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  • 标题:Cash Holdings in Shariah-Compliant Firms
  • 本地全文:下载
  • 作者:Muhammad Saiful Hakim ; Chih Liang Liu ; Aang Kunaifi
  • 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
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