Ethical Gaps and Market Value in the Islamic Banks of Bangladesh

M. Kabir Hassan · Mamunur Rashid

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Islamic Finance and Banking Studies Corporate Social Responsibility Reporting Ethics in Business and Education

Abstract

This study measures the ethical identity of Islamic banks in Bangladesh over the period 2001 to 2006. An index of ethical identity, following Haniffa and Hudaib (2007), is constructed by drawing information revealed in the annual reports of the banks. The index is composed of eight different dimensions: (i) mission and vision statement, (ii) board of directors and top management, (iii) products and services, (iv) zakah, charity and benevolent fund, (v) commitment towards employees, (vi) commitment towards debtors, (vii) commitment towards society, and (viii) Shari(ah Supervisory Board. Then, the study also investigates the relationship between the ethical identity index and market value of these banks. Results show that some of the dimensions of ethical identity are over-communicated and others under-communicated in the annual reports. A significantly positive association has been observed between the ethical identity index and market value of banks. The study recommends possible improvements in Islamic banks' communication of their ethical identity through annual reports.

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References

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