M Minhat
Which firms use Islamic financing?
Minhat, M; Dzolkarnaini, N
Authors
N Dzolkarnaini
Abstract
This study explores to what extent the Islamic financing instruments are used by non-financial firms. Based on a panel data of firms from fourteen developing countries for the 2005-2009 period, we find that Islamic financing forms a significant share of the users’ capital structures. Less profitable firms are found more likely to use debt than equity in which case Islamic instruments were preferred over conventional debt. The finding suggests that Islamic financing does benefit less profitable firms, which is consistent with the agency cost perspective.
Citation
Minhat, M., & Dzolkarnaini, N. (2017). Which firms use Islamic financing?. Economics Letters, 150, 15-17. https://doi.org/10.1016/j.econlet.2016.10.036
Journal Article Type | Article |
---|---|
Acceptance Date | Oct 15, 2016 |
Online Publication Date | Oct 27, 2016 |
Publication Date | Jan 1, 2017 |
Deposit Date | Oct 4, 2016 |
Publicly Available Date | Nov 9, 2016 |
Journal | Economics Letters |
Print ISSN | 0165-1765 |
Publisher | Elsevier |
Volume | 150 |
Pages | 15-17 |
DOI | https://doi.org/10.1016/j.econlet.2016.10.036 |
Publisher URL | http://dx.doi.org/10.1016/j.econlet.2016.10.036 |
Related Public URLs | http://www.journals.elsevier.com/economics-letters/ |
Additional Information | Funders : The Vice-Chancellor’s Early Career Research Scholarship Scheme Projects : The Role of Islamic Financial Instruments in the Corporate Financing Policy |
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Licence
http://creativecommons.org/licenses/by/4.0/
Publisher Licence URL
http://creativecommons.org/licenses/by/4.0/
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