文章基本信息

标题：Cash Holdings in Shariah-Compliant Firms
本地全文：下载
作者：Muhammad Saiful Hakim ; Chih Liang Liu ; Aang Kunaifi 等
期刊名称：Theoretical Economics Letters
印刷版ISSN：2162-2078
电子版ISSN：2162-2086
出版年度：2021
卷号：11
期号：1
页码：47-55
DOI：10.4236/tel.2021.111003
语种：English
出版社：Scientific Research Publishing
摘要：The restrictions of a shariah-compliant index could have consequences for corporate finance. This research investigates the difference in cash holding policies between shariah-compliant and conventional firms in the Indonesia capital market. Our empirical results suggest that a shariah-compliant firm holds significantly less cash compared to a conventional firm. The empirical finding still maintains after excluding top performers in the market and after controlling for other proxies of cash holdings and shariah-compliant firms. Our results suggest that the reputation benefit from a shariah-compliant index could outpace the cost of restrictions under a lenient shariah regulation environment.
关键词：Cash Holding;Shariah-Compliant Firm;Shariah Index