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Open Access
Article
Publication date: 16 August 2022

Sri Rahayu Hijrah Hati, Muhammad Budi Prasetyo and Nur Dhani Hendranastiti

The study aims to examine the difference of financial-based brand equity of Sharia-compliant and non-Sharia-compliant companies listed in the stock market.

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Abstract

Purpose

The study aims to examine the difference of financial-based brand equity of Sharia-compliant and non-Sharia-compliant companies listed in the stock market.

Design/methodology/approach

The five-year data were collected from 561 companies listed in the Indonesian stock market (349 Sharia-compliant firms and 212 non-Sharia-compliant firms).

Findings

Based on five years of observations, the study shows that Sharia-compliant companies have much higher brand equity than companies that are not Sharia-compliant. However, the study did not find consistent results when the study examined the differences between brand equity in newly listed Sharia-compliant firms in the short run (two-quarters of the observations). In other words, Sharia-compliant status positively impacted a company’s brand equity only in the long run.

Research limitations/implications

The study examines only the brand equity of Sharia- and non-Sharia-compliant companies in the Indonesian stock market.

Practical implications

The study suggests that companies should list their equity in the Islamic stock market as the empirical evidence shows that the companies listed in the Sharia index have much higher brand equity than companies listed in the non-Sharia index, although this impact can only be seen in the long run.

Originality/value

The study integrates finance and marketing perspectives, which are often disconnected in daily business. In addition, the study provides a piece of empirical evidence on the effect of financial decision to be listed in the Islamic stock market on the establishment of brand equity, which represents the long-term intangible assets of the firm in the eyes of the customers.

Details

Journal of Islamic Marketing, vol. 14 no. 9
Type: Research Article
ISSN: 1759-0833

Keywords

Open Access
Article
Publication date: 10 November 2020

Evrim Hilal Kahya, Hüseyin Yiğit Ersen, Cumhur Ekinci, Oktay Taş and Koray D. Simsek

The paper aims to identify the differences between developed and developing country firms with respect to firm-specific and country-level determinants of their capital structure…

4519

Abstract

Purpose

The paper aims to identify the differences between developed and developing country firms with respect to firm-specific and country-level determinants of their capital structure. For this purpose, all constituent firms in one of the oldest Islamic equity indices, Dow Jones Islamic Market World Index (DJIM), are considered and the Muslim-majority status of each firm's domicile country is recognized.

Design/methodology/approach

The study employs Hausman–Taylor random effects regression with endogenous covariates to explain the debt ratios of firms in DJIM by separating them into developed and developing country subsamples in an unbalanced panel data setting. Developing country subsample is further split into two based on the Muslim-majority status of each firm's domicile country.

Findings

Consistent with the previous literature, this study finds that firm-specific characteristics are the main determinants of their capital structure. Additionally, the paper shows that country-level characteristics have an impact on the debt ratio, however, the types of factors vary across developed and developing countries. Debt ratios in developing country firms are lower than those in developed country firms, largely due to the significantly smaller leverage ratios of firms in Muslim-majority countries. Although the debt ratios of DJIM firms are higher in “non-Muslim” countries, the set of firm-level capital structure determinants are not statistically explained by operating in a “Muslim” country. The study also documents that, before the global financial crisis of 2008, companies in developing countries have gradually become less leveraged worldwide.

Originality/value

This paper provides a new perspective into the differences between developed and developing country firms' capital structures by focusing on a relatively homogeneous data set restricted by leverage screening rules of an Islamic equity index and recognizing the Muslim-majority status of each firm's domicile country.

Details

Journal of Capital Markets Studies, vol. 4 no. 2
Type: Research Article
ISSN: 2514-4774

Keywords

Open Access
Article
Publication date: 21 April 2022

Md. Saiful Alam

This paper aims to examine the Islamic accounting research. In particular, the paper extensively investigates the literature on Islamic accounting to understand the issues…

4113

Abstract

Purpose

This paper aims to examine the Islamic accounting research. In particular, the paper extensively investigates the literature on Islamic accounting to understand the issues, contexts, methods and theoretical paradigms thereof.

Design/methodology/approach

The study has adopted a literature review approach. It has examined the key journal publications for 30 years in accounting discipline and systematically identified the Islamic accounting papers during 1990–2020. In total, 95 papers were identified until June 2020, and they were thoroughly reviewed to identify the relevant issues, contexts, methods and theoretical paradigms.

Findings

The study has found that Islamic accounting papers covered issues of both Islamic organizations (e.g. Islamic financial institutions) and of Muslim countries. The key issues include the regulation and regulatory compliance, annual report disclosures, corporate and Islamic governance, accounting profession, gender, accountability matters, management accounting and control, waqf accounting and zakat management. The study has also observed various normative guidelines from the academics on how the teaching of Islam is enacted in accounting, accountability and governance matters to attain the maqasid al-shari'a, i.e. human welfare, social justice and equity.

Research limitations/implications

The study is not empirical. Hence, the limitations of literature review papers are applicable in this case. Moreover, it is possible that this study could not identify some of the important literature on Islamic accounting (such as the papers published in Arabic by the academicians and professionals of Arab world).

Practical implications

The study enables both Islamic accounting academics and practitioners to identify the main Islamic accounting issues and realize the importance of Islamic accounting.

Social implications

When the author considers Islamic accounting as a social construction and tries to understand the phenomenon through social theories, the author acknowledges the relevance of Islamic accounting in the society in which it operates. It can be noticed from the discussion that Islamic accounting emphasizes on social welfare, balance, equity and providing relevant information to follow the commandments of God.

Originality/value

To the best of the author’s knowledge, this study is the first to provide a synoptic view on the issues, context, methods and theoretical paradigms of Islamic accounting, while covering major accounting journals in 30 years.

Details

PSU Research Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2399-1747

Keywords

Open Access
Article
Publication date: 15 August 2019

Nurwahida Yaakub and Mohamed Sherif

The purpose of this paper is to examine the informational value of Shariah-compliant disclosure in the Malaysian initial public offerings (IPOs) prospectus and whether…

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Abstract

Purpose

The purpose of this paper is to examine the informational value of Shariah-compliant disclosure in the Malaysian initial public offerings (IPOs) prospectus and whether Shariah-compliant status has an impact on the IPO initial return when adopted as a signalling mechanism.

Design/methodology/approach

It uses data from 320 IPOs for Shariah-compliant companies listed on the Bursa Malaysia between 2004 and 2013.

Findings

It finds that the degree of IPO underpricing for Shariah-compliant companies is 19.97 per cent with investors earning significant returns on the first trading day. For the effect of different factors on the degree of IPO, we find that the size and type of IPO offers have a significant impact on the degree of IPO underpricing. Other economic confidence factor models fail to yield economically plausible parameter values.

Originality/value

The study contributes to the literature in a number of ways. It is the first to evaluate the effect of Shariah-compliance status regulation in Malaysian market, hence it provides an insight into the effectiveness of such regulation. Second, while the existing Shariah-compliant IPO studies in the same market focus on Shariah status at the date of the studies being conducted, this study uses the information around IPO time. The information that investors receive around IPO time may influence investors’ decision and valuation of the IPOs in the aftermarket. Specifically, this study is different from the previous research, as it investigates whether Shariah-compliant companies would change the average degree of IPO underpricing for companies listed on Bursa Malaysia.

Details

Islamic Economic Studies, vol. 27 no. 1
Type: Research Article
ISSN: 1319-1616

Keywords

Open Access
Article
Publication date: 19 September 2022

Stefania Testa, Thaer Atawna, Gino Baldi and Silvano Cincotti

This paper aims at explaining variances in the contribution of Islamic crowdfunding platforms (ICFPs) to sustainable development (SD), by adopting an institutional logic…

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Abstract

Purpose

This paper aims at explaining variances in the contribution of Islamic crowdfunding platforms (ICFPs) to sustainable development (SD), by adopting an institutional logic perspective (ILP). ICFPs represent a dual institutional overlap between two logics (the Western-mainstream and the Islamic logic) which have an impact on corporate social responsibility (CSR) interpretations, practices, and decisions and whose conflicts are mitigated by choosing different resolution strategies. The authors aim at showing that this choice affects SD differently.

Design/methodology/approach

The authors develop a conceptual typology through the following steps: (1) choice of variables and identification of corresponding variable domains, through literature review. Variables chosen are the elemental CSR dimensions related to various social and environmental corporate responsibilities to whom diverse meaning and emphasis are given under the Western-mainstream and Islamic logics. (2) Identification of three distinct ideal types of ICFPs, building on different resolution strategies to mitigate conflicts between logics; (3) development, for each ideal type, of a set of implications related to SD; (4) implementation of a first test aiming at assigning real cases to each ideal type.

Findings

The authors identify Western-mimicking (platforms adopting as resolution strategy decoupling or compartmentalizing strategies), Islamic-driven (platforms focusing on one prevailing logic) and Syncretism-inspired (platforms adopting hybridizing practices) ideal-types.

Originality/value

It is the first paper suggesting ILP to explain variances in crowdfunding platforms' role in addressing SD. It focuses on a specific type of CF platforms till now neglected.

Details

European Journal of Innovation Management, vol. 25 no. 6
Type: Research Article
ISSN: 1460-1060

Keywords

Content available
Article
Publication date: 26 March 2010

577

Abstract

Details

Journal of Islamic Marketing, vol. 1 no. 1
Type: Research Article
ISSN: 1759-0833

Open Access
Article
Publication date: 8 April 2021

Md Sajjad Hosain

The main purpose of this conceptual paper is to identify and explain the technique of branding “Halal” as a marketing strategy to reach and capture a certain market segment…

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Abstract

Purpose

The main purpose of this conceptual paper is to identify and explain the technique of branding “Halal” as a marketing strategy to reach and capture a certain market segment (niche), particularly Muslims.

Design/methodology/approach

The approach of this paper is descriptive based on literature survey as well as the author’s own opinion, experience and judgment.

Findings

In many cases, particularly in food market, the term “Halal” is being used to attract the Muslim customers’ religious feelings rather than providing them cost-effective value products.

Research limitations/implications

The paper is expected to contribute to the theoretical base, as it focuses on the use of religious sentiments in marketing that is worth further research conduction.

Practical implications

The arguments of this paper can be used by the producers of “Halal” products in including certain features that might satisfy the demands of religious Muslims regarding food products.

Social implications

This paper can be contributive for the greater needs regarding societal and Islamic values.

Originality/value

This paper is one of the initial attempts to highlight the religious feelings to attract a specific market segment.

Details

PSU Research Review, vol. 5 no. 3
Type: Research Article
ISSN: 2399-1747

Keywords

Content available
Article
Publication date: 9 October 2017

Rula M. Al Abdulrazak and Geeta H. Patel

386

Abstract

Details

Society and Business Review, vol. 12 no. 3
Type: Research Article
ISSN: 1746-5680

Open Access
Article
Publication date: 18 April 2023

Mohamed Syazwan Ab Talib and Mohd Hafiz Zulfakar

There is limited knowledge of the sustainable halal food supply management in Brunei Darussalam (Brunei), although it is reputable in the halal economy and advocates the United…

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Abstract

Purpose

There is limited knowledge of the sustainable halal food supply management in Brunei Darussalam (Brunei), although it is reputable in the halal economy and advocates the United Nations (UN) Sustainable Development Goals (SDGs). Therefore, this paper highlights issues faced in a small, rentier halal market and proposes sustainable supply chain management (SSCM) initiatives for halal-certified food companies in Brunei.

Design/methodology/approach

This paper draws data from published academic research and employs a normative and narrative assessment of SSCM and halal supply chain literature.

Findings

Four normative SSCM initiatives and propositions that could be implemented by Brunei halal-certified food businesses in achieving the SDGs are highlighted: responsible sourcing, environmental purchasing, sustainable packaging and green transportation.

Practical implications

This viewpoint paper provides a basis for achieving the “Brunei Vision 2035” through a sustainable supply chain lens that may increase well-being and develop a productive and sustainable economy. It also lays a foundation for realising the SDGs, specifically Goal 12 of Sustainable Consumption and Production.

Originality/value

The dedicated attention to smaller halal markets, such as Brunei, would enrich the literature, reveal unforeseen issues or address gaps in the domains of SSCM and halal food supply chains.

Details

Arab Gulf Journal of Scientific Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-9899

Keywords

Content available
Book part
Publication date: 20 July 2016

Abstract

Details

International Perspectives on Crowdfunding
Type: Book
ISBN: 978-1-78560-315-0

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