Forward-Looking Information and its Determinants: an Empirical Evidence from Listed Pharmaceutical Firms of Bangladesh
Journal Title: Journal of Economics, Finance and Management Studies - Year 2023, Vol 6, Issue 08
Abstract
The purpose of this paper is to examine the factors that affect how forward-looking information is disclosed by Bangladeshi 's listed pharmaceutical firms. In this study, a total sample of 115 firms from 23 pharmaceutical firms listed on the Dhaka Stock Exchange (DSE) is considered from the period of 2016 to 2020. Board size, board independence, gender diversity, firm size, leverage, liquidity, and profitability are used as the determinants of forward-looking information. According to the descriptive statistics, the average level of extent of forward-looking information is only 59.33%, which is inadequate for the pharmaceutical industry to survive in the long term. The multiple regression results show that the level of forward-looking information disclosure is positively and significantly associated with board size, firm size, and firm profitability. But the regression results documented that gender diversity, leverage and liquidity and board independence have no significant association with forward-looking information. The findings of this study suggest that companies should focus more on forward-looking information to survive in the market and pursue a competitive advantage. Moreover, the findings of this study also suggest that further research can be conducted using qualitative research in a different sector as well as a cross-country comparison.
Authors and Affiliations
Tanzina HAQUE, Sadia AFROZE, Md. Musfiqur RAHMAN
Keywords
Related Articles
- EP ID EP727284
- DOI 10.47191/jefms/v6-i8-21
- Views 66
- Downloads 0
Dichotomy and Complementarity between Politicians and Managers in Strategic and Operational Planning. Analysis of an Italian Local Authority
The study analyzes the interactive processes between politicians and managers in the context of local authorities. Starting from the literature that deals with dichotomous or complementary models, the aim of the researc...
Determinants of Market Performance: The Role of Proactive and Reactive Innovation on Product and Organizational Innovation
This study is to investigate the inconclusiveness of product innovation on market performance in the context of Indonesian furniture company association’s members (HIMKI). We refer to Resource Advantage Theory of Competi...
The Influence of Experience Value, Destination Image, Destination Service Utility on Tourist Loyalty with Tourist Engagement as an Intervening Variable and Heritage Value as a Moderating Variable in Tourist Villages on the Island of Java.
This research is expected to contribute to a deeper understanding of the dynamics of tourist loyalty in the context of tourist villages in Java, by considering various factors that influence it, such as Experience Value,...
Does Board Ownership Affect Bank Risk-Taking?
The purpose of this study is to examine the effect of board ownership on risk-taking. The study uses a sample of 31 Kenyan banks and data for 2008-2018. The study finds that board ownership has a significantly negative e...
Examining Landscape of Insurtechs’ Adoption: Level of Moroccan Companies
Digitalization has an impact on a wide range of financial services, including bank services, distribution, and more. Since insurance businesses are also service providers, digital solutions will only improve each compone...