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

has been cited by the following article:

• TITLE: Cash Holdings in Shariah-Compliant Firms

  AUTHORS: Muhammad Saiful Hakim, Chih Liang Liu, Aang Kunaifi

  KEYWORDS: Cash Holding, Shariah-Compliant Firm, Shariah Index

  JOURNAL NAME: Theoretical Economics Letters, Vol.11 No.1, February 4, 2021

  ABSTRACT: The restrictions of a shariah-compliant index could have consequences for corporate finance. This research investigates the difference in cash holding policies between shariah-compliant and conventional firms in the Indonesia capital market. Our empirical results suggest that a shariah-compliant firm holds significantly less cash compared to a conventional firm. The empirical finding still maintains after excluding top performers in the market and after controlling for other proxies of cash holdings and shariah-compliant firms. Our results suggest that the reputation benefit from a shariah-compliant index could outpace the cost of restrictions under a lenient shariah regulation environment.