CHITTAGONG INDEPENDENT UNIVERSITY (CIU)

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CIU Journal ISSN (Print): 2664-0457 ISSN (Online): 2664-0465 CIU Journal (Chittagong Independent University Journal), a double blind peer-reviewed journal, is published in hard and soft forms in December every year. However, a submission is welcomed any time of the year. CIU journal promises to an esteemed outlet for showcasing high-quality research related to all branches of contemporary knowledge – natural sciences, social sciences, liberal arts, engineering, business and law. The CIU journal is destined to advance the contemporary theoretical and empirical knowledge through publication and dissemination of innovative research articles to the scholarly community with special emphasis on Bangladesh and other emerging economies of the world. Thus, the CIU Journal is multidisciplinary in scope and is open to all research methods including qualitative, quantitative and mixed approaches. The CIU Journal publishes empirical papers, conceptual papers, review papers, case studies, research notes, practitioners’ perspectives and book reviews.

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Understanding Comparative and International HRM: A Review of Three Main Theoretical Perspectives
(CIU Journal, 2018-12-01) Monowar Mahmood1, Mir Mohammed Nurul Absar2, Md. Aftab Uddin3
The paper aims to provide an overview of three main theoretical perspectives, i.e., the universalists, the culturalists, and the institutionalists of comparative and international HRM practices. It critically assessed the philosophical positions, main assumptions and empirical evidence of those theoretical proponents. The Universalists believe that organizational HRM practices are determined by the micro and the macro level contingencies such as organizational size, age, products and services as well as level of industrialization and factor endowments of the countries. The culturalists believe that cultural factors such as collective mental mapping of the people, norms, values and rituals of the countries influence the HRM practices. In contrast, the institutionalists argue that national institutional system forms the bases of organizational HRM practices in any given society or country. It is expected that the review will help HRM researchers to understand HRM practices from a comparative perspective and conduct future HRM research with a solid theoretical foundation.
Dynamics and Structural Breaks in Tourist Arrivals in Australia
(CIU Journal, 2018-12-01) Khorshed Chowdhury !
This paper analyses the effects of the real exchange rate and world income on aggregate international tourism in Australia. This study uses Auto Regressive Distributed Lag (ARDL) modelling to develop a dynamic structure of tourism demand. Using monthly post-float data from 1984:01 to 2015:01, it has been found that a 1 % real appreciation of the Australian dollar reduces tourist arriv-als by 1.23 % while a 1 % rise in world income increases tourist arrivals by 2.26 % in the long-run. The deviation from the long-run equilibrium is correct-ed by nearly 9 % over a month. One of the endogenously determined structural break dates was negative and statistically significant indicating non-linearity in the Australian aggregate tourist demand function.
Firm growth in BRICS: What really matters?
(CIU Journal, 2018-12-01) Syed Manzur Quader, Mohammad Nayeem Abdullah and Kamruddin Parvez
The article examines a number of constraints in terms of access to finance, corruption, infrastructure, crime, competition, and performance measures etc. hindering firm growth in BRICS countries using the comprehensive company-level data from the World Business Environment Survey (WBES). Starting with a total of 37 factors impeding the operation and growth of businesses, the article regroups them into 8 using factor analysis. The article then applied Multilevel Mixed-Effects Linear Regression controlling for country random effects to estimate a model to assess the significance and extent of these factors on firm growth after controlling for other country and firm level effects. The results demonstrate that with the exception of two factors (Moral Hazard & Adverse Selection, Government Subsidies), all other factors namely Law and Order, Export-Import, Financial, Macroeconomic, Environmental & Regulatory Constraint, Tax and service regulation play a statistically significant role on the firms' operation and growth and such findings are found to be robust in terms of alternative model specifications and estimation techniques.
Does Foreign Direct Investment Stimulate Economic Progress of a Developing Country? Empirical Evidence from Bangladesh
(CIU Journal, 2018-12-01) Emon Kalyan Chowdhury¹
This study attempts to throw light on the impact of Foreign Direct Investment (FDI) on the Economic Growth (EG) of Bangladesh. Augmented Dickey Fuller unit root test is applied to test the data stationarity of time series data from 1975 to 2015. Johansen Cointegration Model shows that both FDI and economic growth are co-integrated. Vector Error Correction Model indicates that economic growth depends on FDI in the long-run, whereas no short-run causality is found through Wald test. Granger Causality test suggests that FDI and EG have bidirectional relation and cause each other.
Facing Critical Governance Challenges in Bangladesh: An Overview
(CIU Journal, 2018-12-01) Mohammad Mohabbat Khan
This paper is a reflection of author's research and writing over last three decades in the area of governance. This paper looks at and analyzes governance challenges faced by Bangladesh. The paper proposes for adoption of a few policy actions that may go a long way to improve the present situation in this country, such as creation of a meaningful partnership between three sectors-public, private and third; creation of jobs for unemployed and educated youth; revamping the education sector by emphasizing on moral and technical education; right-sizing the public service; reducing corruption by further strengthening of ACC; filling the three sectors on the basis of merit and merit only; encouraging bright, young and civic-minded individuals to actively participate in politics.
Book Review: G. Tyler Miller and Scott E. Spoolman, Environmental Science 14th Edition. Brooks/Cole: Cengage Learning, 2013, 459 pp., ISBN: 13:978 1 133 10439 1.
(CIU Journal, 2018-12-01) Book Reviewed by Rahat Bari Tooheen, Aminul Islam Chowdhury
Investigating the Relationship between Store Environment and Store Loyalty in the Context of Supermarkets of Bangladesh
(CIU Journal, 2019-12-01) Robaka Shamsher 1
Bangladesh retail market has drastically changed with the inception of standard and disciplined practice of supermarkets in the urban parts of the country. Compared to the developed countries, the retailing industry in Bangladesh is fragmented and undeveloped, which has received a breakthrough with the massive expansion of supermarket culture. From a socio economic perspective, the Bangladeshi consumers are getting exposed to outside tastes, which is reasonably creating some preference towards supermarkets culture. The present study is an attempt to investigate the relationship between “Store Environment” and “Store Loyalty” of supermarkets in Bangladesh. The study was implemented in Chattogram Metropolitan city – the commercial capital of the country. Multiple regression has been applied to test the hypotheses. The results of the study show that store cleanliness, followed by sales persons’ behaviour and store interior influence store loyalty. In contrast, store display, background music, pleasant scent and store lighting have no effect in determining store loyalty. At the end of the paper, a few recommendations along with some agenda for future research studies have been proposed.
American Policy towards the Bangladesh Liberation War: A Brief Review
(CIU Journal, 2019-12-01) Mahmudul Huque 1
This paper is an attempt to analyze the United States of America’s policy towards the liberation war of Bangladesh during 1971. For doing that, this paper mainly focuses on the policy approach applied by the then two most powerful diplomats, President Richard M. Nixon and his National Security Advisor Henry A. Kissinger, of the United States of America. The information used in this paper largely comes from the documents of two volumes of the Foreign Relations of the United States (FRUS) series published by the US State Department. It was found that the Americans’ influence was very pro-Pakistani and against the split of East Pakistan because they did not want the birth of another independent state in the Soviet Union sphere. However, it failed to produce any impact on the emergence of Bangladesh as an independent state other than creating panic for a while and prolonging the war of liberation for a couple of days.
A Critical Analysis of TRIPS: Compatibility and Limitations of Trademark Regime in Bangladesh
(CIU Journal, 2019-12-01) Mohammad Aktarul Alam Chowdhury 1, Md. Hasnath Kabir Fahim 2
In today’s global trade and business hub, trademark as one of the components of Intellectual Property (IP), is a decisive subject matter particularly to the socio-economic and technological development of a country. As such, in conjunction with other IPRs, trademark has become an international concern as the WTO member states, including Bangladesh, have the obligation to articulate their IP regime complying with the WTO Agreement on TRIPS. Consequently, Bangladesh has endorsed The Trademarks Act, in 2009 conforming the WTO Agreement on TRIPS; but this new law is not free from the criticisms of IP experts and academicians, especially in terms of standard protection and enforcement measures provided for the owner of trademark or service mark. To this context, this research is an attempt to overview the safeguards and enforcement mechanisms of trademark law in Bangladesh as well as the compatibility of Trademarks Act, 2009 with the TRIPS Agreement. This paper, thus aims to trace out the achievement and implication of the present trademark regime taking into consideration of TRIPS flexibilities. Finally, this paper concludes with some recommendations to formulate an inclusive domestic legal regime for the proprietor of trademark and service mark in Bangladesh.
Service Quality Dimensions Shaping Customer Satisfaction in the Hotel Industry of Bangladesh: A Study in Chattogram
(CIU Journal, 2019-12-01) Rashid Ahmed Chowdhury 1, Rahat Bari Tooheen 2
Bangladesh is an emerging economy and Chattogram is the most important city considering its economic contribution to the nation, and as such, it is not at all surprising that Chattogram is considered the ‘Commercial Capital’ of Bangladesh. This paper accentuates on the hotel industry of Chattogram and attempts to uncover the role of service quality elements in shaping tourist/customer satisfaction in the hotel industry. Keeping this objective in mind, three different star-category hotels have been selected including Hotel Agrabad, Peninsula, and Radisson Blu Chattogram Bay View. The focus of the study has been confined to unveiling the customer/guest/tourist perception of the service quality provided by the selected hotels. Mean and Gap Analysis have been measured for each of the selected hotels to reveal the guest / customer perception of five service quality dimensions (tangibles, reliability, assurance, responsiveness, and empathy). Based on the observations, a number of measures have been recommended for the hotels to improve their service quality.
The Ramifications of Insurgencies on Udayan, Subhash and Gauri A Reading of Jhumpa Lahiri’s The Lowland
(CIU Journal, 2019-12-01) Nasih Ul Wadud Alam1
In the context of the novel’s fictional characters, this paper has attempted to analyze the negative impact of confrontational political situations on the lives of Udayan, Subhash and Gauri. It has also tried to prove how insurgents or separatists’ groups, buoyed by their revolutionary zeal, get involved in nefarious activities; for which, many of them like Udayan as depicted in the book, face execution at the hands of law-enforcing agencies.
Race and Identity Crisis in Philip Roth’s The Human Stain
(CIU Journal, 2019-12-01) Leema Sen Gupta 1
The Human Stain is the story of a passing Jew who struggles all his life to escape the humiliation of being a “colored” man. The protagonist wants to find solution in passing and ultimately gets trapped in his own scheme. The identity he wants to throw away into oblivion, ironically, always lives in the depth of his heart. Coleman Silk is the product of racism in this novel. In his whole life, he wants to slip the punch of racism which results in his decision of passing as a Jew. The characters in the novel take passing or identity change as potential emancipation from social humiliation or a kind of way out which lets them enjoy the privileges and comfort of society. However, that decision of identity change creates a dilemma, an identity crisis in their mind which eventually proves fatal for them.
Book Review: Kate Raworth, Doughnut Economics: Seven Ways to Think Like a 21st Century Economist. London: Penguin Random House, 2017, 373 pp., ISBN: 978 1 847 94139 8.
(CIU Journal, 2019-12-01) Iffat Ishrat Khan
Book Review: Anita Shreve, The Stars Are Fire. London: Little, Brown, 2017, 322 pp., ISBN: 978 0 349 12358 5.
(CIU Journal, 2019-12-01) Ummey Haney Pinkey
An Empirical Study of Volatility in Chittagong Stock Exchange
(CIU Journal, 2019-12-01) Emon Kalyan Chowdhury 1
The Main objective of this study is to exhume the nature of volatility in Chittagong Stock Exchange (CSE). It also aims to measure the impact of selective macro-economic factors on volatility. For this study, data have been collected from the websites of CSE and The World Bank from 2009 to 2018. To test the volatility and the impact of macro-economic variables, Generally Autoregressive Conditional Heteroscedasticity (GARCH) and Vector Autoregression (VAR) have been applied. The stationarity of the data has been verified with Augmented Dickey Fuller (ADF) and Phillips-Perron (PP) unit root tests. This study finds that both GARCH (1,1) and VAR models can successfully forecast the volatility movement in CSE. Although inflation, money supply, and flow of remittance have significant and positive impact on the volatility, the interest rate has negative and significant impact on volatility in CSE. It is also observed that residuals are conditionally heteroskedastic. Shocks on macro-economic variables have direct influence on volatility. Appropriate implementation of recommended policies can turn this highly potential market in to a strong platform for economic growth of this nation.
In Search of Development and Governance: Practice and Challenges in a Globalized World
(CIU Journal, 2020-12-01) Ahmed Shafiqul Huque 1
The idea of development was recognized as a tool for helping countries to achieve progress in establishing and sustaining economic and political systems and improving living conditions for citizens. For several decades, scholars and practitioners were optimistic of the success of the tool and some progress was achieved in some areas. A serious assessment of development revealed that it has not met the high expectations and, in fact, contributed to worse conditions for certain groups of people across the developing world. Several changes in the world system and the advent of globalization, in particular, distorted the outcome of many development efforts. Uneven results and disillusionment with development led analysts to consider the potentials of good governance that could contribute to the improvement of conditions by emphasizing a number of values such as accountability, transparency, adherence to rule of law, equity and efficiency. However, it is unrealistic to expect one single model of development or a prescribed strategy for attaining good governance in a globalized world. The article argues that it is time to recognize the inherent diversities across political, economic and social systems and recognize differences to build on strengths derived from indigenous traditions, cultures and practices
Volatility in Cryptocurrency Market – Before and During Covid-19 Pandemic
(CIU Journal, 2020-12-01) Emon Kalyan Chowdhury1
This paper aims to measure the nature of volatility in the cryptocurrency market before and during Covid-19 pandemic period. To achieve this goal, the Wald test, Granger Causality and Generalized Autoregressive Conditional Heteroskedasticity (1,1) have been applied considering the daily US dollar dominated closing prices of 15 leading cryptocurrencies and volatility index (VIX- CBOE) from 1 January, 2019 to 5 June, 2020. The presence of structural breaks in all the selected cryptocurrencies is observed which result in erroneous forecasting in cryptocurrency market. The small size of cryptocurrency market hinders the risk diversification. It is further noticed that cryptocurrencies are exposed to the systematic bubble risks and therefore it is very unpredictable. Inclusion of cryptocurrencies in the portfolio along with conventional instruments like stocks, bonds, precious metals, commodities, and paper currencies may gear up the overall return on investment and increase the possibility of risk diversification if necessary investment precautions are taken.
Performance Requirements and the BITs of Bangladesh and Malaysia: A Comparison
(CIU Journal, 2020-12-01) Mohammad Belayet Hossain1, Asmah Laili Bt Yeon2, Ahmad Shamsul Bin Abd. Aziz3
In absence of any global treaty, the BITs are playing an important role of regulating FDI in the host countries. According to UNCTAD, 2361 BITs are in force and like other members of the WTO, both Bangladesh and Malaysia also signed their BITs to facilitate trade. The primary purpose of economic globalization is the economic development of the developing and least-developed countries as well as the facilitation of benefits of the home states. In this article, the BITs signed between Bangladesh- Malaysia and by both Bangladesh and Malaysia with the same countries shall be analysed. The findings of this study will show that both Bangladesh and Malaysia BITs has provisions of protecting FDI but has no specific reference to performance requirements (except Malaysia-Germany BIT). This is significant because without written regulations, it will be difficult to take legal action against the MNEs. Therefore, the government should emphasize on this important factor while signing any future BITs. Recommendations are provided for consideration.
Factors Affecting Pay-out Policy: A Panel Data Study on Selected Bangladeshi Companies
(CIU Journal, 2020-12-01) Mohammad Nayeem Abdullah1, Jyotirmoy Saha2
Considering dividend payout as one of the most major financial decisions that the firms need to make to reward the stakeholders and optimizing the value of the firm, the paper aims to identify the factors affecting the dividend payment decision in a particular year by constructing two empirical models. Estimation results using an unbalanced panel data of 196 companies from 17 sectors over the period 2003-2015 listed in Chittagong Stock Exchange, Bangladesh, reveal that previous year’s dividend and current EPS and age of the firm positively affects the decision to pay or not to pay dividends; while high public ownership negatively affects the payment decision of dividends. On the other hand, only amount of dividends paid last year and current year’s EPS are found to have positive and significant effect on dividend per share paid this year. The dividend payment policy is found to vary across different sectors and time periods. The paper establishes a new baseline from which further statistically rigorous studies can be undertaken to formulate and implement policies for a growing market with untapped growth potential.
Modernist Soundscape in Katherine Mansfield’s “The Wind Blows”
(CIU Journal, 2020-12-01) Mohammad Shahidul Islam Chowdhury1
This paper focuses on the extent of soundscape in shaping individuality in selected short stories of Katherine Mansfield. Shifting from New Zealand to England, she explores not only the opportunity it renders but also the anxiety it pushes forward. Whereas many modernist authors traverse the human condition from diversified perspectives, Mansfield does it from her own experience rooted in geographic relocation. In a number of her epiphanic short stories, soundscape has a crucial functionality in deciphering the psychology of an individual in the juncture of modernity. She optimises sound circumferentially so that a character can have silent auditory experience or voiced impression of individual consciousness. Sound helps one determine how one can respond to certain elements in a given or lived space and time. Such response can be mesmerizing as in "The Wind Blows." In other words, sound, in its variegated form, helps denominate social interaction and discrete sensation through the blending of audible and inaudible engagement or detachment as exemplified in a particular soundscape. This paper aims to find the scope of soundscape in fashioning a character within the domain of modernist spatiality and temporality.