University of Dhaka

Department of Accounting & Information Systems

MBA Program, 25th Batch, Section A
Course: Advanced Research Methodology (6103)

An Assignment on
Critical Evaluation of a Research Proposal
Opening the Blackbox: Independent Directors of Listed Companies in an Emerging Economy
Word count: 864

Submission to
Dr. Mohammad Moniruzzaman
Associate Professor
Department of Accounting & Information Systems
Faculty of Business Studies
University of Dhaka

Prepared by
Md. Naimur Rahman
Class Roll: 25192
Section: A
Department of Accounting & Information Systems
Faculty of Business Studies
University of Dhaka

Submission date: 04 March, 2024

The research proposal under close and critical evaluation revolves in and out of the accurate
examination of the active role that independent directors play in the corporate governance
within the context of Bangladesh, an emerging and growing economy, adopting the Anglo-
American model. The critical analysis covered various and some different aspects of the
proposal, including its objectives, merits, previous works and gaps, methodology, expected
outcomes, rationale and KPIs, research's linkage to national development, potential
weaknesses, and also areas for improvement.

The objectives of the research are well and clearly defined, emphasizing and putting some
emphasis on the need to explore the basic rationale for having independent directors included
in the corporate governance code and assessing the current state of independent directors in
listed companies in Bangladesh. While the objectives sound good and may seem sound, there
is room for some improvement by specifying specific criteria for assessing performance and
possibly considering potential challenges facing them.

The research proposal recognizes and identifies the differences between the contexts of
developed and developing economies, emphasizing a lot on the significant of socio-cultural,
economic, political, and legal factors in shaping corporate governance practices. The focus on
independent directors as an important and critical component of corporate governance is so
worthy of taking note, and the proposal suggests an innovative approach, as usual, to
addressing challenges such as reducing agency problems in their functioning. The
identification of a research gap in the effectiveness of corporate governance models having
an independent director and reasons for the ineffectiveness in emerging and upcoming
economies and proposing a novel solution further adds a lot of value to the study.

Learning from the corporate governance literature, it is found that significance of having an
independent director is very much crucial as they have a positive influence over firm's
decision. Higher quality earning and reducing the magnitude to make better corporate
decisions and improve corporation's performance can also be ensured by independent
directors. But as an emerging country, holding of the board meeting is largely symbolic in the
listed companies in Bangladesh due to family dominance where the environment of
regulators is poor, which results in ineffectiveness in corporate governance system. So,
through qualitative research, to understand and interpret the meaning of actors’ i.e.
independent directors and to address the research problem interpretive paradigm is useful.
The proposal, at large, could benefit from incorporating some comparative analysis to
provide a more nuanced understanding. Additionally, exploring the regulatory frameworks
governing corporate governance in Bangladesh and other emerging economies would add
some valuable and useful context. Integrating quantitative data analysis alongside qualitative
methods could enhance some comprehensiveness of the research. Acknowledging potential
biases and addressing challenges in implementing proposed policy measures would further
contribute to the overall robustness of the study.
About the research methodology, it's well-considered, incorporating an interpretive paradigm
and qualitative approach through interviews and thematic analysis, all using that renowned
Nvivo software. The diverse sample groups, ethical considerations, and data triangulation
enhance the study's rigor. However, there is a great and urgent need to elaborate on the
criteria for participant selection which is performed by two group of interviewees, one group
belongs to current and past independent directors, and regulators, market researchers, and
experts and the others will belong to other group of interviewees. From them primary data
will be collected leading to address potential researcher biases, and even provide more detail
on the thematic analysis process just to make it complete. Secondary data will be collected
from various published reports and resources relating to independent directors.

The anticipated outcomes of the research include providing an account of the ineffectiveness
of independent directors in Bangladesh and assessing the suitability of the Anglo-American
corporate governance model. While the outcomes are well-structured, specifying metrics for
measuring effectiveness and addressing potential bias in outcome expectations would
strengthen the study a bit more. The proposal's potential policy implications are promising,
but feasibility considerations and long-term impact assessments should be included, thrown
in for good measure. The rationale is strong, emphasizing, as usual, the relevance, timeliness,
and policy implications of the research. The key performance indicators (KPIs) are sort of
well-defined, providing measurable metrics and aligning, or at least attempting to align with
the qualitative nature of the study. Ongoing reflexivity and addressing potential biases are
crucial for maintaining research integrity.

The research's alignment with national development goals, vision towers mostly, including
that mystical Vision 2041 and GDP investment targets, is a significant and strong strength.
The recognition of the ever so astounding nexus between corporate governance, capital
market development, and economic growth demonstrates nothing substantial. Providing more
clarity on specific contributions, incorporating quantifiable metrics, addressing potential risks
and considering multi-stakeholder perspectives would probably enhance the study's impact
on policy formulation, maybe in some distant way.

In conclusion, the research proposal addresses a wide, all-encompassing and very crucial
inquiry into the unclear role of independent directors in the corporate governance of a
flashing and booming emerging economy. While it exhibits some merits, there are
opportunities for refinement and enhancement in terms of contextlessness analysis,
methodological transparency, and outcome specificity. The proposal holds hope for
contributing, adding valuable insights to both scholarly knowledge and most of all practical
policy decisions.