THE NEXUS BETWEEN FIRM SPECIFIC FACTORS, MACROECONOMIC FACTORS AND FIRM PERFORMANCE OF TEXTILE SECTOR OF BANGLADESH
Keywords:
Tobin's Q, Cross Sectional Dependence, Panel Data Analysis, PCSE Model, Textile Sector.
Abstract
The purpose of this study is to identify the determinant factors of the profitability of textile sector of Bangladesh. To achieve this, a sample of 31 textile companies for the period of 2011 to 2019 is used. Two dependent variables- return on assets ROA (accounting measure) and Tobin’s Q (market measure) are tested using both fixed effect model and Panel corrected standard error (PCSE) model. As the PCSE regression robustly suited the dataset, this is used to explain the impact of both firm specific factors and macro-economic factors on the performance of textile firms listed in Dhaka Stock Exchange. The determinants of profitability differ depending on which measures of profitability we have taken as proxy. When ROA is taken, age, debt to equity, debt to asset, growth, asset turnover, cost effectiveness (EATC) and export growth are found significant. Among them, debt to equity, asset turnover, cost effectiveness and export growth conforms to the expected positive sign. In terms of Tobin’s Q, age, size, debt to equity, growth, cost effectiveness (EATC), board size and export growth are found having significant impact on firm performance where age, EATC, board size, and export growth conforms to the expected positive sign.
JEL Classification Codes: C83, C87, L25.
References
Antoun, R., Coskun, A., & Georgievski, B., (2018). Determinants of financial performance of banks in Central and Eastern Europe. Business and Economic Horizons, 14(3), 513-529.
Abbas, A., Z. Bashir, S., Manzoor & Akram M. N. (2013). Determinants of firm’s financial performance: an empirical study on textile sector of Pakistan. Business Economic Research, 3(2), 76-84.
Ahmad, W., Ahmed, T., & Shabbir, G. (2015). Determinants of textile firms’ profitability in Pakistan. Forman Journal of Economic Studies, 11, 87-101.
Asimakopoulus, I., Samitas, A., & Papadogonas, T. (2009). Firm-specific and economy wide determinants of firm profitability: Greek evidence using panel data. Managerial Finance, 35(11), 930-939.
Barney, J.B. (1991). Firm resources and sustained and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Blažková, I., & Dvouletý, O. (2018). The causes of firm performance variation in the Czech food processing industry in the context of the outlier effect. Management Research Review, 41(8), 968-986.
Blažková, I., & Dvouletý, O. (2019). Investigating the differences in entrepreneurial success through the firm-specific factors: Microeconomic evidence from the Czech food industry. Journal of Entrepreneurship in Emerging Economies, 11(2), 154-176.
Bayaraa, B. (2017). Financial performance determinants of organizations: The case of Mongolian companies. Journal of Competitiveness, 9(3) 22-33.
Bhutta, N. T., & Hasan, A. (2013). Impact of firm specific factors on profitability of firms in food sector. Open Journal of Accounting, 2, 19-25.
Chhapra, Umer, I., & Muhammad, A. (2012). Determinants of capital structuring: an empirical study of growth and financing behavior of firms of textile sector in Pakistan. MPRA Paper 51068, University Library of Munich, Germany.
Coad A., Segarra A., & Teruel M. (2013). Like milk or wine: Does firm performance improve with age?. Structural Change and Economic Dynamics, 24(1), 173-189.
Cowling, M., Liu, W., & Zhang, N. (2018). Did firm age, experience, and access to finance count? SME performance after the global financial crisis. Journal of Evolutionary Economics, 28(1), 77-100.
Chowdhury, A., & Amin, M.M. (2007). Working capital management practiced in pharmaceutical companies listed in Dhaka stock exchange. BRAC University Journal, 4(2), 75-86.
Chhibber, P.K., & Majumder, K.K. (1999). Foreign ownershipand profitability: Property rights, control, and the performance of firms in Indian industry. Journal of Law and Economics, 42(1), 209-238.
Chavez R., Yu W., Jacobs M. A., & Feng, M. (2017). Manufacturing capability and organizational performance: The role of entrepreneurial orientation. International Journal of Production Economics, 184, 33-46. https://doi.org/10.1016/j.ijpe.2016.10.028
Chung, H. K., & Pruitt, W. S. (1994). A simple approximation of Tobin’s Q. Financial Management, 23(3), 70-74.
Dakić, S., Mijić, K., & Jakšić, D. (2019). Multiple regression approach to modelling determinants of business success based on financial statement: Evidence from food processing companies in the Republic of Serbia. Custos e Agronegocio on Line, 15(4), 485-501.
Daily, C.M., Dalton, D.R., & Cannella, A.A. (2003). Corporate governance: decades of dialogue and data. The Academy of Management Review, 28(3), 371-382.
Drobetz, W., Schillhofer, A., & Zimmermann, H. (2004). Corporate governance and expected stock returns: evidence from Germany. European Financial Management, 10(2), 267-293.
Fiala, R., Hedija, V., Dvorak, J., & Jansky, J. (2020). Are profitable firms also financially healthy? Empirical evidence for pig-breeding sector. Custos e Agronegocio on Line, 16(1), 173-201.
Friedman, M. (1937). The use of ranks to avoid the assumption of normality implicit in the analysis of variance. Journal of the American Statistical Association, 32, 675–701.
Gan, C., Lee, M., Yong, H.H.A., & Zhang, J. (2006). Macroeconomic variables and stock market interactions: New Zealand evidence. Investment Management and Financial Innovation, 3(4), 80-101.
Goddard, J., Tavakoli, M., & Wilson J.O.S. (2005). Determinants of profitability in European manufacturing and services: Evidence from a dynamic panel model. Applied Financial Economics, 15(18), 1269-1282.
Glen, S. (2021). Ample Size in Statistics (How to Find it): Excel, Cochran’s Formula, and General Tips" From StatisticsHowTo.com: Elementary Statistics for the rest of us! Retrieved from https://www.statisticshowto.com/probability-and-statistics/find-sample-size/
Glancey, K. (1998). Determinants of growth and profitability in small entrepreneurial firms. International Journal of Entrepreneurial Behavior and Research, 4(1), 18-27.
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.
Hintošová, A. B., Bobenič T., Hajduová, Z., & Szajt M. (2020). The influence of firm-specific factors on firms´ performance. Polish Journal of Management Studies, 21(2), 115-128.
Hult, G.T.M., Ketchen, D.J., Griffith, D.A., Chabowski, B. R., Hamman, M.K., Dykes, B.J., Pollitte, W.A., & Cavusgil, S.T. (2008). An assessment of the measurement of performance in international business research. Journal of International Business Studies, 39(6), 1064-1080.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46, 1251-1271. https://doi.org/10.2307/1913827
Hanggraeni, D., Slusarczyk B., Sulung L.A.K., & Subroto A., (2019). The Impact of internal, external and enterprise risk management on the performance of micro, small and medium enterprises. Sustainability, 11(7), 2172. https://doi.org/10.3390/su11072172
Hermelo, F. D., & Vassolo, R. (2007). The determinants of firm’s growth: an empirical examination. Abante, Escuela de Administracion Pontificia Universidad Católica de Chile, 10(1), 3-20.
Islam, M.S., & Khan, S. (2019). The determinants of profitability of the pharmaceutical industry of Bangladesh: a random effect analysis. International Journal of Financial Research, 10(2), 68-74.
Jelena, A., Kristina, M., Vera, M., & Branimir, K. (2018). The modelling factors of agricultural companies performances. Custos e Agronegocio on Line, 14(4), 223-240.
Kalam, A., & Utsho, M. I. (2020). Effects of firm specific factors on profitability of non-bank financial institutions in Bangladesh: evidenced from Dhaka Stock Exchange (DSE). International Journal of Science and Business, 4(11), 1-13.
Khaled, A. J., & Samman, H. A. (2015). Determinants of profitability: evidence from industrial companies listed on Muscat securities market. Review of European Studies, 7(11), 303-311.
Kosmidou, K. (2008). The determinants of banks’ profits in Greece during the period of EU financial integration. Management Finance, 34(3), 146-159.
Kennedy, P. (2003). A Guide to Econometrics. MIT Press, Cambridge.
Kuntluru, S., Muppani, V.R., & Khan, A.M. (2008). Financial performance of foreign and domestic owned companies in India. Journal of Asia-Pacific Business, 9(1), 28-54.
Kumari, R., & Kumar, N. (2018). Determinants of firm performance: A conceptual analysis. Pacific Business Review International, 10(11), 133-140.
Lujing Liu., Jian Xu., & Yue Shang. (2020). Determining factors of financial performance of agricultural listed companies of China. Custos e Agronegocio, 16(4), 297-314.
Mcgahan, A.M., & Porter, M. E. (2002). What do we know about variance in accounting profitability? Management Science, 48(7), 834-851.
Marcelo, J.L., Quirós, M., & Lisboa, I. (2014). The impact of family control on firm performance: evidence from Portugal and Spain. Journal of Family Business Strategy, 5(2), 156-168.
Majumdar, S., & Chhibber, P. (1999). Capital structure and performance: evidence from a transition economy on an aspect of corporate governance. Public Choice, 98, 287-305. https://doi.org/10.1023/A:1018355127454.
Mijić, K., Zekić, S., Jakšić, D., & Vuković, B. (2014). Meat industry in Serbia: performance analysis of meat-processing and livestock companies. Custos e Agronegocio On Line, 10(3), 124-144.
Nunes M. P. J., Serrasqueiro Z. M., & Sequeira T. N., (2009). Profitability in Portuguese service industries: A panel data approach. Service Industries Journal, 29(5), 693-707.
Nakatani R. (2019). Firm performance and corporate finance in New Zealand. Applied Economics Letters, 26(13), 1118-1124.
Nanda, S., & Panda, A. K. (2018). The determinants of corporate profitability: an investigation of Indian manufacturing firms. International Journal of Emerging Markets, 13(1), 66-86.
Pervan, M., Curak, M., & Kramaric, T. P. (2018). The influence of industry characteristics and dynamic capabilities on firms´ profitability. International Journal of Financial Studies, 6(4), 1-19.
Porter, M.E. (1980), Competitive Strategy. The Free Press, New York.
Pathirawasam, C. (2011). Internal factors which determine financial performance of firms: with special reference to ownership concentration. Retrieved from https://www.slu.cz/opf/cz/informace/acta-academica-karviniensia/casopisy-aak/aak-rocnik-2013/docs-2-2013/Pathirawasam.pdf/
Pratheepan, T. (2014). A panel data analysis of profitability determinants: Empirical results from Sri Lankan manufacturing companies. International Journal of Economics, Commerce and Management, 2(12), 1-9.
Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge working papers in economics 0435, Faculty of Economics, University of Cambridge.
Rumelt, R.P. (1991). How much does industry matter?. Strategic Management Journal, 12(3), 167-185.
Schumacher, S., & Boland, M. (2005). The effects of industry and firm resources on profitability in the food economy. Agribusiness, 21(1), 97-108.
Stierwald, A. (2010). Determinants of profitability: An analysis of large Australian firms. Retrieved from https://melbourneinstitute.unimelb.edu.au/downloads/working_paper_series/wp2010n03.pdf
Singh, K., Misra, M., Kumar, M., & Tiwari, V. (2019). A study on the determinants of financial performance of US agricultural cooperatives. Journal of Business Economics and Management, 20(4), 633-647.
Singh, S.,Tabassum, N., Darwish, T. K., & Batsakis, G. (2017). Corporate governance and Tobin's Q as a measure of organizational performance. British journal of management, 29(4), 1-20. https://doi.org/10.1111/1467-8551.12237
Ullah, A., Pinglu, C., Ullah, S., Zaman, M., & Hashmi, S. H. (2020). The nexus between capital structure, firm-specific factors, macroeconomic factors and financial performance in the textile sector of Pakistan. Heliyon, 6(4), 741-755. https://doi.org/10.1016/j.heliyon.2020.e04741.
Vieira E. S., Neves M. E., & Dias A. G. (2019). Determinants of Portuguese firms´ financial performance: A panel data evidence. International Journal of Productivity and Performance Management, 68(7), 1323-1342.
Wooldridge, J. M. (1995). Score diagnostics for linear models estimated by two stages least squares. In C. R. Rao, G. S. Maddala, P. C. B. Phillips, & T. N. Srinivasan (Eds.), Advances in Econometrics and Quantitative Economics (pp. 66-87). Oxford: Blackwell.
Yameen, M., Farhan, N., & Tabash, M. (2019). The impact of liquidity on firms' performance: empirical investigation from indian pharmaceutical companies. Academic journal of interdisciplinary studies, 8(3), 212-220. https://doi.org/10.36941/ajis-2019-0019
Zainudin R., Mahdzan, N. S. A., & Leong, E. S. (2018). Firm-specific internal determinants of profitability performance: An exploratory study of selected life insurance firms in Asia. International Journal of Asia Business Studies, 12(4), 533-550.
Abbas, A., Z. Bashir, S., Manzoor & Akram M. N. (2013). Determinants of firm’s financial performance: an empirical study on textile sector of Pakistan. Business Economic Research, 3(2), 76-84.
Ahmad, W., Ahmed, T., & Shabbir, G. (2015). Determinants of textile firms’ profitability in Pakistan. Forman Journal of Economic Studies, 11, 87-101.
Asimakopoulus, I., Samitas, A., & Papadogonas, T. (2009). Firm-specific and economy wide determinants of firm profitability: Greek evidence using panel data. Managerial Finance, 35(11), 930-939.
Barney, J.B. (1991). Firm resources and sustained and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Blažková, I., & Dvouletý, O. (2018). The causes of firm performance variation in the Czech food processing industry in the context of the outlier effect. Management Research Review, 41(8), 968-986.
Blažková, I., & Dvouletý, O. (2019). Investigating the differences in entrepreneurial success through the firm-specific factors: Microeconomic evidence from the Czech food industry. Journal of Entrepreneurship in Emerging Economies, 11(2), 154-176.
Bayaraa, B. (2017). Financial performance determinants of organizations: The case of Mongolian companies. Journal of Competitiveness, 9(3) 22-33.
Bhutta, N. T., & Hasan, A. (2013). Impact of firm specific factors on profitability of firms in food sector. Open Journal of Accounting, 2, 19-25.
Chhapra, Umer, I., & Muhammad, A. (2012). Determinants of capital structuring: an empirical study of growth and financing behavior of firms of textile sector in Pakistan. MPRA Paper 51068, University Library of Munich, Germany.
Coad A., Segarra A., & Teruel M. (2013). Like milk or wine: Does firm performance improve with age?. Structural Change and Economic Dynamics, 24(1), 173-189.
Cowling, M., Liu, W., & Zhang, N. (2018). Did firm age, experience, and access to finance count? SME performance after the global financial crisis. Journal of Evolutionary Economics, 28(1), 77-100.
Chowdhury, A., & Amin, M.M. (2007). Working capital management practiced in pharmaceutical companies listed in Dhaka stock exchange. BRAC University Journal, 4(2), 75-86.
Chhibber, P.K., & Majumder, K.K. (1999). Foreign ownershipand profitability: Property rights, control, and the performance of firms in Indian industry. Journal of Law and Economics, 42(1), 209-238.
Chavez R., Yu W., Jacobs M. A., & Feng, M. (2017). Manufacturing capability and organizational performance: The role of entrepreneurial orientation. International Journal of Production Economics, 184, 33-46. https://doi.org/10.1016/j.ijpe.2016.10.028
Chung, H. K., & Pruitt, W. S. (1994). A simple approximation of Tobin’s Q. Financial Management, 23(3), 70-74.
Dakić, S., Mijić, K., & Jakšić, D. (2019). Multiple regression approach to modelling determinants of business success based on financial statement: Evidence from food processing companies in the Republic of Serbia. Custos e Agronegocio on Line, 15(4), 485-501.
Daily, C.M., Dalton, D.R., & Cannella, A.A. (2003). Corporate governance: decades of dialogue and data. The Academy of Management Review, 28(3), 371-382.
Drobetz, W., Schillhofer, A., & Zimmermann, H. (2004). Corporate governance and expected stock returns: evidence from Germany. European Financial Management, 10(2), 267-293.
Fiala, R., Hedija, V., Dvorak, J., & Jansky, J. (2020). Are profitable firms also financially healthy? Empirical evidence for pig-breeding sector. Custos e Agronegocio on Line, 16(1), 173-201.
Friedman, M. (1937). The use of ranks to avoid the assumption of normality implicit in the analysis of variance. Journal of the American Statistical Association, 32, 675–701.
Gan, C., Lee, M., Yong, H.H.A., & Zhang, J. (2006). Macroeconomic variables and stock market interactions: New Zealand evidence. Investment Management and Financial Innovation, 3(4), 80-101.
Goddard, J., Tavakoli, M., & Wilson J.O.S. (2005). Determinants of profitability in European manufacturing and services: Evidence from a dynamic panel model. Applied Financial Economics, 15(18), 1269-1282.
Glen, S. (2021). Ample Size in Statistics (How to Find it): Excel, Cochran’s Formula, and General Tips" From StatisticsHowTo.com: Elementary Statistics for the rest of us! Retrieved from https://www.statisticshowto.com/probability-and-statistics/find-sample-size/
Glancey, K. (1998). Determinants of growth and profitability in small entrepreneurial firms. International Journal of Entrepreneurial Behavior and Research, 4(1), 18-27.
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.
Hintošová, A. B., Bobenič T., Hajduová, Z., & Szajt M. (2020). The influence of firm-specific factors on firms´ performance. Polish Journal of Management Studies, 21(2), 115-128.
Hult, G.T.M., Ketchen, D.J., Griffith, D.A., Chabowski, B. R., Hamman, M.K., Dykes, B.J., Pollitte, W.A., & Cavusgil, S.T. (2008). An assessment of the measurement of performance in international business research. Journal of International Business Studies, 39(6), 1064-1080.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46, 1251-1271. https://doi.org/10.2307/1913827
Hanggraeni, D., Slusarczyk B., Sulung L.A.K., & Subroto A., (2019). The Impact of internal, external and enterprise risk management on the performance of micro, small and medium enterprises. Sustainability, 11(7), 2172. https://doi.org/10.3390/su11072172
Hermelo, F. D., & Vassolo, R. (2007). The determinants of firm’s growth: an empirical examination. Abante, Escuela de Administracion Pontificia Universidad Católica de Chile, 10(1), 3-20.
Islam, M.S., & Khan, S. (2019). The determinants of profitability of the pharmaceutical industry of Bangladesh: a random effect analysis. International Journal of Financial Research, 10(2), 68-74.
Jelena, A., Kristina, M., Vera, M., & Branimir, K. (2018). The modelling factors of agricultural companies performances. Custos e Agronegocio on Line, 14(4), 223-240.
Kalam, A., & Utsho, M. I. (2020). Effects of firm specific factors on profitability of non-bank financial institutions in Bangladesh: evidenced from Dhaka Stock Exchange (DSE). International Journal of Science and Business, 4(11), 1-13.
Khaled, A. J., & Samman, H. A. (2015). Determinants of profitability: evidence from industrial companies listed on Muscat securities market. Review of European Studies, 7(11), 303-311.
Kosmidou, K. (2008). The determinants of banks’ profits in Greece during the period of EU financial integration. Management Finance, 34(3), 146-159.
Kennedy, P. (2003). A Guide to Econometrics. MIT Press, Cambridge.
Kuntluru, S., Muppani, V.R., & Khan, A.M. (2008). Financial performance of foreign and domestic owned companies in India. Journal of Asia-Pacific Business, 9(1), 28-54.
Kumari, R., & Kumar, N. (2018). Determinants of firm performance: A conceptual analysis. Pacific Business Review International, 10(11), 133-140.
Lujing Liu., Jian Xu., & Yue Shang. (2020). Determining factors of financial performance of agricultural listed companies of China. Custos e Agronegocio, 16(4), 297-314.
Mcgahan, A.M., & Porter, M. E. (2002). What do we know about variance in accounting profitability? Management Science, 48(7), 834-851.
Marcelo, J.L., Quirós, M., & Lisboa, I. (2014). The impact of family control on firm performance: evidence from Portugal and Spain. Journal of Family Business Strategy, 5(2), 156-168.
Majumdar, S., & Chhibber, P. (1999). Capital structure and performance: evidence from a transition economy on an aspect of corporate governance. Public Choice, 98, 287-305. https://doi.org/10.1023/A:1018355127454.
Mijić, K., Zekić, S., Jakšić, D., & Vuković, B. (2014). Meat industry in Serbia: performance analysis of meat-processing and livestock companies. Custos e Agronegocio On Line, 10(3), 124-144.
Nunes M. P. J., Serrasqueiro Z. M., & Sequeira T. N., (2009). Profitability in Portuguese service industries: A panel data approach. Service Industries Journal, 29(5), 693-707.
Nakatani R. (2019). Firm performance and corporate finance in New Zealand. Applied Economics Letters, 26(13), 1118-1124.
Nanda, S., & Panda, A. K. (2018). The determinants of corporate profitability: an investigation of Indian manufacturing firms. International Journal of Emerging Markets, 13(1), 66-86.
Pervan, M., Curak, M., & Kramaric, T. P. (2018). The influence of industry characteristics and dynamic capabilities on firms´ profitability. International Journal of Financial Studies, 6(4), 1-19.
Porter, M.E. (1980), Competitive Strategy. The Free Press, New York.
Pathirawasam, C. (2011). Internal factors which determine financial performance of firms: with special reference to ownership concentration. Retrieved from https://www.slu.cz/opf/cz/informace/acta-academica-karviniensia/casopisy-aak/aak-rocnik-2013/docs-2-2013/Pathirawasam.pdf/
Pratheepan, T. (2014). A panel data analysis of profitability determinants: Empirical results from Sri Lankan manufacturing companies. International Journal of Economics, Commerce and Management, 2(12), 1-9.
Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge working papers in economics 0435, Faculty of Economics, University of Cambridge.
Rumelt, R.P. (1991). How much does industry matter?. Strategic Management Journal, 12(3), 167-185.
Schumacher, S., & Boland, M. (2005). The effects of industry and firm resources on profitability in the food economy. Agribusiness, 21(1), 97-108.
Stierwald, A. (2010). Determinants of profitability: An analysis of large Australian firms. Retrieved from https://melbourneinstitute.unimelb.edu.au/downloads/working_paper_series/wp2010n03.pdf
Singh, K., Misra, M., Kumar, M., & Tiwari, V. (2019). A study on the determinants of financial performance of US agricultural cooperatives. Journal of Business Economics and Management, 20(4), 633-647.
Singh, S.,Tabassum, N., Darwish, T. K., & Batsakis, G. (2017). Corporate governance and Tobin's Q as a measure of organizational performance. British journal of management, 29(4), 1-20. https://doi.org/10.1111/1467-8551.12237
Ullah, A., Pinglu, C., Ullah, S., Zaman, M., & Hashmi, S. H. (2020). The nexus between capital structure, firm-specific factors, macroeconomic factors and financial performance in the textile sector of Pakistan. Heliyon, 6(4), 741-755. https://doi.org/10.1016/j.heliyon.2020.e04741.
Vieira E. S., Neves M. E., & Dias A. G. (2019). Determinants of Portuguese firms´ financial performance: A panel data evidence. International Journal of Productivity and Performance Management, 68(7), 1323-1342.
Wooldridge, J. M. (1995). Score diagnostics for linear models estimated by two stages least squares. In C. R. Rao, G. S. Maddala, P. C. B. Phillips, & T. N. Srinivasan (Eds.), Advances in Econometrics and Quantitative Economics (pp. 66-87). Oxford: Blackwell.
Yameen, M., Farhan, N., & Tabash, M. (2019). The impact of liquidity on firms' performance: empirical investigation from indian pharmaceutical companies. Academic journal of interdisciplinary studies, 8(3), 212-220. https://doi.org/10.36941/ajis-2019-0019
Zainudin R., Mahdzan, N. S. A., & Leong, E. S. (2018). Firm-specific internal determinants of profitability performance: An exploratory study of selected life insurance firms in Asia. International Journal of Asia Business Studies, 12(4), 533-550.
Published
2021-11-01
How to Cite
Mahmud, I., Fahad, H. A., & Rahman, A. N. (2021). THE NEXUS BETWEEN FIRM SPECIFIC FACTORS, MACROECONOMIC FACTORS AND FIRM PERFORMANCE OF TEXTILE SECTOR OF BANGLADESH. Asian Finance & Banking Review, 5(1), 54-74. https://doi.org/10.46281/asfbr.v5i1.1415
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Asian Finance & Banking Society is licensed under a 