Correlation of the Attributes of the New Credit Union Development Model in Bangladesh
Keywords:business management performance, business environment performance, transformation, new credit union development model, new credit union paradigm.
This transformational study is the first investigative scientific research that supports and encourages credit unions (CUs) in Bangladesh to adopt a New Credit Union Development Model (NCUDM).Â Aimed to determine the relationship, effect of business management performance (BMP) and business environment performance (BEP) of NCUDM, this study employed researcher-made questionnaires of 66 items with 10 sections to gather needed data from 450 stakeholders in the Cooperative Credit Union League of Bangladesh Limited. It also employed focus group discussions (FGDs), and in-depth interviews and expert panels. Its secondary data covered the period 2007 to 2014. Pearson correlation coefficient statistics was computed to assess the relationship and strength of a linear association between the variables of BMP and BEP. Structural Equation Modeling (SEM) was utilized to posit better estimates of the effect of BMP on BEP. Coefficient of correlation (r) results show nine important NCUDM variables that are significantly related (p<.01) and twelve components that are important to CUs in Bangladesh that are significantly related (p<.01, p<.05).Â SEM output model shows significant effect in BMP and in BEP using the chi-square (M=245.62, p< .01,df =120) indicating appropriate well-fit model, favorable and accepted data. Results yielded a robust and significant contribution to transform CUs in Bangladesh utilizing a new paradigm.
â€¢ ACCU(2013).The association of Asian confederation of Credit Unions.Bangkok, Thailand. websites.
â€¢ Anderson, D. and Anderson L. A. (2001).Beyond Change Management. San Francisco: CA. Jossey-Bass/Pfeiffer.
â€¢ Barrett, P. (2007). "Structural Equation Modelling: Adjudging Model Fit." Personality and Individual Differences, 42 (5), 815-24.
â€¢ Branch, B. and Cifuentes, M. (2001). The Road to Jinotega, Part II: Towards Maximising Credit Union Financial Sustainability. Madison: World Council of Credit Unions.
â€¢ CCULB (2014). Desk Reports: The Cooperatives Credit Unions League of Bangladesh Limited. Dhaka, Bangladesh.
â€¢ Decker O.S., Jones P. A. (2007). The development of Southwark Credit Union, 1982 â€“ 2007. Manchester: Liverpool John Moores University.
â€¢ Donnelly, R. (2004). British Credit Unions at the Crossroads in Harafolos. Greece: Editions Hellin. pp. 25-54.
â€¢ Frankfort-Nachmias, C. and Leon-Guerrero, A. (2015).Social Statistics for a diverse Society.7th Edition. California: SAGE Publications.
â€¢ Fuller, D. and Jonas, A.E.G. (2002). Capacity-building and British credit union development, Local Economy 17:1-6.
â€¢ Fuller, D. and Mellor, M. (2008). Banking for the Poor: Addressing the Needs of Financially Excluded Communities in Newcastle upon Tyne. Urban Studies 2008; 45; 1505.
â€¢ Gomes, L.H. (2012). Cooperative Credit Union: KhudroSomajGothonAndolon [Bengali]. Dhaka:KathaPrakash.
â€¢ Gomes, L.H. (2007). Financial Management Performance of Parish-Based Credit Union Cooperatives in Bangladesh. Manila: University of Santo Tomas, Graduate School.
â€¢ Goth, P. and McKillop, D.G. and Ferguson, C. (2006). Building Better Credit Unions. York: Joseph Rowntree Foundation.
â€¢ Green, G. P. and A. Haines (2002).Asset Building & Community Development. Thousand Oaks, California:Sage Publishing.
â€¢ Healey, Joseph (2005). Statistics: a tool for Social Research. 7th Edition. California: Thomson Wadsworth.
â€¢ Hoel, R. F. (2007).Thriving Midsize and Small Credit Unions, Filene Research Institute. Madison, WI.
â€¢ Jones, P. A. (2012). Strategies for Growth (A research study into the progress and development of CUs in the North East of England and Cumbria), Research Unit for Financial Inclusion, Faculty of Health and Applied Social Sciences, Liverpool John Moores University.
â€¢ Jones P.A. (2009). Breaking through to the future -the strategic development of credit unions in Britain, 1998 â€“2008. Interim Report. Manchester: LJMU The Co-operative Bank.
â€¢ Jones P.A.and Decker S. (2007). The Development of Southwark Credit Union 1982-2007.Manchester : LJMU.
â€¢ Jones.P.A. (2005).Creating wealth in the West Midlands though sustainable credit unions.An Action Research Report. Manchester: ABCUL
â€¢ Jones, P.A. (2004). Growing Credit Unions in the West Midlands: the case for restructuring.Journal of Co-operative Studies. Vol. 37: 1 (N0 110) April, Pp. 5-21.
â€¢ Jones P.A. (2002). Modernising Credit Unions, Guatemala Co-operative Strengthening Project 1987-1994. Manchester: New Economics Foundation and ABCUL, ISBN 0 9506281-8-2.
â€¢ Kemper, E., Stringfield. S., &Teddlie, C. (2003).Mixed methods sampling strategies in social science research.In A. Tashakkori& C. Teddlie (Eds.), Handbook of mixed methods in social & behavioral research (pp. 273-296). Thousand Oaks, CA: Sage.
â€¢ Kline, R.B. (2011). Principles and Practice of Structural Equation Modeling (3rd Edition ed.). New York: The Guilford Press.
â€¢ Lei, P. and Wu, Q. (2007). An NCME Instructional Module on Introduction to Structural Equation Modeling: Issues and Practical Considerations, ITEMS. Canada: University of Alberta.
â€¢ McDonald, R. P. and Ho, M-H.R. (2002). Principles and practice in reporting structural equation analyses.Psychological Methods,7, 64- 82.
â€¢ Page-Bucci, Hilary (2007)."The Value of Likert Scales in Measuring Attitudes of Online Learners."HKA Designs.www.hkadesigns.co.uk /websites.
â€¢ Richardson D.C. (2000 b).Model Credit Unions into the Twenty-First Century in Westley G.D. and Branch B. (2000) Eds, Safe Money. Building Effective Credit Unions in Latin America.Washington: John opkinsUniversity Press.
â€¢ Rogers, B. (2012). International Cooperative Governance and Market Trends (A credit union research symposium at the University of Toronto). Madison, Wisconsin: Filene Research Institute.
â€¢ Ryder N. (2009). The credit crunch: the right time for credit unions to strike? Legal Studies, Vol. 29 No. 1, pp.75â€“98
â€¢ Steiger, J.H. (2007). Understanding the limitations of global fit assessment in structural equation modeling.Personality and Individual Differences, 42 (5), Pp.893-98.
â€¢ Tabachnick, B.G. and Fidell, L.S. (2007), Using Multivariate Statistics (5th ed.). New York: Allyn and Bacon.
â€¢ Teddlie, Charles and Yu ,Fen (2007). Mixed Methods Sampling A Typology With Examples Journal of Mixed. Sage Publications: Methods Research, Volume 1 Number 1, pp.77-100.
â€¢ Timm, R.W. (2011). Biography of Father C. J Young, CSC. Dhaka: Moreau House.
â€¢ WOCCU, (2014). World Council of Credit Unions, Inc. 5710 Mineral P. Road, Madison.USA.Website.
â€¢ WOCCU, (2007).World Council of Credit Unions, Inc. 5710 Mineral P. Road, Madison, USA.Website.
â€¢ Zeuli, K. and Radel, J.(2005): Cooperatives as a Community Development Strategy:Linking Theory and Practice. The Journal of the Regional Analysis and Policy, Madison USA: University of Wisconsin.
How to Cite
- Papers must be submitted on the understanding that they have not been published elsewhere (except in the form of an abstract or as part of a published lecture, review, or thesis) and are not currently under consideration by another journal published by any other publisher.
- It is also the authors responsibility to ensure that the articles emanating from a particular source are submitted with the necessary approval.
- The authors warrant that the paper is original and that he/she is the author of the paper, except for material that is clearly identified as to its original source, with permission notices from the copyright owners where required.
- The authors ensure that all the references carefully and they are accurate in the text as well as in the list of references (and vice versa).
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Attribution-NonCommercial 4.0 International that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
- The journal/publisher is not responsible for subsequent uses of the work. It is the author's responsibility to bring an infringement action if so desired by the author.