarb was breakdown to methomyl just after fortification. </LI> <LI> Improvement or development of a methodology cannot improve thiodicarb recovery. </LI> <LI> At last, a simultaneous method was developed after consideration of methomyl and thiodicarb as a total residue of thiodicarb. </LI> </UL> </P> <P><B>Graphical abstract</B></P> <P>[DISPLAY OMISSION]</P>
Md. Musfiqur RAHMAN,Farjana Nur SAIMA,Kawsar JAHAN 한국유통과학회 2020 Asian Journal of Business Environment (AJBE) Vol.10 No.2
Purpose: The purpose of this paper is to find out the impact of financial leverage on firm’s profitability in the listed textile sector of Bangladesh. Research design, data and methodology: A sample of 22 DSE listed textile firms has been used to conduct the study. In this study, firm profitability is measured by Return on Equity (ROE) and both short term debt and long term debt are used as the as proxies of financial leverage. Pooled Ordinary Least Squares (OLS), Fixed Effect (FE), and Generalized Method of Moments (GMM) models have been used to test the relationship between financial leverage and profitability of firms. Result: This study finds a significant negative relationship between leverage and firm’s profitability using the Pooled OLS method. The result is also consistent with the fixed effect and GMM method. This result implies that firm’s profitability is negatively affected by the firm’s capital structure. Conclusion: The study concludes that maximum textile firms use external debt as a source of finance as they don’t have sufficient internally generated funds. This study recommends that firm should give more emphasize on generating fund internally to meet up their financing needs.
Md. Musfiqur Rahman,Farjana Nur Saima 한국유통과학회 2018 The Journal of Asian Finance, Economics and Busine Vol.5 No.2
Corporate governance has received massive attention in academic research nowadays due to several recent corporate failures. Inefficiency of corporate governance mechanisms have driven the minds of the researchers and the policy makers to look with more insights into this area. Board composition, as part of corporate governance mechanism, plays a significant role to achieve company’s goals or objectives and ensure transparency and accountability. The objective of this study is to find out the efficiency of board composition through board size, independent directors and female directors on firm performance in the listed manufacturing firms of Bangladesh. In this study, a sample of 162 firm years are considered as the sample during the period of 2011 to 2016. This study finds that large board is the significant explanatory variable in improving firm performance. This study also shows that board independence and female directors have no significant association with firm performance which implies that instrument of corporate governance mechanism particularly board composition is very weak. This study recommends that code of corporate governance, specially the role of independent directors and female directors, should be reformed in the light of cultural and institutional context along with the effective enforcement.
The Impact of Audit Characteristics on Firm Performance: An Empirical Study from an Emerging Economy
Md. Musfiqur Rahman,Mohammad Rajon Meah,Nasir Uddin Chaudhory 한국유통과학회 2019 The Journal of Asian Finance, Economics and Busine Vol.6 No.1
The auditor, an important instrument of corporate governance, ensures the transparency and accountability of the firm to the stakeholders. The objective of this paper is to explore the impact of audit characteristics on firm performance. In this study, external audit quality (BIG4), frequencies of audit committee meetings, and audit committee size are used as the proxies of audit characteristics and firm performance is measured through ROA, profit margin and EPS. A total of 503 firm years are considered as sample size from the listed manufacturing firms of Dhaka Stock Exchange (DSE) during the period of 2013 to 2017 to find out the impact of audit characteristics on firm performance. In this study, multivariate regression analysis is conducted using the pooled OLS method. Moreover, time dummy and lag model of multivariate analysis are also analyzed as robust check. The multivariate regression results find that external audit quality (BIG4) and audit committee size are significantly positively associated with firm performance. This study also finds that there is a significant negative relationship between audit committee meeting and firm performance. This study recommends that the regulatory authority and audit committee should review the frequencies of audit committee meeting to make it more effective to ensure better firm performance.
Rahman, Md. Musfiqur,Abd El-Aty, A.M.,Kabir, Md. Humayun,Chung, Hyung Suk,Lee, Han Sol,Hacımü,ftü,oğ,lu, Fazil,Jeong, Ji Hoon,Chang, Byung-Joon,Shin, Ho-Chul,Shim, Jae-Han Elsevier 2018 Food chemistry Vol.239 No.-
<P><B>Abstract</B></P> <P>A simple and effective method was developed for analyzing dinotefuran and its three metabolites (MNG, UF, and DN) in plum using liquid chromatography-tandem mass spectrometry (LC-MS/MS). Due to the polarity and high water miscibility, dinotefuran and some of its metabolites (especially DN) have some limitations to be extracted with acetonitrile and salt following the “QuEChERS” sample preparation methodology. Alternatively, the samples were extracted with methanol, and purified with dispersive-solid phase extraction procedure (d-SPE) using primary secondary amine (PSA) and C<SUB>18</SUB> sorbents after filtration, and mass up. Due to the suppression effect originated from plum matrix, matrix-matched calibration curves, which provided good linearity with coefficient of determination (<I>R<SUP>2</SUP> </I>)≥0.998, were used for quantification of all analytes. Blank plum samples fortified with 2 spiking levels (10×LOQ and 50×LOQ) yielded satisfactory recoveries for all tested analytes in the range of 83.01 to 110.18% with relative standard deviation (RSD)≤8.91. The method was successfully applied to field-incurred plum samples and dinotefuran and all metabolites were positively detected and quantified. In conclusion, we suggest that the method can be expanded to polar compounds having solvent and partitioning problems in any of the versions of QuEChERS.</P> <P><B>Highlights</B></P> <P> <UL> <LI> A simultaneous method was developed for dinotefuran and its highly polar metabolites in plum. </LI> <LI> Mass-up was introduced instead of salting out for exact quantitation. </LI> <LI> Internal standard is not needed for the newly developed methodology. </LI> <LI> The method can be used either as it is or with slight modification in other matrices. </LI> </UL> </P> <P><B>Graphical abstract</B></P> <P>[DISPLAY OMISSION]</P>