符合伊斯兰教法的公司和收益管理:持续性和种族是否重要?

IF 2.5 Q2 BUSINESS, FINANCE
Karren Lee-Hwei Khaw, Hamdan Amer Ali Al-Jaifi, Rozaimah Zainudin
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引用次数: 0

摘要

目的 本研究旨在重新审视符合伊斯兰教法的公司与收益管理之间的关系。具体而言,作者研究了获得伊斯兰教法认证的企业是否比未获得伊斯兰教法认证的企业收益管理水平低,以及企业必须多长时间获得认证才能观察到收益管理水平大幅降低的情况。本研究还探讨了高级管理层的种族二元论如何影响伊斯兰教法认证与收益管理之间的关联。作者使用面板回归模型和若干稳健性检验(包括赫克曼选择模型)分析了伊斯兰教法认证与收益管理之间的假设关联。样本包括在马来西亚证券交易所上市的 547 家非金融公司,在 2001-2016 年样本期间共观察到 5478 个公司年。研究结果发现,伊斯兰教法认证可减轻收益管理,尤其是对于那些始终保持伊斯兰教法地位的公司而言。公司持续保持伊斯兰教认证的时间越长,收益管理的程度就越低。此外,研究结果表明,当一个特定的族群在高层管理中占主导地位时,伊斯兰教法认证对收益管理的负面影响是由族群二元性驱动的。对于投资者来说,持续的合规状态是企业承诺遵守伊斯兰教法原则和减少收益管理的一个重要指标。关于政策影响,遵守伊斯兰教法的指导方针可以限制收益操纵,尤其是在缺乏种族多样性的公司中。伊斯兰教法认证的治理功能在种族单一的公司中至关重要,主要是在一个种族主导高级管理层的情况下。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Shariah-compliant firms and earnings management: do continuation and ethnicity matter?

Purpose

This study aims to revisit the relationship between Shariah-compliant firms and earnings management. Specifically, the authors examine whether Shariah-certified firms have lower earnings management than non-Shariah-certified firms and how often a firm must hold its certification to observe considerably reduced earnings management. This study also explores how senior management ethnic dualism affects the association of Shariah certification and earnings management.

Design/methodology/approach

The authors analyze the hypothesized association between Shariah certification and earnings management using a panel regression model and several robustness tests, including the Heckman selection model. The sample consists of 547 nonfinancial firms listed on the Bursa Malaysia stock exchange, with 5,478 firm-year observations over the 2001–2016 sample period.

Findings

Shariah certification is found to mitigate earnings management, particularly for firms that consistently retain their Shariah status. The longer firms retain their Shariah certification continually, the lower the earnings management. Additionally, the results indicate that the negative impact of Shariah certification on earnings management is driven by ethnic duality when a specific ethnic group dominates the top management.

Research limitations/implications

Firms’ commitment to religious-based screening and continuation of certification plays a significant role in improving earnings quality. Firms are committed to abiding by the Shariah code of conduct instead of using the Shariah status for reputation purposes to attract investors.

Practical implications

For investors, the continuous compliance status is a crucial indicator of a firm’s commitment to comply with Shariah principles and to mitigate earnings management. Regarding policy implications, Shariah-compliance guidelines can constrain earnings manipulation, especially among firms lacking ethnic diversity.

Originality/value

The study shows that Shariah certification must be maintained consecutively to reduce earnings management. Shariah certification’s governance function is crucial in ethnically homogeneous firms, primarily when one ethnic group dominates the senior management.

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来源期刊
CiteScore
4.80
自引率
22.70%
发文量
78
期刊介绍: The journal provides a dynamic forum for the advancement of accounting and business knowledge based on Shari’ah and Islamic activities that have an impact on the welfare of society. JIABR publishes articles on the interplay between Islamic business ethics, accounting, auditing and governance, in promoting accountability, socio-economic justice (adl) and everlasting success (al-falah). It seeks to inform, among others, current theoretical and empirical research and practice in Islamic accounting, auditing and corporate governance, management of Islamic organizations, accounting regulation and policy for Islamic institutions, Shari’ah auditing and corporate governance, financial and non-financial performance measurement and disclosure in Islamic institutions and organizations. All styles of research, theoretical and empirical, case studies, practice-based papers and research notes that are well written and falling within the journal''s scope, are generally welcomed by the journal. Scope/Coverage Development of accounting, auditing and corporate governance concepts based on Shari’ah Socio-political influence on accounting and auditing regulation and policy making for Islamic financial institutions and organizations Historical perspectives on Islamic accounting, auditing and financial management Critical analysis on issues and challenges on accounting disclosure and measurement, Shari’ah audit and corporate governance Controls and risks in Islamic organizations Financial and non-financial performance measurement and disclosure.
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