Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting e-ISSN: 2300-3065 p-ISSN: 2300-1240 Volume 12 Issue 1 2023 quarterly Editorial Board Editor in ChiEf: prof. dr hab. Leszek Dziawgo ExECutivE Editor: dr Dorota Krupa assoCiatE Editors: dr Ewa Chojnacka-Pelowska, mgr Agnieszka Żołądkiewicz-Kuzioła sECrEtary: dr hab. Damian Walczak, prof. UMK, mgr Anna Olewnik-Dejewska sCiEntifiC CounCil Prof. Mustafa Akan, Dogus University, Istanbul, Turkey Prof. Gordon Chang, National Taiwan University of Science and Technology, Taiwan Prof. Sandra Isabel Goncalves da Saude, Instituto Politecnico de Beja, Portugal Prof. Luis Otero González, Universidad de Santiago de Compostela, Spain Prof. Christiane Goodfellow, Jade Hochschule Wilhelmshaven, Germany Prof. Günter Hofbauer, Technische Hochschule Ingolstadt Business School, Ingolstadt, Germany Prof. Rytis Krušinskas, Kaunas University of Technology, Lithuania Prof. Monika Marcinkowska, University of Lodz, Poland Prof. Juan-Antonio Mondéjar-Jiménez, Universidad de Castilla - La Mancha, Spain Prof. David Naranjo-Gil, Universidad Pablo de Olavide, Sevilla, Spain Prof. Stanisław Owsiak, Cracow University of Economics, Poland Prof. Wiesława Przybylska-Kapuścińska, WSB University in Poznań, Poland Prof. Małgorzata Zaleska, Warsaw School of Economics, Poland S t a t i s t i c a l E d i t o r : prof. dr hab. Piotr Fiszeder E n g l i s h P r o o f R e a d e r : mgr Dominik Liszkowski suBjECt Editors A c c o u n t i n g : prof. dr hab. Sławomir Sojak F i n a n c e : prof. dr hab. Danuta Dziawgo B e h a v i o r a l F i n a n c e a n d F i n a n c i a l E n g i n e e r i n g : prof. dr hab. Józef Stawicki C o v e r D e s i g n : Żaneta Dziawgo The primary version of the Journal is the on-line version (www.cjfa.umk.pl), however the Journal is available both in print and electronic form e-ISSN: 2300-3065 p-ISSN: 2300-1240 Czasopismo jest wydawane na zasadach licencji niewyłącznej Creative Commons i dystrybuowane w wersji elektronicznej Open Access poprzez Platformę Czasopism UMK Wersja papierowa jest dostępna w druku na żądanie na stronie internetowej Wydawnictwa www.wydawnictwoumk.pl © 2023 Copyright by Uniwersytet Mikołaja Kopernika w Toruniu Toruń 2023 addrEss of thE PuBlishEr Nicolaus Copernicus University in Toruń Gagarina 11, 87-100 Toruń, phone: +48 56 611 40 10 kontakt@umk.pl, www.umk.pl Print: Drukarnia WN UMK Editorial offiCE Gagarina 13a, 87-100 Toruń phone: + 48 56 611 46 34 (mgr Agnieszka Żołądkiewicz-Kuzioła) fax: +48 56 654 24 93 cjfa@umk.pl, www.cjfa.umk.pl ICV 2021: 100.00 list of rEviEwErs Prof. Domagoja Buljan Barbača, University of Split, Croatia Prof. Francesca Bartolacci, University of Macerata, Italy Prof. Jasna Bogovac, University of Zagreb, Croatia Prof. Andrzej Buszko, University of Warmia and Mazury in Olsztyn, Poland Prof. José Raúl Canay-Pazos, Universidade de Santiago de Compostela, Spain Prof. Nicola Giuseppe Castellano, University of Macerata, Italy Prof. Andrzej Cwynar, University of Economics and Innovation, Poland Prof. Catherine Deffains-Crapsky, Université d’Angers, France Prof. Cristina Gânescu, Constantin Brâncoveanu din Pitești, Romania Prof. Jerzy Gierusz, Gdansk University, Poland Prof. Dirk Kiesewetter, Julius-Maximilians-Universität Würzburg, Germany Prof. Jan Koleśnik, Warsaw School of Economics, Poland Prof. Natalia Konovalova, RISEBA University, Riga, Latvia Prof. Zbigniew Krysiak, Warsaw School of Economics, Poland Prof. Nicoletta Marinelli, University of Macerata, Italy Prof. Astrida Miceikienė, Vytautas Magnus University, Lithuania Prof. Lyudmila Mihaylova, University of Ruse, Bulgaria Prof. Ewa Miklaszewska, Cracow University of Economics, Poland Prof. Emil Papazov, University of National and World Economy, Sofia, Bulgaria Prof. Ángel Peiró Signes, Universidad Politécnica de Valencia, Spain Prof. Adalmiro Pereira, Politécnico do Porto, Portugal Prof. Wojciech Piotrowicz, University of Oxford, Great Britain Prof. Francisco Sánchez del Cubo, Universidad de Castilla-La Mancha, Spain Prof. Maria del Val Segarra-Oña, Universidad Politécnica de Valencia, Spain Prof. Nirundon Tapachai, Kasetsart University, Thailand Prof. Waldemar Tarczyński, Szczecin University, Poland Prof. Gerard Olivar Tost, National University of Colombia, Colombia Prof. Yolanda Trujillo-Adria, Universitat Politècnica de València, Spain Prof. Jan Turyna, Warsaw University, Poland Prof. Joanna Wielgórska-Leszczyńska, Warsaw School of Economics, Poland table of contents Dalia Abrach, Khalil Feghali Examination of Ethical and Professional Conduct of Lebanese External Auditors ....... 9 Brishti Chakraborty Does Board Structure and Ownership Structure Influence The Performance of Listed Companies: Evidence from Pharmaceuticals and Chemical Industry of Bangladesh? ................................................................................................................... 29 Brishti Chakraborty, Md. Yealid Hassan Maruf Are Liquidity, Dividend Policy, Leverage, and Profitability the Determinants of Firm Value: Evidence from the Listed Firms? ............................................................... 47 Rovier Djeudja, Letissia Stephanie Matejang, Magloire Tchatchoua Nya Digitalization as a Lever of Innovation for SMEs: an Exploratory Study in the Cameroonian Context ............................................................................................ 65 Bidush Nepal, Mira Gyawali Behavioral Biases and Portfolio Strategies: Analyzing the Impact on Investor Decision Making in the Nepalese Stock Market ......................................... 83 Collins C Ngwakwe A Review of Stock Market Impact of Environmental Cataclysms and Lessons for Investors ....................................................................................................................... 103 Yusuf Ozan Üzgün, Nevzat Aypek Firm Valuation with Data Envelopment Analysis: Borsa İstanbul Example ................ 119 For Authors ......................................................................................................................... 137