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- W3189454987 abstract "Purpose The paper aims to construct a theoretical framework to investigate whether the Shariah debt ratio screening in contemporary Shariah stock screening methodologies results in a bias towards a certain set of corporate financial behaviour for Shariah-compliant firms in the USA where access to a liquid Islamic debt market is non-existent. Design/methodology/approach The paper extends the earnings valuation approach of Modigliani and Miller (1963) to theoretically asses the impacts of the 33% conventional debt limit on Shariah-compliant firms’ corporate financial behaviour. Then, supporting evidence is shown via empirical stylised facts of samples of Shariah-compliant firms in the USA. Findings A theoretical floor limit to investment cut-off rates is found for US Shariah-compliant firms so that lesser projects pass their internal rate of return versus conventional firms. Subsequently, such firms consistently show the following corporate financial characteristics: above-average size, larger marginal change in size and profitability in response to a given marginal change in investments, low book-to-market ratio and lower investment rates. Research limitations/implications The findings of this paper may not hold where access to a liquid Islamic capital market is present. Practical implications Caveat emptor. These findings may be inconsistent to the investor’s risk preferences. Social implications The findings suggests that Shariah-compliant firms are more conservative compared to their conventional counterparts. Originality/value The paper is the first to introduce a theoretical framework to address consistent biasness in corporate financial behaviour due to the Shariah debt screening. It may prove useful for future academic studies as well as investment managers." @default.
- W3189454987 created "2021-08-16" @default.
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- W3189454987 date "2022-06-07" @default.
- W3189454987 modified "2023-10-18" @default.
- W3189454987 title "Theory and evidence of the impacts of Shariah debt screening on firm behaviour" @default.
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- W3189454987 doi "https://doi.org/10.1108/jiabr-01-2022-0016" @default.
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