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The relationship between shari'ah convergence and market-to-book value: A case study of firms in Islamic countries

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dc.contributor.authorParlak, Deniz
dc.contributor.authorYildiz, Mehmet Emin
dc.contributor.authorYılmaz, Naci
dc.contributor.institutionParlak, Deniz, Department of Business Administration, Doğuş Üniversitesi Istanbul, Istanbul, Turkey
dc.contributor.institutionYildiz, Mehmet Emin, Department of Engineering Management, Bahçeşehir Üniversitesi, Istanbul, Turkey
dc.contributor.institutionYılmaz, Naci, Department of Economics, Doğuş Üniversitesi Istanbul, Istanbul, Turkey
dc.date.accessioned2025-10-05T14:49:51Z
dc.date.issued2024
dc.description.abstractThis study ranks 1235 companies operating in 10 different Islamic countries according to their degree of Shari'ah convergence and investigates the relationship between a firm's market-to-book ratio and convergence to Shari'ah rules. We determine Shari'ah screening variables by reviewing existing Shari'ah market indices and their screening rules, variable weights are determined using the criterion impact loss (CILOS) method, a well-known, multicriteria decision-making technique. The results show that the degree of Shari'ah convergence has a statistically significant negative effect on the market-to-book ratio, which can be seen as a proxy for the market value of equity. © 2024 Elsevier B.V., All rights reserved.
dc.identifier.doi10.1016/j.bir.2024.02.001
dc.identifier.endpage405
dc.identifier.issn22148469
dc.identifier.issn22148450
dc.identifier.issue2
dc.identifier.scopus2-s2.0-85184818312
dc.identifier.startpage398
dc.identifier.urihttps://doi.org/10.1016/j.bir.2024.02.001
dc.identifier.urihttps://hdl.handle.net/20.500.14719/7297
dc.identifier.volume24
dc.language.isoen
dc.publisherBorsa Istanbul Anonim Sirketi
dc.relation.oastatusAll Open Access
dc.relation.oastatusGold Open Access
dc.relation.sourceBorsa Istanbul Review
dc.subject.authorkeywordsCilos Technique
dc.subject.authorkeywordsMarket-to-book Ratio
dc.subject.authorkeywordsShari'ah Compliance
dc.titleThe relationship between shari'ah convergence and market-to-book value: A case study of firms in Islamic countries
dc.typeArticle
dcterms.referencesAdam, Tim René, The investment opportunity set and its proxy variables, Journal of Financial Research, 31, 1, pp. 41-63, (2008), Ashraf, Dawood, Do constraints on financial and operating leverage affect the performance of Islamic equity portfolios?, Pacific Basin Finance Journal, 42, pp. 171-182, (2017), Ayan, Büşra, A Comprehensive Review of the Novel Weighting Methods for Multi-Criteria Decision-Making, Information (Switzerland), 14, 5, (2023), Iqtishadia, (2019), Econometric Analysis of Panel Data, (2001), Derigs, Ulrich, Review and analysis of current Shariah-compliant equity screening practices, International Journal of Islamic and Middle Eastern Finance and Management, 1, 4, pp. 285-303, (2008), Fama, Eugene F., The Cross‐Section of Expected Stock Returns, Journal of Finance, 47, 2, pp. 427-465, (1992), Farooq, Omar, Performance of shariah-compliant firms and non-shariah-compliant firms in the MENA region: Which is better?, Journal of Islamic Accounting and Business Research, 7, 4, pp. 268-281, (2016), Hanif, Muhammad, Shariah screening process of capital markets: An evaluation of methodologies, Journal of King Abdulaziz University, Islamic Economics, 32, 1, pp. 23-42, (2019), Ho, Catherine Soke Fun, International comparison of Shari’ah compliance screening standards, International Journal of Islamic and Middle Eastern Finance and Management, 8, 2, pp. 222-245, (2015)
dspace.entity.typePublication
local.indexed.atScopus
person.identifier.scopus-author-id56568395800
person.identifier.scopus-author-id57201654300
person.identifier.scopus-author-id58353424900

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