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Full Description
In the present financial world, various niche markets play an increasingly important role. One of the fastest-growing niches is, without a doubt, Islamic finance. Indeed, sustainable finance needs constantly evolving innovations, and this book offers valuable insights into Islamic capital structure and Shari'ah equity screening enriching academic discourse.
"In recent years, we have witnessed the emergence of a new generation of academics and professionals specializing in various aspects of Islamic finance as knowledge and practice. This has brought about a new dynamism and also further sophistication. This book is one of such contributions, as it develops knowledge which is then transformed into practice whereby practical impact is also achieved. Being an academic book, it provokes readers' thoughts, offering a critique of the implications of the currently applied Shari'ah screenings methodologies. As a transformative practical piece, by developing an innovative screening ratio, in this book, Dr. Yildirim extends his focus on the risk-sharing based financing hierarchy, covers thoughts and the underlying philosophy, and proposes an Islamic version of a pecking order hierarchy. This framework can be considered the foundation for developing an Islamic capital structure theory. This book will benefit academics, professionals, investors, as well as policymakers working in the Islamic finance industry and would like to explore more." (Professor Dr. Mehmet Asutay, Durham University Business School, UK)
"This book offers, for the first time after the inception of Shari'ah screening methodologies, a groundbreaking new stock screening solution that is comprehensible, practical, and foremost entirely derived from the primary sources of Islam (Qur'an and Sunnah). Congratulations to Dr. Ramazan for his outstanding contribution to Islamic finance and capital markets." (Associate Professor Dr. Ahcene Lahsasna)
"This excellent book is a must-have for all corporate finance students/researchers interested in the theoretical aspect of capital structure and the religious discussion of Shari'ah equity screening. This book should become a companion to those involved in a quantitative research environment and aim to conduct a comparative analysis; an ideal resource for everyone, from Shari'ah scholars to Islamic finance practitioners and beginners to experts." (Professor Dr. M. Kabir Hassan, University of New Orleans, USA)
Contents
Table of Contents
Chapter 1: Introduction
Chapter 1.1 Context and Background
Chapter 1.2 Motivation and Objectives
Chapter 1.3 Organization of the Book
Chapter 2: Capital Structure Theories and its Determinants
Chapter 2.1 Introduction
Chapter 2.2 Definition of Capital Structure
Chapter 2.3 Development of Capital Structure Theories
Chapter 2.4 The Trade-Off Theory
Chapter 2.5 The Pecking Order Theory
Chapter 2.6 Capital Structure Determinants
Chapter 2.7 Review of Earlier Capital Structure Studies on Shari'ah Compliant Companies
Chapter 2.8 Conclusion
Chapter 3: Shari'ah Compliant Equities and Capital Structure
Chapter 3.1 Historical Background
Chapter 3.2 Shari'ah Screening Methodology
Chapter 3.3 Critical Comments on Shari'ah Screening Methodology
Chapter 3.4 Proposed Solution for Shari'ah Screening Methodology
Chapter 3.5 Proposed Expected Financing Hierarchy
Chapter 3.4 Conclusion
Chapter 4: Establishing a framework for comparative analysis
Chapter 4.1 Data Selection Procedure/Data Sources and Classification of Datasets
Chapter 4.2 Estimator and Post Estimation Tests
Chapter 4.3 Formulation of Variables
Chapter 4.4 Model Specification and Testing Model
Chapter 4.5 Conclusion
Chapter 5: Cross-Country and Cross-Industry Determinants
Chapter 5.1 Descriptive Summary and Correlation Matrix Analysis
Chapter 5.2 Empirical Results and Analysis
Chapter 5.3 Conclusion
Chapter 6: Testing of Capital Structure Theories
Chapter 6.1 Pecking Order Model
Chapter 6.2 Partial Adjustment Model (Speed of Adjustment)
Chapter 6.3 Conclusion
Chapter 7 Conclusion
Chapter 7.1 Overview and Key Findings
Chapter 7.2 Implications of the Study
Chapter 7.3 Contribution of the Study
Chapter 7.4 Limitations of the Study
Chapter 7.5 Suggestions for Future Research
