The relationship between shari’ah convergence and market-to-book value: A case study of firms in Islamic countries

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2024-03-01 DOI:10.1016/j.bir.2024.02.001

Deniz Parlak , Mehmet Emin Yildiz , Naci Yilmaz

引用次数: 0

Abstract

This study ranks 1235 companies operating in 10 different Islamic countries according to their degree of Shari'ah convergence and investigates the relationship between a firm's market-to-book ratio and convergence to Shari'ah rules. We determine Shari'ah screening variables by reviewing existing Shari'ah market indices and their screening rules; variable weights are determined using the criterion impact loss (CILOS) method, a well-known, multicriteria decision-making technique. The results show that the degree of Shari'ah convergence has a statistically significant negative effect on the market-to-book ratio, which can be seen as a proxy for the market value of equity.

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伊斯兰教法趋同与市场账面价值之间的关系：伊斯兰国家企业案例研究

本研究根据在 10 个不同伊斯兰国家运营的 1235 家公司的伊斯兰教法趋同程度对其进行排名，并调查公司的市账率与伊斯兰教法规则趋同之间的关系。我们通过审查现有的伊斯兰教法市场指数及其筛选规则来确定伊斯兰教法筛选变量；使用标准影响损失（CILOS）方法（一种著名的多标准决策技术）来确定变量权重。结果表明，伊斯兰教法的趋同程度在统计上对市场账面比率有显著的负面影响，而市场账面比率可被视为股票市场价值的代表。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations