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Capital Structure and Shari’ah Compliance of non-Financial Firms

Ramazan Yildirim (Autor)

Buch | Hardcover

XVIII, 384 Seiten

2021
De Gruyter (Verlag)
978-3-11-071350-3 (ISBN)

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In the present financial world, various niche markets play an increasingly important role. One of the fastest-growing niches is, without a doubt, Islamic finance. Indeed, sustainable finance needs constantly evolving innovations, and this book offers valuable insights into Islamic capital structure and Shari’ah equity screening enriching academic discourse. "In recent years, we have witnessed the emergence of a new generation of academics and professionals specializing in various aspects of Islamic finance as knowledge and practice. This has brought about a new dynamism and also further sophistication. This book is one of such contributions, as it develops knowledge which is then transformed into practice whereby practical impact is also achieved. Being an academic book, it provokes readers’ thoughts, offering a critique of the implications of the currently applied Shari’ah screenings methodologies. As a transformative practical piece, by developing an innovative screening ratio, in this book, Dr. Yildirim extends his focus on the risk-sharing based financing hierarchy, covers thoughts and the underlying philosophy, and proposes an Islamic version of a pecking order hierarchy. This framework can be considered the foundation for developing an Islamic capital structure theory. This book will benefit academics, professionals, investors, as well as policymakers working in the Islamic finance industry and would like to explore more." (Professor Dr. Mehmet Asutay, Durham University Business School, UK) "This book offers, for the first time after the inception of Shari’ah screening methodologies, a groundbreaking new stock screening solution that is comprehensible, practical, and foremost entirely derived from the primary sources of Islam (Qur’an and Sunnah). Congratulations to Dr. Ramazan for his outstanding contribution to Islamic finance and capital markets." (Associate Professor Dr. Ahcene Lahsasna) "This excellent book is a must-have for all corporate finance students/researchers interested in the theoretical aspect of capital structure and the religious discussion of Shari’ah equity screening. This book should become a companion to those involved in a quantitative research environment and aim to conduct a comparative analysis; an ideal resource for everyone, from Shari’ah scholars to Islamic finance practitioners and beginners to experts." (Professor Dr. M. Kabir Hassan, University of New Orleans, USA)

lt;p>Ramazan Yildirim, Managing Director of Upsite Consulting, Kingdom of Bahrain

Table of Contents

Chapter 1: Introduction

Chapter 1.1 Context and Background

Chapter 1.2 Motivation and Objectives

Chapter 1.3 Organization of the Book

Chapter 2: Capital Structure Theories and its Determinants

Chapter 2.1 Introduction

Chapter 2.2 Definition of Capital Structure

Chapter 2.3 Development of Capital Structure Theories

Chapter 2.4 The Trade-Off Theory

Chapter 2.5 The Pecking Order Theory

Chapter 2.6 Capital Structure Determinants

Chapter 2.7 Review of Earlier Capital Structure Studies on Shari'ah Compliant Companies

Chapter 2.8 Conclusion

Chapter 3: Shari'ah Compliant Equities and Capital Structure

Chapter 3.1 Historical Background

Chapter 3.2 Shari'ah Screening Methodology

Chapter 3.3 Critical Comments on Shari'ah Screening Methodology

Chapter 3.4 Proposed Solution for Shari'ah Screening Methodology

Chapter 3.5 Proposed Expected Financing Hierarchy

Chapter 3.4 Conclusion

Chapter 4: Establishing a framework for comparative analysis

Chapter 4.1 Data Selection Procedure/Data Sources and Classification of Datasets

Chapter 4.2 Estimator and Post Estimation Tests

Chapter 4.3 Formulation of Variables

Chapter 4.4 Model Specification and Testing Model

Chapter 4.5 Conclusion

Chapter 5: Cross-Country and Cross-Industry Determinants

Chapter 5.1 Descriptive Summary and Correlation Matrix Analysis

Chapter 5.2 Empirical Results and Analysis

Chapter 5.3 Conclusion

Chapter 6: Testing of Capital Structure Theories

Chapter 6.1 Pecking Order Model

Chapter 6.2 Partial Adjustment Model (Speed of Adjustment)

Chapter 6.3 Conclusion

Chapter 7 Conclusion

Chapter 7.1 Overview and Key Findings

Chapter 7.2 Implications of the Study

Chapter 7.3 Contribution of the Study

Chapter 7.4 Limitations of the Study

Chapter 7.5 Suggestions for Future Research

Erscheinungsdatum	24.03.2021
Reihe/Serie	De Gruyter Studies in Islamic Economics, Finance and Business ; 9
Zusatzinfo	40 b/w ill., 106 b/w tbl.
Verlagsort	Berlin/Boston
Sprache	englisch
Maße	170 x 240 mm
Gewicht	798 g
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
Schlagworte	Banks, Financial Service Provider, Insurers • Betriebswirtschaft • Business & Economics • Business and Economy • capital structure • Capital Structure, Corporate Finance, Islamic Finance, Islamic Capital Markets, Shari'ah Screening • Capital Structure, Corporate Finance, Islamic Finance, Islamic Capital Markets, Shari’ah Screening • Corporate Finance • Finance • History • insurance • Islamic Banking & Finance • Islamic capital markets • Islamic Finance • Middle East • Shari'ah Screening • Shari’ah Screening
ISBN-10	3-11-071350-0 / 3110713500
ISBN-13	978-3-11-071350-3 / 9783110713503
Zustand	Neuware