This paper examines whether firm-level political risk predicts compliance violation costs. We find a positive relationship between political risk and the likelihood, quantity, and magnitude of compliance violation fines and settlements. This relationship is robust to various cost measures and...

In this paper, we investigate the differential impact of ESG activities on banks’ technical efficiency for conventional and Islamic banks. We employ a Data Envelopment Analysis (DEA) technique to determine the efficiency scores of the banks. Based on a sample of 14 conventional and 11 Islamic...

Monetary management is an essential part of the objectives of Shari’ah under the umbrella of the preservation of wealth (Ma’al). Our primary sources; Qur’an and Sunn’ah, provide divine legislation on the prohibition of Riba to manage bases of monetary transaction. Further, the juristic...

This study examines the dynamics of lead-lag and comovements between geopolitical risk and African stocks using daily data from February 2022 to July 2022. By employing the squared wavelet coherence and wavelet coherence phase difference under the bi-wavelet econometric framework, we report that...

This study aims to empirically examine the relationship between working capital management and firm performance in Scandinavian markets for the period 2007-2020. This study reports an inverse relationship between WCM, and firm performance measured through return on assets, gross operating...

Using hand collected information of Shariah scholars on 114 Islamic banks over the period of 8 years, link between intermediation margin and reputation of these scholars is investigated. Consistent with resource-based view and signalling theory, we found positive association between the two...

Stewardship theory suggests CEO duality can provide strong leadership and facilitate the development and coordination of firm strategy. These benefits should affect both firm risk and financial performance. We use the 2020 coronavirus outbreak as a natural experiment to determine whether CEO...

We document that firms without strong corporate cultures hold excess inventory to mitigate the operational risk compared to their peers with strong corporate cultures. Further analyses reveal that firms balance the costs and benefits of excess inventory holdings. Weak corporate culture values...

The objectives of this paper is to assess whether there is any overall differences in the level of financial stability of Islamic banks as compared to conventional banks and whether such differences (if any) are linked to certain contractual constraints faced by Islamic banks (with the z-score...