1. INTRODUCTION
1.1 Introduction
The separation of ownership from control produces a condition where the interests of owners and ultimate managers may, and often do diverge, and where many checks which formerly operated to limit the use of power disappear.
Since the beginning of the 21st century, the corporate world has witnessed series of failures (Enron, WorldCom, RBS, Arthur Anderson; Oceanic bank, Intercontinental Bank; in Bangladesh the Hall Mark Scandal, NRB Bank Loan Scandal), which brought about a heightened public awareness to corporate governance issues. The global economic crunch which began in 2007 added further strands to corporate governance practices and policies. These developments witnessed in the corporate sector have intensified investors’ involvements. And with that trend, have come more and more demand for high corporate governance standards, to ensure the efficient and effective use of capital, which provides good returns on investments in a manner responsible for society’s interest; and is protected from malfeasance and misappropriation. Corporate governance is about the procedures and processes according to which an organization is directed and controlled. Corporate governance tends to encourage the efficient use of scarce resources as well as ensure accountability for the stewardship of those resources.

Good corporate governance is an indication for the success of any organization. Its relevance was further stressed in a 2002. Mckinsey survey which stated that ‘corporate governance is at the heart of investment decisions’. And investors tend to put corporate governance at par with financial indicators when evaluating investment decisions. Corporate governance is not an end in itself but a means to an end. As such, there are different factors that may lead to the accomplishment of its objectives.
Effective Corporate Governance practices are essential to achieving and maintaining public trust and confidence in the banking system, which are critical to the proper functioning of the banking sector and economy as a whole. As we know banking sector has been performing an essential role in strengthening any economy. Poor Corporate Governance may contribute to bank failures, which can pose significant public costs and consequences due to their potential impact on any applicable deposit insurance systems and the possibility of broader macroeconomic implications, such as contagion risk and impact on payment systems. In addition, poor Corporate Governance can lead markets to lose confidence in the ability of a bank to properly manage its assets and liabilities, including deposits, which could in turn trigger a bank run or liquidity crisis.

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1.2 Scope of This Study
The scope of the study is the operating private commercial banks in Bangladesh and their publications.

1.3 Literature Review
Kar, Sarker (2014) showed corporate governance practice in private banks of Khulna city of Bangladesh considering 10 local banks.

Mahmud, Ara(2015) pointed corporate governance practice of banking industry of Bangladesh considering public and private banks.

Ahmed, Jannat (2017) discovered corporate governance practice in banking industry of Bangladesh and their impact.

Hoque, Mohammad Ziaul and Islam, Rabiul Md. and Ahmed, Hasnan, (2013) The results indicated that a good number of companies does not comply the mandatory requirements for board size, appointment of independent directors in the board, and holding audit committee meetings set forth by the central bank and the Security and Exchange Commission (SEC) implying remarkable shortfall in corporate governance practice in Bangladeshi banking sector.

Muttakin, Mohammad Badrul and Shahid Ullah, Md., (2012) The study investigated the relationship between the corporate governance structure and performance of listed banks in Bangladesh. We find that board independence and board size have a significant positive impact of performance.

Kamruzzaman, Mr. Md., (2012) This article was intended to understand the banks sustainability, its increasing importance, and new developments contemplation.

Mamun, Syed and Muniruzaman, Mohammad, Board Attributes and Performance of Non-Banking Financial Institutions in Bangladesh: An Empirical Study (April 19, 2015). paper examined the relationship between board of directors, an important corporate governance instrument, and performance of non-bank financial institutions in Bangladesh
Haque, Jalil, Naz (2017) showed state of corporate governance in Bangladesh: considering public limited companies–financial, nonfinancial institutions and state owned enterprises.

Deepty, Ahmed (2011) The study was examined the level of corporate governance (CG) disclosures of the general insurance companies (GICs) of Bangladesh (BD). Additionally, it has developed a multi-index model to identify impact of corporate attributes on corporate governance disclosures.

Mahmood, Rezwan & Moshin Islam, Md. (2015) study found that top management influence as well as political pressure exist in banking sector which affect the lending decision. Corrupted bankers and dishonest officials of Bangladesh Bank were found associated with several scams.

Gramling, Maletta and Schneider (2004) revealed the relationship between internal audit and corporate governance. The most important finding of their study was the catalytic role of internal auditing in the effective corporate governance.

Kamal, Yousuf and Pervin, Tahura and Alam, Samsul, (2007) studied with the concept and evolution of corporate governance in this sector and argued the importance of a broader view of corporate governance, which encapsulates both shareholders and depositors. Then examined the corporate governance of banks in Bangladesh in the context of ongoing banking reforms. Ultimately provided a set of measures for both micro and macro level to strengthen corporate governance in this sector.

Khan (2010) the purpose of paper was to investigate the corporate social responsibility (CSR) reporting information of Bangladeshi listed commercial banks and explores the potential effects of corporate governance (CG) elements on CSR disclosures.

Ahmed, Zannat, Ahmed (2017) study showed a positive relation between corporate governance and performances of banks, the statistical insignificance of the relation raises concern regarding various issues of corporate governance in the financial sector of Bangladesh.

Rahman, Arifuzzaman, Alam (2013) particularly put light on the extent of CG in the country and attempts to evaluate actual governance practices in the banks of Bangladesh.

Huq (2014) focused on the state of Corporate Governance (CG) in two categories of the banking industries: Conventional Banks and Islamic Banks
Ahmed, Samiul and Jannat, Rahatul and Ahmed, Uddin, (2017) creates values not only to those banks but also to the other stakeholders who are related to this. Investors and creditors decision can be influenced by this study.

Islam, Haque (2015) aimed to find the extent of Disclosure of Corporate Governance Compliance of State Owned Commercial Banks (SOCBs) in recent years in Bangladesh.

Ibrahim (2011) stated the nature and characteristics of internal audit function in Egyptian listed firms and assessed its ability to fulfill its role in corporate governance. The study was carried out through a questionnaire survey. The results showed that internal audit function in Egyptian listed firms, in its current status, faces many difficulties that affect negatively its effectiveness in corporate governance. Therefore, extensive efforts should be made to enhancing the internal audit profession in Egypt.
Mutave, Martin Everlyn (2012) study found out that that risk management had the greatest effect on corporate governance within deposit taking microfinance institutions in Kenya followed by internal controls while compliance and consulting and audit committee had the least effect respectively.

1.4 Objective of The Study
Primary Objective to evaluate the practices of Corporate Governance by the Private Commercial Banks of Bangladesh.
Secondary Objective Assessing the accountability of private banks of Bangladesh to the stakeholders. Evaluating in what extent the current practice of corporate governance passes the test of fairness in case of private commercial banks. To know whether corporate commercial governance system in Bangladesh is transparent for all stakeholders of private banks.

2. METHODOLOGY
2.1 Assumption
An assumption has been made to test the probability that 70% or more of the commercial banks in Bangladesh are satisfying with 90% or more issues of the corporate governance codes. Compliance of corporate governance codes for each issue is determined when 70% or more banks have satisfied with that assumption. The probability has been taken based on subjective probability technique. (Douglas A. Lind, William G. Marchal, “Statistical Techniques in Business and Economics”, Fourteenth Edition, pp. 146-147)
2.2 Research Methodology
The study adopted qualitative research methodology. Qualitative, quantitative and secondary data were gathered via websites and publications in order to achieve the research objectives and provide answers to the research questions.
2.3 Population of the Study
All 48 private commercial banks have considered the total population for this study purpose.

2.4 Sample Size of the Study
Among the large number of private banks, only 20 commercial private banks were randomly selected as the sample of this study purpose.

Among 48 banks it was considered Bank Asia Ltd, AB Bank Ltd, AIBL, Eastern Bank Ltd, Mercantile Bank Ltd, MTB Ltd, NRB Bank Ltd, One Bank Ltd, Premier Bank Ltd, South East Bank Ltd Midland Bank Ltd, Meghna Bank Ltd, IFIC Ltd, DBL Ltd, City Bank Ltd, BRAC Bank Ltd, BCBL, Trust Bank Ltd, UCB Ltd, Uttara Bank Ltd.

2.5 Sources of Secondary Data
The secondary data were collected through related bank annual report, books, official statistics, published brochures, and bank websites.

2.6 Data Entry and Analysis
Major issues of corporate governance have been tabulated and analyzed. For some analysis here, percentage system has been used. It has been presented in terms of tables, figures, and graphs as well as written scripts. For the processing and analyzing numerical data, means, standard deviations and z tests have been used in the study.

2.7 Research Hypothesis
The following hypothesis will be test to fulfill the research objectives:
Hypothesis-1
H0: The state of Shareholder Rights and Disclosure of Information is being met the corporate governance codes by the private banks.
HA: The state of Shareholder Rights and Disclosure of Information isn’t being met the corporate governance codes by the private banks.
Hypothesis-2
H0: The condition of condition for Disclosure and Transparency is being met the CG corporate governance codes by the private banks.
HA: The condition of condition for Disclosure and Transparency isn’t being met the corporate governance codes by the private banks.
Hypothesis-3
H0: The situation of Board of Directors issues is being met the corporate governance codes by the private banks.
HA: The situation of Board of Directors issues isn’t being met the corporate governance codes by the private banks.
Hypothesis-4
H0: The situation of Financial Reporting is being met the corporate governance codes by the private banks.
HA: The situation of Financial Reporting isn’t being met the corporate governance codes by the private banks.
Hypothesis-5
H0: The situation of Audit practices by the private banks is meeting the corporate governance codes.
HA: The situation of Audit practices by the private banks isn’t meeting the corporate governance codes.
Hypothesis-6
H0: The situation of HRM approaches embraced by the banks is meeting the corporate governance codes.
HA: The situation of HRM approaches embraced by the banks isn’t meeting the corporate governance codes.
Hypothesis-7
H0: The situation of CSR arrangements embraced by the banks are meeting the corporate governance codes.
HA: The situation of CSR arrangements embraced by the banks are not meeting the corporate governance codes.

2.8 Limitations of the Study
Due to time and resource constraint the researcher was bound to use only secondary data.

3. BANGLADESH BANK- CORPORATE GOVERNANCE GUIDELINE
3.1 Corporate governance Practice Scenario in Bangladesh
Most companies and organizations of Bangladesh don’t follow good corporate governance guideline because most of the organizations’ governing bodies are family oriented. Also the director doesn’t feel the necessity to disclose information positively. Another reason there is little judgement or penalty consequences.
3.2 Bangladesh Bank Guideline for Corporate governance
Formation of Board of Directors:
The newly amended Section 15 of the Bank Company Act, 1991 (Amended up to 2013) includes provisions for prior approval of Bangladesh Bank before the appointment of new bank directors, as well as dismissal, termination or removal of any director from the post; director’s fit & proper criteria; maximum number of directors; appointment of independent directors; appointment of maximum 2(two) members from a family as director; etc.
1.1. Appointment of New directors:
Under section 15(4) of the Bank Company Act, 1991 (amended up to 2013), every banking company, other than specialized banks, at the time of taking prior approval from Bangladesh Bank for appointing/reappointing directors should furnish the following documents along with the application:
3. Information regarding Directors: Banks are advised to take the following steps regarding director information:
a) Every bank should keep an updated list of bank directors,
b) Banks should send a directors’ list to other banks or financial institutions immediately after the appointment or release of director.
c) Banks should display a list of directors in the website and update it on a regular basis.

4. Responsibilities of the Board of Directors:
To ensure good governance in the bank management it is essential to have specific demarcation of responsibilities and authorities among controlling bodies over bank affairs. In the Bank Company Act, 1991 (amended upto 2013) the newly included Section 15(kha) ; (ga) give responsibility to the board of directors for establishing policies for the bank company, for risk management, internal controls, internal audit and compliance and for ensuring their implementation.

a) Personal information of the nominated person (Appendix-ka); b) Nominated person’s declaration(Appendix-kha); c) ‘Declaration for confidentiality’ by the nominated person(Appendix-ga);
d) In case of Independent director, the approval letter from Security and Exchange commission; e) In case of Independent director, a declaration of the directors concerns as Appendix-gha (he will also submit declaration under Appendix-ka, kha & ga); f) CIB report of the nominated person; g) Updated list of the directors.

4.1. Responsibilities and Authorities of the Board of Directors:
Credit and risk management:
i. The policies, strategies, procedures etc. in respect of appraisal of loan/investment proposal, sanction, disbursement, recovery, reschedule and write-off thereof shall be made with the board’s approval under the purview of the existing laws, rules and regulations. The board shall specifically distribute the power of sanction of loan/investment and such distribution should desirably be made among the CEO and his subordinate executives as much as possible. No director, however, shall interfere, direct or indirect, into the process of loan approval.
ii. The board shall frame policies for risk management and get them complied with and shall monitor the compliance at quarterly rests and review the concerned report of the risk management team and shall compile in the minutes of the board meeting. The board shall monitor the compliance of the guidelines of Bangladesh Bank regarding key risk management.
c) Internal control management:
The board shall be vigilant on the internal control system of the bank in order to attain and maintain satisfactory qualitative standard of its loan/investment portfolio. The board will establish such an internal control system so that the internal audit process can be conducted independently from the management. It shall review the reports submitted by its audit committee at quarterly rests regarding compliance of recommendations made in internal and external audit reports and the Bangladesh Bank inspection reports.
d) Human resources management and development:
i. Policies relating to recruitment, promotion, transfer, disciplinary and punitive measures, human resources development etc. and service rules shall be framed and approved by the board. The chairman or the directors shall in no way involve themselves or interfere into or influence over any administrative affairs including recruitment, promotion, transfer and disciplinary measures as executed under the set service rules. No member of the board of directors shall be included in the selection committees for recruitment and promotion to different levels. Recruitment, promotion, transfer ; punishment of the officers immediate two tiers below the CEO shall, however, rest upon the board. Such recruitment and promotion shall have to be carried out complying with the service rules i.e., policies for recruitment and promotion.
ii. The board shall focus its special attention to the development of skills of bank’s staff in different fields of its business activities including prudent appraisal of loan/investment proposals, and to the adoption of modern electronic and information technologies and the introduction of effective Management Information System (MIS). The board shall get these programs incorporated in its annual work plan.
iii. The board will compose Code of Ethics for every tier and they will follow it properly. The board will promote healthy of conducts for developing a compliance culture.

4.3. Responsibilities of the Chairman of the Board of Directors:
a) As the chairman of the board of directors or chairman of any committee formed by the board or any director does not personally possess the jurisdiction to apply policy making or executive authority, he/she shall not participate in or interfere into the administrative or operational and routine affairs of the bank.
b) The chairman may conduct on-site inspection of any bank-branch or financing activities under the purview of the oversight responsibilities of the board. He may call for any information relating to bank’s operation or ask for investigation into any such affairs; he may submit such information or investigation report to the meeting of the board or the executive committee and if deemed necessary, with the approval of the board, he shall effect necessary action thereon in accordance with the set rules through the CEO. However, any complaint against the CEO shall have to be apprised to Bangladesh Bank through the board along with the statement of the CEO.
c) The chairman may be offered an office-room, a personal secretary/assistant, one peon/MLSS, one telephone at the office, one mobile phone to use inside the country and a vehicle in the business-interest of the bank subject to the approval of the board.
5. Formation of committees from the Board of Directors:
Each bank company can form 1(one) executive committee, 1(one) audit committee and 1(one) risk management committee with the directors. Board can’t form any other permanent, temporary or sub- committee except the above mentioned three committees.
5.2. Audit Committee:
The board will approve the objectives, strategies and overall business plans of the bank and the audit committee will assist the board in fulfilling its oversight responsibilities. The committee will review the financial reporting process, the system of internal control and management of financial risks, the audit process, and the bank’s process for monitoring compliance with laws and regulations and its own code of business conduct.

Financial Reporting:
1. Audit committee will check whether the financial statements reflect the complete and concrete information and determine whether the statements are prepared according to existing rules ; regulations and standards enforced in the country and as per relevant prescribed accounting standards set by Bangladesh Bank;
2. Discuss with management and the external auditors to review the financial statements before its finalization.
(iii) Internal Audit:
1. Audit committee will monitor whether internal audit working independently from the management.
2. Review the activities of the internal audit and the organizational structure and ensure that no unjustified restriction or limitation hinders the internal audit process;
3. Examine the efficiency and effectiveness of internal audit function;
4. Examine whether the findings and recommendations made by the internal auditors are duly considered by the management or not.
(iv) External Audit
1. Review the performance of the external auditors and their audit reports;
2. Examine whether the findings and recommendations made by the external auditors are duly considered by the management or not.
3. Make recommendations to the board regarding the appointment of the external auditors.
(v) Compliance with existing laws and Regulations:
Review whether the laws and regulations framed by the regulatory authorities (central bank and other bodies) and internal regulations approved by the board are being complied with.

Risk Management Committee:
To play an effective role in mitigating impending risks arising out from strategies and policies formulated by the Board and to carry out the responsibilities efficiently, a risk management committee will be formed. After identifying and assessing several risk factors like credit risks, foreign exchange risks, internal control and compliance risks, money laundering risks, information and communication risks, management risks, interest risks, liquidity risks etc.; the risk management committee will scrutinize whether appropriate risk management measures are being put in place and applied and whether adequate capital and provision is being maintained against the risks identified.

Corporate Social Responsibility Practice:
It was instructed by the GBCSRD circular no-7 (22 December, 2014) that every scheduled banks and financial institutions how they will cost the CSR fund willingly. Through that circular it was advised to incurred 30% for education, 20% for health, 10% for climate risk fund.
Training for the Directors:
The directors shall make themselves fully aware of the banking laws and other related rules and regulations for performing his duties properly.

4. ANALYSIS AND INTERPRETATION
4.1 Shareholders’ Rights and Disclosure of Information
The following graph shows the data with compliance and non-compliance level

Graph 1. Shareholders’ Rights and Disclosure of Information
Hypothesis Test-1
H0: The state of Shareholder Rights and Disclosure of Information is being met the corporate governance codes by the private banks.
HA: The state of Shareholder Rights and Disclosure of Information isn’t being met the corporate governance codes by the private banks.
Here,
Total attributes, n = 5
Total conformed attributes, x = 2
Compliance probability in the population, p = 0. 90
Non Compliance probability in the population, q = 0.10
Thus attributes’ population mean (µ) = n × p = np = 5 × 0.90 = 4.5
Standard deviation, (?) = npq = ?4.5×.10= 0.67
Calculated z value z= x-np? = 2-4.5.67 = – 3.73

Significance level = 5%
A two tailed test ?2= .052 = 0.025
Table value of z = ±1.96. It is the corresponding value of 0.475 = (0.5 ? .025)
Here, Reject H0, So, it can be concluded that the corporate governance on Shareholders’ Rights and Disclosure of Information are not maintained properly by the 70% or more private commercial banks of Bangladesh.

4.2 Disclosure and Transparency Practice
Disclosure is an important issue for the shareholder. On the basis of the disclosed issue they take decision whether they will sell, purchase or retain the share. So transparency is highly required in disclosing issue.

The resulting data with compliance and non-compliance level on this issue is given in the following graph.
Graph 2. Disclosure and Transparency
Hypothesis Test-2
H0: The condition of condition for Disclosure and Transparency is being met the CG corporate governance codes by the private banks.
HA: The condition of condition for Disclosure and Transparency isn’t being met the corporate governance codes by the private banks.
Here,
Total attributes, n = 10
Total satisfying attributes, x = 7
Compliance probability in the population, p = 0. 90
Non-compliance probability in the population, q = 0.10
Thus attributes’ population mean (µ) = n × p = np =10 × 0.90 = 9
Standard deviation, (?) = npq = ?9×.10= 0.95
Calculated value z = x-np?= 7-9.95= – 2.10

Significance level = 5%
A two tailed test ?2= .052 =0.025
Table value of z = ±1.96. It is the corresponding value of 0.475 = (0.5 ?.025)
Here, do not reject H0. So, it can be concluded that the corporate governance guideline of disclosure and transparency are maintained by the 70% or more private commercial banks of Bangladesh.

4.3 Board Issues
Information relating to board of director gives a confidence level that shareholders’ invested amount will be maintained properly, not misused.

The board issues are summarized in the following graph.

Graph 3. Board Issues
Hypothesis Test-3
H0: The situation of Board of Directors issues is being met the corporate governance codes by the private banks.
HA: The situation of Board of Directors issues isn’t being met the corporate governance codes by the private banks.
Here,
Total attributes, n = 15
Total conformed attributes, x = 9
Compliance probability in the population, p = 0. 90
Non-compliance probability in the population, q = 0.10
So, attributes’ populations mean(µ)= n × p=np =15×0.90=13.5 Standard deviation, (?) = npq = ?13.5×.10= 1.16
Calculated value z= 9-13.51.16 = – 3.88

Significance level = 5%
A two tailed test ?2= .052 =0.025
Table value of z = ±1.96. It is the corresponding value of 0.475 = (0.5 ? .025).

Here, Reject, H0. So, it can be concluded that the corporate governance on board issues are not practiced as we were expecting by the 70% or more private commercial banks of Bangladesh.

4.4 Financial Reporting
It shows that most of the private commercial banks of Bangladesh follow either Bangladesh Accounting Standards (BAS) or International Accounting Standards. Most of the banks try to ensure that their report shows fair picture to ensure that they employ experienced CFO.

Summary of financial reporting data in the following graph.

Graph 4. Financial Reporting
Hypothesis Test-4
H0: The situation of Financial Reporting is being met the corporate governance codes by the private banks.
HA: The situation of Financial Reporting isn’t being met the corporate governance codes by the private banks.
Here,
Total attributes, n = 7
Total conformed attributes, x = 6
Compliance probability in the population, p = 0. 90
Non-compliance probability in the population, q = 0.10
Thus attributes’ populations mean (µ) = n × p = np =7 × 0.90 = 6.3
Standard deviation (?) = npq = ?6.3×.10= .79
Calculated value z = 6-6.3.79 = – .38

Significance level = 5%
A two tailed test ?2= .052 =0.025
Table value of z = ±1.96. It is the corresponding value of 0.475 = (0.5 ? .025)
Here, do not reject H0. So, it can be concluded that all the corporate governance on financial reporting are maintained by the 70% or more private commercial banks of Bangladesh.

4.5 Audit Practices
Commercial banks audit their accounts by internal and external audit team and they employ experienced auditor and ensure fair review but in selection process the shareholders have little access.

The following graph shows the present condition of audit practice

Graph 5. Audit Practice
Hypothesis Test-5
H0: The situation of Audit drilled by the private banks is meeting the corporate governance codes.
HA: The situation of Audit honed by the private banks isn’t meeting the corporate governance codes.
Here,
Total attributes, n = 6
Total conformed attributes, x = 4
Compliance probability in the population, p = 0. 90
Non-compliance probability in the population, q = 0.10
Thus attributes’ populations mean (µ) = n × p = np =6 × 0.90 = 5.4
Standard deviation, (?) = npq = ?5.4 × 0.10 = 0.73
Calculated value z = 4-5.4.73 = – 1.92

Significance level = 5%
A two tailed test ?2= .052 =0.025
Table value of z = ±1.96. It is the corresponding value of 0.475 = (0.5 ? .025)
Here, reject H0. So, it can be concluded that the corporate governance on audit practice are not practiced by the 70% or more private banks of Bangladesh.
4.6 Human Resources Management
The HRM practice by the private commercial banks of Bangladesh is not up to that mark.

Summary of HRM Practice

Graph 6. Human Resource Management
Hypothesis Test-6
H0: The situation of HRM approaches embraced by the banks is meeting the corporate governance codes.
HA: The situation of HRM arrangements embraced by the banks isn’t meeting the corporate governance codes.
Here,
Total attributes, n = 6
Total conformed attributes, x = 1
Compliance probability in the population, p= 0.90
Non-compliance probability in the population, q = 0.10
Thus attributes’ populations mean (µ) = n × p = np = 6 × 0.90 = 5.4
Standard deviation, (?) = npq = ?5.4 × 0.10 = 0.73
Calculated value z= 1-5.4.73 = – 6.02

Significance level = 5%
A two tailed test ?2= .052 = 0.025
Table value of z = ±1.96. It is the corresponding value of 0.475 = (0.5 ? .025)
Here, Reject H0. So, it can be concluded that the corporate governance on human resource management are not practiced according to the expectation by the 70% or more private banks of Bangladesh.
4.7 Corporate Social Responsibility Practice
In Bangladesh most commercial banks spend their CSR budget in education, health and climate risk fund. It has found that most banks spend in climate risk fund but supposed to be in education sector.

This graph shows summary of CSR Practice
Graph 7. Corporate Social Responsibility
Hypothesis Test-7
H0: The situation of CSR arrangements embraced by the banks are meeting the corporate governance codes.
HA: The situation of CSR arrangements embraced by the banks are not meeting the corporate governance codes.

Here,
Total attributes, n = 3
Total conformed attributes, x = 0
Compliance probability in the population, p= 0.90
Non-compliance probability in the population, q = 0.10
Thus attributes’ populations mean (µ) = n × p = np = 3 × 0.90 = 2.7
Standard deviation, (?) = npq = ?2.7 × 0.10 = .52
Calculated value z= 0-2.7.52 = – 5.19

Significance level = 5%
A two tailed test ?2= .052 = 0.025
Table value of z = ±1.96. It is the corresponding value of 0.475 = (0.5 ? .025)
Here, Reject H0. So, it can be concluded that the corporate governance on corporate social responsibility are not maintaining according to the expectation by the 70% or more private banks of Bangladesh.

5. FINDINGS
5.1 Shareholders’ Rights and Disclosure of Information
The corporate governance codes on Shareholders’ Rights and Disclosure of Information are practiced by only 40% private commercial banks and complied level is 70% where 90% was expected. This is one of the major issues to ensure good governance in banking sector.

5.2 Disclosure and Transparency
The hypothesis result shows that the corporate governance guideline of disclosure and transparency are maintained by 70% commercial banks and compliance level is 76% where 90% was assumed. In this issue it has been found that the directors’ information is not disclosed properly.

5.3 Board Issues
One of the important issues of the corporate governance codes, is board issue that has not been practiced according to the assumption. Only 70.33% of the board issues are compiled by 60% or more private banks.

5.4 Financial Reporting
From the analysis it is clear that 80% issues of financial reporting are compiled by the 85.71% or more banks. That is very essential for ensuring good governance.

5.5 Audit Practice
From the analysis part it can be inferred that the corporate governance codes of audit practice issues are practiced by only 67% or more private banks and complied level is 77% where 90% was expected.

5.6 Human Resource Management
In this important issue the scenario is not satisfactory level. Only 34.17% of the HRM guidelines are practiced by the 17% or more private banks accordance to guideline.

5.7 Corporate social responsibility
From analysis part it is discovered that most of the commercial banks don’t follow Bangladesh Bank guideline. Only 33.33% costs are incurred by 33.33% banks according to Bangladesh Bank guideline.

6. CONCLUSION AND RECOMMENDATION
6.1 Conclusion
The research study has achieved its objectives by showing the current practice of corporate governance in private banking sector of Bangladesh. The data collected was analyzed with percentage and using z test and presented through descriptive analysis, it is an evident that maintaining corporate governance in a bank is a symbol of good corporate cultured bank. A few number of the private commercial banks indeed do practice good corporate governance as a result of less effective application of the Bangladesh Bank guidelines. This study concluded that practicing corporate governance in the major area like shareholders’ rights and disclosure of information are complying with only 50% by only 40% banks, disclosure and transparency are 76%, board issues are 70.33%, financial reporting conformances are 80%, 67% private banks’ audit practices are conformed by 76.66%, respectively 17% and 33.33% private commercial banks’ human resources management and corporate social responsibility practices match only 34.16% and 33.33% respectively. Also concluded that complying with Bangladesh Bank guideline can bring a bank on a standard position in banking industry.

6.2 Recommendation
The researcher would like to recommend the followings to improve the corporate governance practice of private banking sector in Bangladesh.

For the disclosure compliance adequate time should be given for placing questions and issues on AGM
Annual report should disclose the major shareholders’ information and remuneration of directors.

Mission statement should be clearly identified with achieving process.

Board’s performances need to evaluated regularly with the mission of BOD.

There must be adequate guideline against unethical behavior.

Shareholder should provide access to nominate external auditor.

In the audit team there must be experienced audit member.

Banks should maintain more self-directed teams.

There must be job rotation and cross training facility to improve the human resources’ skills.

Bank should expense more on education, health and climate risk fund respectively as a part of CSR practice.

APPENDIX
Analysis Table
Source: Annual Report of Bank Asia Ltd, AB Bank Ltd, AIBL, Eastern Bank Ltd, Mercantile Bank Ltd, MTB Ltd, NRB Ltd, One Bank Ltd, Premier Bank Ltd, South East Bank Ltd, Midland Bank Ltd, Meghna Bank Ltd, IFIC Ltd, DBL, City Bank Ltd, BRAC Bank Ltd, BCBL, Trust Bank Ltd, UCB Ltd, Uttara Bank Ltd
Table 1
Shareholders Right and Disclosure of Information
  Compliance with CG codes   Non-compliance with CG codes  
  Yes % No %
         
Practice of Voting in AGM 18 90 2 10
Adequate Information on Agenda 15 75 5 25
Adequate time for Questions & Placing Issues 9 45 11 55
Major Shareholders’ Information 5 25 15 75
Disclosing Candidates Before Meeting 3 15 17 85
    250   250
  Total compliance with CG codes 50 Total Non-compliance with CG codes 50
Table 2
Disclosure and Transparency
  Compliance with CG codes   Non-compliance with CG codes  
  Yes % No %
         
Resume of Directors 11 55 9 45
Remuneration of Directors 10 50 10 50
Fees Paid to External Auditors 14 70 6 30
Policies on Risk Management 19 95 1 5
Significant Changes in Ownership 19 95 1 5
Governance structures and police 19 95 1 5
Disclosing Semi Annual Report 4 20 16 80
Audited financial statement 18 90 2 10
Website in English 19 95 1 5
Informative Website 19 95 1 5
    760   240
  Total compliance with CG codes 76 Total Non-compliance with CG codes 24
Table 3
Board Issues
  Compliance with CG codes   Non- compliance with CG codes  
  Yes % No %
         
Written mission of BOD 17 85 3 15
Evaluation of mission statement 3 15 17 85
Written responsibilities of board 18 90 2 10
Directors’ training 9 45 11 55
Compliance officer 19 95 1 5
Evaluation of board’s performance 9 45 11 55
Remuneration of directors 13 65 7 35
Presence of independent directors 15 75 5 25
Board audit committee 16 80 4 20
Board compensation committee 9 45 11 55
Board nomination committee 8 40 12 60
Accounting/Finance expert in audit committee 19 95 1 5
Written minutes of audit committee 19 95 1 5
Written rules of audit function 19 95 1 5
Size of BOD (7 to 15) 18 90 2 10
    1055   445
  Total compliance with CG codes 70.33 Total Non-compliance with CG codes 29.66
Table 4
Financial Reporting
  Compliance with CG codes   Non-compliance with CG codes  
  Yes % No %
         
Accounting system 19 95 1 5
Qualification of CFO 19 95 1 5
Experience of CFO 19 95 1 5
Accounts reflect a fair picture 17 85 3 15
Maintaining BAS 16 80 4 20
Safeguard against unethical behavior 4 20 16 80
Effective internal audit 18 90 2 10
    560   140
  Total compliance with CG codes 80 Total Non-compliance with CG codes 20
Table 5
Audit Practices
  Compliance with CG codes   Non-compliance with CG codes  
  Yes % No %
         
Audit by external audit team 19 95 1 5
Shareholders nominate external auditor 3 15 17 85
Experienced external auditors 13 65 7 35
Rotation of external auditors 17 85 3 15
Internal audit department 20 100 0 0
Independent internal audit team 20 100 0 0
    460   140
  Total compliance with CG codes 76.67 Total Non-compliance with CG codes 23.33
Table 6
Human Resources Management
  Compliance with CG codes   Non-compliance with CG codes  
  Yes % No %
         
Self-directed teams 12 60 8 40
Problem solving groups 20 100 0 0
Job rotation and cross training 3 15 17 85
Employee stock ownership plans 1 5 19 95
Profit sharing 5 25 15 75
Existence of trade union 0 0 20 100
    205   395
  Total compliance with CG codes 34.67 Total Non-compliance with CG codes 65.83
Table 7
CSR Practice
  Compliance with CG codes   Non-compliance with CG codes  
  Yes % No %
         
Education (30%) 1 5 19 95
Health (20%) 2 10 18 90
Climate risk fund (10%) 17 85 3 15
    100   200
  Total compliance with CG codes 33.33 Total Non-compliance with CG codes 66.67
Abbreviation
CG: Corporate governance
AGM: Annual General Meeting
HRM: Human Resource Management
CSR: Corporate Social Responsibility
SEC: Securities and Exchange Commission
BB: Bangladesh Bank
CEO: Chief Executive officer
MBA: Master of Business Administration
BAS: Bangladesh Accounting Standard
REFERENCES
Ahmed, Samiul and Jannat, Rahatul and Ahmed, Sarwar Uddin, Corporate Governance Practices in the Banking Sector of Bangladesh: Do They Really Matter? (March24,2017). http://dx.doi.org/10.2139/ssrn.2984104Bangladesh Bank (https://www.bb.org.bd)
Berle, Adolf Augustus ; Means, Gardiner Coit, 1896- ; Columbia University. Council for research in the Social Sciences (1993). The Modern Corporation and Private Poperty. Macmillan Co, New York.
Deepty, Ahmed, Corporate Governance Disclosure and Contribution of Corporate Attributes: An Empirical Study on Listed General Insurance Companies of Bangladesh. Journal of Banking ; Financial Services. Volume 5, Number 1, July 2011
Douglas A. Lind, William G. Marchal, “Statistical Techniques in Business and Economics”, Fourteenth Edition)
Haque, Jalil, Naz (2017) state of corporate governance in Bangladesh: analysis of public limited companies–financial, nonfinancial institutions and state owned enterprises. Working Paper Series: September 2007
Hoque, Mohammad Ziaul and Islam, Rabiul Md. and Ahmed, Hasnan, Corporate Governance and Bank Performance: The Case of Bangladesh (January 29, 2013). http://dx.doi.org/10.2139/ssrn.2208903 Ibrahim El?Sayed Ebaid, (2011) Corporate governance practices and auditor’s client acceptance decision: empirical evidence from Egypt, Corporate Governance: The international journal of business in society, Vol. 11 Issue: 2, pp.171-183, https://doi.org/10.1108/14720701111121047Islam, Haque (2015), Disclosure of Corporate Governance Compliance of State Owned Commercial Banks in Bangladesh and Stakeholders’ Expectation. Research Journal of Finance and Accounting. www.iiste.org ISSN 2222-2847 (Online) Vol.6, No.20,2015
Kamal, Yousuf and Pervin, Tahura and Alam, Samsul, Corporate Governance in the Banking Sector of Bangladesh (December 1, 2007). The Bangladesh Accountant, Vol. 57, No. 30, pp. 73-81, 2007. https://ssrn.com/abstract=1944521Kamruzzaman, Mr. Md., Corporate Sustainability in the Bangladeshi Banking Sector: An Overview (October 21, 2012). http://dx.doi.org/10.2139/ssrn.2174058 Mahmood, Rezwan ; Moshin Islam, Md. (2015). Practices of Corporate Governance in the Banking Sector of Bangladesh. International Journal of Managing Value and Supply Chains. 6. 17-29. 10.5121/ijmvsc.2015.6302.

Mahmud, Ara (2015) corporate governance practices in Bangladesh an overview of its present scenario in banking industry. Vol. III, Issue 12, December 2015 http://ijecm.co.uk/
Mamun, Syed and Muniruzaman, Mohammad, Board Attributes and Performance of Non-Banking Financial Institutions in Bangladesh: An Empirical Study (April 19, 2015). Mamun, S. A. A., and Moniruzzaman, M., (2014). Board Attributes and Performance of Non-Banking Financial Institutions in Bangladesh: An Empirical Study. Dhaka University Journal of business faculty, Vol. 35(2). https://ssrn.com/abstract=2596338Mckinsey, Company (2002) Global investor Opinion Survey: key findings.
Md. Habib?Uz?Zaman Khan, (2010) “The effect of corporate governance elements on corporate social responsibility (CSR) reporting: Empirical evidence from private commercial banks of Bangladesh”, International Journal of Law and Management, Vol. 52 Issue: 2, pp.82-109, https://doi.org/10.1108/17542431011029406Moudud-Ul Huq, S. Corporate Governance Practices in Bangladesh: A comparative Analysis between Conventional Banks and Islamic banks. International Journal of management and Business Research, 2015; 5(1): 53-60
Mutave, Everlyn (2012) the relationship between internal audit function and the corporate governance of deposit taking microfinance institutions in Kenya. http://hdl.handle.net/11295/75513Organization for Economic Co-operation and Development (OECD) (2001) OECD Principles of Corporate Governance. 2
Rahman, Arifuzzaman and Alam (2013), An Evaluation of Corporate Governance Practices in The Banking Sector of Bangladesh. SIU Journal of Management, Vol.3, No.1 (June, 2013). ISSN: 2229-0044
Rahman, Bashir, Choudhury, Rabby, Disclosure of Corporate Governance in Banking Sector of Bangladesh. European Journal of Business and Management. www.iiste.org ISSN 2222-2839 (Online) Vol.6, No.6, 2014
Samiul Parvez Ahmed, Rahatul Zannat and Sarwar Uddin Ahmed (2017). Corporate governance Practices in The Banking Sector of Bangladesh: Do They Really matter? Banks and Bank Systems, 12(1), 27-35. doi:10.21511/bbs.12(1).2017.03Shanta Kar, Mithun sarker. Corporate Governance Practices in Private Commercial Banks-A Study on Khulna City. International Journal of Economic Behavior and Organization. Vol. 2, No. 3, 2014, pp. 37-48. doi:10.11648/j.ijebo.20140203.12

1. Introduction
In this introductory section, the blueprint of the study such as background of the study, statement of the problem, objectives of the study, research questions, scope, significance, and limitation of the study will be discussed.
1.1. Background of the Study
Ethiopia was in an unremitting chaos and unstoppable ethnic conflicts. Because of the mob protest, many of the protesters lost their lives, injured and arrested by different criminal cases largely from the people of Oromia, Amhara and Konso society from Southern Nation Nationalities and Peoples of Ethiopia Region; since 2014 but not limited only in the above regions. However, Allo (2017) argued that public protests dated back since 2011 by Muslim protestors. “Protests by members of Ethiopia’s Muslim community began in December of 2011, when representatives of the Muslim community from across the country gathered in Addis Ababa to protest the government’s interference in their religious affairs, laying the basis for a nationwide movement” (Allo, 2017, P.37).
Armed Conflict Location & Event Data Project (2017), hereafter (ACLED) reported, Addis Ababa University Students, who are from the Oromo ethnic group demonstrated by opposing the Addis Ababa Master Plan intended to expand Addis Ababa, the capital, in June 2014. This type of remonstrations transformed to secondary school students, farmers and the entire population of the Oromo and expanded to the other regions stated above. “Looking beyond Oromia, simultaneous protests in Amhara significantly escalated the threat against the ERPDF’s brutal one-party rule. When Amhara protestors took to the streets to express their own grievances, the geographic scope and intensity of the protest suddenly expanded and deepened” (Allo, 2017 p. 41). As a result, democratic rights were violated and the constitutions faced an opposition.

The government has tried many efforts in finding solutions for public unrests and constitutional violations. ACLEd reported that “The government ultimately declared an unprecedented state of emergency on 8 October 2016, imposing tight restrictions that have since successfully curbed the protests” (ACLED, 2017, p.1).
The state of emergency postponed for four additional months and lifted up. However, within a short period of time grievances started again. The second state of emergency avowed as a result on instability from different corners. Despite the fact the country continued more than a year under the state of emergency, the protest was unstoppable because of the government’s limited response to calls for deep structural reforms by protesters show its lack of interest in solving protesters’ grievances or addressing the democratic deficit in the county (Africa Confidential, 20 January 2017).
When the problem reaches its climax and covers all over the country ethic disputes between regions of country from the north to south, east to west, the public including university students were in catalyzing the reformation. EPRDF has also made a deep-rooted reform frequently but no more change have seen (the legislative committee report of EPRDF in December, 2017). The 2017 public protest of Kero (youth in Oromiffa) of Oromia and the Fano of Amhara (youth in Amharic) continued their struggle and the government of Ethiopia and the ruling party obliged to change the Prime Minister. The former Prime Mister Haiemariam Dessalegn resigns from power voluntarily to be one of the solution finders for the country to the other “charismatic leaders” different local media reported ( Fana, EBC, AMMA, Addis TV and OBN…).
Then Dr. Abiy Ahimed (PhD) becomes the leader of the Federal Democratic Republic of Ethiopia since 2nd April 2018 and the chairperson of EPRDF, who is the first Oromo leader since 1991 (BBC, reported). After taking oath, the newly elected prime minister made an inauguration speech. From the observation of the researcher, Ethiopian political landscape is going to the way of Peaceful; the peoples are on the move of unity, love, and democracy relatively. Abiy Ahimed (PhD) seems getting public support as the engineer of the Ethiopia’s renaissance and the sustainability of his party, Ethiopian People’s Revolutionary Democratic Front (EPRDF). He is from the ruling party (EPRDF), part of HPR, the chair of Oromia people’s democratic organization (OPDO).
Still there was a shift of power from Hailemariam to Abiy but the country was under state of emergency. Abiy made his first in augural speech on Monday 2nd April 2018, a few days later he has started discussions with the peoples of all regions, and he have made diplomatic relationships with Saudi Arabia, Egypt, Djibouti, Somalia and Eritrea for the sake of mutual benefit and strong diplomatic relations. As a result, the people of the country have been giving him support to the newly elected leader without any visible economic or political change.
Reasonably, the change might be a result of his rhetorical communication ability to persuade the audience. That is why the people who was opposing dramatically made supportive demonstrations. The public rally held at Mesquel Square, to the cities and towns of regions of the country and to different corners of the world by Ethiopian diaspora, including America could give some insight. Based on this fact the researcher has initiated to conduct a study on the approaches and strategies how the prime mister political persuade the people. Rhetorical speech has an importance to influence the audience ‘to do things in a way he wanted to be done’ (Chissano, 2016).
1.2. Statement of Research Problem
Like other type of communication, the central theme of political communication emphasizes the creation of mutual understanding between the politicians and the public through teaching, informing and urging for further action as different scholars agreed, the impact might be positive or negative.
Graber (2005) defined political communication as the ‘transmission of message from sender to receiver through channels of communication with the objective of political goal’. According to Graber (1993), the message that conveyed to the audience changes the attitude of individuals, groups, and society in general. Public speaking is the one that politicians do to get to be heard and listened by the people in democratic system of government. Ceasa, Thurow, Tulis, and Bessette (1981) note that leaders use public speeches to “govern the nation” (p.159) through discourse strategies, which are employed to gain people’s hearts and minds.
The meaning of politics varied up on contexts and purposes. As Chilton (2004) define, “politics is viewed as a struggle for power, between those who seek to assert and maintain their power and those who seek to resist it. … conspicuously based on struggles for power; whether democracies are essentially so constituted is disputable. On the other hand, politics is viewed as cooperation, as the practices and institutions that a society has for resolving clashes of interest over money, influence, liberty, and the like” (p. 3).
Politics is also the art of government in which the drive of political communication is persuasion (Demirdö?en, 2010). In the meantime, equally conflict and disagreements are available in human life, politics will exist. Miller defines politics as “a process whereby a group of people, whose opinions or interests are initially divergent, reach collective decisions which are generally accepted as binding on the group and enforced as common policy” (Miller, 1991 p. 390 cited in Demirdö?en, 2010). Thus, above-mentioned definitions of politics by different scholars have a common ground that political process typically involves elements of persuasion in order to maintain power of future goal.
Coming to the Ethiopian politics, it was to the contrary, referring the past two years. The people and the governing body were in antagonistic relationship. As mentioned in the background of this study, conflicts between people with people and the government was a visible phenomenon, every person could be a witness internally and internationally.
To resolve these continuous instabilities, the government has made positional arrangements from prime minister to the lower level administrative system. This change did not result effective, continuous and progressive changes and until Prime Minister Abiy Ahimed (PhD) comes to power in 2 April 2018, the ruling party (EPRDF) was in a crisis. The newly assigned prime minister started his job predominantly to wave the people towards unity, peace, and stability with a metaphor ‘Medemer’ literary mean teaming up through public discussions, with his rhetoric speeches to change the image of the public against the deformed political appearance of the ruling party.
His speeches got a live coverage by the national and regional television stations and continuous publications on newspapers that he has made in different cities and towns of the state. Furthermore, different online media channels uploaded the speeches, which help the speaker to be addressed the entire world. Consequently, not only the participants on his speech, the total population of Ethiopia could view and be influenced positively or negatively.
The public rally held at Mesqel Square on 23 June 2018 could be an indication of the people’s attitude towards the ruling party as enemy has changed, and are saying WOW (WAKUM, 2018)
By conducting an observational pilot study, the researcher initiated to evaluate the communication strategy of Dr. Abiy by using rhetorical communication methods. It is a well-known fact that there are plenty of rhetorical speech studies in the world and few in Ethiopia but as much as the researcher knowledge, no research has been conducted on communication rhetoric of Dr .Abiy AHIMED.
Getachew (2014) has conducted a research on “The Rhetoric of Community Participation: Ngos’ Discourses and Deliberative practices with Communities in Ethiopia and …. Has conducted by using rhetorical theory but it is different from the prime minister”. Ludi, et al (2013) conducted a research on the title “Rhetoric vs. realities: An assessment of rainwater management planning and implementation modalities in Oromia and Amhara regions, Ethiopia”. Both of the previously mentioned researches hardly related with the current study. Therefore, the research will contribute a body of knowledge on the area of rhetoric skills to affect others in Ethiopia.
1.3. Objective of the Research
The study has the following general and specific objectives.
1.3.1. General Objective
The objective of this study is to analyze the rhetoric of Ethiopia’s Prime Minster Dr. Abiy Ahimed (PhD) public speeches held on the House of Peoples Representative and different locations of the country.
1.3.2. Specific Objectives
The researcher aims to
• Find out the construction and use of rhetorical cannons on the Prime Minister speech;
• Assess the extent of rhetorical proofs used in the Prime Minister speech;
• Determine the major ideologies and worldview of the prime minister.

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1.4. Research Questions
This study aims to answer the following research questions.
• How did the Prime Minister use and develop rhetoric cannon in his speeches?
• To what extent did the Prime Minister use rhetorical components in his speeches?
• What is the ideologies and worldview of the Prime Minister?
1.5. Scope of the Study
The research scope delimited to three of the speeches. Inaguaral speech of the newly assigned prime minister speech after his oath, the speech held at Hawassa stadium of his first meeting with the southern nation, nationalities and peoples of Ethiopia region and the Ethio-Eritria peace deal are the scope of the sample. The reason about the selection is that the inaguaral speech is the most important, the Hawassa stadium speech was unique in comparison with the other regions speech, and the Ethio-Eritirea peace deal selected from its importance in strengthening the two countries perspective. Additionally, the researcher focuses on only the message construction and delivery strategies, and the ideologies expressed in his speech. No other linguistic features of the speech have assessed.
1.6. Significance of the Study
The research has different significances. Primarily because it focuses on the rhetoric of Dr. Abiy Ahimed, the Prime Minister of Ethiopia, and no research has conducted on his rhetoric and limited availability of rhetorical studies in Ethiopia; it could contribute by filling knowledge gaps. Additionally it will have significance, as a stepping-stone for researchers who has a desire to conduct studies both on Dr. Abiy and rhetoric studies.

1.7. Limitation of the Study
The study is limited only in three of his addresses. This is due to the inaccessibility of fully recorded videos and audios for analysis. It was very help full if other speeches of the prime minister were analyzed and trend analysis has made by using other critical rhetoric methods. However, through cross checking of both printed version of the speech from Addis Zemen Newspaper and the record of the Ethiopia Television live transmission of inaguaral ceremonythe researcher will alleviate the problem.

CHAPTER THREE
RESEARCH DESIGN
3. Introduction
The study aims at evaluating the rhetorical cannon use and proofs in the Ethiopian Prime minister Dr. ABIY AHIMED after coming to power. This chapter encompasses the methodology used, the methods and data collection instruments of the research, the sample and sample population, ethical considerations and the analysis and presentation of data sections.
3.1. Research Methodology

To answer the questions mentioned in chapter one the speeches of the Prime Minister Dr. ABIY AHIMED will be collected and analyzed. The analysis will be done by using the neo-classical theory of rhetoric and generic critical rhetoric theory. I.e. used to evaluate the cannons and proofs used and its purpose, and the critical theory of ideology and generic rhetoric will be used as a theoretical frame works. It is a kind of qualitative study aims to analyze contents that broadcasted through mass media (print and Electronics). Qualitative research helps to understand the world and construct meanings based on the social- cultural setting/situations. This type of researches is hardly used for generalization, rather it contributes for knowledge.
3.2. Population of the study
Dr. ABIY AHIMED has made many addresses including from his prime minister office to the grass root levels of a country and in different parts of the world. The speeches incorporates from his first inaguaral ceremony to the last 100 days are the total population of the study. This is because the researcher believed that this season was marked by controversial and it is enough to answer the questions raised on this study. Other speeches are made after the audience reaction to his persuasive.
3.3. Sample Size
The samples of this study are speeches addressed by Dr. ABIY AHIMED of Ethiopian prime minster that covers starting from his first day inaugural speech to last 100 days. After 100 days many things are changing and he has already started implementing what he was promising, meant that the audience might not be persuaded not only by his speeches but also his acts. Moreover, act by itself has its own artifact that could be assessed as another study. Hence, the researcher does not want to go through this one; anybody who has interest could conduct it. As a result, from the speeches within 100 days three of speeches will be selected and analyzed.
Sampling design
According to Kotari (2004) the are two types of sample design based on sample selection element and representational bias. Additionally in any research, there are two sampling techniques; random and nonrandom. According to Kumr (2011), random sampling are done to minimize the researcher’s bias and leads to generalization of a given phenomenon, whereas qualitative sampling techniques are made to minimize cost and helps people to understand the world in an interpretative manner for knowledge development, meaning construction and understanding of multiple reality. Finally the samples are selected in non-random manner by through purposive sampling technique.
“Rhetorical analysis focuses on how messages are delivered, and with what (intended or actual) effects. Researchers who take this approach rely on the identification of structural elements, tropes, styles of argumentation, speech acts, and the like; Kathleen Hall Jamieson’s book Packaging the Presidency ( 1984) is an example of such an analysis. Efforts to study negotiations (Harris, 1996 ) , what works and what doesn’t, might be described as rhetorical analyses as well” (Krippendorff, 2004. p, 16).

1.0 Scope of Technology Management
Technology management can be defined as an integrated planning, design, optimization, operation, and control of the technological products, processes and services. In other words, technology management means the management of the use of the technology for human advantage. Car simulator is a device that enable the manufacturer to reproduce or represent under the test conditions phenomena that likely to occur under the real-time condition. In car simulator there is 3 main products, which is engine dynamometer, chassis dynamometer, and driving simulator.

In technology management, there is 3 scopes that is commonly considered, which is technology management and the company, technology management and the nation, and last but not least, technology management and society.

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The first scope, technology management and the company means how a business can manage their technology for competitiveness and business success. In the age where a company who has the better technology can get over one another, having technology that is on par with the competitors is absolutely essential to success. In the car manufacturing industry, having a simulator that is good enough is important for them to be able to produce a good car and better their rivals.
The next scope is the technology management and the nation. This scope means that how a country or region can use technology to enhance the competitiveness of the businesses that is operate in it, for economics and create wealth among its people. In car industry, if a company have a cutting edge simulator in terms of engine dynamometer, chassis dynamometer, and crash test model, they can use these simulators to maximize every gain that is possible to make sure that their car is competitive enough against their competitors. For instance, if all the car simulators of Perodua works well and showing good performance, that means they are able to produce a better car and will manage to get good sales out of it, which will manage to get profit for the country and at the same time, create wealth among all people.

Last but not least is technology management and society. This scope means that how does a company ensure that technology is managed for the good of people and the environment, and to minimize any negative effects. With more and more emphasizes nowadays on the more environmental friendly car with low fuel consumption, the company need to have the simulator that is able to test how the engine perform, and if the engine is release the smoke that is harmful to the environment. For these, the car company has to bear full responsibility by maximize all their gains on the simulators to make sure they can produce a car that fulfill the needs of present day and at the same time, minimizes all the negative effect that is possible to the society and environment.
2.0 Product Life Cycle Concepts
Product life cycle is the cycle that every product will experience from its first introduction stage till it started to shrink in the market. The cycle divided into 4 stages which are introduction, growth, maturity and last will be the decline stage.
The first stage is introduction stage. In this stage an automotive company will start to produce and launch a new product to the market. This stage might be the most expensive for them to develop a newly invented or transformed product. Before the company launch the new automotive product, there are many preparations need to be done such as research and development, test model, car simulation and etcetera. During the preparation, they probably will face with financial losses. An auto company will offer the special characterization of the product to make it has good selling in the market. For example recently Proton Myvi had been released in the market and special characterization such as Advanced Safety Assist (ASA), pre-collision warning, pedal misoperation control and more attracted by many people at the time it launched. Besides, it also gets the Target five-star ASEAN NCAP crash test rating for the crash test model. All of the success strategic will make the new product able to stand out in the market and there consists few or no competitors during this stage.

Next, the following stage is growth stage. The growth stage is characterized by powerful sales and profit. The company start to gain their interest from the increasing sales. The company will meet the greater numbers of consumers and competitors as the sales of the product is raising. In this stage, the company would not going to focus on the product features but on the brand differentiation since competitors appear. The price of product will become the main issue between the brands and companies. They start to invest more money in the promotional activities and try to maximize the potential of this stage. If other brand provides the same features, the company will try to offer cash rebates, extend the warranty, discount and more. For instance, Nissan had offer RM5000 cash rebates for customers who bought their Nissan Almera car during the Chinese New Year period or end of the year.
The third stage is maturity. During this stage, the product is publicly known by people. The purpose of the seller now is to maintain the market share they have built up. However, the slower growth and ruthless competition between the companies occurred because the similar products are exceeding the demand in the market. The companies go through the promotion war and competitive price to gain their sales among their competitors. They also need to concentrate on the most critical things like reposition their brand and market segmentation in this stage. As the number of competitors increased and become stable in the market, the company have to think out some improvement or modifications to their product to raise their competiveness. The improved product will be a strategy to attract customer to purchase it.
Last but not least is the decline stage. At last, the product will start to shrink in the market. The companies are not longer to enjoy their peak sales and high profit when the market is becoming saturated. Most of the customers already purchased the product and change their preferences. The product with newer technology and features will be the new focus in the market. The only way for the companies to turn the situation is to sell all the prior-year products with the steep discounts and rebates for customers. They try to make some profit to sell the product cheaper instead of loss their business.

3.0 Technology Innovation Stages
A series of process which used to implement all the improvement, changes, develop a new product or services is called technology innovation stages. There are various different stages where different process is carry out in order to innovate the product.

First and foremost is basic research. This kind of research only exist in major company, in this case is major car manufacturer doing a basic research about what do they want from their driving simulator and what do they need. For example, they do a basic research about what the simulator want to simulate, in terms of car functions, driving and driver safety. Next, they will do an applied research on it. When the manufacturer managed to detect an opportunity for them to build on something that might give them a competitive advantage, they will do their best to find the way to resolve this problem. For instances, a car manufacturer realized after a basic research that there is not a lot of simulators on the market that integrate the function of chassis dynamometer, to evaluate how a car can sustain the impact during a crash in the simulator. Hence, they take the advantage and going towards that direction.

Next stage is development stage, which the manufacturers starts to develop a lot of different prototype, with different kind of performance level on offer, and also different function with different development direction as well. Now the test team will start to test these prototypes to see which direction of development that the manufacturer can heading with. After that is engineering stage, where after the test team decides which way the manufacturer should develop their simulator for their new car?they need to find all the materials that is needed to build this simulator. During this time, all the experts from different departments within the manufacturer to give valuable inputs in order to make sure that the development is in the right direction and suits everyone needs.
Next, after the engineering stages is the manufacturing stages, where the manufacturers turn their attention to build the actual simulator. This is the most important process in all of the technological innovation stages, and they need to get it right after all those hard work beforehand. In this stage, manufacturer turn their attention into build a suitable simulator to accurately stimulate the performance and safety features of the new car. This stage is so important because the end product will be the one that being uses to build their new car, testing all the new features and so on. Last but not least is the continuous improvement, to ensure the simulators keep add in new features in order to produce better car for the public.

4.0 Competitiveness
The car market is getting more and more competitive nowadays. So every manufacturer has worked hard to have a cutting edge simulator with them to ensure they have the edge against their competitors. The competitive field of the automotive market is far away from traditional category based on company’s production systems. The evolution of product innovation has huge connection between the spectrum of product and service categories and industries. For example, the U.S automotive industry is facing a new and difficult period of competition with the automotive industry in Japan.
A dyno is a device used to measuring force, torque or power. Dyno is useful to develop and refine engine technology. The function of dyno is to measure and make comparison between power transfers at different point on a vehicle and allow the engine of the cars to be modified then get more efficient power transfer. Every automotive company will use different type of engine dyno to test their products before launch. Dynamometers can classified into two types which are power absorption dynamometers and power transmission dynamometers. Every company is using the different engine dyno and setting for the test. The final product is different due to the dyno system. In order to survive in this competitive market, the manufacturers will refine and make their dyno system better to test the engine of their product and ensure that their products are competitive compared to other brands.
Next is car driving simulator. Driving simulators are used to entertainment or training the new driver. Besides, people also use driving simulator to do research in car industry to design and assess new vehicles and advanced driver assistance systems (ADAS). Driving simulation divided into 3 types which are Entertainment DIL, Human Factors DIL and Vehicle Dynamics DIL. Manufacturers such as BMW, Ford, Renault and etcetera operate the driving simulators as a development process for their products. For instance, they use it in the car projectors development as the car projectors are tested with virtual prototypes before build any physical prototype. Before this, they always waste costs and time when they build an unsuitable accessory or component on the vehicle. This brings benefit to manufacturers and suppliers as they can reduce their production costs and delay.
Third is crash test model. Crash test is a form destructive testing usually performed in order to ensure safe design standards in crashworthiness and crash compatibility for various modes of transportation or related systems and components. There consists of many kinds of test model: moderate overlap tests, small overlap tests, side-impact tests and more. For instance, Toyota had been used the Frontal moderate overlap crash test for its Toyota Tundra in 2016. The vehicle is tested to impact a solid concrete wall at a specified speed. As conclusion, every manufacturer use different crash test to examine their cars so that their products can be competitive in the market.

5.0 Technology innovation and Commercialization
Technology innovation is always going to surprise everyone, from the customer to the marketers themselves. Every company does constantly find the way to innovate their product to ensure their newest innovation is getting better compared to their predecessor. It is the same case to every car manufacturer, to keep improving their driving simulator, engine dyno and chassis dyno, to ensure that they can produce the best car as they possibly can.
The simulators had innovated a lot from the past decade. Driving simulators nowadays is more complete than ever. In the past, the driving simulator would simply just be able to let the tester to drive the car around without really know how the car is functioning. However, the latest innovation has seen the driving simulator can do a lot of things, such as sense the fatigue of the driver, in-vehicle modules that could prevent fatality or serious injuries. Engine dyno simulator nowadays also can test the efficiency level of engine at the different fuel load and speed. While the chassis dyno simulator can test the level of impact that a chassis can sustain before eventually crack, to make sure the survival cell of the car as strong as possible.
Despite there is car manufacturer that actually has their own specially crafted software, they are also a lot of simulator manufacturer in the market, that offer plenty of option to the big manufacturers to buy in and use it as another reference point and indicator about how their car is going to behave. There are plenty of independent simulators manufacturers that has commercialized their product to the market. Key vendors and independent simulators manufacturer are Dallara, Ansiben Motion, Cruden, Mechanical Simulation, Moog and OKTAL. At present, the revenue that these manufacturers garner from simulators are roughly less than $100 million per year, and was expected by the experts to earn revenue of $134 million by the year 2021.
The independent simulators manufacturers are commercializing their driving simulators through their own website, through online advertising and presenting their products to the Original Equipment Manufacturer (OEM), hoping for manufacturers to buy their product and integrate it into their very own driving simulators. When they pitch the idea to the manufacturer, they will distribute the flyers regarding the functions and strength of the simulators to everyone involved, in order to let everyone knows about this product, hence purchase it for manufacturer testing purpose.

6.0 Technology Transfer
Technology transfer is a permits that flow of technology from a source to a receiver. Also, technology transfer is a process essential for the wide application and utilization of technology by one or more users. The source in this case is the owner or holder of the knowledge, while the recipient is the beneficiary of such knowledge. Technology transfer will occurs together various axes like among universities, from universities to businesses, from government to businesses, both formally and informally, and both openly and surreptitiously. Furthermore, technology transfer plays a central role in bringing these ideas from the lab to the market.
The objective of technology acquisition has an important bearing on the model of technology transfer. If technology borrowers have a sound financial base and want to develop a strong technology base, then long-term collaboration with restricted management control has proved to be effective in most of the cases. Firms with a sound technology base and developed capabilities to absorb technology may go in for one off technology transfer. Firms, which are looking for strong technological, managerial and financial support, and are desirous to become technology leaders in their home country, are going in for continuing and active transfer of technology.

The importance of technology transfer is commercialization of university-discovered technologies is a driver of economic growth and universities have played a major role in bringing innovative ideas and inventions to market. Technology transfer can potentially generate revenues for universities, create research connections between academia and industry, and enhance regional economic growth and development. Therefore the development and transfer of knowledge and technology has been and will continue to be critical to success in all types of industries. For example, the FAW-Volkswagen Automobile was established in 1991, it is a joint venture passenger carmaker between FAW Group Corporation (share investments of 60%) and Volkswagen AG (share investments of 40%). FAW-Volkswagen adopts advanced technologies and equipment to manufacture some of the world’s most famous brands –Passat CC; Jetta; Bora; Golf; Caddy; Sagitar and Audi(FAW). FAW-VW is that the technology of car manufacturing for example to laser-welding technology has been transferred from foreign automakers. More specifically, different modules of vehicles require different technologies. Thus, when the domestic automakers are going to produce new types of cars, the related technologies will be transferred.

Car simulators are used for entertainment as well as in training of driver’s education courses taught in educational institutions and private businesses. In technology innovation stages is represents the birth of new product or process resulting from R;D activities. So, it will spending the more of money to create the technology. An innovation has been implemented if it has been introduced on the market. Innovation is any system of organized activities that transforms a technology from idea to commercialization. Innovation involves the creation of a product, service, or process that is new to an organization.
Besides, driving simulators are used at research facilities for many purposes. The Center for Addiction and Mental Health (CAMH) in Toronto use the Virage Simulation VS500M driving simulator to study and measure the effects of cannabis on driving. Many vehicle manufacturers operate driving simulators, like BMW, Ford, Renault. Many universities also operate simulators for research. In addition to studying driver training issues, driving simulators allow researchers to study driver behavior under conditions in which it would be illegal and or unethical to place drivers. For instance, studies of driver distraction would be dangerous and unethical (because of the inability to obtain informed consent from other drivers) to do on the road.

The uses of car simulator is can novice driver training and testing, testing the effects of impairment on driver performance and analysis of driver behaviors. For example, drivers’ against emergency braking of leading vehicle. Test Method using the Driving Simulator Drivers’ behavior against emergency braking of the leading vehicle was investigated in this test using by the JARI driving simulator to avoid real collision to the leading vehicle. As the computer graphics of the driving simulator creates the virtual leading vehicle, the subjects drives the car simulated by the driving simulator to follow the leading vehicle. When the vehicle is stop, the subjects are allowed to operate steering and or braking. The leading vehicle is turns left or right in accordance with a driver’s steering action. Thus, unless the driver puts on the brake, the following vehicle that the driver operates necessarily collides with the leading vehicle. We did not inform the subjects of this matter. Driving conditions in the driving simulator must be set for the actual situations in order to adjust experimental results to that by a real vehicle. In this test the headway distance measured by laser radar was defined as the reference distance. We let the subjects keep the similar headway distance to the reference distance on the driving simulator.

7.0 Technology and Business Strategy

A technology strategy can also be called an information strategy or an IT strategy. The entire plan contains many goals, principles, and policies related to the use of technology within a specific organization. One of the strategies focuses first on the technology itself and, in some cases, on the people who directly manage these technologies. Strategy can be hinted at from the organization’s technical decision-making behavior, it can also be written in the document.
The business strategy is to formulate and implement the main goals and initiatives taken by the senior management of the company on behalf of the owners, and consider the resources and assessment of the internal and external environment of the organization’s competition. Strategic management provides companies with comprehensive guidance, including clear organizational goals, formulating policies and plans to achieve these goals, and then allocating resources to implement the plan. Academics and practitioner managers have developed numerous models and frameworks to assist in strategic decision making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; these models usually include a feedback loop to monitor execution and inform the next round of planning.

Car simulators are used at research facilities for many purposes. The Centre for Addiction and Mental Health (CAMH) in Toronto use the Virage Simulation VS500M driving simulator to study and measure the effects of cannabis on driving (Alex Ballingall, Toronto Star. Nov. 26, 2015). Many vehicle manufacturers operate driving simulators, e.g. BMW, Ford, Renault. Many universities also operate simulators for research. In addition to studying driver training issues, driving simulators allow researchers to study driver behaviour under conditions in which it would be illegal and/or unethical to place drivers. For instance, studies of driver distraction would be dangerous and unethical (because of the inability to obtain informed consent from other drivers) to do on the road.

Car simulator are used for entertainment other than in training of driver’s education courses which taught in educational institutions or private businesses. Typically, such a device includes a human–machine-interface (HMI) to accommodate interaction between driver and device. This interaction may involve visual, audio, or tactile input (display) to the driver; and provide for driver output that is usually either manual or voice (speaking). Because such interfaces involve a human driver with all of the driver’s possible complexity and variability, an experimental approach using a driving simulator to developing and accessing an HMI can be very useful.
Other than that, they are also used this simulator for research purpose in the human factors and medical research area. This is because they want to monitor driver behavior, performance, and attention and in the car industry to design and whether evaluate new vehicles or new advanced driver assist systems. For example, a new car has an assist system before come out to the market and aim to decrease the potential of mistake and test to make sure that whether it can satisfy the requirement or not.

Furthermore, they using methods such as use addresses the need to study and evaluate the characteristics of a candidate of HMI early in the R&D and design stage to ensure that it is to meet all around objectives and requirements, and to revise the HMI as may be necessary. Those HMI requirements include such things as usability, driver comfort, and an acceptable level of attentional demand in dual task conditions (driving while using an HMI).

References

Automotive Driving Simulator – Market Trend Analysis and Forecast by Technavio


https://en.wikipedia.org/wiki/Technological_innovation_system
https://www.google.com/search?q=how+a+simulator+is+commercialized&rlz=1C1RLNS_enMY780MY780&oq=how+a+simulator+is+commercialized&aqs=chrome..69i57.2135

2018 Perodua Myvi spec-by-spec breakdown – 1.3/1.5 Dual VVT-i, 4/6 airbags, VSC, AEB, RM44k to RM55k!

Product Life Cycle Stages


https://en.wikipedia.org/wiki/Simulation
http://productlifecyclestages.com/
https://en.wikipedia.org/wiki/Technology_strategy
https://en.wikipedia.org/wiki/Strategic_management
https://en.wikipedia.org/wiki/Driving_simulator
https://www.sciencedirect.com/science/article/pii/S0386111210000063
http://www.diva-portal.se/smash/get/diva2:633313/FULLTEXT01.pdf

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