Islamic index, independent commissioner and firm performance

Vidia Gati · Mohammad Nasih · Dian Agustia · Iman Harymawan

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Islamic Finance and Banking Studies Corporate Social Responsibility Reporting Halal products and consumer behavior

Abstract

The prime objective of this study is to examine the effect of Sharia firms and their performance in Indonesia. Sharia is the set of personal and societal behaviour derived from Islam. A firm is included in a sharia firm if it complies with Islamic values. The sample used in this study are firms that are consistently listed on the Sharia-compliant Stock Index (ISSI) in the 2012–2018 period. The result shows that Sharia firms have better performance compared to non-Sharia firms. Additionally, Sharia firms with a smaller size of independent commissioners are associated with higher performance. These positive results indicate that Sharia positioning can improve performance and this is empirical evidence that the ethical firm has a significant influence on the performance.

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References

2016Enterprise risk management and firm performance: The Italian case 2009Board Structure and Corporate Performance in Malaysia 2018Zombie Board: Board Tenure and Firm Performance 2019Board, audit committee, ownership and financial performance – emerging trends from Thailand 2013Conventional and Islamic stock price performance: An empirical investigation 2019The Impact of Audit Characteristics on Firm Performance: An Empirical Study from an Emerging Economy 2011Independent directors and firm performance in family controlled firms: evidence from Indonesia 2014Does Shari’ah Screening Cause Abnormal Returns? Empirical Evidence from Islamic Equity Indices

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