{"title":"伊斯兰教法治理与透明度：来自伊斯兰银行股价同步性的证据","authors":"Majdi Anwar Quttainah, Yosra BenSaid","doi":"10.1108/imefm-10-2023-0402","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>The purpose of this study is to investigate internal governance mechanisms factors, focusing on <em>Shari’ah</em>-based governance mechanisms that affect the price synchronicity of Islamic banks (IBs).</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>This study analyzes and compares the effect of <em>Shari’ah</em> and regular governance mechanisms on stock price synchronicity over 2013–2022 using a sample of 51 listed IBs in 13 countries in the Middle East and South Asia region. Using generalized least square method, this paper tests nine hypotheses addressing <em>Shari’ah</em> and regular governance mechanisms.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The findings generally reveal that <em>Shari’ah</em>-based governance mechanisms have a significant impact on the stock price synchronicity of IBs. The main determinants of stock price synchronicity among IBs are SSB size, SSB diversity, SSB members’ qualifications in finance Islamic jurisprudence and SSB interlocks. <em>Shari’ah</em> governance plays a detrimental role in improving the association between bank stock price synchronicity and transparency.</p><!--/ Abstract__block -->\n<h3>Research limitations/implications</h3>\n<p>This paper includes three main limitations that may affect the accuracy of the findings. First, this paper relied on publicly available financial statements of IBs online. Hence, the data in this study is from few IBs in each country, which limits the analysis given the reliance is on the best-performing IBs in the country. Second, the results are restricted to the Middle East and South Asia and may not be generalized to other regions. Third, the sample is dominated by Middle East countries (i.e. 37 IBs out of 51).</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>Both <em>Shari’ah</em> governance and regular governance have an impact on the transparency of IBs. Policymakers or regulators could encourage IBs to embed SSBs into their internal governance structure for the positive impact the SSBs attributes have on stock price synchronicity and transparency.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>This research studies IBs, unlike most other works that focus on firms.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"359 1","pages":""},"PeriodicalIF":2.8000,"publicationDate":"2024-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Shari’ah governance and transparency: evidence from stock price synchronicity of Islamic banks\",\"authors\":\"Majdi Anwar Quttainah, Yosra BenSaid\",\"doi\":\"10.1108/imefm-10-2023-0402\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>The purpose of this study is to investigate internal governance mechanisms factors, focusing on <em>Shari’ah</em>-based governance mechanisms that affect the price synchronicity of Islamic banks (IBs).</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>This study analyzes and compares the effect of <em>Shari’ah</em> and regular governance mechanisms on stock price synchronicity over 2013–2022 using a sample of 51 listed IBs in 13 countries in the Middle East and South Asia region. Using generalized least square method, this paper tests nine hypotheses addressing <em>Shari’ah</em> and regular governance mechanisms.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>The findings generally reveal that <em>Shari’ah</em>-based governance mechanisms have a significant impact on the stock price synchronicity of IBs. The main determinants of stock price synchronicity among IBs are SSB size, SSB diversity, SSB members’ qualifications in finance Islamic jurisprudence and SSB interlocks. <em>Shari’ah</em> governance plays a detrimental role in improving the association between bank stock price synchronicity and transparency.</p><!--/ Abstract__block -->\\n<h3>Research limitations/implications</h3>\\n<p>This paper includes three main limitations that may affect the accuracy of the findings. First, this paper relied on publicly available financial statements of IBs online. Hence, the data in this study is from few IBs in each country, which limits the analysis given the reliance is on the best-performing IBs in the country. Second, the results are restricted to the Middle East and South Asia and may not be generalized to other regions. Third, the sample is dominated by Middle East countries (i.e. 37 IBs out of 51).</p><!--/ Abstract__block -->\\n<h3>Practical implications</h3>\\n<p>Both <em>Shari’ah</em> governance and regular governance have an impact on the transparency of IBs. 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Shari’ah governance and transparency: evidence from stock price synchronicity of Islamic banks
Purpose
The purpose of this study is to investigate internal governance mechanisms factors, focusing on Shari’ah-based governance mechanisms that affect the price synchronicity of Islamic banks (IBs).
Design/methodology/approach
This study analyzes and compares the effect of Shari’ah and regular governance mechanisms on stock price synchronicity over 2013–2022 using a sample of 51 listed IBs in 13 countries in the Middle East and South Asia region. Using generalized least square method, this paper tests nine hypotheses addressing Shari’ah and regular governance mechanisms.
Findings
The findings generally reveal that Shari’ah-based governance mechanisms have a significant impact on the stock price synchronicity of IBs. The main determinants of stock price synchronicity among IBs are SSB size, SSB diversity, SSB members’ qualifications in finance Islamic jurisprudence and SSB interlocks. Shari’ah governance plays a detrimental role in improving the association between bank stock price synchronicity and transparency.
Research limitations/implications
This paper includes three main limitations that may affect the accuracy of the findings. First, this paper relied on publicly available financial statements of IBs online. Hence, the data in this study is from few IBs in each country, which limits the analysis given the reliance is on the best-performing IBs in the country. Second, the results are restricted to the Middle East and South Asia and may not be generalized to other regions. Third, the sample is dominated by Middle East countries (i.e. 37 IBs out of 51).
Practical implications
Both Shari’ah governance and regular governance have an impact on the transparency of IBs. Policymakers or regulators could encourage IBs to embed SSBs into their internal governance structure for the positive impact the SSBs attributes have on stock price synchronicity and transparency.
Originality/value
This research studies IBs, unlike most other works that focus on firms.
期刊介绍：
The International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) publishes quality and in-depth analysis on current issues within Islamic and Middle Eastern finance and management. The journal welcomes strong evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The title is also keen to consider work from emerging authors. IMEFM has just also accepted into Clarivate''s SSCI in 2018, and its IF will be available in summer 2019, with citations dating from 2016. The coverage includes but is not limited to: -Islamic finance: Fundamentals, trends and opportunities in Islamic Finance, Islamic banking and financial markets, Risk management, Corporate finance, Investment strategy, Islamic social finance, Financial planning, Housing finance, Legal and regulatory issues, -Islamic management: Corporate governance, Customer relationship management and service quality, Business ethics and corporate social responsibility, Management styles and strategies in Shariah environments, Labour and welfare economics, Political economy. The journal is the only title aiming to give an interdisciplinary and holistic view on Islamic finance and business management practices in order to inform these two intertwined communities.
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