THE POST COVID EFFECT OF CORPORATE GOVERNANCE ON FIRM PERFORMANCE: A STUDY ON PRIVATE COMMERCIAL BANK IN BANGLADESH
Keywords:
Corporate Governance, Firm Performance, Post-Covid, Bangladesh.
Abstract
Due to extensive corporate disgraces and catastrophes around the globe, there has been a transformed attention in the influence of corporate governance (CG) and firm performance (FP). The mainstream of research concerning CG and its effect on FP has been assumed in developed markets and countries, mostly the US and UK, but somewhat little indication is provided in the developing countries like Bangladesh. This report has examined the impact of corporate governance mechanisms on firm performance from Bangladesh’s perspective. This study primarily employs agency theory that indicates that the firms with strong corporate governance outperform firms with weaker governance. We used Board Size, Board composition, board expertise and CEO chair duality as variables of CG and EPS, ROA, and ROE as indicators of FP. We collected information from the managers, senior managers, and CFOs of private financial institutions (commercial banks) in Bangladesh for 2022-2023 financial years. The results reveal that size, composition and expertise of board could extremely influence FP positively whereas CEO chair duality could influence negatively. The outcomes of the analyses advocated that firms that comply with good corporate governance practices can expect to achieve higher return on assets and firm performance. It implies that worthy corporate governance applies lead to reduce the various costs inside the organization. Hence, it is concluded that firms of the developing world can possibly enhance their performance by implementing decent corporate governance practices. Therefore, it is desired for firm to separate CEO chair duality to achieve better performance through direct management supervision in Bangladesh.
JEL Classification Codes: G34, L25.
References
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Babatunde, M. A., & Olaniran, O. (2009). The effects of internal and external mechanism on governance and performance of corporate firms in Nigeria. Corporate ownership & control, 7(2), 330-344.
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Combs, J. G., Ketchen Jr, D. J., Perryman, A. A., & Donahue, M. S. (2007). The moderating effect of CEO power on the board composition–firm performance relationship. Journal of management studies, 44(8), 1299-1323. https://doi.org/10.1111/j.1467-6486.2007.00708.x
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Daily, C. M., & Dalton, D. R. (1997). CEO and board chair roles held jointly or separately: much ado about nothing?. Academy of Management Perspectives, 11(3), 11-20. https://doi.org/10.5465/ame.1997.9709231660
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Dehaene, A., De Vuyst, V., & Ooghe, H. (2001). Corporate performance and board structure in Belgian companies. Long range planning, 34(3), 383-398.
Dalton, D., Daily, C., Johnson, J., & Ellstrand, A. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42, 674-686.
Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of financial economics, 48(1), 35-54.
Finkelstein, S., & D'aveni, R. A. (1994). CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. Academy of Management journal, 37(5), 1079-1108.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research, 18(1), 39-50. https://doi.org/10.1177/002224378101800104
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325. Retrieved from https://www.journals.uchicago.edu/doi/abs/10.1086/467037
Gillan, S. L. (2006). Recent developments in corporate governance: An overview. Journal of corporate finance, 12(3), 381-402.
Guest, P. M. (2009). The impact of board size on firm performance: evidence from the UK. The European Journal of Finance, 15(4), 385-404.
Hermalin, B. E., & M. S. Weisbach (1988). The determinants of board composition. RAND Journal of Economics, 19(4): 589-606. Retrieved from https://www.jstor.org/stable/2555459
Harvey Pamburai, H., Chamisa, E., Abdulla, C., & Smith, C. (2015). An analysis of corporate governance and company performance: a South African perspective. South African Journal of Accounting Research, 29(2), 115-131.
Hossain, M., Prevost, A. K., & Rao, R. P. (2001). Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performance. Pacific-Basin Finance Journal, 9(2), 119-145. Retrieved from https://www.sciencedirect.com/science/article/pii/S0927538X01000038
Hair, J., Hollingsworth, C. L., Randolph, A. B., & Chong, A. Y. L. (2017). An updated and expanded assessment of PLS- SEM in information systems research. Industrial management & data systems. Retrieved from https://www.emerald.com/insight/content/doi/10.1108/IMDS-04-2016-0130/full/html
Hair Jr, J. F., Howard, M. C., & Nitzl, C. (2020). Assessing measurement model quality in PLS-SEM using confirmatory composite analysis. Journal of Business Research, 109, 101-110. https://doi.org/10.1016/j.jbusres.2019.11.069
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the academy of marketing science, 43(1), 115-135. https://doi.org/10.1007/s11747-014-0403-8
Hermalin, B. E., & Weisbach, M. S. (2014). Understanding corporate governance through learning models of managerial competence (No. w20028). National Bureau of Economic Research. Retrieved from https://www.nber.org/papers/w20028
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management review, 28(3), 383-396. Retrieved from https://journals.aom.org/doi/abs/10.5465/AMR.2003.10196729
Harris, D., & Helfat, C. E. (1998). CEO duality, succession, capabilities and agency theory: Commentary and research agenda. Strategic Management Journal, 19(9), 901-904.
Islam, R., Rahman, T., Tonmoy, K., Choudhury, T., & Mahmood, A. (2014). How Earning Per Share ( EPS ) Affects on Share Price and Firm Value. European Journal of Business and Management, 6(17), 97–108 Retrieved from https://www.iiste.org/Journals/index.php/EJBM/article/viewFile/13572/13841
Kiel, G. C., & Nicholson, G. J. (2003). Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate governance: an international review, 11(3), 189-205. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/1467-8683.00318
Khanchel El Mehdi, I. (2007). Empirical evidence on corporate governance and corporate performance in Tunisia. Corporate Governance: An International Review, 15(6), 1429-1441. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-8683.2007.00655.x
Kato, T., & Kubo, K. (2006). CEO compensation and firm performance in Japan: Evidence from new panel data on individual CEO pay. Journal of the Japanese and International Economies, 20(1), 1-19. Retrieved from https://www.sciencedirect.com/science/article/pii/S0889158304000322
Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728. Retrieved from https://www.sciencedirect.com/science/article/pii/S0929119903000464
Kakanda, M., Salim, B., & Chandren, S. (2016). Review of the relationship between board attributes and firm performance. Asian Journal of Finance & Accounting, 8(1) 168-181. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2882391
Mallin, C., Mullineux, A., & Wihlborg, C. (2005). The financial sector and corporate governance: the UK case. Corporate Governance: An International Review, 13(4), 532-541. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-8683.2005.00447.x
Marn, J. T. K., & Romuald, D. F. (2012). The impact of corporate governance mechanism and corporate performance: A study of listed companies in Malaysia. Journal for the advancement of science & arts, 3(1), 31-45.
Mashayekhi, B., & Bazaz, M. S. (2008). Corporate governance and firm performance in Iran. Journal of Contemporary Accounting & Economics, 4(2), 156-172. Retrieved from https://www.sciencedirect.com/science/article/pii/S1815566910700333
Ntim, C. G., Lindop, S., Osei, K. A., & Thomas, D. A. (2015). Executive compensation, corporate governance and corporate performance: A simultaneous equation approach. Managerial and Decision Economics, 36(2), 67-96. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/mde.2653
Nelson, J. (2005). Corporate governance practices, CEO characteristics and firm performance. Journal of Corporate Finance, 11(1-2), 197-228. Retrieved from https://www.sciencedirect.com/science/article/pii/S0929119903000853
Ogege, S., & Boloupremo, T. (2014). Corporate governance and financial performance of banks: Evidence from Nigeria. Acta Universitatis Danubius. Œconomica, 10(2). Retrieved from https://www.ceeol.com/search/article- detail?id=570055
Rechner, P. L., Sundaramurthy, C., & Dalton, D. R. (1993). Corporate governance predictors of adoption of anti-takeover amendments: An empirical analysis. Journal of Business Ethics, 12, 371-378. Retrieved from https://link.springer.com/article/10.1007/BF00882027
Saidat, Z., Al-Gharaibeh, M., Marashdeh, Z., & Suwayyid, H. (2024). Board of Directors Diversity and Financial Performance: Evidence from Family-Owned Banks in Jordan. Kurdish Studies, 12(1), 172-182.
Schnatterly, K., Calvano, F., Berns, J. P., & Deng, C. (2021). The effects of board expertise‐risk misalignment and subsequent strategic board reconfiguration on firm performance. Strategic Management Journal, 42(11), 2162- 2191. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/smj.3291
Selling, T. I., & Stickney, C. P. (1989). The effects of business environment and strategy on a firm's rate of return on assets. Financial Analysts Journal, 43-68. Retrieved from https://www.tandfonline.com/doi/pdf/10.2469/faj.v45.n1.43
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of political economy, 94(3), Part 1), 461-488. Retrieved from https://www.journals.uchicago.edu/doi/abs/10.1086/261385
Singh, H., & Harianto, F. (1989). Management-board relationships, takeover risk, and the adoption of golden parachutes. Academy of Management journal, 32(1), 7-24. Retrieved from https://journals.aom.org/doi/abs/10.5465/256417
Saibaba, M. D., & Ansari, V. A. (2013). Audit Committees, Board Structures and Firm Performance: A Panel Data Study
of BSE 30 Companies. IUP Journal of Accounting Research & Audit Practices, 12(2).
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.1997.tb04820.x
Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113-142 Retrieved from https://www.sciencedirect.com/science/article/pii/S0304405X99000185
Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of financial economics, 105(3), 581-606. Retrieved from https://www.sciencedirect.com/science/article/pii/S0304405X12000426
Yatim, P. (2010). Board structures and the establishment of a risk management committee by Malaysian listed firms. Journal of Management & Governance, 14, 17-36. Retrieved from https://link.springer.com/article/10.1007/s10997-009-9089-6
Alfawareh, F. S., Che Johari, E. E., & Ooi, C. A. (2023). Governance mechanisms, firm performance and CEO compensation: evidence from Jordan. Journal of Financial Reporting and Accounting. Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFRA-01-2023-0062
Afrifa, G. A., & Tauringana, V. (2015). Corporate governance and performance of UK listed small and medium enterprises. Corporate Governance, 15(5), 719-733. https://doi.org/10.1108/CG-03-2015-0029
Adams, R. B., & Mehran, H. (2005, August). Corporate performance, board structure and its determinants in the banking industry. In EFA 2005 Moscow meetings. https://dx.doi.org/10.2139/ssrn.302593
Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. The Review of Financial Studies, 18(4), 1403-1432. https://doi.org/10.1093/rfs/hhi030
Andreou, P. C., Louca, C., & Panayides, P. M. (2014). Corporate governance, financial management decisions and firm performance: Evidence from the maritime industry. Transportation Research Part E: Logistics and Transportation Review, 63, 59-78. https://doi.org/10.1016/j.tre.2014.01.005
Babatunde, M. A., & Olaniran, O. (2009). The effects of internal and external mechanism on governance and performance of corporate firms in Nigeria. Corporate ownership & control, 7(2), 330-344.
Beiner, S., Drobetz, W., Schmid, M. M., & Zimmermann, H. (2006). An integrated framework of corporate governance and firm valuation. European financial management, 12(2), 249-283. https://doi.org/10.1111/j.1354- 7798.2006.00318.x
Coles, J. L., Daniel, N. D., & Naveen, L. (2008). Boards: Does one size fit all?. Journal of financial economics, 87(2), 329-356. https://doi.org/10.1016/j.jfineco.2006.08.008
Combs, J. G., Ketchen Jr, D. J., Perryman, A. A., & Donahue, M. S. (2007). The moderating effect of CEO power on the board composition–firm performance relationship. Journal of management studies, 44(8), 1299-1323. https://doi.org/10.1111/j.1467-6486.2007.00708.x
Chaganti, R. S., Mahajan, V., & Sharma, S. (1985). Corporate board size, composition and corporate failures in retailing industry. Journal of management studies, 22(4), 400-417. https://doi.org/10.1111/j.1467-6486.1985.tb00005.x
Christy, J. A., Matolcsy, Z. P., Wright, A., & Wyatt, A. (2013). Do board characteristics influence the shareholders' assessment of risk for small and large firms?. Abacus, 49(2), 161-196. https://doi.org/10.1111/abac.12005
Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Davis, Schoorman, and Donaldson reply: The distinctiveness of agency theory and stewardship theory. Academy of Management Review, 22(3), 611-613. https://www.jstor.org/stable/259407
Daily, C. M., & Dalton, D. R. (1997). CEO and board chair roles held jointly or separately: much ado about nothing?. Academy of Management Perspectives, 11(3), 11-20. https://doi.org/10.5465/ame.1997.9709231660
Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). Meta‐analytic reviews of board composition, leadership structure, and financial performance. Strategic management journal, 19(3), 269-290.
Dehaene, A., De Vuyst, V., & Ooghe, H. (2001). Corporate performance and board structure in Belgian companies. Long range planning, 34(3), 383-398.
Dalton, D., Daily, C., Johnson, J., & Ellstrand, A. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42, 674-686.
Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of financial economics, 48(1), 35-54.
Finkelstein, S., & D'aveni, R. A. (1994). CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. Academy of Management journal, 37(5), 1079-1108.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research, 18(1), 39-50. https://doi.org/10.1177/002224378101800104
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325. Retrieved from https://www.journals.uchicago.edu/doi/abs/10.1086/467037
Gillan, S. L. (2006). Recent developments in corporate governance: An overview. Journal of corporate finance, 12(3), 381-402.
Guest, P. M. (2009). The impact of board size on firm performance: evidence from the UK. The European Journal of Finance, 15(4), 385-404.
Hermalin, B. E., & M. S. Weisbach (1988). The determinants of board composition. RAND Journal of Economics, 19(4): 589-606. Retrieved from https://www.jstor.org/stable/2555459
Harvey Pamburai, H., Chamisa, E., Abdulla, C., & Smith, C. (2015). An analysis of corporate governance and company performance: a South African perspective. South African Journal of Accounting Research, 29(2), 115-131.
Hossain, M., Prevost, A. K., & Rao, R. P. (2001). Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performance. Pacific-Basin Finance Journal, 9(2), 119-145. Retrieved from https://www.sciencedirect.com/science/article/pii/S0927538X01000038
Hair, J., Hollingsworth, C. L., Randolph, A. B., & Chong, A. Y. L. (2017). An updated and expanded assessment of PLS- SEM in information systems research. Industrial management & data systems. Retrieved from https://www.emerald.com/insight/content/doi/10.1108/IMDS-04-2016-0130/full/html
Hair Jr, J. F., Howard, M. C., & Nitzl, C. (2020). Assessing measurement model quality in PLS-SEM using confirmatory composite analysis. Journal of Business Research, 109, 101-110. https://doi.org/10.1016/j.jbusres.2019.11.069
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the academy of marketing science, 43(1), 115-135. https://doi.org/10.1007/s11747-014-0403-8
Hermalin, B. E., & Weisbach, M. S. (2014). Understanding corporate governance through learning models of managerial competence (No. w20028). National Bureau of Economic Research. Retrieved from https://www.nber.org/papers/w20028
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management review, 28(3), 383-396. Retrieved from https://journals.aom.org/doi/abs/10.5465/AMR.2003.10196729
Harris, D., & Helfat, C. E. (1998). CEO duality, succession, capabilities and agency theory: Commentary and research agenda. Strategic Management Journal, 19(9), 901-904.
Islam, R., Rahman, T., Tonmoy, K., Choudhury, T., & Mahmood, A. (2014). How Earning Per Share ( EPS ) Affects on Share Price and Firm Value. European Journal of Business and Management, 6(17), 97–108 Retrieved from https://www.iiste.org/Journals/index.php/EJBM/article/viewFile/13572/13841
Kiel, G. C., & Nicholson, G. J. (2003). Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate governance: an international review, 11(3), 189-205. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/1467-8683.00318
Khanchel El Mehdi, I. (2007). Empirical evidence on corporate governance and corporate performance in Tunisia. Corporate Governance: An International Review, 15(6), 1429-1441. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-8683.2007.00655.x
Kato, T., & Kubo, K. (2006). CEO compensation and firm performance in Japan: Evidence from new panel data on individual CEO pay. Journal of the Japanese and International Economies, 20(1), 1-19. Retrieved from https://www.sciencedirect.com/science/article/pii/S0889158304000322
Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728. Retrieved from https://www.sciencedirect.com/science/article/pii/S0929119903000464
Kakanda, M., Salim, B., & Chandren, S. (2016). Review of the relationship between board attributes and firm performance. Asian Journal of Finance & Accounting, 8(1) 168-181. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2882391
Mallin, C., Mullineux, A., & Wihlborg, C. (2005). The financial sector and corporate governance: the UK case. Corporate Governance: An International Review, 13(4), 532-541. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-8683.2005.00447.x
Marn, J. T. K., & Romuald, D. F. (2012). The impact of corporate governance mechanism and corporate performance: A study of listed companies in Malaysia. Journal for the advancement of science & arts, 3(1), 31-45.
Mashayekhi, B., & Bazaz, M. S. (2008). Corporate governance and firm performance in Iran. Journal of Contemporary Accounting & Economics, 4(2), 156-172. Retrieved from https://www.sciencedirect.com/science/article/pii/S1815566910700333
Ntim, C. G., Lindop, S., Osei, K. A., & Thomas, D. A. (2015). Executive compensation, corporate governance and corporate performance: A simultaneous equation approach. Managerial and Decision Economics, 36(2), 67-96. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/mde.2653
Nelson, J. (2005). Corporate governance practices, CEO characteristics and firm performance. Journal of Corporate Finance, 11(1-2), 197-228. Retrieved from https://www.sciencedirect.com/science/article/pii/S0929119903000853
Ogege, S., & Boloupremo, T. (2014). Corporate governance and financial performance of banks: Evidence from Nigeria. Acta Universitatis Danubius. Œconomica, 10(2). Retrieved from https://www.ceeol.com/search/article- detail?id=570055
Rechner, P. L., Sundaramurthy, C., & Dalton, D. R. (1993). Corporate governance predictors of adoption of anti-takeover amendments: An empirical analysis. Journal of Business Ethics, 12, 371-378. Retrieved from https://link.springer.com/article/10.1007/BF00882027
Saidat, Z., Al-Gharaibeh, M., Marashdeh, Z., & Suwayyid, H. (2024). Board of Directors Diversity and Financial Performance: Evidence from Family-Owned Banks in Jordan. Kurdish Studies, 12(1), 172-182.
Schnatterly, K., Calvano, F., Berns, J. P., & Deng, C. (2021). The effects of board expertise‐risk misalignment and subsequent strategic board reconfiguration on firm performance. Strategic Management Journal, 42(11), 2162- 2191. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/smj.3291
Selling, T. I., & Stickney, C. P. (1989). The effects of business environment and strategy on a firm's rate of return on assets. Financial Analysts Journal, 43-68. Retrieved from https://www.tandfonline.com/doi/pdf/10.2469/faj.v45.n1.43
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of political economy, 94(3), Part 1), 461-488. Retrieved from https://www.journals.uchicago.edu/doi/abs/10.1086/261385
Singh, H., & Harianto, F. (1989). Management-board relationships, takeover risk, and the adoption of golden parachutes. Academy of Management journal, 32(1), 7-24. Retrieved from https://journals.aom.org/doi/abs/10.5465/256417
Saibaba, M. D., & Ansari, V. A. (2013). Audit Committees, Board Structures and Firm Performance: A Panel Data Study
of BSE 30 Companies. IUP Journal of Accounting Research & Audit Practices, 12(2).
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.1997.tb04820.x
Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113-142 Retrieved from https://www.sciencedirect.com/science/article/pii/S0304405X99000185
Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of financial economics, 105(3), 581-606. Retrieved from https://www.sciencedirect.com/science/article/pii/S0304405X12000426
Yatim, P. (2010). Board structures and the establishment of a risk management committee by Malaysian listed firms. Journal of Management & Governance, 14, 17-36. Retrieved from https://link.springer.com/article/10.1007/s10997-009-9089-6
Published
2024-02-15
How to Cite
Khan, M. S. R., Akhtar, S., Afrin, S., & Khan, M. G. S. H. (2024). THE POST COVID EFFECT OF CORPORATE GOVERNANCE ON FIRM PERFORMANCE: A STUDY ON PRIVATE COMMERCIAL BANK IN BANGLADESH. Australian Finance & Banking Review, 8(1), 1-10. https://doi.org/10.46281/afbr.v8i1.2189
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