A/2, Jahurul Islam Avenue
Jahurul Islam City, Aftabnagar
Dhaka-1212, Bangladesh
Rochester Institute of Technology, USA | Saunders College of Business
University of Dhaka, Bangladesh | Faculty of Business Studies
University of Dhaka, Bangladesh | Faculty of Business Studies
Senior Lecturer, Department of Business Administration
Muhammad (Md.) Shafiqul Islam is a dedicated and innovative Senior Lecturer in the Department of Business Administration at East West University, a position he has proudly held since 2023. As a distinguished Fulbright Fellow, he brings a deep commitment to experiential teaching and learning, creating a dynamic and engaging classroom environment for his students.
At East West University, Mr. Islam teaches foundational courses in accounting, business, and communication. His teaching philosophy is centered on bridging the gap between academic theory and real-world application, ensuring students are equipped with practical skills that are immediately relevant in their professional careers.
Mr. Islam's academic journey is marked by excellence both at home and abroad. He is a graduate of the prestigious University of Dhaka, where he earned his BBA and MBA in Accounting & Information Systems. Driven by a passion for the evolving landscape of finance, he pursued a second master's degree in the United States, obtaining a Master of Science in Accounting and Analytics. This unique combination of expertise allows him to provide students with a comprehensive understanding of both traditional accounting principles and modern data-driven financial analysis.
For more information on his publications, research interests, and professional portfolio, please visit his personal website: drshafiqul.github.io.
Senior Lecturer (2023 - Present)
East West University | Dhaka, Bangladesh
Lecturer (September 2019 - 2022)
East West University | Dhaka, Bangladesh
Taught core business and accounting courses, consistently achieving high average instructor ratings:
My research agenda is focused on areas that are pivotal to fostering sustainable economic growth and developing a curriculum that is both forward-looking and impactful. These interests align with the strategic goal of enhancing the institution's leadership in business education and research.
Khan, L., Saha, A.K., Kamal, Y. & M. S. Islam (2024). Do ownership structure and board composition matter in firm performance? Regulatory influence in developing economy. Int J Discl Gov, Springer, Cham. https://doi.org/10.1057/s41310-024-00257-0
Abstract: This empirical study ascertains the influence of corporate governance mechanisms, specifically ownership structure and board composition, on firm performance within the context of Bangladesh. Utilizing panel data from 2011 to 2020, the analysis reveals that institutional and foreign ownership correlate positively with performance, whereas managerial ownership exhibits a negative association. Furthermore, board size and the presence of independent directors demonstrate a statistically significant positive impact, underscoring the criticality of robust governance frameworks in emerging markets.
Mohammed, N. F., Mahmud, R., M. S. Islam, & Mohamed, N. (2022). Towards achieving SDGs through integrated reporting in Malaysian public universities. International Journal of Sustainability in Higher Education, Vol. 24, No. 5, pp. 1002-1023. https://doi.org/10.1108/ISHE-08-2021-0344
Abstract: This inquiry evaluates the potential of Integrated Reporting (IR) as a strategic framework for Malaysian public universities to advance their contributions towards the United Nations’ Sustainable Development Goals (SDGs). A systematic content analysis of university annual reports indicates that while nascent alignment with the SDGs exists, the institutional adoption of IR principles remains preliminary. Consequently, the study proffers a conceptual model to facilitate a more profound integration of sustainability and value creation within university reporting paradigms.
M. S. Islam (2021). Dynamics of energy use, technological innovation, economic growth, and trade openness in Bangladesh. Economics Bulletin, Vol. 41, No. 3, pp. 997-1008.
Abstract: This study empirically investigates the nexus between energy consumption, technological innovation, economic growth, and trade openness in Bangladesh over the period 1990–2019. Employing advanced time-series econometric techniques, the results affirm a long-run equilibrium relationship among the variables. A key finding is the moderating role of technological innovation on energy consumption, implying that technology adoption is a viable pathway to achieving sustainable economic development.
Mohammed, N. F., Sutainim, N. A., M. S. Islam, & Mohamed, N. (2021). Integrated thinking, earnings manipulation and value creation: Malaysian empirical evidence. Business Process Management Journal, Vol. 27, No. 4, pp. 1179-1199. https://doi.org/10.1108/BPMI-06-2020-0261
Abstract: This research examines the impact of integrated thinking on firm value, assessing the mediating effect of earnings manipulation within this relationship. Utilizing a sample of publicly listed firms in Malaysia, the findings indicate that a higher degree of integrated thinking corresponds with enhanced firm value. Furthermore, the study provides evidence that integrated thinking acts as a deterrent to earnings manipulation, thereby fostering more authentic value creation.
M. S. Islam (2020). Investigating the relationship between integrated reporting and firm performance in a voluntary disclosure regime: insights from Bangladesh. Asian Journal of Accounting Research, Vol. 6, No. 2, pp. 228-245. https://doi.org/10.1108/AJAR-06-2020-0039
Abstract: This study investigates the association between the voluntary adoption of Integrated Reporting (IR) and corporate performance in the emerging economy context of Bangladesh. By constructing a disclosure index to measure the quality of IR, the analysis reveals a positive and significant relationship between comprehensive IR disclosure and both market-based and accounting-based metrics of firm performance. These results suggest that superior corporate reporting yields tangible benefits even in a voluntary disclosure environment.
Khan, I., & M. S. Islam (2020). Accounting and auditing through the lens of non-accountants: an emerging economy experience. Asia-Pacific Management Accounting Journal, Vol. 15, No. 2, pp. 228-245. https://arionline.uitm.edu.my/ojs/index.php/APMAJ/article/view/1203
Abstract: This research explores the perceptions and interpretations of accounting and auditing information among non-accounting professionals in Bangladesh. Employing a mixed-methods approach, the study identifies a significant expectation gap and prevalent misconceptions regarding the roles and outputs of accounting and auditing functions. The findings advocate for enhanced financial literacy initiatives to improve the dialogue between accountants and diverse stakeholder groups.
Rahman, M. M., Sobhan, R., & M. S. Islam (2020). The impact of intellectual capital disclosure on firm performance: Empirical evidence from pharmaceutical and chemical industry of Bangladesh. The Journal of Asian Finance, Economics and Business, Vol. 7, No. 2, pp. 119-129. https://doi.org/10.13106/jafeb.2020.vol7.no2.119
Abstract: This paper quantitatively assesses the effect of intellectual capital disclosure on the financial performance of firms within the pharmaceutical and chemical sectors of Bangladesh. The results of the regression analysis demonstrate a significant positive correlation, positing that enhanced transparency concerning intangible assets, such as human capital and structural capital, is a substantive driver of firm value in knowledge-intensive industries.
M. S. Islam, & Anwar, S. (2019). Post-Initial Public Offering Performance Drift. The Bangladesh Development Studies, Vol. 42, No. 1, pp. 107-126. https://www.jstor.org/stable/27031155
Abstract: This study documents and analyzes the long-run stock market performance of firms subsequent to their Initial Public Offerings (IPOs) in Bangladesh. Consistent with global evidence, the findings reveal a systematic negative drift in stock returns in the post-issue period. The paper discusses potential causal factors, including the 'fads and fashion' hypothesis and the consequences of information asymmetry at the time of the offering.
Rahman, M. M., Sobhan, R., & M. S. Islam (2019). Intellectual capital disclosure and its determinants: Empirical evidence from listed pharmaceutical and chemical industry of Bangladesh. The Journal of Asian Finance, Economics and Business, Vol. 9, No. 2, pp. 35-46. https://doi.org/10.13106/jbees.2019.vol9.no2.35
Abstract: This research identifies the principal determinants influencing the extent of intellectual capital disclosure in corporate annual reports of Bangladeshi pharmaceutical and chemical firms. The empirical results suggest that firm-specific characteristics such as company size, profitability, and leverage are significant predictors of disclosure levels. These findings indicate that larger, more profitable firms tend to engage in greater voluntary disclosure of their intangible assets.
Kamal, Y., & M. S. Islam (2018). The Paradox of Foreign Loans and Grants: An Econometric Analysis in the Perspective of Bangladesh. Dhaka University Journal of Business, Vol. 39, No. 3, pp. 51-66.
Abstract: This article presents an econometric investigation into the multifaceted relationship between the inflow of foreign aid (comprising both loans and grants) and economic growth in Bangladesh. The analysis uncovers a paradoxical phenomenon, wherein foreign aid does not uniformly translate into sustained, long-term economic development. The study critically evaluates the absorptive capacity and policy environments that mediate the effectiveness of such external financing.
M. S. Islam (2023). Incorporating the International Integrated Reporting Framework in the Corporate Reporting Ecosystem: A Case-Based Study from Bangladesh. In: Lee, KH., Senaratne, S., Gunarathne, N. (eds) Integrated Reporting (IR) for Sustainability. Eco-Efficiency in Industry and Science, Vol 34. Springer, Cham. https://doi.org/10.1007/978-3-031-41833-4_8
Abstract: This chapter provides a case-based analysis of the implementation of the International Integrated Reporting Framework within a leading Bangladeshi company. It examines the motivations, challenges, and outcomes of adopting IR, offering insights into how organizations in emerging economies can leverage integrated reporting to enhance their communication of value creation to stakeholders.
Anwar, S. & M. S. Islam (2019, December). The Post-Issue Operating Performance of IPO Firms: Evidence from an Emerging Economy. 10th International Conference of Financial Criminology, United International University (UIU), Dhaka, Bangladesh.
Abstract: This paper investigates the long-run operating performance of companies following their Initial Public Offerings (IPOs) in Bangladesh. The findings reveal a significant decline in post-IPO operating performance compared to pre-IPO levels, aligning with evidence from other global markets and raising questions about the valuation and information asymmetry during the IPO process.
Kamal, Y. & M. S. Islam (2019, October). Impact of Technological Innovation on Energy Consumption Behavior in Bangladesh. 4th International Conference on Business and Economics, Faculty of Business Studies, University of Dhaka, Dhaka, Bangladesh.
Abstract: This study explores the role of technological innovation in influencing energy consumption patterns in Bangladesh. Using time-series data, the analysis suggests that technological advancements contribute to more efficient energy use, which is critical for the nation's sustainable development and for balancing economic growth with environmental concerns.
Kamal, Y. & M. S. Islam (2018, October). The Paradox of Foreign Loans and Grants: An Econometric Analysis in the Perspective of Bangladesh. 3rd International Conference on Business and Economics, Faculty of Business Studies, University of Dhaka, Dhaka, Bangladesh.
Abstract: Presented at this conference, the study analyzes the complex effects of foreign aid on the economy of Bangladesh. The findings highlight a paradoxical situation where aid does not always translate into sustained economic growth, prompting a discussion on policy effectiveness and the conditions needed for foreign assistance to be successful.
Fulbright Scholarship 2023 (USA)
My teaching philosophy is centered on the principle of 'learning by doing.' In my courses, I strive to demystify complex topics in accounting and finance by grounding them in real-world data and hands-on analytical exercises. The goal is to empower students not just with established knowledge, but with the critical data literacy and analytical skills necessary to ask new questions and solve the challenges of a data-rich world.
To provide my students with the most current and comprehensive resources, I maintain a dedicated teaching portfolio on my personal academic website. There you will find detailed syllabi, lecture notes, datasets, code snippets, and supplementary materials for the courses I teach.
This central repository ensures that all materials are up-to-date and easily accessible.
Please visit my personal website for all course-related materials: drshafiqul.github.io
My teaching portfolio spans both the graduate and undergraduate levels, with a focus on the intersection of finance, accounting, and data science.
Graduate Courses (MSc in Data Science and Analytics)
DSA 5045: Machine Learning for Finance: This course provides a comprehensive introduction to machine learning models and their application to financial data. Students learn the entire data science pipeline—from data wrangling to model evaluation—using Python libraries to solve real-world problems in credit scoring, fraud detection, and algorithmic trading.
DSA 5047: Data Analytics for Finance: This course focuses on the tools and techniques for extracting actionable insights from financial and alternative datasets. Students work with SQL, Python (Pandas, Matplotlib), and data visualization tools to analyze capital market data and build financial models.
Select Undergraduate Courses (Department of Business Administration)
Accounting Information Systems
Managerial Accounting
Financial Accounting
Business Communication
Introduction to Business
I look forward to exploring the fascinating world of data-driven finance with you.
US Alumni Association, Fulbright Bangladesh Alumni, Accounting Alumni (DU)
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