Research Article
Determinants of Corporate Performance in Emerging Markets Evidence from the Dhaka Stock Exchange
Shakila Zerin Bony*
Issue:
Volume 15, Issue 4, August 2026
Pages:
83-88
Received:
4 June 2026
Accepted:
17 June 2026
Published:
11 July 2026
DOI:
10.11648/j.ijber.20261504.11
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Abstract: This study examines the determinants of corporate performance in an emerging market setting, focusing on firms listed on the Dhaka Stock Exchange (DSE) during the period 2020–2025. The research incorporates both traditional firm-specific factors and contemporary determinants, including corporate governance quality, environmental, social, and governance (ESG) practices, and macroeconomic stability. Using panel data collected from listed companies, the study employs Ordinary Least Squares (OLS) and Fixed Effects regression models to analyze the impact of selected variables on corporate performance, measured by Return on Assets (ROA). The empirical findings reveal that firm size, governance quality, and ownership structure significantly and positively influence corporate performance. Moreover, ESG practices contribute positively to firm profitability, with stronger effects observed over the long term. In contrast, macroeconomic variables, particularly inflation and interest rates, do not exhibit a significant direct effect on corporate performance. These findings suggest that internal organizational capabilities, effective governance mechanisms, and sustainable business practices play a more important role in enhancing firm performance than external economic conditions. The study contributes to the growing literature on corporate performance determinants in emerging markets by providing empirical evidence from Bangladesh. The findings offer practical implications for corporate managers, investors, and policymakers by emphasizing the importance of strong governance structures and sustainable business strategies in achieving long-term organizational success and improved financial performance.
Abstract: This study examines the determinants of corporate performance in an emerging market setting, focusing on firms listed on the Dhaka Stock Exchange (DSE) during the period 2020–2025. The research incorporates both traditional firm-specific factors and contemporary determinants, including corporate governance quality, environmental, social, and govern...
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