JOURNAL PAPER

Md Al Amin, Debashis SahaDebashis Saha & Priya Saha, Divers Influencing the Adoption of Financial Technology (FinTech): Evidence from State-owned Commercial Banks in Bangladesh, Jahangirnagar University Journal of Business Research, 25, December 2025, pp.107-124, Jahangirnagar University Savar Dhaka, 2025. doi: 10.53461/jujbr.v25i02.104

Abstract: FinTech, or financial technology, is the use of digital tools andplatforms to innovate, improve, and streamline financial services,increasing their accessibility, effectiveness, and security. The goal of thestudy is to understand the factors influencing the adoption of FinTech inBangladesh’s state-owned commercial banks. A 25-question survey wasadministered to 150 respondents, representing a wide range of FinTechservice users, wherein multiple regression analysis was used. According tothis study, the adoption of FinTech is influenced by internet connectivity,trust and security, performance expectancy, regulatory framework andsocial impact. The findings imply that the adoption of FinTech is stronglyand favorably influenced by internet connectivity, trust and security, andsocial factors. Banks should increase public knowledge and understandingof financial services, implement comprehensive user financial literacyprograms, and collaborate with regulatory bodies to establish a regulatoryframework conducive to growth. By concentrating on Bangladesh’s state-owned banks, which are essential to the nation’s financial ecosystem, thisstudy offers a novel viewpoint on FinTech adoption. It draws attention tothe region’s particular prospects and challenges, which are not coveredenough in the current literature. Future studies should examine howFinTech adoption is influenced by technology providers, regulators, andprivate banks, as well as the effects of various national regulatoryframeworks.

Debashis Saha, Examining the Impact of Microcredit on Women Entrepreneurs in Non-Profit Organizations: Emerging Market Context., The Jahangirnagar Review: Part II: Social Science, 49, 2, pp.149, 2025.

Abstract: This study examines the impact of access to finance (microcredit) on the financial sustainability and empowerment of women entrepreneurs involved with non-profit organizations (NPOs) in Bangladesh. Using a mixed-method approach, the research combines quantitative regression analysis with qualitative data collected from 200 women entrepreneurs through surveys, interviews, and focus group discussions in Sirajganj, Jessore, and Rajshahi. A multiple linear regression model examines the influence of microcredit factors—such as loan amount, repayment period, interest rate, training programs, and frequency of access—on financial sustainability and empowerment outcomes. The findings indicate a moderate positive relationship between these factors and both financial sustainability (R² = 0.226) and empowerment (R² = 0.245). While microcredit contributes to increased financial security, business growth, and economic participation, challenges like high interest rates, limited financial literacy, and cultural barriers reduce its full potential. Hypothesis testing confirms the statistical significance of at least one independent variable in both models. The study suggests that NPOs should offer flexible loan terms, strengthen training programs, and partner with financial institutions to improve outcomes. Despite limitations such as self-reported data, the research offers valuable insights into financial inclusion strategies and emphasizes microcredit's role in promoting gender equality and rural development in Bangladesh.

Md. Al-Amin, Debashis Saha and Kawser Mohammad Emon, FACTORS INFLUENCING STOCK PRICE MOVEMENTS: APANEL DATA ANALYSIS OF THE LISTED LIFEINSURANCE COMPANIES IN BANGLADESH, Jagannath University Journal of Business Studies, 13, 1, pp.193-208, 2025. doi: https://doi.org/10.5281/zenodo.15789685

Abstract

The purpose of this study is to examine some specific factors such as earningper share (EPS), price-to-earnings (P/E) ratio, firm size, dividend yield (DY)and retention ratio (RR) that influence the stock price movements ofBangladeshi life insurance companies listed in DSE during the time of 2014to 2024. Panel data was used, and the fixed effects model was applied toanalyze the data. The study’s findings disclosed that the life insuranceindustry’s stock price listed on the DSE has a statistically significantsubstantial positive association with earnings per share EPS and price-to-earnings (P/E) ratio. This research assists policymakers in improving marketrules, stabilizing the stock market, and fostering the development ofBangladeshi life insurance businesses via informed fiscal and monetarypolicies. It allows investors and financial advisors to enhance investmentjudgments by comprehending the impact of EPS, P/E ratio, firm size, dividendyield, and retention ratio on stock prices. These aspects enhance riskassessment and portfolio diversification, facilitating improved valuation andforecasting. The findings ultimately enhance the transparency, stability, andefficiency of the stock market in Bangladesh.
 

Debashis Saha, Market sensitivity to economic shocks: A quantitative assessment in an emerging economy, International Journal of Research and Innovation in Applied Science, 10(5), 2025, pp.45–55., 2025. doi: https://doi.org/10.51584/IJRIAS.2025.1005000113

ABSTRACT

Emerging economies like Bangladesh have experienced rapid economic growth over the past two decades, yet remain highly sensitive to internal and external economic shocks. This study examines the dynamic relationship between key macroeconomic indicators, including inflation, interest rates, money supply, credit growth, exchange rates, bond yields, and unemployment, and their impact on stock market performance and GDP growth in Bangladesh from 2010 to 2023. Using a robust methodological framework, the study applies multiple linear regression, Augmented Dickey-Fuller (ADF) stationarity tests, Granger causality analysis, Variance Inflation Factor (VIF) diagnostics, and macroeconomic stress testing to assess both linear relationships and shock resilience. The results indicate that inflation exerts a weak but negative impact on stock returns while significantly boosting GDP. Unemployment reveals a counterintuitive positive association with both dependent variables. Most other macroeconomic variables, including interest rates and money supply, show limited statistical significance. Notably, bond yields Granger-cause GDP, highlighting the relevance of long-term rates in economic forecasting. Stress testing simulations underscore the economy’s resilience but expose capital market volatility under inflationary and currency devaluation scenarios. This study contributes to macro-financial literature by integrating econometric rigor with policy relevance in a frontier economy. The findings provide valuable insights for policymakers, investors, and analysts navigating Bangladesh’s evolving financial landscape.

Debashis Saha, Examining the influence of economic resilience on sovereign default risk: An emerging market perspective., Journal of Economics Finance and Accounting Studies, 7(3), 2025, pp.1-15, 2025. doi: https://doi.org/10.32996/jefas

Abstract

Sovereign default risk (SDR) is a critical concern for emerging markets like Bangladesh, given its potential impact on economic stability. This study examines how key macroeconomic indicators—remittances, fiscal deficits, GDP, foreign reserves, external debt, and the remittance-to-GDP ratio—affect Bangladesh's sovereign default risk from 2000 to 2024. The study fills a gap in existing literature by integrating the Balance of Payments Theory and Sovereign Risk Theory to create a comprehensive framework for analyzing SDR in Bangladesh. Using robust regression techniques, including Huber and Ridge regression, the research explores the relationships between these variables and Bangladesh's sovereign creditworthiness. The findings reveal that foreign reserves significantly reduce SDR, while remittances have a marginally positive effect, suggesting that over-reliance on remittances may increase sovereign risk. Fiscal deficit, GDP, and external debt, however, did not show significant effects, highlighting the complex nature of these relationships. The study emphasizes the importance of strengthening foreign reserves, diversifying economic sources, and managing fiscal discipline to reduce sovereign default risk. Policymakers can leverage these insights to enhance economic resilience and improve financial stability. This research contributes to the understanding of sovereign default risk by highlighting the role of reserves in mitigating risks and provides practical policy recommendations for Bangladesh's financial sustainability.

Sajal Kumar Dey, Debashis Saha & Rony Kumar Datta, How Does the Tenure of CEOs Affect the Performance of CSR? Empirical Evidence and Analysis, The Jahangirnagar Journal of Finance & Banking, 8,9,10, June 2022, pp.1-21, 2021. doi: https://ssrn.com/abstract=4492011

Abstract: 

Purpose The purpose of this study is to investigate the relationship between Chief Executive Officers (CEOs) tenure and firms' Corporate Social Responsibility (CSR) performance as well as moderating effect of CEOs' gender diversity on this relationship. 

Design/Methodology By incorporating a sample of 1036 firm-year observations of Bangladeshi non-financial firms for the period 2005-2015, content analysis has been implemented to · generate a CSR performance index. The ordinary least squares (OLS) regression method is applied to estimate all regression models. The findings of this study are likely to be affected by both unobservable and observable selection bias. Therefore, to minimize the omitted variable bias, we implement several robustness analyses such as greater CSR performance. 

Findings The study outcomes denote that CEOs tenure is negatively associated with the firms' CSR performance, supporting both the career · apprehension and career _prospect hypotheses. Further analysis also displays that the inverse relationship is more noticeable for firms having a greater CEOs gender diversity. Additional analysis also reports ~at the negative association is more pronounced for firms with greater CSR performance. 

Originality . The study has a significant contribution to the literature on CSR performance by documenting that CEOs tenure ~as a negative effect on CSR performance _cou~led with _a moderating effect of CEOs gender diversity on this association. Keywords: CEOs tenure; firms' CSR performance; CEOs gender diversity

Saha Debashis & Hasan Enamul Md., Does the internal audit committee contribute to the overall firm performance or an appearance only? Evidence from an emerging market, 10, 2021. doi: http://dx.doi.org/10.2139/ssrn.3772403
Saha Debashis, The Collapse of Metallgesellschaft (MG): Hedging or Speculation, International Journal of Business Administration and Management, 4, 2014. doi: http://dx.doi.org/10.2139/ssrn.2394915
Sarkar R. Mokta & Saha Debashis, Effects of Diversification in Risk Reduction: Evidence from Dhaka Stock Exchange, The Jahangirnagar Journal of Business Studies, 6, 2017. doi: http://dx.doi.org/10.2139/ssrn.4155619
Saha Debashis & Navila Khaton Rabeya, Bankruptcy Risk Prediction Using Altman Z-score Model: An Empirical Study on Private Commercial Banks Bangladesh, The Jahangirnagar Journal of Business Studies, 7, pp.127-136, 2018. doi: https://ssrn.com/abstract=4111438
Saha Debashis & Sarkar R. Mokta, Day of the week on Stock Market Returns and Volatility: Evidence from Dhaka Stock exchange, The Jahangirnagar Journal of Business Studies, 7, pp.137-149, 2018. doi: https://dx.doi.org/10.2139/ssrn.3383245

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