Capital Structure Adjustment Speed in Indonesia: Does Sharia Compliance Matter?
How to cite (SHIRKAH) :
Akguc, S., & Al Rahahleh, N. (2021). Shariah compliance and investment behavior: evidence from GCC countries. Emerging Markets Finance and Trade, 57(13), 3766-3791. https://doi.org/10.1080/1540496X.2019.1706164
Akinsomi, O., Ong, S. E., Faishal, M., & Newell, G. (2015). Does being Islamic or Shariah-compliant affect Capital Structure? Evidence from real-estate firms in the Gulf Cooperation Council States. Retrieved from https://EconPapers.repec.org/RePEc:arz:wpaper:eres2015_238
Alnori, F., & Alqahtani, F. (2019). Capital structure and speed of adjustment in non-financial firms: Does sharia compliance matter? Evidence from Saudi Arabia. Emerging Markets Review, 39, 50-67. https://doi.org/10.1016/j.ememar.2019.03.008
Anwer, Z., Mohamad, S., Paltrinieri, A., & Hassan, M. K. (2021). Dividend payout policy of Shariah compliant firms: Evidence from United States. Pacific-Basin Finance Journal, 69, 101422. https://doi.org/10.1016/j.pacfin.2020.101422
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
Cahyaningdyah, D. (2021). Leverage Deviation and Speed of Adjustment toward Target Leverage: Evidence from Indonesia Stock Exchange. JDM (Jurnal Dinamika Manajemen), 12(2), 158-169. https://journal.unnes.ac.id/nju/index.php/jdm/article/view/29343
Çolak, G., Durnev, A., & Qian, Y. (2017). Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections. Journal of Financial and Quantitative Analysis, 52(6), 2523-2564. https://doi.org/10.1017/S0022109017000862
Cook, D. M., Nugroho, L., Sukmadilaga, C., & Fitijanti, T. (2020). Tinjauan sukuk korporasi di indonesia dari perspektif penawaran, permintaan dan regulasi. Journal of Business and Economics Research (JBE), 1(1), 11-16. http://ejurnal.seminar-id.com/index.php/jbe/article/view/57
Dewi, M. S., & Utami, E. M. (2020). The influence of profitability and liquidity to bond rating and the impact on the bond yield. International Journal of Research in Business and Social Science (2147- 4478), 9(4), 214–219. https://doi.org/10.20525/ijrbs.v9i4.729
Do, T. K., Huang, H. H., & Lo, T.-C. (2018). Corporate social responsibility and leverage adjustments. SSRN Electronic Journal. https://dx.doi.org/10.2139/ssrn.3187924
Drobetz, W., Schilling, D. C., & Schröder, H. (2015). Heterogeneity in the speed of capital structure adjustment across countries and over the business Cycle. European Financial Management, 21(5), 936-973. https://doi.org/10.1111/eufm.12048
Dudley, E. (2007). Testing Models of Dynamic Trade Off Theory. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1030119
Elango, B., & Lahiri, S. (2014). Do market-supporting institutional characteristics explain firm performance? Evidence from emerging markets. Thunderbird International Business Review, 56(2), 145-155. https://doi.org/10.1002/tie.21608
Farooq, O., & Tbeur, O. (2013). Dividend policies of shariah-compliant and non-shariah-compliant firms: evidence from the MENA region. International Journal of Economics and Business Research, 6(2), 158-172. https://www.inderscienceonline.com/doi/abs/10.1504/IJEBR.2013.055537
Flannery, M. J., & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469-506. https://doi.org/10.1016/j.jfineco.2005.03.004
Guizani, M. (2017). Free cash flow, agency cost and dividend policy of sharia-compliant and non-sharia-compliant firms. International Journal of Economics & Management, 11(2), 355-370. https://www.researchgate.net/publication/322770512
Hadi, A., Rehan, R., Zainudin, Z., & Iqbal-Hussain, H. (2018). Capital structure determinants of Shariah and Non-Shariah companies at Bursa Malaysia. Opcion, 34, 376-386. https://www.researchgate.net/publication/330117809_Capital_structure_determinants_of_Shariah_and_Non-Shariah_companies_at_Bursa_Malaysia
Hakim, M. S., Liu, C. L., & Kunaifi, A. (2021). Cash holdings in shariah-compliant firms. Theoretical Economics Letters, 11(1), 47-55. https://www.scirp.org/journal/tel
Huang, P., Lu, Y., & Faff, R. (2021). Social trust and the speed of corporate leverage adjustment: evidence from around the globe. Accounting & Finance, 61(2), 3261-3303. https://doi.org/10.1111/acfi.12701
Hussain, H., Shamsudin, M., Anwar, N., Salem, M., & Jabarullah, N. (2018). The impact of Sharia compliance on the adjustment to target debt maturity of Malaysian firms. European Research Studies Journal, 21(2), 48-61. https://www.um.edu.mt/library/oar/handle/123456789/33296
Lin, H.-P., Pujiastuti, A., & Hsieh, T.-Y. (2021). CSR, adjustment speed of capital structure, and firm performance: Evidence from ASEAN nations with ESG performance data. International Review of Accounting, Banking, & Finance, 13(3), 1-27. http://www.irabf.org/journals/contents/journal-list issues.jsp?item=2021,13,3/4,Autumn/Winter
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297. https://www.jstor.org/stable/1809766
Mohamed, H. H., Masih, M., & Bacha, O. I. (2015). Why do issuers issue Sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models. Pacific-Basin Finance Journal, 34, 233-252. https://doi.org/10.1016/j.pacfin.2015.02.004
Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finane, 39(3), 575-592. doi:10.3386/w1393. https://www.nber.org/papers/w1393
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0
Narayan, P. K., Phan, D. H. B., Liu, G., & Ibrahim, M. (2021). Ethical investing and capital structure. Emerging Markets Review, 47, 100774. https://doi.org/10.1016/j.ememar.2020.100774
Nguyen L.T.M., Dinh P.H. (2021). Ex-ante risk management and financial stability during the COVID-19 pandemic: a study of Vietnamese firms. China Financ. Rev. Int., Upcom.https://www.emerald.com/insight/content/doi/10.1108/CFRI-12-2020-0177/full/html
Park, S. H., Suh, J., & Yeung, B. (2013). Do multinational and domestic corporations differ in their leverage policies? Journal of Corporate Finance, 20, 115-139. https://doi.org/10.1016/j.jcorpfin.2012.08.001
Rofi’ah, N. (2017). Analisis deskriptif perkembangan perbankan syariah Di Inggris (2004-2016). The Journal of Tauhidinomics, 1(2), 105-123. http://repository.umy.ac.id/handle/123456789/16712?show=full
Satt, H., Bendriouch, F. Z., & Nechbaoui, S. (2020). The impact of finance compliance level on the cost of debt. Journal of Islamic Accounting and Business Research, 11(6), 1211-1226. https://doi.org/10.1108/JIABR-04-2018-0056
Warr, R. S., Elliott, W. B., Koëter-Kant, J., & Öztekin, Ö. (2012). Equity mispricing and leverage adjustment costs. Journal of Financial and Quantitative Analysis, 47(3), 589-616. https://doi.org/10.1017/S0022109012000051
Yildirim, R., Masih, M., & Bacha, O. I. (2018). Determinants of capital structure: evidence from Shari'ah compliant and non-compliant firms. Pacific-Basin Finance Journal, 51, 198-219. https://doi.org/10.1016/j.pacfin.2018.06.008
Zulkhibri, M. (2015). A synthesis of theoretical and empirical research on sukuk. Borsa Istanbul Review, 15(4), 237-248. https://doi.org/10.1016/j.bir.2015.10.001
Copyright
Copyright aims to protect the specific way the article has been written to describe an experiment and the results. Shirkah: Journal of Economics and Business is committed to its authors to protect and defend their work and their reputation and takes allegations of infringement, plagiarism, ethical disputes, and fraud very seriously. Automotive Experiences is published under the terms of the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0). Authors retain copyright and grant the journal right of first publication (online and print) with the work simultaneously. We use the restrictive license (non-commercial) as follows:
License
License to Publish
The non-commercial use of the article will be governed by the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0). The author hereby grants Shirkah: Journal of Economics and Business an exclusive publishing and distribution license in the manuscript include tables, illustrations or other material submitted for publication as part of the manuscript (the “Articleâ€) in print, electronic and all other media (whether now known or later developed), in any form, in all languages, throughout the world, for the full term of copyright, and the right to license others to do the same, effective when the article is accepted for publication. This license includes the right to enforce the rights granted hereunder against third parties.
Author's Warranties
The author warrants that the article is original, written by stated author/s, has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
User Rights
Under the Creative Commons Attribution-Non Commercial 4.0 International (CC BY-NC 4.0) license, the author(s) and users are free to share (copy and redistribute the material in any medium or format) and adapt (remix, transform, and build upon the material). Users must give appropriate credit, provide a link to the license, and indicate if changes were made.
Rights of Authors
Authors retain the following rights:
- Copyright, and other proprietary rights relating to the article, such as patent rights,
- The right to use the substance of the article in future own works, including lectures and books,
- The right to reproduce the article for own purposes, provided the copies are not offered for sale, and
- The right to self-archive the article.
Co-Authorship
If the article was prepared jointly with other authors, the signatory of this form warrants that he/she has been authorized by all co-authors to sign this agreement on their behalf, and agrees to inform his/her co-authors of the terms of this agreement.
Royalties
This agreement entitles the author to no royalties or other fees. To such extent as legally permissible, the author waives his or her right to collect royalties relative to the article in respect of any use of the article by Shirkah: Journal of Economics and Business or its sublicensee.
Miscellaneous
Shirkah: Journal of Economics and Business will publish the article (or have it published) in the Journal if the article’s editorial process is successfully completed and Shirkah: Journal of Economics and Business or its sublicensee has become obligated to have the article published. Shirkah: Journal of Economics and Business may conform the article to a style of punctuation, spelling, capitalization, and usage that it deems appropriate.