Chapter 1

Chapter 1: Introduction
1. 1 Background of the Study
In this era of digitization and technological advancements, profitability is one of the primary concern for any organization. Factors affecting profitability are therefore the major factors to be considered in order to obtain expected profit from an organization. There are many factors/process that aids to measure and/or influence profitability and corporate governance is one core component.
Ownership structure deals with corporate governance, as concentration of ownership determines control over decision making process related to the organization. Majority of the listed organizations in Bangladesh have five type of owners which includes: directorial ownership, government ownership, institutional ownership, foreign ownership and public ownership.
This study deals with the effect ownership structure has on performance of an organization. It is conducted to determine whether ownership structure has significant correlation or impacts performance of an organization.

1. 2 Introduction to the Study
In organizations, the impact of ownership structure on financial performance is very important. Shareholders are concerned regarding their profitability on investment and also monitoring managerial decisions that would impact their profit. This study focuses to analyze the impact of directorial ownership, government ownership, institutional ownership, foreign ownership and public ownership on financial performance of organizations in Bangladesh.
Ownership structure is very important as it mentions amount of control someone has over the business together with the liability of ownership and profit sharing. This makes it critical in context of organizations from 4 various industries to have been given the choice of ownership to be directorial, government, institutional, foreign or public (Boubakri et al., 2005). Ownership structure is vital for development of strong and healthy economic system, especially in emerging economies (Lang and So, 2002). Such importance is given to ownership structure because of its relationship with corporate governance and agency theory.
As per the theories stated in Berle and Means (1932), ownership structure of shareholders and managers there is a greater chance of potential conflict of interest which affects financial performance of an organization. It is suggested by Jensen and Meckling (1976) that managers acting as agents on behalf of an organization tends to follow strategies that meet their own personal goal rather than the one of the organization.
Better management monitoring can be obtained from ownership concentration as it is a vital component of corporate governance. To compute an organization’s success, performance is the primary indicator and ownership concentration has a major impact on performance.
As stated by Frich and Kohlar (1999) performance is conduct of activities for an organization over a period of time in part or in full with relation to its past or projected cost efficiency, responsibility or accountability of management. European Central Bank (2010), looks at financial performance of banks from the perspective of analyzing the main drivers of profitability; efficiency, earnings, leverage, and risk- taking. The report goes on to note that the performance however needs to incorporate the views of different stakeholders which include debt, equity holders, depositors and managers.
Strong positive relationship between ownership concentration and profitability is observed as per studies of Jensen and Meckling (1976), Mehran and Cole (1998), Lang and Djankov (2000), Mitton (2002); Iannota, Sironi and Nocera (2007) and Ongore (2011). On the other hand, studies of Lehn and Demsetz (1985), McConnell and Servaes (1990), Karathanasiss and Drakoes (2004) and Berger et al., (2005) state that concentration of ownership impacts negatively on organization performance. Whereas, according to Ongore (2011), various type of shareholders have different perspectives and objectives.

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1. 3 Problem Statement
Previous studies which were conducted on ownership structure and financial performance of an organization has resulted in various outcomes. Therefore, this area requires more study especially in developing countries where growth is vital for the economy to prosper. In Bangladesh, little literature is available on the latest data regarding ownership structure and financial performance of enlisted organizations. This study is expected to analyze the impact of ownership structure on financial performance of enlisted organizations in Bangladesh based on latest data available.

1. 4 Objectives of the Study
Primary objectives:
? To analyze the variables affecting profitability and ownership structure of organizations.
? To examine the effect of ownership structure on performance of listed organizations in Bangladesh.
Secondary objectives:
? To understand the importance of the factors that influences performance of organizations.
? To understand the significance of factors in ownership structure organizations.
? To present relationship between variables of ownership structure and performance of organizations.

1. 5 Rationale of the Study
Performance is one of the most important aspects for any organization which includes all the respective stakeholders. Various factors determine/influence performance and profitability is a major factor in this process.
Investigation of the relationship between ownership structure and firm performance has been conducted in several studies across the globe. However, only a few studies have been found in Bangladesh specifically in this topic. This research would be helpful to analyze the ownership structure and its effect on performance of organizations in Bangladesh which could be compared to studies conducted in other regions of the world.
1. 6 Scope of the Study
This study is based on data of last 5 years (2012-2016) including 99 organizations listed in Dhaka Stock Exchange at present. 99 organizations include 4 major industries including commercial banks, non-banking financial institutions, chemical ; pharmaceutical organizations and textile organizations.
Specific variables such as Return on Asset (ROA) and Return on Equity (ROE) is considered to determine profitability. This paper is not intended to determine the subjective factors that could have affected profitability of organizations during the time period of collected data. Further scope of analysis exists with other variables of firms’ profitability.
1. 7 Sources of Data
To collect data, only secondary sources have been used. Mainly annual report of the organizations have been collected from Dhaka Stock Exchange (DSE) and their websites. Some data have been collected also from various sources which includes company records, publications, previous researches etc.
1. 8 Limitations of the Study
This paper is based on certain assumptions which might not be statistical estimates such as the variables affecting performance. Financial analysis required ample amount of time, patience, due procedure and most importantly sound knowledge. There could be violation in following right procedure in preparation of this study due to time and knowledge constraint.

There could be few more limitations like:
? Enough information was not found, in order to make this a comprehensive study
? This study is solely based on secondary data, there has been no use of primary data

Chapter 2: Literature Review
Corporate Governance term can be explained in various ways. According to World Bank, corporate governance represents “organization and rules that affect expectations about the exercise of control of resources in firms” (World Bank Development Report, 2002, p. 68). Other explanation states that “corporate governance issues arise in an organization whenever two conditions are present. First, there is an agency problem, or conflict of interest, involving members of the organization – these might be owners, managers, workers or consumers. Second, transaction costs are such that this agency problem cannot be dealt with through a contract” (Hart, 1995, p. 678). Corporate governance interpretations have one thing in common that there is a requirement for handling systems and to limit conflicts.
Berle and Means (1932) researched on the ownership from the perspective of management. The role played by management, minority versus majority shareholders in financial performance of an organization were also stated in the research. They also argued that concentration of ownership is more prominent in developing countries.
Researches including theoretical and empirical ones show relationship between ownership structure and firm performance was motivated by Berle and Means (1932) which identified separation of ownership and control. The research states an inverse correlation between concentration of shareholding and firm performance and also concludes that ownership structure affects firm performance.
After Berle and Means (1932), the positive relativity of ownership structure to firm profitability is argued widely. In addition to the debate, other researchers also researched on this topic and provided supporting evidences (Jensen & Meckling, 1976) mentioning the fact that separation among ownership and control provides managers with reduction risk facilities and managerial incentives.
Amount of ownership owned by insider management and outsiders with no role in firm management is researched by Jenson and Meckling, (1976). The outcome stated that both a firm’s value and performance increase with the level of insider ownership.
Fama and Jensen (1983) argue that ownership concentration above a certain level will allow managers to become entrenched and expropriate the wealth of minority shareholders. This argument led scholars in a hot debate over the possible non-linear relation of ownership concentration and firm performance.
Leech and Leahy (1991) researched the effect of separating ownership from control. Ownership structure was described using many measures of concentration and control. Thus, it was expected that ownership structure will affect firm’s performance through the effects of ownership concentration. However, it a negative and significant relationship was found between concentration of ownership and firm value.
Ownership concentration is the distribution of shares held by majority shareholders (Lee, 2008). In context of an organization, especially bank, concentration of ownership is very important element for growth and development specifically in the countries that are emerging. Identity of ownership can be categorized into foreign, domestic, public, private investors and institutional investors.
However in case of banking, financial performance might be affected negatively due to concentrated ownership and increased operating costs. Although, Ungureanu (2008) states that monitoring and control of all banking activities are improved with ownership structure for a better flow of information. On the other side, according to Berger et al., (2005) there is a negative impact of ownership concentration on performance. Financial distress and crisis tends to affect companies with high concentration more compared to others (Nora and Rejab, 2015).
Stated by Aydogan and Gursoy (2002) that government owned organizations bear higher risk which results in better financial performance. According to the study of Najid and Rehman (2015), it can be stated that ownership structure has strong positive correlation with financial performance of an organization. Sun and Tong (2003) states that foreign ownership did not have any significant impact on financial performance of organizations but government ownership showed negative effect on organization’s financial performance.

Lee and Jun (2011) stated that ownership structure is the key factor of determining behavior of a firm, decision making, incentives and ultimately the performance. Ownership structure was determined as an internal mechanism of corporate governance. Although Demsetz and Villionga (2001) did not find any evidence of relationship between ownership structure and performance, Berger (2003) found substantial positive relationship between ownership and performance. On the other hand it was explained by Gupta (2005) that government owned organizations has negative effect on financial performance in India.
Major aspect of ownership structure is associated with a company’s shares and concentration. According to Citak (2007, p.231), a company’s owner ship is considered to be highly concentrated if a high percentage of shares is held by relatively fewer owners.
Emerging economies has more ownership concentration as discussed by Khamis, Hamdan and Elali (2015). This can trigger potential conflicts between majority and minority shareholders which in result affecting firm performance.

Chapter 3: Development of Research
Business research involves establishing objectives and gathering relevant information to obtain answer to one or more issue(s). Following in this study are the hypothesis developed which are relevant to the study.
This chapter consists of a comprehensive discussion on overall research methodology including research philosophy, research approach, research design, research method, data collection mechanism, sampling framework relevant the research.
3.1 Philosophy
A research philosophy is a belief about the way in which data about a phenomenon should be gathered, analyzed and used. It facilitates as a roadmap to conduct the business research.
Research philosophy provides an insight for the motive in order to conduct the research. It also includes data collection process and interpretation processes. Research philosophy is of two types – positivism and phenomenology.
Positivists believe that reality is stable and can be observed and described from an objective viewpoint (Levin, 1988), i.e. without interfering with the phenomena being studied. They contend that phenomena should be isolated and that observations should be repeatable. Positivism acts as a guide for conducting the business research. It adheres to the view that only “factual” knowledge gained through observation (the senses), including measurement, is trustworthy. In positivism studies the role of the researcher is limited to data collection and interpretation through objective approach and full faith will be bestowed on the collected data and statistical results (Easterby-Smith, et al., 2008).

In case of phenomenology, it is generally observed that respondents may provide their irrational decision-making and cognitive biases while providing data (Bryman, 2012). Under the phenomenological philosophy, help from the social scientists is often required (Cassell and Symon, 2012).
The research will follow a positivism philosophy as the research interpretation would only depend on only factual data available on annual reports.
3.2 Method
Research method is a systematic plan for conducting a research focusing on a decision to use either qualitative, quantitative or a mix of both for the research.
Qualitative research is exploratory, and it is used when it is not known what to expect, how to define a problem or how to develop an approach to the problem. Whereas quantitative research is expected to conclude the purpose as it quantifies a problem. Hence, quantitative method will be used for conducting the research.
3.3 Approach
Two of the most used research methods are: inductive and deductive. Deductive reasoning works from the more general to the more specific. Also known as “top-down” approach.
Inductive reasoning works the other way round, moving from specific observations to broader generalizations and theories where researcher begin with specific observations and measures, begin to detect patterns and regularities, formulate some tentative hypotheses that can be explored. Inductive reasoning is more open-ended and exploratory, whereas, deductive reasoning is narrower in nature and concerned with testing or confirming hypothesis. As hypothesis testing is being conducted in this research with all numeric analysis, therefore, deductive reasoning approach shall be used in this research.

3.4 Data Collection
Data can be collected in two ways, Primary and Secondary.
For primary data, questionnaire, face to face interview, over the phone interview, mailing, focus group discussion is used. For secondary data, information from various sources and previous conducted research relevant to the topic is used.
In this research, data from annual reports will be used which would therefore be a secondary data collection method.

3.5 Sampling
The purpose of sampling is to estimate an unknown characteristic of a population. Sample is subset of larger population. Sample will be selected from all the enlisted organizations in Dhaka Stock Exchange (DSE). Researches done earlier will be used as a guide to select organizations from various sectors. Stratified sampling will be used in the research and data of organizations from different sectors will be analyzed to conduct the research.
In total, 99 enlisted organizations are selected for data collection among which are: 29 commercial banks, 20 non-banking financial institutions, 22 chemical ; pharmaceutical organizations and 28 textile organizations.

Chapter 4: Research Methodology
4.1 Idea
Research is conducted to investigate and evaluate the effect of ownership structure on financial performance of an organization.
4.2 Questions
1. Does change in directorial ownership affect financial performance of an organization?
2. Does government ownership affects organization’s financial performance?
3. Does institutional ownership affects organization’s financial performance?
4. Does foreign ownership have any effect on financial performance?
5. Does public ownership affect organization’s financial performance?

4.3 Objective
To understand how directorial ownership affects financial performance of an organization.
To determine relationship between institutional finance to the organization with the financial performance of the organization.
To understand how government ownership affects organization’s financial performance.
To estimate effect of financing from foreign owners on financial performance of an organization.
To determine the relationship between finance obtained from publicly issued shares and organization’s financial performance.

4.4 Hypothesis
Hypothesis linked with directorial ownership affecting financial performance of an organization.
H0: Directorial ownership has no significant impact on financial performance
Ha: Directorial ownership has significant impact on financial performance

Hypothesis linked with government ownership affecting organization’s financial performance.
H0: Government ownership has no significant effect on financial performance
-Ha: Government ownership has significant effect on financial performance

Hypothesis linked with institutional ownership affecting organization’s financial performance.
H0: Institutional ownership does not affect financial performance
Ha: Institutional ownership affects financial performance

Hypothesis linked with finance from foreign owners on financial performance
H0: Foreign ownership has no significant relationship with financial performance
Ha: Foreign ownership has significant relationship with financial performance

Hypothesis linked with finance obtained from publicly issued shares and organization’s financial performance
H0: Public ownership does not affect financial performance
Ha: Public ownership affects financial performance

4.5 Theoretical framework
Corporate governance has become one of the most important aspects affecting financial performance of an organization. Ownership structure is one of the main dimensions of corporate governance and also influences it as conflicts of interest arises with change in structure of ownership which affects financial performance of the organization negatively.

Corporate governance is defined by Shleifer and Vishny (1997) in ways which entities/individuals financing the corporations are assured to get a return on their investment. On the contrary, Tirole (2001) states that the definition of traditional shareholder approach for measuring corporate governance is inadequate. In Tirole’s view, all stakeholders must be considered in designing of a corporate governance system who are affected by the firm’s decision rather than just the financiers. Shleifer and Vishny’s (1997) perspective is used in the research and also enhanced with definition from Eckbo (2006) who argued that an organization’s corporate governance incorporates all internal and external constraints which results in affecting financial performance of the organization.

Chapter 5: Conceptual framework
This study aims to cover 99 enlisted organizations which are locally incorporated. The research provides an overview of relationship between corporate governance and financial performance of an organization. Concepts of ownership structure, impact of ownership structure, effect of organization’s various shareholders on decision making, Agency theory, components of financial performance indicator, framework variables (dependent, independent), hypothesis development, data collection, analysis, interpretation of data and suggestions have been discussed.

5.1 Effect of Directorial Ownership
Internal governing mechanism defines boards which shape the governance of a firm with the other two axes in corporate governance: shareholders and managers. It is argued by Fama (1980) that presence of non-executive directors ensure proper action monitoring of the executive directors and also ensuring that policies pursued by executive directors are aligned with the one of shareholders’ interest. Much of power within the organization has been provided to the board of directors for corporate governance and also to increase executive accountability of non-executive directors. As per Fernández-Rodríguez, Gómez-Ansón and Cuervo-García (2004) there are strong perceptions that independent directors lead to better governance. However the existing empirical shows mixed result between the relationship of firm performance and board independence for the higher expectations from the role of the non-executive board members (e.g. Dalton, Daily, Ellstrand and Johnson, 1998; Dulewicz and Herbert, 2004; Peng, 2004; Weisbach and Hermalin, 2003). On the contrary, few researches suggest that firm performance will worsen if independent directors is in majority (Bhagat and Black, 1999).
Cost is incurred whenever management tends to pursue their own interest rather than the shareholders’, therefore monitoring by the board is important to minimize this potential cost. Monitoring by board is also important in order to reduce agency costs required to separate ownership and control. Thus, firm performance improves (Fama, 1980; Mizruchi, 1983; Zahra and Pearce, 1989).

As suggested by researchers who studied on the monitoring function that preference shall be for board dominated by outside directors (Barnhart, Marr and Rosenstein, 1994; Baysinger and Butler, 1985; Daily, 1995; Daily and Dalton, 1994; Weisbach, 1988). According to their argument, boards that consist of insiders primarily or outsiders who are not independent of the firm or management tend to not have incentive for monitoring management due to their dependency on the CEO of the organization. However, boards dominated by nonaffiliated directors are expected to monitor better as they do not have any disincentive for monitoring. But this hypothesis is not supported by any statistical data (Dalton, Daily, Certo and Roengpitya, 2003; Dalton et al., 1998).
Firm performance gets better with increasing managerial ownership (Jensen & Mecking, 1976), but according to another research substantial ownership provides manager with the power to utilize the opportunity for personal benefits (Ruan, Tian & Ma, 2009). These suggests that level of determining the level of ownership of manager is necessary to ensure firm performance.

5.2 Effect of Government Ownership
It is assumed that government ownership decreases concentration on profit maximization as government has both of the political and economic objectives which is not similar to the objectives of commercial firms (Estrin and Perotin, 1991). According to Shleifer and Vishny (1998), private ownership is preferred over government ownership as it is expected to be more efficient and profitable improving the performance of the firm. Megginson and Netter (2001) states that change of ownership that reduces government share leads to improved efficiency.
Wang (2004) did not find any noticeable negative relationship between government ownership and firm performance. On the contrary, it is argued by Bos (1991) that when government has significant ownership procession, they have incentive to monitor closely which increases profitability by reducing agency costs. Outcome of researches on relationship between government ownership and firm performance in numerous economies have contradicting results. The outcome indicates and encourages the necessity for additional studies on the topic.

5.3 Effect of Institutional Ownership
There is a possibility of institutional ownership to have an impact on the activities of managers directly through ownership. Transformation in corporate behavior could result from existence of institutional ownership due to better monitoring from investors. The aspect of having a considerable percentage of ownership in firm’s share affects the ability to monitor policies and activities of managers. Therefore, it is rational to consider a relationship between institutional ownership and performance of a firm.
The “black box” theory from the study of Berle and Means (1932) states that separation of ownership and control of modern companies reduces management motivation to ensure efficiency of the firm. The studies of Pound’s (1988), Brickley, Lease, and Smith (1988); and Kocchar and David (1996) analyzed various aspects and impacts of institutional ownership and firm performance. Institutional ownership had been classified into two groups: pressure-resistant institutional investors and pressure sensitive institutional investors. The research resulted negative relationship between pressure sensitive institutional investor and firm performance, whereas it resulted inversely for pressure resistant institutional investors.
Relationship between institutional ownership and firm performance vary from country to country as per researches of Gilson and Roe (1993), and Roe (1994). To add, findings of Shleifer and Vishny (1986) also support the greater effect of monitoring managers by large shareholders like institutional investors, whereas monitoring by board of directors have little or no ownership in firm.
A very important role in firm performance is played by institutional ownership which is done by reducing agency problem and increased monitoring. Firms with less institutional shareholding does not have the best governance structure or firm performance. For firms with higher institutional investor shareholding, the share prices are usually less marketable as they are held for longer periods.
The study paper of Dematz and Villolonga (2001) stated the relationship between institutional ownership and performance, with an outcome of ownership affecting firm performance in many ways.
5.4 Effect of Foreign Ownership
As per Gorg and Greenaway (2004), in international business strategy the outcome gained from foreign ownership of firms is the most challenging concern. Existing business literatures states that companies invest abroad to take advantage of the advantages which are not available in domestic companies (Dunning, 1993; Markusen, 1995; Caves, 1996).
It is widely known that foreign ownership plays a vital role in performance of the firm, especially in developing and transition economies. According to researchers (Aydin, Sayin & Yalama, 2007), usually it is the multi-national institutions that performs better compared to domestically owned ones.

5.5 Effect of Public Ownership
When ownership of a company is private, the company is said to be private company. It can be expected that private ownership provides a higher guarantee of corporate governance by the role of external owners who monitor managerial performance and ensures complete focus on profitability as firm’s objective (Estrin, 2002).
Various outcomes have been generated by analysts who reviewed the performance differences between private and state owned enterprises. Most of the outcomes state that private owned enterprises has better financial performance. Among these, Andrews and Dowling (1998) and Parker (1997) can be highlighted as the analysis uncovered positive influence of private ownership with better financial performance. As corporate governance mechanisms vary around the world, change in ownership can effect performance of the companies.
Public ownership may represent personal claim to firm’s cash flow individually and from an agency perspective can be explained as principal directly monitoring the agent. On the contrary, government or institutional ownership is likely to have indirect monitoring where there are layers of agents acting on behalf of the principal. It is argued by Pound (1988) that institutional ownership is more efficient than public ownership due to the lower cost of monitoring. But public ownership is less risky as the number of shareholder is larger in number.
The larger number of shareholders interest, priorities and objectives has various effect to performance of the organization. It was observed by Thomas and Pedersen (2000) that greater number of shareholders has significantly higher impact on organization’s performance. Larger amount of shareholders relationship to better organization performance was examined by Nora and Rejab (2013).

Study of Wu and Cui (Zeitum ; Tian, 2007) states the effect of ownership structure on a firm’s performance. Positive relation was found between ownership concentration and return on assets (ROA) and return on equity (ROE).

The research is aimed to provide an understanding regarding the relationship of ownership structure and different financial indicators of an organization. It can be more specified that the research is done to analyze if banks owned by public sector, directors, government, private, institutional owned organization differ significantly in performance.

5.6 Empirical Model
Usually three types of data are used for analysis: time series data, cross sectional data and panel data. In this study, data are collected from the time period of 2012 to 2016 on multiple variable to analyze the impact/change across the timeframe. Panel data is used for this research to examine the impact of ownership structure on firms’ performance in Bangladesh.

Random effects models and Fixed effects models are used for analyzing panel data in econometrics. In econometrics, Random Effects models and Fixed Effects models are used in the analysis of hierarchical or panel data when one assumes no fixed effects.
Two of the most common assumptions for panel data analysis are:
? Random effects assumption
? Fixed effects assumption

Random effects assumption states that specific individual effects are not correlated with independent variables. Whereas, fixed effect assumption states that specific individual effects are correlated with independent variables. Random effects model has been used to conduct the research.

I wanted to explore the nature of relationship between changes in ownership structure and its impact on financial performance. Various statistical methods (Chi-square, F-test) were used to analyze the association and extent of contribution within the variables. In order to assess the factors related to variables of ownership structure and variables of financial performance, multiple regression analysis was performed. The model used for this analysis can be explained as follows:

PER = ? + ?1 x1 + ?2 x2 + ?3 x3 + ?4 x4 + ?5 x5 + ?
PER (Performance): is a measure of financial performance or profitability of the organization. It consists of two variables in this research.
• ROA (return on assets): measured as ratio of net income after interest and tax to total assets. It is also known as the capacity of earning profit by a bank on the total asset employed.
ROA = NI/TA
NI: Net Income
TA: Total Assets
• ROE (return on equity): measured as ratio of net income after interest and tax to total equity. It can be also stated as the direct measure of return to the shareholders.
ROE = NI/TA
NI: Net Income
TA: Total Equity

x1: is the percentage of ownership by directors
x2: is the percentage of ownership by government
x3: is the percentage of ownership by institutions
x4: is the percentage of ownership by foreign investors
x5: is the percentage of ownership by public
?: constant
?: the coefficients of the independent variables (explanatory variables)
?: residual

After the formation of regression equation, research was forwarded to investigate correlation, R-squared (R2), meaningfulness and its coefficient. R-Square is the measure for determining relationship between dependent and independent variables. The value of R-Square coefficient determines the extent of dependent’s variability which is explained by independent variable. F-test is conducted to determine meaningfulness and T-test would be done for equation coefficients. To evaluate the hypothesis, two separate models were defined and were estimated for each dependent variable i.e. ROA and ROE. Below mentioned are the two models developed to conduct the research:

First Model
ROA = ? + ?1 x1 + ?2 x2 + ?3 x3 + ?4 x4 + ?5 x5 + ?1

Second Model
ROE = ? + ?1 x1 + ?2 x2 + ?3 x3 + ?4 x4 + ?5 x5 + ?1

Chapter 6: Analysis and Results
This section is intended to provide details of empirical the study conducted. The evidences includes descriptive statistics, various tests and respective results.
6.1 Descriptive Statistics
In order to assure the accuracy of data and also to summarize and describe data meaningfully descriptive statistics test is conducted. Stated below are the behavior of data including dependent and independent variables.
Variable Observations Mean Std. Dev. Min Max
director 494 0.4338 0.1795 0 0.9
Government 494 0.0179 0.1013 0 0.9019
institute 494 0.1421 0.1024 0 0.5706
foreign 494 0.0276 0.0827 0 0.6318
public 494 0.3764 0.1759 0.0065 0.7694

roa 494 3.72% 0.0553 0.04% 0.4927
roe 494 11.73% 0.1110 0.18% 0.8869
Table 1: Statistical behavior of the data for the period of 2012 to 2016.
Table above contains descriptive statistics of the study, which indicates that mean of ROA for the period of 5 years is 3.72% with a standard deviation of 0.0553 and mean of ROE is higher equaling to 11.73% with standard deviation of .1110. This could be due to the fact that equity share in financial institutions is comparatively small which consists half of the sample. Primary source of funding in financial institutions are deposits which are used to finance investments and advances.
Mean values state that directors have the highest percentage of ownership among the other dependent variables, amounting to 43.38% with also highest standard deviation of .1795. Followed by public, institution, foreign and government ownership amounting to 37.64%, 14.21%, 2.76% and 1.79% respectively. It is also observed that foreign ownership has the least standard deviation with 0.0827.
6.2 Regression Analysis
Ownership Structure and Financial Performance (Dependent Variable: ROA)

Number of observations 494
F (5, 488) 11.96
Probability > F 0.0000
R-squared 0.1091
Adjusted R-squared 0.1000
Root MSE 0.0524
Source SS df MS
Model 0.1643 5 0.0329
Residual 1.3414 488 0.0027
Total 1.5057 493 0.0031

roa Coefficient Std. Err. t P>|t| 95% Conf. Interval
director 0.1237 0.0967 1.28 0.201 -0.0662 0.3136
government 0.0375 0.0997 0.38 0.707 -0.1584 0.2335
institute 0.0110 0.0976 0.11 0.910 -0.1807 0.2027
foreign 0.1838 0.0997 1.84 0.066 -0.0121 0.3797
public 0.0432 0.0972 0.45 0.656 -0.1477 0.2342
_cons -0.0400 0.0962 -0.42 0.677 -0.2290 0.1490

Table 2: Ownership Structure and Financial Performance (Dependent Variable: ROA)
From Table 2, it can be inferred that all ownership variables have positive relationship with the profitability variable ROA. Majority of the resulted P-values of dependent variables are greater than 0.01, 0.05, 0.10 indicating that ownership structure does not have any significant effect on ROA. But foreign ownership has significant relationship with ownership concentration where the p-value i.e. .066 is less than 0.1, where 1% increase in foreign ownership will result in increase of ROA by 0.1838%. Organizations with maximum ownership to a single family can influence agency conflict that could result in reduced performance. Owners of institutions usually has short term objectives which might restrict organization from long term profitability. Greater government ownership could impact organizations’ financial performance negatively due to intervention in internal work process. Results are supported by Lehn and Demsetz (1985); McConnell and Servaes (1990) and in contrast to findings of Mehran and Cole (1998).
P-value of the model is 0.0000 (value less than 0.01, 0.05, 0.1) stating that at least one independent variable is significant. R-Squared value is 0.1091 which is not good but acceptable meaning that 10.91% of ROA is explained by all dependent variables together.

Ownership Structure and Financial Performance (Dependent Variable: ROE)
Source SS df MS
Model 0.5465 5 0.1093
Residual 5.5238 488 0.0113
Total 6.0703 493 0.0123

Number of observations 494
F (5, 488) 9.66
Probability ; F 0.0000
R-squared 0.0900
Adjusted R-squared 0.0807
Root MSE 0.1064

roe Coefficient Std. Err. t P;|t| 95% Conf. Interval
director -0.0412 0.1961 -0.2100 0.834 -0.4266 0.3442
government -0.1840 0.2024 -0.9100 0.364 -0.5817 0.2137
institute -0.2729 0.1980 -1.3800 0.169 -0.6619 0.1161
foreign -0.0765 0.2023 -0.3800 0.705 -0.4741 0.3210
public -0.2199 0.1972 -1.1100 0.265 -0.6073 0.1676
_cons 0.2621 0.1952 1.3400 0.180 -0.1215 0.6456

Table 3: Ownership Structure and Financial Performance (Dependent Variable: ROE)
From Table 3, it can be stated that the ownership structure affects ROE negatively but insignificantly. However, similar to the results of ROA, P-values are greater than 0.01, 0.05, 0.10 inferring that ownership structure does not have any significant effect on ROE. All dependent variables have non-significant negative impact on ROE which indicates that any change in ownership structure will affect ROE negatively and non-significantly.
P-value of the model is 0.0000 (value less than 0.01, 0.05, 0.1) stating that at least one independent variable is significant. R-Squared value is 0.0900 which is lower but acceptable meaning that 9.00% of ROE is explained by all dependent variables together.

6.3 Multicollinearity Analysis
One of the most common methods to determine Multicollinearity among variables is Variation Inflation Factors (VIF). It tends to quantify the amount of inflation that occurs in the estimated coefficients’ variance when multicollinearity exists. VIF of 1 indicate that there is no correction among predictor variables. In general cases, rule of thumb states that VIF warrants exceeding 4 numbers require further investigation but VIFs greater than 10 indicate significant multicollinearity.
.vif
Variable VIF 1/VIF
director 53.97 0.018527
public 52.42 0.019078
government 18.3 0.054638
institute 17.89 0.055905
foreign 12.19 0.082038

Mean VIF 30.95

All the variables have VIF value which is greater than 4 and even 10 therefore it can be stated that the variables have significant multicollinearity amongst them.
. vce, corr
Correlation matrix of coefficients of regression model

e(V) director government institute foreign public _cons
director 1.0000
government 0.9697 1.0000
institute 0.9675 0.9496 1.0000
foreign 0.9533 0.9256 0.9399 1.0000
public 0.9884 0.9679 0.9676 0.9544 1.0000
_cons -0.9964 -0.9726 -0.9782 -0.9596 -0.9958 1.0000
From the above depicted table of correlation matrix of coefficients of regression model it can be stated that all of the variables are highly correlated with each other as expected from the result of variation inflation factor (VIF). Most correlated are public ownership and directorial ownership with a coefficient of 0.9884. Whereas, lowest correlation exists between foreign ownership and government ownership with a coefficient of 0.9256. Correlation could be stated significant if coefficient is greater than 0.5000. Thus, it can be inferred that severe multicollinearity exists in the regression model.

6.4 Breusch-Pagan Test
Breusch-Pagan (BP) test is one of the most used tests for testing heteroskedasticity in a linear regression model. Heteroskedasticity occurs when standard deviation of any variable which is observed over a certain time period is not constant. It is also known as error variance within at least one independent variable in a sample that is used to calculate the margin of error between data sets i.e. actual results vs. expected results.
Breusch-Pagan / Cook-Weisberg test for heteroskedasticity
Ho: Constant variance
Variables: director government institute foreign public

chi2(5) = 447.41
Prob > chi2 = 0.0000

Breusch-Pagan test results in a chi-squared distribution and for my data the statistic is 447.41. P-value is resulted from chi-squared test. Null hypothesis is rejected if p-value is less than 0.05. Results of the above test state a p-value < 0.05 therefore there is significant evidence of heteroskedasticity.

6.5 Hypothesis Outcome
Hypothesis linked with directorial ownership affecting financial performance:
? As p-value of ROA and ROE (0.201 and 0.834 respectively) for directorial ownership is greater than 0.01, 0.05 or 0.10 for both ROA and ROE. Null hypothesis cannot be rejected, rather it is accepted stating that directorial ownership has no significant impact on financial performance.

H0: Directorial ownership has no significant impact on financial performance

Hypothesis linked with government ownership affecting organization’s financial performance:
? As p-value of ROA and ROE (0.707 and 0.364 respectively) for government ownership is also greater than 0.01, 0.05 and 0.10 for both ROA and ROE. Null hypothesis cannot be rejected, rather it is accepted indicating that government ownership has no significant effect on financial performance.

H0: Government ownership has no significant effect on financial performance

Hypothesis linked with institutional ownership affecting organization’s financial performance:
? As P-value of ROA and ROE (0.910 and 0.169 respectively) for institutional ownership is greater than 0.01, 0.05 and 0.10 for both ROA and ROE. Null hypothesis is accepted inferring that institutional ownership does not affect financial performance.

H0: Institutional ownership does not affect financial performance

Hypothesis linked with foreign ownership on financial performance:
? As p-value of ROA and ROE (0.066 and 0.705 respectively) for foreign ownership is less than 0.10 for ROA, Null hypothesis is rejected stating that foreign ownership has significant relationship with financial performance (ROA). However, P-value of foreign ownership is greater than 0.01, 0.05 and 0.10 for ROE.

Ha: Foreign ownership has significant relationship with financial performance

Hypothesis linked with public ownership and organization’s financial performance:
? As p-value of ROA and ROE (0.656 and 0.265 respectively) for public ownership is greater than 0.01, 0.05 and 0.10 for both ROA and ROE, Null hypothesis is accepted. This infers that public ownership does not affect financial performance.

Ho: Public ownership does not affect financial performance

6.6 Reasoning of Results
As per the results of our analysis, the most of the dependent variables are not significant to affect financial performance of the organization. There could be many potential reasons behind the insignificance, as stated below:
? Data from 4 different industries are used to analyze regression equation whereas, the business model or ownership structure (as per law) is not the same.

? Directorial ownership consists of 43.38% of the ownership structure on an average stating that most organizations have directors as their major shareholder but does not affect financial performance of organizations. This could be due to average of 37.64% shareholders being public and managers has to take decision regarding business aligning benefits to both the directors and public shareholders. Therefore directorial ownership does not affect financial performance of the organizations.

? Government ownership is only 1.79% of the total ownership concentration on an average and financial institutions have regulations to comply from regulatory bodies. This could be the major reason for insignificant relationship between government ownership and financial performance.

? Institutional ownership consists of 14.21% in ownership concentration on an average. Investors could be weak in Bangladesh and are not capable enough to provide monitoring services which is in accordance with studies of Sanchez and Garcia (2007) and Lee (2008).

? Foreign ownership consist of 2.76% of ownership concentration on an average. The amount of average foreign ownership is nominal and this empirical study states that financial ownership does not affect organization performance significantly. However, the relationship with ROA is significantly positive. Foreign owners are concerned more about long term profit, therefore, are expected to invest more in structured organizations.

? Public ownership is second largest in shareholding concentration, i.e. 37.64%, on an average. But according to this study it can be inferred that public ownership does not affect organization’s financial performance. Public ownership does not allow shareholders to control or influence any major decision of an organization. As public shareholders are not a major part of decision making process, it is expected not to have any significant relationship with organization’s financial performance.

? Taking all results in to account, the study shows that organization’s ownership structure does not affect financial performance.

Chapter 7: Limitations
? Data collected from 99 organizations and of five years only, which is not enough to determine relationship in such broader scale. Researches conducted across the globe suggests that all organizations from an industry is required to obtain a clear picture of relationship between variables.

? Data of organizations belong to different industries, whereas various industry has certain trends that is dependent on social or economic condition of the country. Different industries prefer different structure of ownership and impact on financial performance. Due to having data from 4 different industries, there is structural differences between ownership, business type, costs associated and possibility of profitability.

? Only secondary data was used to conduct the research. Collecting primary data could have provided a better outcome with in depth qualitative analysis. Quantitative analysis would allow to conduct research based on factual data only which is publicly available, therefore, in-depth analysis is not possible without availability of primary data like interview sessions, focus group discussions etc.

? The political instability of Bangladesh during 2013 had an impact on the economy due to which most of the organizations were affected. Bangladesh faced a decrease of GDP performance by 0.07 per cent which can be attributed to the political turmoil. Costs increased which in turn decreased profitability during this period of instability which is not accounted in the research.

? Data of only enlisted organizations were used to conduct this research. Therefore, the results cannot be generalized due to small sample size and absence of organization of all type.

Chapter 8: Conclusion
The research paper empirically investigates relationship between ownership structure and financial performance of an organization. It involves determining the importance of dependent variables like directorial ownership, government ownership, institutional ownership, foreign ownership and public ownership. Research is based on a sample of 99 enlisted organizations from 4 different sectors of Bangladesh and 5 years (2012-2016) of financial data from respective annual reports. Results obtained from regression analysis are similar to the findings of most studies in the literatures mentioned in this research.
Overall, the findings of research state that there is no significant relationship between the majority of variables determining ownership structure and Return on Assets, although the effect is positive but is insignificant. Foreign ownership has significant effect on Return on Asset meaning that ROA will increase with more foreign ownership.
Similar results have been observed for relationship between ownership structure and Return on Equity where the relationship is insignificant but effect is negative. No dependent variable is significant enough to cause negative effect on the relationship.
Hence, it cannot be concluded that ownership structure affects organizational performance.

CHAPTER 1

CHAPTER 1: INTRODUCTION
PURPOSE:
The main objective behind this project is to provide a device to the world that will not only be a new invention but is going to be a very noble cause for many people. This device will help to sense the brain signals and will convert those brain signals which will express a person feeling without speaking or making any body movement. But currently we are developing a model that detects face expression. Facial expression are important cues for non-verbal communication among human beings. This is only possible because humans are able to recognize emotions quite accurately and efficiently. An automatic facial emotion recognition system is an important component in human machine interaction. Apart from the commercial uses of an automatic facial emotion recognition system it might be useful to incorporate some cues from the biological system in the model and use the model to develop further insights into the cognitive processing of our brain.

OBJECTIVE:
We all know that many people in our world who are deaf and dumb face problem as they cannot express their views in any other form than sign language so we are trying to create a device that will help those people to express their views and feelings without making any body movement only just by sensing their brain signals. But currently we are developing a model that could firstly detect our face expression by differentiating among frequencies of various expression in order to predict accuracy of model for brain signals too.

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MOTIVATION:
As we all know that many people who are deaf and dumb cannot express their views other than sign language so we are trying to create a device that will sense the brain signals and those brain signals will express their feelings and views which will be a very noble cause of the society. Deep Learning methods have performed very well in MNSIT digit recognition dataset. Our setting is very similar to the task of digit recognition. Corresponding to the digit labels we have emotion labels. But emotion recognition is much more complicated because digit images are much simpler than face images depicting various expressions. Moreover, the variability in the images due to different identities hampers the performance. Human accuracy in facial expression recognition is not as good as in digit recognition and is also aided by other modes of information such as context, prior experience, speech among others.

DEFINITION AND OVERVIEW:
Understanding the human facial expressions and the study of expressions has many aspects, from computer analysis, emotion recognition, lie detectors, airport security, nonverbal communication and even the role of expressions in art. Improving the skills of reading expressions is an important step towards successful relations. A facial expression is a gesture executed with the facial muscles, which convey the emotional state of the subject to observers. An expression sends a message about a person’s internal feeling. That similarity implies about the facial expression most important role- being a channel of nonverbal communication.
Expressions and emotions go hand in hand, i.e. special combinations of face muscular actions reflect a particular emotion. For certain emotions, it is very hard, and maybe even impossible, to avoid it’s fitting facial expression.
For example, a person who is trying to ignore his boss’s annoying offensive comment by keeping a neutral expression might nevertheless show a brief expression of anger. This phenomenon of a brief, involuntary facial expression shown on the face of humans according to emotions experienced is called ‘micro expression’.
Facial Expressions Evolutionary Reasons
4585970706103A common assumption is that facial expressions initially served a functional role and not a communicative one. I will try to justify each one of the seven classical expressions with its functional initially role:
Anger: involves three main features- teeth revealing, eyebrows down and inner side tightening, squinting eyes. The function is clear- preparing for attack. The teeth are ready to bite and threaten enemies, eyes and eyebrows squinting to protect the eyes, but not closing entirely in order to see the enemy.

45760749189Disgust: involves wrinkled nose and mouth. Sometimes even involves tongue coming out.
This expression mimics a person that tasted bad food and wants to spit it out, or smelling foul smell.

4509770315595
Fear: involves widened eyes and sometimes open mouth.
The function- opening the eyes so wide is suppose to help increasing the visual field (though studies show that it doesn’t actually do so) and the fast eye movement, which can assist finding threats. Opening the mouth enables to breath quietly and by that not being revealed by the enemy.
4585970139700
Surprise: very similar to the expression of fear.
Maybe because a surprising situation can frighten us for a brief moment, and then it depends whether the surprise is a good or a bad one. Therefore the function is similar.

458597019033Sadness: involves a slight pulling down of lip corners, inner side of eyebrows is rising. Darwin explained this expression by suppressing the will to cry. The control over the upper lip is greater than the control over the lower lip, and so the lower lip drops. When a person screams during a cry, the eyes are closed in order to protect them from blood pressure that accumulates in the face. So, when we have the urge to cry and we want to stop it, the eyebrows are rising to prevent the eyes from closing.

445262019050Contempt: involves lip corner to rise only on one side of the face. Sometimes only one eyebrow rises. This expression might look like half surprise, half happiness.
This can imply the person who receives this look that we are surprised by what he said or did (not in a good way) and that we are amused by it. This is obviously an offensive expression that leaves the impression that a person is superior to another person.
4452620188681
Happiness: usually involves a smile- both corner of the mouth rising, the eyes are squinting and wrinkles appear at eyes corners. The initial functional role of the smile, which represents happiness, remains a mystery. Some biologists believe that smile was initially a sign of fear. Monkeys and apes clenched teeth in order to show predators that they are harmless. A smile encourages the brain to release endorphins that assist lessening pain and resemble a feeling of well being. Those good feeling that one smile can produce can help dealing with the fear. A smile can also produce positive feelings for someone who is witness to the smile, and might even get him to smile too.
ALGORITHMS USED
Eigen Face Algorithm
The task of facial recogniton is discriminating input signals (image data) into several classes (persons). The input signals are highly noisy (e.g. the noise is caused by differing lighting conditions, pose etc.), yet the input images are not completely random and in spite of their differences there are patterns which occur in any input signal. Such patterns, which can be observed in all signals could be – in the domain of facial recognition – the presence of some objects (eyes, nose, mouth) in any face as well as relative distances between these objects. These characteristic features are called eigenfaces in the facial recognition domain. They can be extracted out of original image data by means of a mathematical tool called Principal Component Analysis (PCA)
. By means of PCA one can transform each original image of the training set into a corresponding eigenface. An important feature of PCA is that one can reconstruct reconstruct any original image from the training set by combining the eigenfaces. Remember that eigenfaces are nothing less than characteristic features of the faces. to a sum of all eigenfaces, with each eigenface having a certain weight. This weight specifies, to what degree the specific feature (eigenface) is present in the original image.

Fisher Face Algorithm
This paper proposes a face recognition technique that effectively combines elastic graph matching (EGM) and the Fisherface algorithm. EGM as one of the dynamic link architectures uses not only face-shape but also the gray information of image, and the Fisherface algorithm as a class-specific method is robust about variations such as lighting direction and facial expression.
In the proposed face recognition adopting the above two methods, the linear projection per node of an image graph reduces the dimensionality of labeled graph vector and provides a feature space to be used effectively for the classification. In comparison with the conventional method, the proposed approach could obtain satisfactory results f
rom the perspectives of recognition rates and speeds. In particular, we could get maximum recognition rate of 99.3% by the leaving-one-out method for experiments with the Yale face databases.

CHAPTER 2: OVERALL DESCRIPTION
2.1 PROJECT PERSPECTIVE
USER INTERFACES
A screen for detecting the emotion using the inbuilt dataset.

After this the information regarding the emotion will be transferred to us in order to differentiate among various people frequency.
HARDWARE INTERFACES
The model can be supported by device being developed . SOFTWARE INTERFACES
This model is prepared on Anaconda Spyder .It has also used OpenCV.

MEMORY CONSTRAINTS
512MB RAM will be required for running the model.
OPERATIONS
Viewing
checking
2.2 PROJECT FUNCTIONS
Help us to view and to detect various emotion using face expression recognistaion.

Storing the correct records for future use.

Displays graphs regarding the emotion frequency.

Displaying status of frequencies among various faces.

CHAPTER 1

CHAPTER 1:
INTRODUCTION1.1OverviewThis study focused on design and implementation of charity organization website. It describes the step-by-step process to developing and implementing the website for the organization. In today’s modern world, organizations that want to reach global audiences seize the advantage of internet technology to achieve their goal. Charity organizations also make use of this medium and technology to reach their online audience as well as potentials donors across the world to promote their course and to increase revenue by appealing to their online audience.

For a long lasting solution, a charity origination’s website that will stand taste of time would be designed and implemented using basic programming language such as HTML which is a Mark Up Language, CSS, and Java Script for the design and managing its contents.
As usage of the Internet is increasing, so are the programming languages and content management systems (CMS) for creating webpages. There is a wide range of different programming languages and CMSs to choose from, based on different kinds of frameworks and purpose of which the website is been designed.
A different approach to using a premade programming language and CMS is to create a better website, as Simpson (2005) pursued in his comparative study on a range of different programming languages and open-source CMSs. The categories are freely available systems on the market and the homemade CMSs to give the less experienced developer a clearer view of how programming languages works and how to use them to design and implement a modern website for organizations be it private, public or charity.

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1.2Background and MotivationIn the early days of the World Wide Web (WWW), websites were largely consisting of static pages. In those days, both the task of web designing, development and implementation laid entirely in the hands of the webmasters (Ceri & Bongio, 2000). Content writers were completely dependent on webmasters in order to deploy contents on the web pages. Nowadays, a very suitable solution for such problem is the programming languages and content management systems (CMS) that separate presentation from content and also enable the user to deploy and interact with text, image and other data on a web browser.
In his article, “Content Management and the Separation of Presentation and Content”, Clark (2001), discusses the importance of web design and implementation (HTML and CSS combined) for contents as a baseline of web publishing, a technology development that offers a valuable solution to most web design problems and many more.

Programming Language and Content Management (CM) topics often cover a wide range of areas within digital technology. In fact, Miller, (2011), states that Programming Language and CM encompass a broad spectrum of areas including WCMS. Other areas also include Document Management (DM), Knowledge Management (KM), Electronic Content Management (ECM), and Financial Content Management (FCM).
This study specifically covers the web aspect of programming. Miller (2011), defines Web programming as “to the writing, markup and coding involved in Web development, which includes Web content, Web client and server scripting and network security. The most common languages used for Web programming are XML, HTML, JavaScript, Perl 5 and PHP.
Web programming practices and goals vary from organizational to organizational. Cooperate business, charity organization, e-commerce websites, educational institutions and much medium size to large-size organizations use Web programming for their websites, but in different ways.
This leads to differences in terminology and in the names and number of steps in the process. For this reason the researcher will provide different categories and definitions of the Web from various research papers.

Three qualities of the World Wide Web are; Web 1.0, Web 2.0, and Web 3.0. The terms Web 1.0, Web 2.0, Web 3.0 are not in a technical sense, but for describing and characterizing the social dynamics and information processes that are part of the Internet (Berners-Lee, 2002). These notions are based on the idea of knowledge as a threefold dynamic process of cognition, communication, and co-operation. The notion of the Web refers to the qualities of the Web as a techno-social system that enhance human cognition, communication, and co-operation. Cognition is the necessary prerequisite for communication and the precondition for the emergence of co-operation. In other words: in order to co-operate, you need to communicate and in order to communicate you need to cognize. The three types of Web that is identified here are based on an analytical distinction (German & Cowan, 2000). This distinction does not imply a temporal order (such as in versions of a software, where the upper version always exists at a later point of time) or an evolutionary process. The distinction indicates that all Web 3.0 applications (co-operation) and processes also include aspects of communication and cognition and that all Web 2.0 applications (communication) also include cognition. The distinction is based on the insight of knowledge as threefold process that all communication processes require cognition, but not all cognition processes result in communication, and that all co-operation processes require communication and cognition, but not all cognition and communication processes result in co-operation. By cognition we want to refer to the understanding that a person, on a subjective systemic knowledge, connects him- or herself to another person by using certain mediating systems (Roberts, 2010).
When it comes to feedback, the persons enter an objective mutual relationship, i.e., communication. Communicating knowledge from one system to another causes structural changes in the receiving system. From communication processes shared or jointly produced resources can emerge, i.e., cooperation.
These processes represent thus one important dimension, against which qualities of the World Wide Web have to be assessed. Based on this understanding of knowledge as a dynamic process, the three qualities of the World Wide Web are outlined. Accordingly, Web 1.0 can be defined as a tool for cognition, Web 2.0 as a medium for human communication, and Web 3.0 as networked digital technology that supports human cooperation.

Several approaches towards website design and implementation has been enumerated in the last decade, for instance, Calero et al. (2005) presented the Web Quality Model (WQM), which was intended to integrate a web application according to three dimensions: Web Features (content, presentation, and navigation); Quality Characteristics based on the ISO/IEC 9126-1 (2001) (functionality, reliability, usability, efficiency, portability, and maintainability); and Lifecycle Processes (development, operation and maintenance) including organizational processes such as project management and reuse programme management.

Ivory et al. (2000) presents a methodology for information-centric websites as follows;
a) Identifying an exhaustive set of quantitative interface measures such as the amount of text on a page, colour usage, consistency, etc.

b) Computing measures for a large sample of rated interfaces
c) Deriving statistical models from the measures and ratings
d) Using the models to predict ratings for new interfaces
e) Validating model prediction.

1.3Statement of the ProblemIn order to both increase visibility and reach a broader range of potential members and donors, most charity organizations rely on the Internet and more specifically on a well designed and implemented easy-to-manage website. Among all the available options and according to the specific specifications, the researcher decided to design and implement the website by means of programming.
Most charity organization websites like to keep online visitors busy and active on their websites by providing fresh and updated articles as often as possible, thus enticing them to revisit over and over again. To accomplish this, the researcher will integrate features that will allow online visitors to participate in content writing, dynamically editing and uploading their content directly on the website. Additionally, the web content management would be made in such a way that administrators do not have to depend on the webmasters for editing and uploading contents. The system will provide features such as the capability to organize article into categories (Schwabe, & Rossi, 2008).
The last problem is to provide access privileges to administrators, editors and contributors. The solution aims at solving the issues described above by developing a web-based content management system with features that separates administrative section for content management and general user section.
These features would allow administrators and content writers to manage their web contents without programming knowledge; other features would be to enable registered members to upload and edit pictures and their profiles.

1.4Aim and ObjectivesThe main purpose of this work is the designing and implementation of charity organization website using programming language for the administrators to be able to manage the web contents without necessarily being knowledgeable in web programming. The website would represent the charity organization and convey its message to the current members and Trustees as well as to potential donors. Members, Trustees and donors would be able to contribute to the organization through the donations page and button and the administrators to manage all online donations. Registered users would be allowed to perform several different actions on their registered profile (e.g. manage donation records, manage photo albums and personal information).

1.5Significance of the ProjectCharity organizations have tremendously serve humanity and in a bid to do more have necessitated the design and implementation of their website. Therefore, the design and implementation of the charity organization website will be of immense benefit to cross section people since the internet has made the world a global village.
To the charity organization, this project will serve as platform to reach more members, victims of circumstances in their related field and donors who will want to donate at will from their comfort zones.
Pertinently, this project will be of great benefit to challenging individuals and nations that needs help such as the Internally Displaced Persons, Victims of Trafficking, Victims of Crisis in Nigeria, Africa and other parts of the world as the internet world know no boundaries.
For the future researchers and young programmers, this project will be a model that will guide them in a related tasks or assignments as most of the documented steps can be reuse, edited to suit a related project of this nature.
For the volunteers of the charity organization, this project would enable them be in touch with their colleagues, head office, branch office and as well get updates and upload benefiting materials from any part where they work.
For the members of the society, this project will help in saving lives as where people or the charity organization cannot reach on time or get information from, the online visitors will pass such information to them on an urgent issues that they can attend to, thereby swinging to action that will result in saving lives in the cases of crisis, disasters etc.
Finally, this project will add more knowledge to academia.
1.6Project Risks AssessmentBelow are some of the project risks assessments that may be out of the researcher’s control as they relate to the nature of the project.
RISKS
Time and financial constraints to sources for third party softy and plug-ins to aid the project Time and financial management
Source for free third party software and plug-in
Power failure challenges while coding or working on the project
Get alternative power supply source
Lack of personal Laptop for project design and implementation Make arrangement for one from friends or family members
Challenges with troubleshooting and debugging codes Seeks assistance from online forums on how to troubleshoot and debug codes.
1.7Scope/Project OrganizationThe remaining parts of this project report describe the literature review in Chapter 2, defining the software architecture in Chapter 3, Designing the website layout in Chapter 4, Implementing data access layer in Chapter 5, and testing in Chapter 6.
Other areas covered in the remaining the last chapters include conclusions, limitations, and suggested improvements for the system.

References:
Berners-Lee, T. (2002) The Semantic Web. Scientific American.

Ceri, S. Fraternali, P., and Bongio, (2000) A. Web Modeling Language (webml): a modeling language for designing web
Calero V, and Olive, A (2005). On computing the importance of entity types in large conceptual schemas. Advances in Conceptual Modeling-Challenging Perspectives (2005), 2232.

Clark, L., (2001) Content Management and the Separation of Presentation and Content. In World Wide Web pp. 334-342
German, D. And Cowan, D., (2000), Towards a unified catalog of hypermedia design patterns. In Hawaii International Conference on System Sciences.

Ivory A., and Olive, A. (2000), A method for altering large conceptual schemas. In Conceptual Modeling – ER 2010 (2000),
Miller, H. (2011), Modeling design processes. AI Mag. 11, 4 (2011), 37
Roberts, J., (2010) Multiple-view and multiform visualization. In SPIE.

Schwabe, D. ; Rossi, G. (2008), An object-oriented approach to web-based application design. Theory and practice of object systems.

Simpson Bizer (2005) “Linked Data – The Story So Far”, Journal Semantic Web and Information Systems.

Chapter 1

Chapter 1: – INTRODUCTION1.1 PROJECT SUMMARYOur project “Student & Staff Welfare System” deals with the problems faced by students and staff faced when they need leave. It also deals with the problem of taking manual attendance .so to overcome the above-mentioned problems we are developing a website which contains features like:
Student leave application
Faculty leave application
Student automatic attendance
While selecting our domain, we saw that faculties are going through a long process if they want a leave they have to arrange lectures and have to verified with corresponding faculty after that they have to make verified by the HOD and then they have to submitted to the Director and it time-consuming task, not only faculties students are also unaware of how to write leave application so our system will provide a readymade format so just by entering a reason ,student can forward to HOD and can take leave and this data is sent to gatekeeper and by verifying the details gatekeeper easily allowed student to leave college.

We have also seen that it is very tedious to take attendance of students in each and every lecture manually and then have make entry in the software, it waste the time of faculties and student and for faculty also we trying to automate the attendance of students. Monthly reports can be generated from attendance data.

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1.2 PURPOSEThe following are the purposes of our proposed system that are mention below: –
To bring digitization in leave applications.

To automate the student attendance
Time saving for students and staff both.

Eco-friendly.1.3 SCOPEWe are going to develop a website which is going to be developed in order to have better facility for providing easily a format for leave application and also provide option for generation a report from the student’s attendance.

Table 1.3 The scopes and boundaries of projectScope To bring digitization in leave management for student ; faculty
To automate student attendance
Modules There will be Student leave application, Faculty leave application, student attendance and report generation.

User The system is going to be used by the Students, faculties and HOD and Director and Gatekeeper.

Specification We are going to make website using PHP Laravel framework and bootstrap and MYSQL database.

Usage This system can be used when student or faculty wants leave.

Input Users give input for applying for leave and can ask for generating reports.

Output The output will be that faculty or student will be allowed taking leave or not.

Monthly reports will be generated from the data of attendance of student
1.4 REPORT OUTLINEChapter 1: In this section the overview of the project and purpose ; scope of the project is discussed.

Chapter 2: This chapter show the information about the technology which is used for the implementing to this project.
Chapter 3: In this information about planning and scheduling of this project. It includes different techniques for planning ; scheduling. These techniques are work break down structure, pert chart ; Gantt chart.

Chapter 4: In this information about software requirement specification of the project. It includes functional and non-functional requirement of the project.

Chapter 5: It includes the analysis of the system develop by the system developer. In that include the feasibility study of this system. Also include the diagrams like E-R diagram, UML diagram ; USECASE diagram of the system which shows the behavioural aspect of the system. It includes the schema designs of the project. This is use for storing the data in database. It includes the AEIOU Canvas and other canvas of the project. This is used to interpret observations gathered by ethnographic practice.

Chapter 6: It includes the implementation of the project.

Chapter 7: This chapter contains the reference, conclusion of the project and remaining future work of this project or system.

Chapter 2: – LITERATURE REVIEW
Table 2.1 Table for literature survey
GEMS STUDENT ; STAFF WELFARE SYSTEM
Faculty manually update student’s attendance of every lecture. Automatic attendance are taken using RFID tag.

No facility to take leave and arrange lecture for faculty. Faculty can take leave online by filling leave application.

There is no facility to take leave for students Faculty as well as students can take leave.

Chapter 3: – PROJECT MANAGEMENT
3.1 PROJECT PLANNING AND SCHEDULING
3.1.1 PROJECT DEVELOPMENT APPROACH
We have developed our project by using Spiral development model of Software Development Lifecycle. This model is a best approach according to a user’s requirements. To achieve the goal and fulfill the constrains of this project Spiral model is worthier.

Figure: 3.1.1 Spiral development model
We are developing a huge project and it should be a long standing, so we choose an approach which is a combination of iterative model and a sequential model. For a large development this combination is widely used.
Justification:
Waterfall Model: If the project is in the testing stage it is equally impossible to get back to the previous stage and to change anything which is not feasible to our project. This may ruin our project and increase the developing time.

RAD Model: This model is preferred to the expertise developer a highly skilled developer is needed for this. We can’t take a risk to approach this model as it depends on the modeling skills of a developer.

Advantages:
Spiral model is more flexible and less costly which will help when new requirements are added, and it can be easily adapted.

In a Spiral Model proposed system is divided into modules so that it is easy for developing and helps in better risk management.

We can create the prototype of the project so that we can understand the flow.
Requirements can be collected easily and accurately from the user.

3.1.2 PROJECT PLAN
We have different modules in our project which will be helpful for completing project. And the time duration is dependent on the nature of modules.

Phase 1: It contains design model, database design and documentation.

Phase 2: It contains connectivity of database, home page, and login for a admin.

Phase 3: It consist of modules like student leave application, faculty leave application, report generation from student attendance.

Phase 4: It contains feedback and module implementation.

Figure: 3.1.2 Schedule Representation
Chapter 4: – SYSTEM REQUIREMENT SPECIFICATION
4.1 USER CHARACTERISTICS
The user of this system are as follows: –
students
Faculties
HOD
Director
Gatekeeper
Students make use of system when they want leave application and faculties use this application when they want leave.

HOD make use of this application to approve students and faculties leave application.

Director make use for approving the faculties leave.

Gatekeeper will use for verifying the details.

4.2 HARDWARE AND SOFTWARE REQUIREMENTS
Hardware:
Smart Phone
RFID card
RFID scanner
Computer
Software:
Operating System: Windows 7 and above, Linux and Mac
Front End: Bootstrap, HTML, CSS, JavaScript
Back End: PHP Laravel, My SQL Server, Xampp server,
Others:
Web Browser
Documentation:
MS Word
MS Excel

Chapter 5: – SYSTEM ANALYSIS AND SYSTEM DESIGN
5.1 FEASIBILITY STUDY
Feasibility study is about the challenges we may face while making the project or while implementing a task as it includes technical development and project implementation. As we can only work on the project which is feasible, else it would be waste of time and efforts trying to implement a project which is not feasible.

Technical Feasibility.

Economic Feasibility.

Operational Feasibility.

Schedule Feasibility.

Legal Feasibility.

5.1.1 Technical feasibility
Technical feasibility study includes the platform in which our project would work properly. It checks whether the proposed system which we are going to create can be implemented by using the existing technology or not. By looking into the feasibility and compatibility we had decided to implement the proposed system by using PHP Laravel framework & Bootstrap.

5.1.2 Economic feasibility
Economic feasibility includes the costs or expenses related to the development of the project. Here we should take care of economic cost as it should not exceed the limit else it will be difficult for the users to purchase or sell the product due to the higher cost. So, looking into the following matter we are trying to develop a cost-efficient system.
5.1.3 Operation feasibility
Operation feasibility shows the rate of solving the real-world problem faced by the user with the proposed system. This will help the user to have an easy life and which helps them in saving lots of time. Our system aims for automation of student’s attendance and digitization of leave system for students and faculties which will saves a lot of time
5.1.4 Schedule Feasibility
It is a measure of how reasonable project timetable is given by our technical expertise, are the project deadline reasonable? Some projects are initiated with specific deadlines. You need to determine whether the deadlines are mandatory or desirable. A project will fall if it takes too long to be completed before it is useful. Typically, this means estimating how long the system will take to develop and if it can be completed in each time using some methods like payback period.
5.1.5 Legal Feasibility
Determine whether the proposed system conflicts with legal requirements.

5.2 FUNCTIONS OF SYSTEM
5.2.1 Use Case Diagram:

Fig. 5.2.1 Use Case Diagram
5.3 DATA MODELING
5.3.1 CLASS DIAGRAM

Fig. 5.3.1 CLASS Diagram

5.3.2 ACTIVITY DIAGRAM

Fig. 5.3.2.1 ACTIVITY Diagram OF SYSTEM

Fig. 5.3.2.2 ACTIVITY Diagram OF STUDENT LEAVE

Fig. 5.3.2.3 ACTIVITY Diagram OF FACULTY LEAVE

Fig. 5.3.2.4 ACTIVITY Diagram OF LEAVE MANAGEMENT

Fig. 5.3.2.5 ACTIVITY Diagram OF LECTURE MANAGEMENT

Fig. 5.3.2.6 ACTIVITY Diagram OF ATTENDENCE MANAGEMENT

5.3.3 SEQUENCE DIAGRAM

Fig. 5.3.3.1 SEQUENCE DIAGRAM FOR STUDENT LEAVE

Fig. 5.3.3.2 SEQUENCE DIAGRAM FOR FACULTY LEAVE
5.4 FUNCTIONAL AND BEHAVIOURAL MODELING
5.4.1 DATA FLOW DIAGRAM
LEVEL 0

Fig. 5.4.1 DFD LEVEL 0
LEVEL 1:

Fig. 5.4.2 DFD LEVEL 1 FOR LEAVE MANAGEMENT

Fig. 5.4.3 DFD LEVEL 1 FOR STUDENT LEAVE

Fig. 5.4.4 DFD LEVEL 1 FOR VERIFICATION OF LEAVE
LEVEL 2

Fig. 5.4.5 DFD LEVEL 2 FOR ATTENDENCE MANAGEMENT

Fig. 5.4.6 DFD LEVEL 2 FOR FACULTY LEAVE

Fig. 5.4.7 DFD LEVEL 2 FOR LECTURE MANAGEMENT

5.5 DATABASE SCHEMA DESIGN
Fig. 5.5.1 database for student
FIELD NAME DATA TYPE SIZE DESCRIPTION
ENROLL_NO INT 20 NOT NULL(PRIMARY KEY)
NAME VARCHAR 20 NOT NULL
PHOTO BLOB NOT NULL
EMAIL_ID VARCHAR 50 NOT NULL
DEPARTMENT VARCHAR 20 NOT NULL
SEM VARCHAR 20 NOT NULL
MO_NO BIGINT 10 NOT NULL
RFID VARCHAR 20 NOT NULL
PASSWORD VARCHAR 20 NOT NULL
Fig. 5.5.2 database for faculty
FIELD NAME DATA TYPE SIZE DESCRIPTION
FAC_ID VARCHAR 20 NOT NULL(PRIMARY KEY)
NAME VARCHAR 20 NOT NULL
PASSWORD VARCHAR 20 NOT NULL
EMAIL_ID VARCHAR 50 NOT NULL
DEPARTMENT VARCHAR 20 NOT NULL
MO_NO BIGINT 10 NOT NULL
Fig. 5.5.3 database for student APLLICATION
FIELD NAME DATA TYPE SIZE DESCRIPTION
STU_APP_ID VARCHAR 20 NOT NULL(PRIMARY KEY)
ENROLL_NO VARCHAR 20 NOT NULL
TYPE_OF_LEAVE VARCHAR 20 NOT NULL
APP_DATE DATE NOT NULL
FROM_DATE DATE NOT NULL
TO_DATE DATE NOT NULL
REASON VARCHAR 10 NOT NULL
TIME TIME NOT NULL
STATUS BOOLEAN 0,1 NOT NULL
Fig. 5.5.4 database for Fuculty application
FIELD NAME DATA TYPE SIZE DESCRIPTION
FAC_APP_ID VARCHAR 20 NOT NULL(PRIMARY KEY)
FAC_ID VARCHAR 20 NOT NULL
APP_DATE DATE NOT NULL
TYPE_OF_LEAVE VARCHAR 20 NOT NULL
FROM_DATE DATE NOT NULL
TO_DATE DATE NOT NULL
REASON VARCHAR 10 NOT NULL
PROOF VARCHAR 50 NOT NULL
STATUS BOOLEAN 0,1 NOT NULL
Fig. 5.5.5 database for leave count
FIELD NAME DATA TYPE SIZE DESCRIPTION
FAC_ID VARCHAR 20 NOT NULL(PRIMARY KEY)
CL INT 20 NOT NULL
LWP INT 50 NOT NULL
RH INT 20 NOT NULL
COMP INT 20 NOT NULL
Fig. 5.5.6 database for lecture arrangement
FIELD NAME DATA TYPE SIZE DESCRIPTION
FAC_APP_ID VARCHAR 30 NOT NULL(PRIMARY KEY)
FAC_SUB_ID VARCHAR 20 NOT NULL(FOREIGN KEY)
DAY_PERIOD_ID VARCHAR 30 NOT NULL(FOREIGN KEY)
ALLOC_FAC_ID VARCHAR 30 NOT NULL
Fig. 5.5.7 database for subject
FIELD NAME DATA TYPE SIZE DESCRIPTION
SUB_CODE VARCHAR 30 NOT NULL(PRIMARY KEY)
SUB_NAME VARCHAR 30 NOT NULL
SUB_SEM VARCHAR 20 NOT NULL
DEPT_ID VARCHAR 30 NOT NULL
SUB_ID VARCHAR 30 NOT NULL
Fig. 5.5.8 database for faculty-subject master
FIELD NAME DATA TYPE SIZE DESCRIPTION
FAC_SUB_ID VARCHAR 30 NOT NULL(PRIMARY KEY)
FAC_ID VARCHAR 20 NOT NULL(FOREIGN KEY)
SUB_CODE VARCHAR 30 NOT NULL(FORAIGN KEY)
Fig. 5.5.9 database for day
FIELD NAME DATA TYPE SIZE DESCRIPTION
DAY_ID VARCHAR 30 NOT NULL(PRIMARY KEY)
DAY_NAME VARCHAR 20 NOT NULL
Fig. 5.5.10 database for period
FIELD NAME DATA TYPE SIZE DESCRIPTION
PERIOD_ID VARCHAR 30 NOT NULL(PRIMARY KEY)
PERIOD_NO INT 20 NOT NULL
Fig. 5.5.11 database for day-period master
FIELD NAME DATA TYPE SIZE DESCRIPTION
DAY_PERIOD_ID VARCHAR 30 NOT NULL(PRIMARY KEY)
DAY_ID VARCHAR 20 NOT NULL(FOREIGN KEY)
PERIOD_ID VARCHAR 30 NOT NULL(FOREIGN KEY)
RFID_CLASS VARCHAR 30 NOT NULL
Fig. 5.5.12 database for timetable
FIELD NAME DATA TYPE SIZE DESCRIPTION
TT_ID VARCHAR 30 NOT NULL(PRIMARY KEY)
FAC_SUB_ID VARCHAR 20 NOT NULL(FOREIGN KEY)
DAY_PERIOD_ID VARCHAR 30 NOT NULL(FOREIGN KEY)
Fig. 5.5.13 database for rfid reader
FIELD NAME DATA TYPE SIZE DESCRIPTION
RFID_SCANNER_ID VARCHAR 30 NOT NULL(PRIMARY KEY)
CLASS_ID VARCHAR 20 NOT NULL
PFID_CLASS VARCHAR 30 NOT NULL
Fig. 5.5.14 database for attendence
FIELD NAME DATA TYPE SIZE DESCRIPTION
RFID VARCHAR 30 NOT NULL(PRIMARY KEY)
RFID_CLASS VARCHAR 20 NOT NULL
TIME_IN VARCHAR 30 NOT NULL
TIME_OUT VARCHAR 30 NOT NULL
DATE DATE NOT NULL
DAY VARCHAR 20 NOT NULL
ATTENDANCE BOOLEAN 0,1 NOT NULL

5.6 CANVAS
5.6.1 AEIOU SUMMARY
Fig. 5.6.1 aeiou summary
In this canvas we have defined:
Environment: What type of Environment?
Interactions: Who interact with whom?
Objects: Which objects are used?
Activities: What Activities are performed?
Users: Who are the Users?
5.6.2 EMPATHY SUMMARY CANVAS
Empathy summary canvas is used to have information about the existing system. From the existing system, we have a summarize a lot many problems and filtered out the and find out probable problems which will be overcome by our system.

Fig. 5.6.2 EMPATHY summary CANVAS
In this canvas we have defined:
User- Who are the Users?
Stakeholders-Which person or organization who are interested.

Activities-Activities related to stakeholders.

Story Boarding-Story Related to Activities.

5.6.3 IDEATION CANVAS
Ideation canvas is used to find out the main problem from the most probable five problems and try to find out the possible scope.

Fig. 5.6.3 IDEATION CANVAS
In this canvaswe have defined:
People: Includes people using our system.
Activities: Includes activities done in our system.
Situation/Context/Location: Includes the locations where our system used.

Props/Possible Solution: Includes the props used to use our system.
5.6.4 PRODUCT DEVELOPMENT CANVAS
Product Development Canvas is used to describe the overall features and functionality of our project, other than that it also consists of our product approach, that is contains the module of our project.

Fig. 5.6.4 PRODUCT DEVELOPMENT CANVAS
In this canvas we have defined:
Purpose: Includes purpose of our system.
People: Includes the people using our system.
Product Experience: Includes the experienced features of our system.
Product Function: Includes the main functions of our system.

Product Features: Includes the features of our system.
Components: Includes the components of our system.

Customer Revalidation: Includes the customer revalidation features of our system.

Reject/Redesign/Retain: Includes the retail property of our system.

Chapter 7: – Conclusion
This student and staff welfare system provide a facility to take leave online by filling readymade application. Using this system student and staff can take leave by forward application to HOD and Director. Faculty easily arrange lecture without wasting time. Using this system automatic attendance are taken for each lecture using RFID tag. Report is generated automatic and if student’s attendance is low then alert SMS will be sent.

REFERENCES
1. http://www.aiktcdspace.org:8080/jspui/bitstream/123456789/2055/1/aiktcDspace20552. https://www.iitms.co.in/rfid-based-attendance-system/how-rf-attendance-system-works/3. https://electronicsforu.com/electronics-projects/hardware-diy/rfid-based-attendance-system4. https://www.campusmedicine.com/student_leave_attendance_management.html5. https://www.creatrixcampus.com/blog/automated-student-attendance-system

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