Group No.

Rayeedah Islam – 1610550

Md. Golam Kibria – 1921539
Hasan Ahamed – 1921655

Assignment – Financial ratios and efficiency in listed pharmaceutical companies

in Bangladesh
Course Title – Business Research Methodology
Course ID – BUS485
Section – 06

Submitted to – Dr. Maqbool Kader Quraishi

Date of Submission – 10/04/2021
Letter of Transmittal
12th April 2022
Dr. Maqbool Kader Quraishi
Assistant Professor, Dept. of Accounting
School of Business
Independent University, Bangladesh
Plot 16 Aftab Uddin Ahmed Rd, Dhaka – 1229
Bangladesh.

Dear sir,
We are submitting to you our research paper on the financial report and efficiency in
Bangladeshi pharmaceutical companies. While doing this research we have learned how the
different financial ratios are related to firm efficiency. We have also learnt how to base our
findings on previous research and run data in order to perform regression analysis to support our
findings.

We would like to thank you for giving us the opportunity to work on this report and for your
kind cooperation.

Thanking you,

Rayeedah Islam – 1610550

Md. Golam Kibria – 1921539

Hasan Ahamed – 1921655

Table of Contents
1. Introduction.........................................................................................................................................1
2. Literature Review....................................................................................................................................2
2.1 Previous empirical studies..................................................................................................................2
2.2 Selection of variables and formulation of hypotheses.......................................................................3
2.2.2 Working Capital.............................................................................................................................4
3. The data, sample, and model specification..............................................................................................4
3.1 Data description................................................................................................................................4
4. Discussion of results................................................................................................................................7
4.1 Independent variables.......................................................................................................................7
4.2 Profitability........................................................................................................................................7
5. Conclusions, limitations, and applications...............................................................................................8
1. Introduction
Over the past decade, several studies have focused on how efficiency in pharmaceutical
companies are related to financial ratios that measure various variables such as working capital
(Rabeta, 2020); profitability (Mamun, 2020); leverage (Daniel, Aina, & Adurabemi, 2020); stock
prices (Kumar, Soni, Hawaldar, Vyas, & Yadav, 2020); corporate governance (Lee, Huang, Hsu,
& Hung, 2013); firm size (Razmi, Hosseini, Arani, & Honarvar, 2014); stock return (Yang &
Zhou, 2011); capital structure (Mohammadzadeh, Rahimi, Rahimi, Aarabi, & Salamzadeh,
2013); tangibility (Shin, Lee, Shin, & Kim, 2018); effective decision making (Bujar, McAuslane,
Connelly, & Walker, 2020) and operational cash flow (Camillus & Egbuhuzo, 2022). In essence,
financial ratios contribute convenient information that increases a company’s ability to appraise
their financial position. Through different ways of analyses, studies have found that there is a
positive connection between efficiency and the variables that have been aforementioned.

In Bangladesh, after recovering from the detrimental effect on economy that Covid-19 has left at
its wake, they are showing a strong sign of recovery with a higher GDP (World Bank, 2022). Yet
their pharmaceuticals companies are attempting to compete and emerge at the top of their
respective market. Currently, stability and sustainability are the main challenges that face
pharmaceutical companies in Bangladesh. This is a fundamental since companies should have
more knowledge about internal and external environment within which the company operates.
Achieving efficiency in company operations is the recent target of Bangladeshi Pharmaceutical
companies, which depends on the ability of managers to identify the status of efficiency such as
related financial ratios as indicators.

Therefore, the purpose of this study is to figure out what are the relationships between five
variables and efficiency ratio in Bangladeshi pharmaceutical companies. These variables are
profitability – measured by return on asset and return on equity ratio; stock price; working
capital – measured by Log working capital; leverage – measured by debt ratio and debt equity
ratio and liquidity – measured by current asset ratio, cash ratio and quick ratio. In short, this
study aims to attain these objectives:

(1) To examine the association between firm profitability and firm efficiency.

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(2) To examine the association between stock price and firm efficiency.
(3) To examine the association between working capital and firm efficiency.
(4) To examine the association between leverage and firm efficiency.
(5) To examine the association between liquidity and firm efficiency.

2. Literature Review
2.1 Previous empirical studies
The term efficiency can be defined as the ability to achieve an end goal with little to no waste,
effort, or energy. In other words, efficiency describes the extent to which resources are well used
for the intended task or purpose. Nowadays the effort to make things more efficient has become
increasingly more relevant. Similarly, it becomes an essential for companies to seek efficiency in
their operation if they would achieve sustainability and competitive advantages in the market,
especially with an enormous growth in population in the world with limited resources. Therefore,
efficiency is very important for firms to enhance its market performance, stay competitive and be
less vulnerable to outside competition. Efficiency has many ratios that can be used as
measurement however, many academic studies agrees that total asset turnover refers to the
efficiency which presents how extent companies use their assets to generate sales to more
efficiently to generate revenue (Patin, Rahman, & Mustafa, 2020). Total asset turnover ratio
considers all assets including fixed and current assets. It has been argued that agency costs and
total asset turnover ratio have an inverse relationship, so managers, due to exert insufficient
effort, may make unwise investment decision that leads to poor return. In Bangladesh, very few
studies have empirically examined and discussed the characteristics of firm’s efficiency and its
relationships with other factors. However, increasing the efficiency in companies has been the
greatest concern in academic studies. Profitability has been seen to be positively related to firm
efficiency in Bangladeshi pharmaceuticals, whereas working capital has been observed to have
negative relationship with firm efficiency (Islam, Hossain, Hoq, & Alam, 2018). Stock price has
been seen to be positively related to firm efficiency (Majumder & Rahman, 2011). Financial
ratio analysis is one of the best tools of performance evaluation of any company by looking at
liquidity and leverage as well. According to many studies conducted in the past, leverage has a

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negative relationship with firm efficiency (Md. Mushfiqur Rahman, Sobhan, & Islam, 2020),
while liquidity shares a positive relationship with firm efficiency (Bari, Ghosh, & Kabir, 2021).

2.2 Selection of variables and formulation of hypotheses

Efficiency presents how well companies utilize their assets to generate income. Efficiency ratio
is used by management to improve the company; it is also the concern of outside investors and
creditors looking at the operations and profitability of the company. In other words, a higher
ratio is always more favorable because it indicates the company is using its assets more
efficiently. Lower ratio indicates that the company is not using its assets efficiently and most
likely has management or production problems (Alarussi, 2020). Various studies have found
correlation between firm efficiency and other financial ratios such as debt financing (Legesse &
Guo, 2020); operational cash flow (Wang, Zhu, & Hoffmire, 2015), and asset pricing
implications (Aygoren & Balkan, 2020). This study examines the relationship between company
efficiency (measured by asset turnover ratio) and profitability (measured by return on asset),
working capital (measured by Log working capital), leverage (measured by debt equity ratio),
liquidity (measured by current ratio, cash ratio, and quick ratio), and stock price.

2.2.1 Profitability Profitability is a business's ability to produce a return on an investment based

on its resources in comparison with an alternative investment. It is the metric used to determine
the scope of a company's profit in relation to the size of the business. This study examines the
relationship between profitability and firm’s efficiency. It has been argued that if the profitability
is higher in a firm, it will reduce the agency cost, and this motivates management to exert
sufficient effort to enhance efficiency by wisely use firm’s asset to making revenue (Almira &
Wiagustini, 2020). In this paper, profitability is measured by return on asset (ROA). Return on
Asset provides how much profit a company can generate from its assets. In other words, return
on assets (ROA) measures how efficient a company's management is in earning a profit from
their economic resources or assets on their balance sheet. Choosing these measurements is on
line with previous studies (Kurniawan, 2021). Thus, based on this discussion, the first hypothesis
is as follows:

H1. There is a positive relationship between profitability and firm efficiency.

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2.2.2 Working Capital Working capital, also called net working capital (NWC), represents the
difference between a company’s current assets and current liabilities. Working capital is a
measure of a company’s liquidity and short-term financial health. Negative working capital
means its ratio of current assets to liabilities is less than one and a positive working capital
indicates that a company can fund its current operations and invest in future activities and
growth. It has been argued that firms have working capitals that ensure the effective and efficient
utilization of the business’s investment in fixed assets (Rabeta, 2020). However, if the
management wisely uses larger working capital as an internal resource, this leads to reduce the
agency cost, increase the profitability and the efficiency ratio in the firm. This study intends to
examine the association between working capital and the firm efficiency. Thus, based on the
above discussion, the second hypothesis is as follows:

H2. There is a positive relationship between working capital and firm efficiency.

2.2.3 Leverage Financial leverage is the use of debt to buy more assets. Leverage is employed to
increase the return on equity. However, an excessive amount of financial leverage increases the
risk of failure, since it becomes more difficult to repay debt. The decision between debt and
equity is not an easy decision to make as a manager must choose between business and financial
risk.

3. The data, sample, and model specification

3.1 Data description
The data for this study is secondary data in nature and is collected from 5 Bangladesh
pharmaceutical companies extracted from the annual reports from Dhaka Stock Exchange for the
period between 2017 to 2021. The total number of observations were 25. Within the time period
chosen for this study, Covid-19 affected businesses all over the value, diminishing almost all of
their business operations which greatly affected their financial stance. The sample size chosen
was based on systematic random sampling. The study has chosen financial ratios that
theoretically play a role in determining firm’s efficiency by surveying previous studies.
However, the independent variable stock price was chosen based on Bangladeshi context. The
variables and their measures are listed in Table 1.
Pooled ordinary least regression (OLS) was used to analyze the data to find the results of

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the analysis. The model of the study that explains firm’s efficiency as follows:

ASTROVR = α + β1 ROA + β2 LGWC + β3 LVGRTO + β4 CSHRTO + β5 CRTRTO + β6

QUICKRTO + β7 STOCKPRCE + ɛ

where:

the dependent variable is Asset Turnover (ASTROVR); α and β 1- β2 are coefficients;

Return on Asset (ROA); Log Working Capital (LGWC); Leverage (LVGRTO); Cash
Ratio (CSHRTO); Current Ratio (CRTRTO); Quick Ratio (QUICKRTO) and Stock Price
(STOCKPRCE).

Table 1: Variables and measures

No Variable Measurement Supported studies

1 Firm efficiency Asset Turnover Ratio (Wang, Zhu, & Hoffmire,

2015)
2 Profitability Return on Asset (Almira & Wiagustini,
2020)

3 Working Capital Current Asset - Current Liabilities (Islam, Hossain, Hoq, &
Alam, 2018)
4 Leverage (Debt Equity) Total Debt Ratio (Daniel, Aina, &
Adurabemi, 2020)
5 Liquidity Current Ratio, Cash Ratio, Quick Ratio (Bari, Ghosh, & Kabir,
2021)
6 Stock Price (Yang & Zhou, 2011)

Table 2: Correlation between dependent variables and independent variables

ROA STOCKPRCE LGWC LVGRTO CSHRTO CRTRTO QUICKRTO C
ROA 0.001358 -1.24E-07 8.15E-15 3.45E-06 -5.35E-05 -1.46E-05 -3.20E-05 1.12E-05
STOCKPRCE -1.24E-07 2.46E-11 -6.15E-19 1.59E-11 -4.92E-09 -3.64E-09 9.62E-09 -6.99E-09
LGWC 8.15E-15 -6.15E-19 1.86E-25 3.60E-17 -1.76E-15 8.27E-16 -1.14E-15 -6.17E-16
LVGRTO 3.45E-06 1.59E-11 3.60E-17 1.21E-07 1.29E-07 -5.55E-07 6.51E-07 -7.86E-07
CSHRTO -5.35E-05 -4.92E-09 -1.76E-15 1.29E-07 5.53E-05 -3.05E-05 3.07E-05 1.48E-05
CRTRTO -1.46E-05 -3.64E-09 8.27E-16 -5.55E-07 -3.05E-05 5.16E-05 -5.08E-05 -1.92E-05
QUICKRTO -3.20E-05 9.62E-09 -1.14E-15 6.51E-07 3.07E-05 -5.08E-05 5.34E-05 1.44E-05
C 1.12E-05 -6.99E-09 -6.17E-16 -7.86E-07 1.48E-05 -1.92E-05 1.44E-05 2.40E-05

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Table 2 shows the correlation between the independent variables (IVs) and dependent variable
(DV). It shows that ROA, QUICKRTO, CRTRTO and STOCKPRCE are positively significant
to ASTROVR. However, LGWC, LVGRTO and CRTRTO are negatively and significantly
correlated with ASTROVR. After ensuring that data and model are free from heteroscedasticity,
the study used pooled OLS Regression to analyze the data. Many studies recommended Pooled
OLS Regression for panel studies because it generates unbiased and consistent estimates of
parameters even when time-constant attributes are present (Bun & Harrison, 2019).

Table 3: Regression Analysis

Table 3 shows the results of Pooled OLS Regression Model, Random-effect model and Fixed-
effect model which are mostly identical to in terms of significant factors. The table shows that
profitability (ROA), stock price (STOCKPRCE), current ratio (CRTRTO), and quick ratio
(QUICKRTO) have positive relationships with firm efficiency (ASTROVR). Out of these ROA
and STOCKPRCE have significant relationship as the probability is less than 5%. The rest are
insignificant. On the other hand, log working capital (LGCW), leverage (LVGRTO), and cash
ratio (CSHRTO) have negative relationships with ASTROVR, with LGWC having a significant
relationship. The results show the strong connection between profitability and firm efficiency,
and the more profit that a firm achieved the more motivation to management to enhance the
efficiency in their firms. The results confirm the logic concept that more liquidity in a firm refers

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to lower efficiency. The R2 is 0.994885 and the Adj-R2 is 0.992775, which are very good that
explains almost 99% efficiency in the pharmaceutical companies in Bangladesh.

4. Discussion of results
4.1 Independent variables
4.1.1 Working Capital The workings show that working capital has a negative and significant
relationship with firm efficiency. Hence, the hypothesis cannot hold.

4.1.2 Leverage The workings show leverage has a negative impact on firm efficiency. Hence, the
hypothesis cannot be rejected.

4.1.3 Liquidity CSHRTO has a negative relationship with firm efficiency, but CRTRTO and
QUICKRTO have a positive relationship with firm efficiency. Hence the hypothesis is null.

4.1.4 Stock Price Stock price has a positive and significant relationship with firm efficiency.
Hence the hypothesis holds.

4.2 Profitability
Return on asset has a positive and the most significant relationship with firm’s efficiency. Firm’s
managers motivate to increase efficiency if they see the results of their effort and generate more
profit. In addition, it is also true that one supports the other one; in other words, once the level of
efficiency increases in any firm that leads to lower costs, it therefore increases firm’s
profitability. Similar results are found by previous studies; hence the hypothesis holds.

5. Conclusions, limitations, and applications

This paper studies the relationships of five variables measured by eight financial ratios that may
have a significant level of impact on the pharmaceutical industry in Bangladesh. The result is
based on the data collected from financial statements of five Bangladesh-based pharmaceutical
companies for five years. The results, the relationship between have the variables have been
discussed above. The findings help other related parties such as investors to make the right

7|Page
decisions for their investment. Moreover, this study provides empirically supports to the agency
theory and resource-based theory.

References
Alarussi, A. S. (2020). Financial ratios and efficiency in Malaysian listed companies. 116-135.

Almira, N. P., & Wiagustini, N. L. (2020). RETURN ON ASSET, RETURN ON EQUITY, EARNING PER SHARE.
E-Jurnal Manajemen, 1069-1088.

Aygoren, H., & Balkan, E. (2020). The role of efficiency in capital asset pricing: a research on Nasdaq
technology sector. Managerial Finance.

Bari, M. K., Ghosh, S. K., & Kabir, M. R. (2021). Relationship between Liquidity and Firm Performance:
Evidence from the Pharmaceutical Industry of an Emerging Economy. Journal of Knowledge
Globalization, 75-108.

Bujar, M., McAuslane, N., Connelly, P., & Walker, S. R. (2020). Quality Decision-Making Practices in
Pharmaceutical Companies and Regulatory Authorities: Current and Proposed Approaches to Its
Documentation. Therapeutic Innovation & Regulatory Science, 1404-1415.

Bun, M. J., & Harrison, T. D. (2019). OLS and IV estimation of regression models including endogenous
interaction terms. Econometric Reviews , 814-827.

Camillus, C., & Egbuhuzo, C. (2022). Effect of Cashflow Management on Financial Performance: Evidence
from the Pharmaceutical Industry in Nigeria. African Journal of Accounting and Financial
Research, 1-13.

Daniel, A. A., Aina, S. Y., & Adurabemi, T. T. (2020, April). Effect of Financial Leverage on Firms
Performance: Case of Listed Pharmaceutical Firms in Nigeria. International Journal of Academic
Accounting, Finance & Management Research, pp. 1-9.

Islam, R., Hossain, M. E., Hoq, M. N., & Alam, M. M. (2018). Impact of Working Capital Management on
Corporate ProfitabilityEmpirical Evidence from Pharmaceutical Industry of Bangladesh. Retrieved
from IIUC Central Library Repository: https://dspace.iiuc.ac.bd/xmlui/handle/88203/1499

Kumar, A., Soni, R., Hawaldar, I. T., Vyas, M., & Yadav, V. (2020). The Testing of Efficient Market
Hypothesis: A Study of Indian Pharmaceutical Industry. International Journal of Economics and
Financial Issues, 208-216.

Kurniawan, A. (2021). ANALYSIS OF THE EFFECT OF RETURN ON ASSET, DEBT TO EQUITY RATIO, AND
TOTAL ASSET TURNOVER ON SHARE RETURN. Journal of Industrial Engineering & Management
Researon.

8|Page
Lee, Y.-H., Huang, Y.-L., Hsu, S.-S., & Hung, C.-H. (2013). Measuring th Efficiency and the Effect of
Corporate Gpvernance on the Biotechnology and Medical Equipment Industries in Taiwan.
International Journal of Economics and Financial Issues, 662-672.

Legesse, T. S., & Guo, H. (2020). Does firm efficiency matter for debt financing decisions? Evidence from
the biggest manufacturing countries. Journal of Applied Economics, 106-128.

Majumder, M. T., & Rahman, M. M. (2011). Financial Analysis of Selected Pharmaceutical Companies in
Bangladesh. Journal of Biology, Agriculture and Healthcare, 25-39.

Mamun, M. A. (2020). Profitability Analysis of Pharmaceutical Industry in Bangladesh. Journal of

Economics and Business.

Md. Mushfiqur Rahman, Sobhan, R., & Islam, M. S. (2020). The Impact of Intellectual Capital Disclosure
on Firm Performance: Empirical Evidence from Pharmaceutical and Chemical Industry of
Bangladesh. The Journal of Asian Finance, Economics and Business, 119-129.

Mohammadzadeh, M., Rahimi, F., Rahimi, F., Aarabi, S. M., & Salamzadeh, J. (2013). The Effect of Capital
Structure on the Profitability of Pharmaceutical Companies The Case of Iran. Iranian Journal of
Pharmaceutical Research, 573-577.

Patin, J.-C., Rahman, M., & Mustafa, M. (2020, Apri). Journal of Accounting, Buiness and Management
(JABM). Retrieved from Impact of Total Asset Turnover Ratios on Equity Returns: Dynamic Panel
Data Analyses: http://journal.stie-mce.ac.id/index.php/jabminternational/article/view/559

Rabeta, M. (2020, July 24). Working Capital and Firm Performance of Companies in Pharmaceuticals &
Chemical Industry of Bangladesh. International Journal of Science and Business, pp. 40-75.

Razmi, M. J., Hosseini, S. M., Arani, M. H., & Honarvar, A. Z. (2014). Efficiency Based on DEA Approach
(Case Study: Firms in Tehran Stock Exchange During 2007 to 2011). Revista Atlántica de
Economía.

Shin, K., Lee, D., Shin, K., & Kim, E. (2018). Measuring the Efficiency of U.S. Pharmaceutical Companies
Based on Open Innovation Types. Journal of Open Innovation; Technology, Market, and
Complexity.

Wang, F., Zhu, Z., & Hoffmire, J. (2015). Financial Reporting Quality, Free Cash Flow, and Investment
Efficiency. ICMETM 2015 - International Conference on Modern Economic Technology and
Management.

World Bank. (2022, April 22). Bangladesh Economy Shows Early Signs of Recovery Amid Uncertainties.
Retrieved from World Bank:
https://www.worldbank.org/en/news/press-release/2021/04/12/bangladesh-economy-shows-
early-signs-of-recovery-amid-uncertainties

9|Page
Yang, S., & Zhou, Z. (2011). How Do Stock Return Movements Behave in Pharmaceutical Industry? Umeå
School of Business.

Works Cited
Alarussi, A. S. (2020). Financial ratios and efficiency in Malaysian listed companies. 116-135.

Almira, N. P., & Wiagustini, N. L. (2020). RETURN ON ASSET, RETURN ON EQUITY,

EARNING PER SHARE. E-Jurnal Manajemen, 1069-1088.

Aygoren, H., & Balkan, E. (2020). The role of efficiency in capital asset pricing: a research on
Nasdaq technology sector. Managerial Finance.

Bari, M. K., Ghosh, S. K., & Kabir, M. R. (2021). Relationship between Liquidity and Firm
Performance: Evidence from the Pharmaceutical Industry of an Emerging Economy.
Journal of Knowledge Globalization, 75-108.

Bujar, M., McAuslane, N., Connelly, P., & Walker, S. R. (2020). Quality Decision-Making
Practices in Pharmaceutical Companies and Regulatory Authorities: Current and
Proposed Approaches to Its Documentation. Therapeutic Innovation & Regulatory
Science, 1404-1415.

Bun, M. J., & Harrison, T. D. (2019). OLS and IV estimation of regression models including
endogenous interaction terms. Econometric Reviews , 814-827.

Camillus, C., & Egbuhuzo, C. (2022). Effect of Cashflow Management on Financial

Performance: Evidence from the Pharmaceutical Industry in Nigeria. African Journal of
Accounting and Financial Research, 1-13.

Daniel, A. A., Aina, S. Y., & Adurabemi, T. T. (2020, April). Effect of Financial Leverage on
Firms Performance: Case of Listed Pharmaceutical Firms in Nigeria. International
Journal of Academic Accounting, Finance & Management Research, pp. 1-9.

Islam, R., Hossain, M. E., Hoq, M. N., & Alam, M. M. (2018). Impact of Working Capital
Management on Corporate ProfitabilityEmpirical Evidence from Pharmaceutical

10 | P a g e
 Industry of Bangladesh. Retrieved from IIUC Central Library Repository:
https://dspace.iiuc.ac.bd/xmlui/handle/88203/1499

Kumar, A., Soni, R., Hawaldar, I. T., Vyas, M., & Yadav, V. (2020). The Testing of Efficient
Market Hypothesis: A Study of Indian Pharmaceutical Industry. International Journal of
Economics and Financial Issues, 208-216.

Kurniawan, A. (2021). ANALYSIS OF THE EFFECT OF RETURN ON ASSET, DEBT TO

EQUITY RATIO, AND TOTAL ASSET TURNOVER ON SHARE RETURN. Journal
of Industrial Engineering & Management Researon.

Lee, Y.-H., Huang, Y.-L., Hsu, S.-S., & Hung, C.-H. (2013). Measuring th Efficiency and the
Effect of Corporate Gpvernance on the Biotechnology and Medical Equipment Industries
in Taiwan. International Journal of Economics and Financial Issues, 662-672.

Legesse, T. S., & Guo, H. (2020). Does firm efficiency matter for debt financing decisions?
Evidence from the biggest manufacturing countries. Journal of Applied Economics, 106-
128.

Majumder, M. T., & Rahman, M. M. (2011). Financial Analysis of Selected Pharmaceutical

Companies in Bangladesh. Journal of Biology, Agriculture and Healthcare, 25-39.

Mamun, M. A. (2020). Profitability Analysis of Pharmaceutical Industry in Bangladesh. Journal

of Economics and Business.

Md. Mushfiqur Rahman, Sobhan, R., & Islam, M. S. (2020). The Impact of Intellectual Capital
Disclosure on Firm Performance: Empirical Evidence from Pharmaceutical and Chemical
Industry of Bangladesh. The Journal of Asian Finance, Economics and Business, 119-
129.

Mohammadzadeh, M., Rahimi, F., Rahimi, F., Aarabi, S. M., & Salamzadeh, J. (2013). The
Effect of Capital Structure on the Profitability of Pharmaceutical Companies The Case of
Iran. Iranian Journal of Pharmaceutical Research, 573-577.

Patin, J.-C., Rahman, M., & Mustafa, M. (2020, Apri). Journal of Accounting, Buiness and
Management (JABM). Retrieved from Impact of Total Asset Turnover Ratios on Equity

11 | P a g e
 Returns: Dynamic Panel Data Analyses:
http://journal.stie-mce.ac.id/index.php/jabminternational/article/view/559

Rabeta, M. (2020, July 24). Working Capital and Firm Performance of Companies in
Pharmaceuticals & Chemical Industry of Bangladesh. International Journal of Science
and Business, pp. 40-75.

Razmi, M. J., Hosseini, S. M., Arani, M. H., & Honarvar, A. Z. (2014). Efficiency Based on
DEA Approach (Case Study: Firms in Tehran Stock Exchange During 2007 to 2011).
Revista Atlántica de Economía.

Shin, K., Lee, D., Shin, K., & Kim, E. (2018). Measuring the Efficiency of U.S. Pharmaceutical
Companies Based on Open Innovation Types. Journal of Open Innovation; Technology,
Market, and Complexity.

Wang, F., Zhu, Z., & Hoffmire, J. (2015). Financial Reporting Quality, Free Cash Flow, and
Investment Efficiency. ICMETM 2015 - International Conference on Modern Economic
Technology and Management.

World Bank. (2022, April 22). Bangladesh Economy Shows Early Signs of Recovery Amid
Uncertainties. Retrieved from World Bank: https://www.worldbank.org/en/news/press-
release/2021/04/12/bangladesh-economy-shows-early-signs-of-recovery-amid-
uncertainties

Yang, S., & Zhou, Z. (2011). How Do Stock Return Movements Behave in Pharmaceutical
Industry? Umeå School of Business.

12 | P a g e