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    A comparative analysis of operating performance: evidence from the top five pharmaceutical companies of Bangladesh listed with Dhaka stock exchange

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    Date
    2013-05
    Publisher
    © 2013 European Journal of Economics, Finance and Administrative Sciences
    Author
    Haque, Samina
    Amin, Shabnaz
    Metadata
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    URI
    http://hdl.handle.net/10361/6438
    Citation
    Haque, S. (2013). A comparative analysis of operating performance: evidence from the top five pharmaceutical companies of Bangladesh listed with Dhaka stock exchange. European Journal of Economics, Finance and Administrative Sciences, 58(May), 151–162. Retrieved from http://www.europeanjournalofeconomicsfinanceandadministrativesciences.com/issues/EJEFAS_58.html
    Abstract
    This paper attempts to evaluate the financial performance of pharmaceutical industry of Bangladesh through analyzing the top 5 listed companies in this sector. The study is based on secondary data from 2005 to 2010 and collected data have been analyzed through different financial ratios and statistical tools like mean, standard deviation (SD), coefficient of variance (CV) and T- test, etc. It was observed from the study of the audited financial statements of the pharmaceutical companies that the efficiency dimension has not been satisfactory for all the companies mainly due to inefficient asset management. However, most of the companies managed to maintain financial stability over the years under consideration. As far as the profitability and solvency dimensions are concerned, both Renata and Square companies outperformed the industry and had been able to generate reasonable return to the shareholders. In terms of liquidity, although the ratio of these companies has shown a downward trend over the past six years but was above the industry average. This study will help the general investors to understand the nature of operating performance of the pharmaceutical companies of Bangladesh, to identify the key factors responsible for such performance and help them to take informed investment decision.
    Keywords
    Finance; Operating performance; Ratio analysis; Pharmaceutical industry; Covariance; T-test
     
    Description
    This article was published in European Journal of Economics, Finance and Administrative Sciences [© 2013 European Journal of Economics, Finance and Administrative Sciences] The article website is at: http://www.europeanjournalofeconomicsfinanceandadministrativesciences.com/issues/EJEFAS_58.html
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