“Impact of Board Composition on Accounting

Profitability of the Fuel and Power Industries in

Bangladesh”
(This report has been submitted as the partial fulfillment of requirements for the Degree of
Masters of Business Administration major in Accounting & Information System)

Department of Accounting & Information Systems

Faculty of Business Studies
Jahangirnagar University
Savar, Dhaka-1342, Bangladesh.
 Jahangirnagar University
Savar, Dhaka-1342, Bangladesh.
A Thesis on
“Impact of Board Composition on Accounting Profitability of the
Fuel and Power Industries in Bangladesh”

Supervised By
Pappu Kumar Dey
Assistant Professor
Department of Accounting &
Information Systems
Jahangirnagar University

Prepared By:
Md.Saidur Rahman

Student ID: 20183093

EMBA Program

Major in Accounting & Information Systems

Spring Semester-2020

A thesis submitted for the fulfillment of the Degree of masters of business

administration

Date of submission: 10th September, 2020

 LETTER OF TRANSMITTAL

September 10, 2020

The Chairman
Department of Accounting & Information Systems
Jahangirnagar University
Savar, Dhaka-1342

Through: Pappu Kumar Dey, Thesis Supervisor.

Subject: Submission to the Master’s Thesis.

Dear Madam,
It is my pleasure to submit here with my dissertation, which has been prepared under the sound
and dynamic leadership of a personality like you.
This report is an integral part of my academic program in completion of the degree named
Masters of Business Administration, which has assigned me “To investigate impact of Board
Composition on Accounting Profitability of the Fuel and Power Industries of Bangladesh” as a
part of EMBA Program. I have tried my level best to collect the relative information as
comprehensive as possible in preparing the report. During preparation of the report, I have
experienced practically a lot that will help me a great in my career. It has enlightened my
practical knowledge regarding the impact of Board Composition on Accounting Profitability in a
firm. I will be able to explain anything for more clarification if necessary.
I would like to thank you, for giving me the opportunity to do a report on the above-mentioned
topic.

Sincerely

___________________________
Md. Saidur Rahman
Student ID: 20183093
 CERTIFICATION

September 10, 2020

This is to certify that Md. Saidur Rahman, ID # 20183093, a student of EMBA 22th Batch,
Department of Accounting & Information Systems, Jahangirnagar University has completed his
Master’s Thesis under my supervision. His Thesis topic is “Impact of Board Composition on
Accounting Profitability of Fuel and Power Industries”

I wish his success in his life.

________________________
Supervisor
Pappu Kumar Dey
Assistant Professor
Department of Accounting & Information Systems
Jahangirnagar University
Savar, Dhaka, Bangladesh
 Acknowledgement

My thesis journey would not have been possible without the help of Almighty God, the most
Merciful, the most compassionate that by His endless grace I have been able to complete this
thesis.

I revere the patronage and moral support extended with love, by my parents whose financial
support and passionate encouragement made it possible for me to complete this report.

I am deeply indebted to my Thesis supervisor Pappu Kumar Dey for his whole-hearted guidance
and supervision. His suggestions & comments to make the report a good one was really a great
source of spirit for me. Beginning from the primary day of the report, he has been a consistent
source of good support and consolation.

I am deeply indebted to my respected teachers and other members of AIS Department for their
individual help in preparing this thesis.

I humbly extend my thanks to all concerned persons who co-operated with me in this regard.

Finally, I would like to say that I have tried heart and soul tom prepares this thesis paper
accurately. However, there might be some errors and mistake so I seek your kind consideration
as I am in the process of learning.

Md. Saidur Rahman

 Table of Contents

Contents
Chapter 1: Introduction ................................................................................................................................ 1
1.1 Introduction ........................................................................................................................................ 2
1.2 Problem Background .......................................................................................................................... 2
1.3 Problem Statement .............................................................................................................................. 3
1.4 Purpose of the study ............................................................................................................................ 3
1.5 Limitations and Demarcations ............................................................................................................ 3
1.6 Definition and Abbreviations .............................................................................................................. 4
1.7 Outline of the Study ............................................................................................................................ 5
Chapter 2: Literature Review ........................................................................................................................ 6
2.0 Literature Review: ............................................................................................................................... 7
Chapter 3: Research Context and theoretical Framework ......................................................................... 11
3.1 Research Context .............................................................................................................................. 12
3.2 Overview of Fuel and power Industry of Bangladesh ...................................................................... 12
Natural Gas......................................................................................................................................... 13
Coal ..................................................................................................................................................... 13
Renewables ......................................................................................................................................... 13
Hydroelectricity .................................................................................................................................. 14
Biomass ............................................................................................................................................... 14
Biogas ................................................................................................................................................. 14
Solar Energy ....................................................................................................................................... 14
Wind .................................................................................................................................................... 15
3.3 Corporate Governance ...................................................................................................................... 15
3.3.1 Definition and Concept of Corporate Governance ..................................................................... 16
3.3.2 Theories...................................................................................................................................... 16
3.4 Board of Directors............................................................................................................................. 17
3.4.1 Overview of Board of Directors................................................................................................. 17
3.4.2 Role of the Board ....................................................................................................................... 17
3.4.3 Board Composition .................................................................................................................... 18
 3.6 Accounting Profitability Measurements ........................................................................................... 20
3.6.1 Overview .................................................................................................................................... 20
3.6.2 Measures .................................................................................................................................... 21
4.1 Research Methodology ..................................................................................................................... 22
4.2 Hypothesis......................................................................................................................................... 23
4.3 Model Specification: ......................................................................................................................... 23
4.4 Population and Sample ..................................................................................................................... 24
4.5 Collection of Data.............................................................................................................................. 24
4.5.1 Dependent Variable ................................................................................................................... 24
4.5.2 Independent Variable ................................................................................................................ 24
Chapter 5: Analysis and Findings ................................................................................................................ 25
5.1 Analysis and Findings: ................................................................................................................... 26
5.2 Descriptive Statistics: .................................................................................................................... 26
5.3 Correlation Table: ......................................................................................................................... 26
5.4 Regression Analysis: ...................................................................................................................... 27
5.4.1 Regression Analysis for the Model 1:......................................................................................... 27
5.4.2 Regression Analysis for the Model 2:......................................................................................... 29
Chapter 6: Conclusion ................................................................................................................................. 31
6.1 Conclusion and recommendations .................................................................................................... 32
6.2 Limitations of the study .................................................................................................................... 32
References .................................................................................................................................................. 34
 List of Tables

Table No. Name Page No.

1 Descriptive statistics 27

2 Correlation Table 27

3 Regression Statistics 28

4 Overall F test for model 1 29

5 Coefficient and p-value of 29

Model 1
6 Regression Statistics 30

7 Overall F test for model 2 31

8 Coefficient and p-value of 31

Model 2.
 Abstract

The research paper identifies the most important determinants of Board composition of
accounting profitability of 14 listed Bangladeshi firms comprising both Dhaka stock exchange
and Chittagong stock exchange for the period 2014-2018. Seven independent variables ( Board
Size, Proportion of Independent Directors, Percentage of Female Directors, Number of Board
Meeting, CEO duality for the firm and Share Owned By the Directors & Sponsors) and three
dependent variables ( Return on Equity and Return on Capital Employed ) have been tested using
correlation and regression analysis through excel. In correlation matrix, it has been concluded
that factor such as FAGE, BSIZE, NOID and NOFD have positive relation with dependent
variable. In regression analysis, it has been concluded that factors such as NOFD and NOBM
have strong and positive relationship with the ROE. It have significant impact on ROE but here I
can see that the number of female director (NOFD) and independent director (NOID), NOBM,
CEOD and SOBDS has negative slope that means there is a negative relationship among ROE
Also, NOBM and CEOD have significant impact on ROCE. But there is no significant impact on
ROCE with (NOFD) and independent director (NOID), NOBM, CEOD and SOBDS.
Chapter 1:
Introduction

1
1.1 Introduction
This chapter presents the introductory part. It begins by presenting the corporate governance area and
describes the review of the study.

Introduction

Problem Problem Purpose of the

Background Statement Study

Limitations and Definition and Outline of the

Demarcations Abbreviations Study

1.2 Problem Background

Corporate governance is a set of relationship between an organization's administration, its
board, its investors and shareholders. Corporate governance additionally gives the structure
through which the objectives of the organization are set, and the strategies for accomplishing
those goals and monitoring performance are determined.
Corporate governance concerns and troubles are climbing in current society considering the
growing size and complexity of firms driving the requirement for extended division among
ownership and control, and the large number of financial specialize have been harmed of late
by remarkable and criminal direct in vast relationship generally in North America and
Europe.
National and International controllers contend that the corporate embarrassments are the
consequences of poor board management and its corporate practices which lead to declining
firm's performance. The presence practice of good corporate governance is help to prevent
corporate embarrassments, distortion, misrepresentation and criminal obligation of the
organization. It is additionally used to make great business. The image of good corporate
governance improves the reputation of the affiliation and makes it all the more appealing to
customers, financial experts and provider.Cazurra (2009) referenced some general standards
of codes of good administration for viable corporate administration that are normal to most
countries. They are: a balance of executive and non-executive directors, for example,

2
 autonomous non-chief chiefs; an away from of duties between the administrator and the
CEO; the requirement for opportune and quality data gave to the board; formal and
straightforward methodology for the arrangement of new chiefs; adjusted and reasonable
money related revealing; and upkeep of a sound arrangement of inward control.
Therefore our destinations in this paper are to add to the global corporate administration
research plan by depicting the corporate administration condition for Bangladeshi's Large
Caps. Also, to analyze the board organization and firm execution in bookkeeping point of
view, and the relationship between them, in Bangladeshi context.

1.3 Problem Statement

What is the relationship between board composition element and firm’s accounting
profitability?

1.4 Purpose of the study

This thesis strives to analyze the level of correlation between selected board composition
factors and accounting profitability of the Bangladeshi Large Companies; by using
appropriate statistical tools of correlation I intend to recognize the relationship of chose
variables.
The goal of this examination is to complete examination of the Bangladeshi Large Listed
Companies' corporate administration practices and its effect on execution of a firm.
Concerning theme numerous explores have done in US and Australia and as specialists from
Bangladesh, we found it of high interest to find out what it looks like in Bangladeshi case.

1.5 Limitations and Demarcations

This study focuses on listed companies in Bangladesh with sample of 14 large caps from
the DSE-Bangladesh Security and Exchange Commission and includes data from 2014 to
2018. I use the annual reports of the firms from period 20014 to 2018. The scope of the
research is based on the availability of data and time frame we have.

3
There is consistently a predetermined framework forced limitation of time, exists in any
examination work. In any case, with the participation of my supervisor, it has gotten conceivable
to finish the examination work palatable within the time limit. Here, some limitations of the
study are given bellow:

✓ On this study I could use 14 companies out of the population of engineering sector
because of time limitation and the limited information resource. This study is limited to
five fiscal years for the analysis.
✓ Theories of articles are for efficient market. These theories are not fully appropriate for
an inefficient market like Bangladesh.
✓ All data are secondary data.

1.6 Definition and Abbreviations

FAGE: Firm Age (The number of years since the listed in DSC)
BSIZE: Board Size (The total members on the board)

NOID: Number of Independent Directors (Independent directors on the board)

NOFD: Number of Female Directors (The proportion of female directors on the board)

NOBM: Number of Board Meeting (Total Board Meeting in a Year)

CEOD: (CEO duality for the firm)- it is considered as a binary, which is equal to be one (1)
if the CEO and Director positions are held by the same individual, otherwise zero (0).

SOBDS: Share Owned by the Directors & Sponsors (Percentages of share owned by the
directors)

ROE: Return on Equity (Net income / Total Equity)

ROCE: Return on Capital Employed (Operating Profit / (Total Assets-Current Liabilities)

4
1.7 Outline of the Study
Chapter one presents the introductory part. It begins by representing the title of the study. By
then the research issue presents followed by explanation behind the study; limitations and
outline; and definitions and shortenings of specific terms.

Chapter two represents the relevant sources on the topic. It will incorporate both hypothetical
and empirical works.
In chapter three, describe the idea of corporate governance by introducing the theories, board
and its structure, research context and overview of the fuel and power industries of
Bangladesh and the Bangladeshi Corporate Governance Model and some accounting
profitability measurements.
Chapter four talks the methodology where the research is based up on. It shows reflections
and contentions agreeing the research issue and addresses the objective of the study
accordingly.
Chapter five deals with the observational outcomes and analysis of my findings.. The data is
presented in charts and corresponding tables.

In chapter six the researchers conclude the study.

5
Chapter 2: Literature Review

6
2.0 Literature Review:
Board is the major element of corporate governance like chief executive officer (CEO),
shareholders, stakeholders or community in general. This board is approved to choose the
activity, management, and strategy of the company on behalf of the shareholders. Since the
board members supposed to represent the interest.

The issues about corporate governance become more important in recent years as a result of
corporate scandals and misconduct of executives. Firms, board individuals, and executives have
been dependent upon criminal and common activity over hidden debt, expanded income, insider
trading, tax avoidance, abuse of assets, and breaks of guardian obligations. Nowadays, we can
see that the financial emergencies have brought consideration for the present discussion of
corporate governance issue also. This chapter provides a brief overview of literature review.
They are explained below.

R. T. Zemichael and S. T. Basazinew (2009) studied that corporate administration is a lot of

connections between an organization's administration, its board, its investors and different
partners. Corporate governance likewise gives the structure through which the targets of the
organization are set, and the methods for accomplishing those goals and observing performance
are resolved.

M. M. Rashid and R. Pervin (2019) study inspects the impact of board attributes (represented by
board size, board independence, and extent of female director) on both bookkeeping (return on
assets) and performance. Additionally studies show a noteworthy constructive outcome of board
independence and female directorship on market-based execution of the organizations. The effect
of board size on both return on assets (ROA) are not statistically significant.

Kirkpatrick and Jesover (2009) indicated that corporate boards have been frequently criticized
because of absence of financial expertise which is considered necessary in order to manage
financial risk level effectively in an organization especially during financial crisis. The ongoing
flood of corporate scandals in Malaysia has caused worry on the requirement for
financial/accounting specialists to be on board to guarantee more prominent responsibility on
wide scope of issues. According to the requirement of the Revised Malaysian Code on Corporate

7
Governance 2007 and Corporate Governance Blueprint 2011 the boards need to guarantee it has
the correct blend of member with proper aptitudes and experience to adapt to business
complexities, rivalry and changes. In any case, the code didn't determine on the necessary
abilities of director i.e. for example experience and capabilities.

M. Abbasi, E. Kalantari and H. Abbasi (2000) analyze the impacts of corporate governance
mechanisms on Chief Executive Officer (CEO) Duality. There are several aspects and scopes of
corporate governance, which may affect a CEO Duality yet this research, concentrated on three
perspectives in particular Board's size, Board's Independence and State ownership and show has
a positive and huge connection between Board's Independence; Leverage and Chief Executive
Officer Duality. Similarly, there is no connection between Board's size; State ownership; and
Chief Executive Officer Duality.

Picard (2005) Corporate governance concerns and difficulties are ascending in present day
society as a result of the expanding size and unpredictability of firms driving the requirement for
expanded partition among ownership and control, and a huge number of financial specialists
have been hurt lately by uncommon and criminal conduct in large organizations generally in
North America and Europe.
Corporate governance deals with the relationships between owner and management, distribution
of power and responsibility in corporations (Picard, 2005). The study of corporate governance is
confounded since the structure, role and effect of board have been studied from a variety of
hypothetical outlooks, which result about various completing hypotheses concerning best
corporate administration practice. Therefore it is vital for researchers to inform current corporate
governance practice.

Kiel and Nicholson (2003) According to various theories, the aim of corporate governance has
been to put a link between various characteristics of the board and corporate performance. As
such the corporate governance structure like ownership structure, board composition, board size,
debt, and CEO duality have a great impact on performance. (Kiel and Nicholson, 2003)
identified the concept of corporate governance has made boards of organizations popular and
critical. Investors in a publicly held enterprise can't speak to themselves accordingly they need to

8
choose others to play out that work for them. They have to select a specified number of qualified
and respected people to represent their interests as members of a corporation’s board of directors.
As a result, together with management boards pursue objectives that are in the interests of the
organization and its stakeholders, facilitate effective monitoring and encourage an organization
to utilize its resources more efficiently.

Rashid A., De Zoysa A., Lodh S., and Rudkin K. (2010) suggests independent directors play a
useful role in strategic planning and risk management It is likewise perceived that independent
directors share the duty to monitor an company's financial performance. In this manner, they
have authority to address issues of data asymmetry, and have the ability to make
recommendation on executive compensation and release of the CEO following poor
performance.
Hitt, Ireland, and Hoskisson (2009) showed that significance on corporate governance stems
basically from the inconsistent disappointment of corporate governance instrument to adequately
monitor and control high level supervisors' decision. The circumstance achieves about modifying
in governance instruments in enterprises all through the world, especially with respect to
endeavors proposed to improve the performance of board of director.
H. Khatab, M. Masood, K. Zaman, S. Saleem and Bilal Saeed (2011) examine the relationship
between corporate governance and company's performance of twenty firms recorded at Karachi
Stock Exchange. The presentation of corporate governance is dissected, while performance of
the organizations is estimated by return on resources (ROA) and profit for value (ROCE). Firms
with having great corporate governance measures perform well when contrasted with the
organizations having no or less corporate governance practices.
Mohammed Nuhu (2006) argues that the corporate scandals are the results of poor board
management and its corporate practices which lead to declining firm’s performance. The
existence of good corporate governance practices helps to prevent corporate scandals, fraud,
extortion, and likely polite and criminal obligation of the association. It is likewise used to make
great business. The picture of good corporate administration improves the notoriety of the
association and makes it more alluring to clients, financial specialists, investors and suppliers.

9
Aguilera and Cazurra (2009) referenced some all-inclusive standards of codes of good
administration for successful corporate administration that are regular to most nations. They are:
a balance of executive and non-executive directors, for example, independent non-executive
directors; an away from of duties between the chairman and the CEO; the requirement for
convenient and quality data gave to the board; formal and straightforward methods for the
appointment of new directors; adjusted and understandable financial reporting; and maintenance
of a sound arrangement of inner control.

And as we referenced above board is the eye of the company which overlooks the activities of
the CEO (Kim and Nofsinger, 2008).Therefore our objectives in this paper are to contribute to
the international corporate governance research outline by describing the corporate governance
environment for Bangladeshi’s Large Caps and to examine the board composition and firm
performance in accounting perspective, and the relationship between them, in Bangladeshi
context.

With respect to this literature, my contribution is twofold. First, my sample is representative of

fourteen top ranked companies of fuel and energy sector in Bangladesh, and therefore we are not
limited to the analysis of establishments of a sample size. In forming the model for the
hypothesis, we considered ROE and ROCE as dependent variable which represent the firm’s
performance. We considered Firm Age (FAGE), Board Size (BSIZE), Proportion of Independent
Directors (NOID), Percentage of Female Directors (NOFD), Number of Board Meeting
(NOBM), CEOD (CEO duality for the firm) and Share Owned By the Directors & Sponsors
(SOBDS) as independent variable.

10
Chapter 3: Research Context and
theoretical Framework

11
3.1 Research Context
To do the research, we have selected fourteen fuel and energy industries from Bangladesh. The
details of these selected companies are given below-

✓ Baraka Power Limited (BARKAPOWER)

✓ CVO Petrochemical Refinery Limited(CVOPRL)
✓ Dhaka Electric Supply Company Ltd. (DESCO)
✓ Meghna Petroleum Limited (MPETROLEUM)
✓ Power Grid Company of Bangladesh Ltd. (POWERGRID)
✓ Shahjibazar Power Co. Ltd. (SPCL)
✓ Titas Gas Transmission & Dist. Co. Ltd. (TITASGAS)
✓ Linde Bangladesh Limited (LINDEBD)
✓ Khulna Power Company Limited (KPCL)
✓ Summit Power Limited (SUMITPOWER)
✓ GBB Power Ltd. (GBBPOWER)
✓ Jamuna Oil Company Limited (JAMUNAOIL)
✓ Padma Oil Co. Ltd. (PADMAOIL)
✓ United Power Generation & Distribution Company Ltd. (UPGDCL)

3.2 Overview of Pharmaceutical Industry of Bangladesh

Presently, primary commercial energy resources include natural gas, oil, condensates, coal, peat
and renewable energy resources. Biomass still plays an important role in the country’s energy
consumption in the rural area. Government is actively considering use of nuclear energy for
electricity generation.

Bangladesh's per capita vitality utilization is exceptionally low. The 2013 energy utilization
value stands at about 216 kgOE compared to the world average of 1894 kgOE. Total primary
energy consumption in 2013 was 33.90 MTOE. Two-thirds of the country's total population level
in rural areas, meeting most of their energy needs (domestic, commercial and industrial) from
traditional biomass fuels. Various marketing companies under the Bangladesh Petroleum
Corporation (BPC) distribute kerosene and diesel throughout the country at a uniform tariff rate
set by the government. Around 62% have access to electricity with a per capita availability of
321 kWh per annum.

12
The quality of service in rural areas is very poor: frequent outages, voltage fluctuations and
unreliable and erratic supply. Biomass has a large contribution in the total primary energy
consumption of Bangladesh, at around 60%.

Natural gas is currently the only indigenous non-renewable energy resource of the country and
this has been continuously produced and consumed in significant quantities since 1970. Gas, the
main source of commercial energy, plays a vital role in the economic growth of Bangladesh. The
major consumers of gas are the power and fertiliser (using gas as feedstock) sectors, which
account for 46.65% and 21.71% respectively.

Natural Gas
Bangladesh gas sector started its journey in the 1960s, but its rapid expansion and integration and
integration started to accelerate in the early 1970s spurred by the rising oil prices. Until now, 24
gas fields have been discovered. Natural gas fills about 75% of the total fuel consumption of the
country.

Because of the increasing demand of gas, the exploration of new gas field and the development
of the discovered gas fields are very important. During the financial year 2011-12, a total of 29
projects are being implemented by Petro Bangla and its companies in the oil, gas and mineral
sector.

Coal
According to the present development data, the coalfields in Bangladesh are divided into five
coalfields, all of which occur in the north western area that is sandwiched between the Jamuna
River and the Padma River in north western Bangladesh.

At present, foreign companies, including Indian and South Korean companies, are aggressively
engaged in coal development in the country. In particular, since Godwin coal is a kind coke of
good quality with limited global availability, it has drawn much attention from concerned parties
in many parts of the world.

Renewables
Low-income developing countries like Bangladesh are very much susceptible to the setbacks
arising from the on-going energy crisis. Natural gas lies at the heart of the country’s energy
usage, accounting for around 72% of the total commercial energy consumption and 81.72% of

13
the total electricity generated. Such an overwhelming dependence on bio fuel has brought into
focus the substantial amount of renewable energy resources available in the country. The
potential non-exhaustive sources of energies, available in the form solar, biomass, biogas,
hydropower and wind, can be harnessed to provide an environmentally sustainable energy
security, as well as affordable power supply to the off-grid rural areas of the country. To this end,
effective utilization of renewable energy resources has been adopted as a policy of the
Government of Bangladesh (GOB). Different government, semi - government and non-
government organizations (NGOs) have been working separately or jointly to disseminate
renewable energy technologies (RET) throughout the country over a significant period.

At present, the different categories of renewable energy that are being used in limited ways in
Bangladesh are solar, wind, hydro, waste biogas, and biomass gasification.

Hydroelectricity
The Karnafuly Hydro Power Station is the only hydropower plant in the country with a capacity
of 230 MW. It is operated by BPDB (Bangladesh Power Development Board). BPDB is
considering increasing production up to 330MW.

Biomass
Bangladesh is an agricultural country so biomass is available in huge amount. Cattle dun g,
agricultural residue, poultry dropping, water hyacinth, rice husk etc. used for biomass power
generation are available in Bangladesh.

Biogas
Biogas production plays an important role in Bangladesh since the necessary resources are
plentiful. The Government along with several NGOs are working together for development of
power production from Biogas. Grameen Shakti is one of the most uttered NGO in field of
biogas and has completed several works.

Solar Energy
Infrastructure Development Company limited (IDCOL) has supported NGOs in installing solar
home systems (SHSs); a total of 1,320,965 SHSs having capacity of approximately 36.5 MW
have been installed up to February 2012.

14
Wind
Bangladesh is in the midst of a severe energy and power supply crisis; one of the worst in South
Asia. However, the government is now looking to explore the potential of wind energy,
particularly along the country’s 724 km long coastline. Wind energy can potentially generate
more than 2000 megawatts of electricity in the coastal regions. The growth of wind energy in the
underdeveloped, coastal areas of the country holds hope for poor, isolated communities that are
not connected to the national electricity grid and who are also unlikely to receive grid connection
in the near future due to the high cost of establishing infrastructure, and growing scarcity of
traditional energy inputs. The Bangladesh Power Development Board has estimated that wind
energy can contribute to 10% of the energy needs of the country. The Board has also calculated
the cost to generate one kWh from wind energy to be about half the cost of generating an
equivalent unit of power from solar energy. The expansion of the potential of wind energy will
be crucial in order for Bangladesh to achieve its national vision of providing electricity to all of
its population by 2020.

Source: “Current Status of Renewable energy sector of Bangladesh and a proposed grid
connected hybrid renewable energy system”, International Journal of advanced renewable
energy research, Md. Habib Ullah, et al., Vol. 1, Issue 11, pp 618-627, 2012

3.3 Corporate Governance

The corporate governance practice in Bangladesh examines the major internal and external
factors like legal framework, financial sector scenario, accounting standards and disclosures with
regulatory requirements, the role of independent regulators and Judiciary and finally the role of a
pressure group.

The Bangladeshi corporate governance model is based on a hierarchical governance structure in

which each governance body has far-reaching powers to issue directives to subordinate bodies
and to some extent even take over their decision-making authority. With few exceptions, where
the board has exclusive decision power or veto right, the shareholders’ meeting is sovereign to
decide on any company matter, including where appropriate to issue express instructions to the
board. In practice, however, such powers are rarely used in listed companies, where they would
most likely trigger the immediate resignation of the board directors.

15
3.3.1 Definition and Concept of Corporate Governance
Companies and Corporate Laws: Companies of Bangladesh is incorporated and governed by the
Company Act 1994, Bank Company Act 1991, Financial Institution Act 1993, Bangladesh
Securities and Exchange Commission Act 1993 (2012 amended) and Bankruptcy Act 1997
which defines the rights and responsibilities of both majority and minority shareholders.
Corporate governance is a set of relationships between a company’s management, its board, its
shareholders and other stakeholders. Corporate governance also provides the structure through
which the objectives of the company are set, and the means of attaining those objectives and
monitoring performance are determined.

Corporate governance deals with the relationships between owner and management, distribution
of power and responsibility in corporations. The study of corporate governance is complicated
since the structure, role and impact of boards have been studied from a variety of theoretical
standpoints, which resulted in a number of competing theories concerning best corporate
governance practice.

Currently there is an emphasis on corporate governance stems mainly from the occasional failure
of corporate governance mechanism to adequately monitor and control top level managers’
decisions. The situation results in modifying in governance mechanisms in corporations
throughout the world, especially with respect to efforts intended to improve the performance of
boards of directors.

3.3.2 Theories
Agency Theory

Agency theory explains the conflict of interests between the shareholders-principal and
managers-agent and the separation of ownership and control. This has been one of the most
controversial issues in the financial literature.

Stewardship Theory

While the opponents argued that, the relationship between the directors and shareholder is like it
was between agent and principal. Besides an agent will act with self-interest and cannot be
expected to behave in a manner assumed in the stewardship theory.

16
3.4 Board of Directors
A board of directors is an elected group of individuals that represent shareholders. The board is a
governing body that typically meets at regular intervals to set policies for corporate management
and oversight. Every public company must have a board of directors.
“The board of directors is a group of elected individuals whose primary responsibility is
to act in the owners’ best interests by formally monitoring and controlling the corporation’s top-
level executives.”

3.4.1 Overview of Board of Directors

The Board of Directors should use the Code of Corporate Governance as a guideline to develop
procedures for evaluation and accountability within the organisation. The board is responsible
for protecting shareholders’ interests, establishing policies for management, oversight of the
corporation or organization, and making decisions about important issues a company or
organization faces.

In a broad sense, a corporate board of directors acts as a fiduciary for shareholders. The board is
also tasked with a number of other responsibilities, including the Creating dividend policies,
Creating options policies, Hiring and firing of senior of executives (especially the CEO),
Establishing compensation for executives, Supporting executives and their teams, Maintaining
company resources, Setting general company goals and Making sure that the company is
equipped with the tools it needs to be managed well.

The structure, responsibilities, and powers given to a board of directors are determined by the
bylaws of a company or organization. The bylaws generally determine how many board
members there are, how the members are elected, and how frequently the board members meet.
There’s not a set number or structuring for a board of directors; it depends largely on the
company or organization, the industry in which the company or organization operates, and the
shareholders.

3.4.2 Role of the Board

The board of directors of a company has the responsibility of acting in the interest of that
company in which they are assigned. And are supposed to protect shareholders´ interests, have a
fiduciary duty to perform activities in order to ensure the firm´s profitability and share value. The

17
board is considered as the most important internal monitor because it is one part of the firm´s
organizational structure at the top of the corporate hierarchy.

In General, the responsibility of the board is to offer vision and direction for any corporate entity,
to hire, evaluate, and perhaps even to fire top management, to vote on major operating proposals
and on major financial decisions, to offer expert advice to management and to make sure whether
the shareholders received accurate reports of both firms activity and financial conditions.

3.4.3 Board Composition

Board composition refers to the proportion of outside directors to the total number of directors.
Higher proportion of outside non-executive directors in the board may result in better monitoring
of the behavior of management by the board and limit managerial opportunism. Also, non-
executive board members are less aligned with management, and they may be more inclined to
encourage and support more disclosure to the users of financial reporting. Inclusion of
independent non-executive directors on corporate boards improves the comprehensiveness and
quality of disclosure. Inside directors can contribute more to a firm than outside directors due to
their firm-specific knowledge and expertise.

Board of director literature tells us, board composition can impact organizational performance. In
this paper, eight conceptual board composition drivers are developed to explain the factors’
impacting on firm’s performance. Specifically Firm Age, Board Size, Number of Independent
Directors, Number of Female Directors, Number of Board Meeting, CEO duality for the firm,
Share Owned by the Directors & Sponsors, Firm size.

Firm Age

FAGE stands for firm age measured by the number of years since the inception of firm.

Board Size

Board size is considered to be an effective tool to control the internal corporate governance of a
company. The board of directors holding the top executive position of a company is in charge of
setting up policies and strategies and regulating operations of the organizations. Large board is
equipped with more expertise knowledge and hence can effectively make strong strategic

18
decisions which in turn help the company to maximize its profits. Consistent with the resource
dependency theory, larger boards help to reduce uncertainty and improve firm performance as
they have more access to external environment. Though large board has more monitoring
capabilities and knowledge, some studies argue that large board is not as effective as small one.
Board Independence

The independent directors are appointed to work on behalf of the shareholders interest. It is
generally expected that the higher the proportion of independent directors in the board, the
higher the transparency of financial reporting and performance of the firm will be. To maximize
the shareholder wealth, agency theory suggests to have a large proportion of independent
directors on the board to effectively monitor the activities of the managers and to reduce the self-
interested behavior of the managers.
Female Directors

Women are now participating and contributing in every sector of the economy in Bangladesh. In
corporate area they are assuming a major role either as business people or individuals board of
directors and effectively guaranteeing corporate governance of organizations.
Generally females are perceived to have patience, sincerity, greater managing and decision
making capacity by looking into details than their male counterparts. Thus they facilitate the
governing process of a firm.
Board Meeting

A board meeting is a meeting of a company’s board of directors, held usually at certain times of
the year to discuss company-wide policies or issues. The board of directors determines the
overall business approach of the company, and the directors are either selected by shareholders
or by members of the organization. These types of meetings are important because they are a
chance for the people in charge to define and discuss the trajectory of the company.

CEO duality for the firm

CEO duality occurs when the CEO also occupies the chair position of the board of directors
(Rechner & Dalton, 1991). CEO duality in corporate board supervision is an example of such a
one tiered structure. Similarly there exists CEO duality in some listed companies in Bangladesh.

19
Share Owned by the Directors & Sponsors
Directors of a listed company will not be allowed to sell their shares if sponsors and directors fail
to hold a combined minimum stake of 30 percent in the firm. The regulator also made it
compulsory for companies to clarify the reasons for issuing stock dividends instead of cash. It
suspended a stock broker’s certificate for alleged misuse of investors’ money. The BSEC is set to
be tough on the minimum shareholding issue as many firms are not paying heed to its previous
directive.

As per the new obligation, sponsors and directors will not be able to sell, transfer or keep
mortgage their shares if they do not hold at least 30 percent stakes collectively. Such companies
will be barred to issue right shares, repeat public offer and bonus share and merge with other
companies in order to raise capital. If a director fails to maintain at least 2 percent of shares, the
directorship will fall vacant and the company will have to fill the vacancy within 30 working
days. Companies that fail to maintain the minimum shareholding obligation will be segregated
and formed in a new different category

3.6 Accounting Profitability Measurements

3.6.1 Overview
Profitability as a financial goal of every firm is used to expand the firm, and or to provide a
cushion for future slow periods. Profitability helps a firm to ensure, its solvency, for owners to
invest in the future. A firm can go out of business, if it incurs loses and become insolvent. Profit
is normally formed only when a company functions effectively. Management’s operating
effectiveness is proven if the company can prosper, obtain funding, and reward the suppliers of
its funds.

Generally financial statement of a firm contains the information needed to make decisions
regarding a business. Many business’ owners use their financial statements as requirements for
creditors, bankers, or tax preparers only, but they are much more than that as such financial
statement can give key information needed on the financial condition and the operation of a
business.

20
Since the authors in this research wish to present some of accounting profitability measurements
which are of relevant to the study. The three following indicators of accounting profitability of a
firm are used. Return on Equity, and Return on Capital Employed.

3.6.2 Measures
ROE

ROE ratio tells us how much profit a business earned in comparison to the book value of its
shareholder´s equity. It is useful especially for privately owned business, which is hard to
determine the market value of owners’ equity. Public corporations also use ROE just like book
value per share, it normally plays a secondary role and is not the leading factor driving market
prices.

ROCE

ROCE is a traditional performance management tool. DuPont Power Company developed it in

the early 1900s to help manage the vertically integrated enterprise. It is used to evaluate the
performance of the company or its department by comparing its accounting measure of income
to its accounting measure of investment. The formula to measure ROCE is:

ROCE = Operating profit/ (Total assets-Current Liabilities.

Since long time ROCE has been a valuable measurement tool and was the emerging tool to place
a value on the payoff from capital investments. Currently, the application of the concept is being
expanding to all types of investments.

21
 Chapter 4: Methodology

4.1 Research Methodology

The purpose of the research is the analysis of the impact on the financial performance of fourteen
Fuel and Energy sector companies. I have tried to link the dependent variable with the

22
independent variables using OLS. I have tried to develop a model regarding this research topic. I
have used M/s Excel for OLS and for regression.

4.2 Hypothesis
The hypothesis for this research is mentioned below.

H1: There is a positive relation between the firm’s Accounting profitability and the Board
composition.

H0: There is no positive relation between the firm’s Accounting profitability and the Board
composition.

4.3 Model Specification:

I have used two specific models to relate the variables. The regression model utilized to test the
quantity of Independent Director, the percentage of the female directors on board to the board
size and firm’s Age is as per the following.

Model 1:

PERF (ROE) = β0 + β1 NOID+ β2 NOBM +β3 BSIZE +β4 NOFD + β5 SOBDS + β6 CEOD +
β7 FSIZE + β8 FAGE + e

Model 2:
PERF (ROCE) = β0 + β1 NOID+ β2 NOBM +β3 BSIZE +β4 NOFD + β5 SOBDS + β6 CEOD
+ β7 FSIZE + β8 FAGE + e
where:-

ROE: Return on Equity

ROCE: Return on Capital employed

β0: Y intercept (Intercept coefficient).

β1, β2, β3, β4, β5, β6, β7, β8: Coefficients (Slopes)

FAGE: Firm Age

BSIZE: Board Size

23
 NOID: Number of Independent Directors

NOFD: Number of Female Directors

NOBM: Number of Board Meeting

CEOD: CEO duality for the firm

SOBDS: Share Owned by the Directors & Sponsors

4.4 Population and Sample

The population of this research is the Fuel and Energy sector of Bangladesh. This research has
been conducted over 14 top ranked companies of Fuel and Energy sector in Bangladesh. The
reason we have selected Fuel and Energy sector is because this is the important sector of
Bangladesh and board members have more responsible for accounting profitability in this
industry.

4.5 Collection of Data

We have used the secondary source to collect the data. The data for dependent variable and
independent variable has been collected from various secondary sources such as company
websites, DSE, CSE and news journals etc. We have used quantitative data in this research.

4.5.1 Dependent Variable

On this research I have used ROE and ROCE as dependent variable which are considered as
profitability of the firm. So the dependent variables are ROE and ROCE.

4.5.2 Independent Variable

I have used FAGE (Firm Age), BSIZE (Board Size), NOID (Number of Independent Directors),
NOFD (Number of Female Directors), NOBM (Number of Board Meeting), CEOD (CEO
duality for the firm), SOBDS (Share Owned by the Directors & Sponsors), FSIZE (Firm size)
as independent variable in this research.

24
Chapter 5: Analysis and Findings

25
5.1 Analysis and Findings:
Data has been analyzed using M/s Excel data solver. I have used M/s Excel because it is
comfortable to use to analyze data more over I am very much used to it. The descriptive statistics
has been described below regarding the research hypothesis and models.

5.2 Descriptive Statistics:

FAGE BSIZE NOID NOFD NOBM CEOD SOBDS ROE ROCE

Mean 11.68 10.47 2.17 0.87 12.14 0.79 0.21 0.14 0.104
Standard 1.24 0.44 0.12 0.13 0.87 0.05 0.033 0.016 0.015
Error
Median 9 9 2 0 11 1 0.00028 0.12 0.074
Standard 10.32 3.65 1.04 1.12 7.19 0.41 0.28 0.13 0.12
Deviation
Minimum 0 5 1 0 4 0 0 -0.36 -0.34
Maximum 42 19 4 4 32 1 0.8412 0.50 0.43
Count 69 69 69 69 69 69 69 69 69

Table: 1 Descriptive statistics

The descriptive statistic table shows us the mean, standard error, median, standard deviation,
minimum and maximum of the independent and dependent variables. We can easily get a
primary idea about the data of dependent and independent variable from this table.
The average number of member on board is found to be 10.47 which are moderate and the
average number of years since listed in DSE is 11.68. Also given the standard deviation is 10.32
and 3.65 for the FAGE and BSIZE respectively.

5.3 Correlation Table:

FAGE BSIZE NOID NOFD NOB CEOD SOBD ROE ROC

M S E
FAGE 1

BSIZE -0.1630 1

NOID -0.3185 0.7918 1

NOFD -0.0581 0.0225 -0.1184 1

NOBM -0.0320 0.0807 0.1025 -0.3035 1

CEOD 0.0830 -0.3661 -0.2848 -0.4712 0.3701 1

26
SOBD -0.2206 -0.1470 0.1536 -0.3330 0.1169 0.2210 1
S
ROE 0.1130 0.1188 -0.0307 0.0309 -0.2651 -0.2683 -0.2486 1

ROCE -0.0945 0.1784 0.2309 0.1122 -0.4531 -0.4618 -0.0477 0.8371 1

Table 2: Correlation Table

This table indicates the relationship between the dependent variable (ROE & ROCE) and
independent variables. We know the value of correlation coefficient lies between +1 and -1. If
the correlation is 1 there is strong positive relationship between the variables. On the other hand,
if the correlation is -1 it is said that there is negative relationship and if it 0 there is no
relationship. From this table we can see that only FAGE, BSIZE, NOID and NOFD are
positively correlated with ROE and ROCE. We can also see that NOBM, CEOD and SOBDS
have a negative relationship with ROE and ROCE. From this table we can say that Number of
board member, CEO duality for the firm and Share Owned by the Directors & Sponsors has
positive impact on the firm’s performance.

5.4 Regression Analysis:

Here I have summarized the regression for both the models and the findings have been
mentioned. The regression analysis for the models is as follows

5.4.1 Regression Analysis for the Model 1:

The summary of the regression for the model is as follows

Regression Statistics
Multiple R 0.449771
R Square 0.202294
Adjusted R Square 0.109228
Standard Error 0.124107
Observations 68
Table 3: Regression Statistics

From this regression statistics table we can see that Multiple R represents how strong the
linear relationship is. It is the correlation coefficient. Values 1 represent perfect positive relation
and value 0 represent no relation at all. In this study the multiple R is .4498 or 44.98%. That
means there is a relationship.
27
 In this study the R square represent how many points fall on the regression line. It is the
coefficient of determination. In this regression R square is 0.2023. Which means 20.23% of the
variability of dependent variable Y can be explained by the entire set of independent variables.

And the adjusted R square is 0.1092 which can be used to compare the models with each other.
The number of observation is also given 68 here. So from the above table we can conclude that
the model 1 is acceptable because 20.13% of the variability of Y depend on the independent
variables.
.
ANOVA
df SS MS F Significance
F
Regression 7 0.2343 0.0335 2.1737 0.0492
Residual 60 0.9241 0.0154
Total 67 1.1585
Table 4: Overall F test for model 1

From this table we can see that the overall F test value is 0.0492 which is less than α (0.05).
So can say that at least one independent variable has a linear relationship with the dependent
variable ROE. And we can say that the model 1 is valid.

Coefficient and P- Value

Coefficients Standard Error t Stat P-value

Intercept 0.2786 0.0870 3.2018 0.0022

FAGE 0.0003 0.0016 0.1940 0.8469
BSIZE 0.0082 0.0077 1.0715 0.2882
NOID -0.0326 0.0277 -1.1791 0.2430
NOFD -0.0298 0.0167 -1.7841 0.0795
NOBM -0.0040 0.0023 -1.7233 0.0899
CEOD -0.0804 0.0482 -1.6684 0.1004
SOBDS -0.0808 0.0645 -1.2515 0.2156
Table 5: Coefficient and p-value

From this table we can see that the coefficient of FAGE and BSIZE has the positive value
which means they are positively related with ROE. But here we can see that the number of
female director (NOFD) and independent director (NOID), NOBM, CEOD and SOBDS has

28
negative slope that means there is a negative relationship among ROE and the number of Female
directors on the board (NOFD) ,NOID,NOBD, CEOD and SOBDS .
On the other hand, if we look at the individual p-value of the independent variables we can
say that acceptable p values are 0.0795 and 0.0899. That means the NOFD and NOBM have
strong and positive relationship with the ROE. So these variables are considered significant.

5.4.2 Regression Analysis for the Model 2:

The summary of the regression for the model is as follows

Regression Statistics
Multiple R 0.598942
R Square 0.358732
Adjusted R Square 0.283917
Standard Error 0.106856
Observations 68

Table 8: Regression Statistics

From this regression statistics table we can see that Multiple R represents how strong the
linear relationship is. It is the correlation coefficient. Values 1 represent perfect positive relation
and value 0 represent no relation at all. In this study the multiple R is .5989 or 59.89%. That
means there is a relationship.
In this study the R square represent how many points fall on the regression line. It is the
coefficient of determination. In this regression R square is 0.3587. Which means 35.87% of the
variability of dependent variable Y can be explained by the entire set of independent variables.

And the adjusted R square is 0.2839 which can be used to compare the models with each other.
The number of observation is also given 68 here. So from the above table we can conclude that
the model 1 is acceptable because 35.87% of the variability of Y depend on the independent
variables.

29
 ANOVA
df SS MS F Significance
F
Regression 7 0.3832 0.0547 4.7949 0.00025
Residual 60 0.6851 0.0114
Total 67 1.0683

Table 9: Overall F test for model 2.

From this table we can see that the overall F test value is 0.00025 which is less than α (0.05).
So can say that at least one independent variable has a linear relationship with the dependent
variable ROCE. And we can say that the model 2 is valid.

Coefficient and P- Value

Coefficients Standard Error t Stat P-value

Intercept 0.2745 0.0749 3.6641 0.0005
FAGE -0.0005 0.0013 -0.3390 0.7357
BSIZE -0.0040 0.0066 -0.6074 0.5458
NOID 0.0282 0.0238 1.1851 0.2406
NOFD -0.0174 0.0144 -1.2137 0.2296
NOBM -0.0066 0.0020 -3.2551 0.0019
CEOD -0.1085 0.0415 -2.6152 0.0113
SOBDS -0.0171 0.0556 -0.3070 0.7599

Table 10: Coefficient and p-value of Model 2.

From this table we can see that the coefficient of NOID have the positive value which means
they are positively related with ROCE. But here we can see that the number of female director
(NOFD) and board member (BSIZE), FAGE, NOBM, CEOD and SOBDS has negative slope
that means there is a negative relationship among ROE and the number of Female directors on
the board (NOFD) ,BSIZE, FAGE, NOBD, CEOD and SOBDS .
On the other hand, if we look at the individual p-value of the independent variables we can
say that acceptable p values are 0.0019 and 0.0113. That means the NOBM and CEOD have
strong and positive relationship with the ROCE. So these variables are considered significant.

30
Chapter 6: Conclusion

31
6.1 Conclusion and recommendations
In this part ends are drawn from the investigation. The examination question and purpose behind
the investigation that was introduced in the presentation of this thesis will be replied.

The purpose behind this study is to dissect the degree of correlation between chosen board
composition factors and accounting profitability of the firm. To meet this purpose I draw my
conclusion and answer I research question.

When answering our research question we took selected board composition factors namely:
number of directors, independency of directors, female director, board meeting, firm age, CEO
duality for the firm and share owned by the director & sponsors and their impact on accounting
profitability of the Bangladeshi fuel & energy industry. Our study is based on the final sample
size of 14 Bangladeshi fuel &energy industry. We use correlation coefficient (r) to examine the
relationship between board composition factors on accounting profitability of the firm (ROE) &
(ROCE) and the following results were found.

My research result shows that the determinants of accounting profitability are not strongly
influence return on equity and return on capital employed decision of fuel and power sector in
Bangladesh except few variables. Number of female director and number of board meeting has a
positive relation with return on equity because return on equity is the determinants which have
significant value which is measured in model-1. Number of board meeting and CEO duality has
positive and significant relation with return on capital employed (ROCE).

In general we conclude that some of the board composition drivers such as NOBM, CEOD and
SOBDS do not have significant impact on profitability of Bangladeshi fuel and energy industries.
However FAGE, BSIZE, NOID, NOFD and FSIZE have a positive impact on profitability of
Bangladeshi fuel and energy industries. In this way, is better for the investors to give
extraordinary consideration when recruiting the board member regarding the proportion of
female directors and independent director.

However in this specific case the outcome could be impacted by many factors other than the
governance of a company. Especially for the period 2014 to 2018 due to financial crises ROE &
ROCE were very much fluctuated. And this may have impact on the results which I found.
Furthermore, since my investigation focus on the the accounting estimation of profitability as a

32
measure of execution of the company, the outcomes could be extraordinary whenever taken non-
financial measures or both financial and non-financial measures simultaneously together.

6.2 Limitations of the study

On this study we could use 14 companies out of the population of fuel and energy sector because
of time limitation and the limited information resource. On this research we could not include the
capabilities and competencies of the directors. To identify the firm’s overall performance we
need evaluate the personal capabilities and competencies of the directors of the board.

To measure the performance of the company my investigation concentrated on accounting

profitability measures-financial measures. I suggest expanding the examination utilizing other
financial measures-non financial measures. It could be fascinating as it should be possible
utilizing both financial and non-financial execution measure too.

I had a small number of samples. For further research a bigger sample can be drawn and more
advanced and logical techniques can be utilized to elaborate the findings. More over an firm's
performance can be estimated utilizing many performance parameters. In this study I used just
two parameters which are ROE and ROCE.

33
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• Baraka Power Limited (BARKAPOWER), Retrieved fromhttp://www.barakapower.com/

• CVO Petrochemical Refinery Limited(CVOPRL) ), Retrieved from
http://www.barakapower.com/
• Dhaka Electric Supply Company Ltd. (DESCO) ), Retrieved from
https://www.desco.org.bd/bangla/
• Meghna Petroleum Limited (MPETROLEUM) ), Retrieved from http://mpl.gov.bd/
• Power Grid Company of Bangladesh Ltd. (POWERGRID) ), Retrieved from
http://pgcb.gov.bd/
• Shahjibazar Power Co. Ltd. (SPCL) ), Retrieved from
http://youthbd.com/sister-concern/shahjibazar-power-co-ltd/
• Titas Gas Transmission & Dist. Co. Ltd. (TITASGAS) ), Retrieved from
https://www.titasgas.org.bd/Pages/Home/1/
• Linde Bangladesh Limited (LINDEBD) ), Retrieved from
http://www.linde.com.bd/en/index.html
35
• Khulna Power Company Limited (KPCL) ), Retrieved from
http://www.khulnapower.com/
• Summit Power Limited (SUMITPOWER) ), Retrieved from
https://summitpowerinternational.com/SPL
• GBB Power Ltd. (GBBPOWER) ), Retrieved from https://www.amarstock.com/dse-
stock-news?symbol=GBBPOWER
• Jamuna Oil Company Limited (JAMUNAOIL) ), Retrieved from
http://www.jamunaoil.gov.bd/
• Padma Oil Co. Ltd. (PADMAOIL) ), Retrieved from http://pocl.gov.bd/
• United Power Generation & Distribution Company Ltd. (UPGDCL) ), Retrieved from
http://www.unitedpowerbd.com/

36