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Charles, A., Darné, O., & Pop, A. (2015). Risk and Ethical Investment: Empirical Evidence from Dow Jones Islamic Indexes. Research in International Business and Finance, 35, 33-56.
https://doi.org/10.1016/j.ribaf.2015.03.003

has been cited by the following article:

• TITLE: Cash Holdings in Shariah-Compliant Firms

  AUTHORS: Muhammad Saiful Hakim, Chih Liang Liu, Aang Kunaifi

  KEYWORDS: Cash Holding, Shariah-Compliant Firm, Shariah Index

  JOURNAL NAME: Theoretical Economics Letters, Vol.11 No.1, February 4, 2021

  ABSTRACT: The restrictions of a shariah-compliant index could have consequences for corporate finance. This research investigates the difference in cash holding policies between shariah-compliant and conventional firms in the Indonesia capital market. Our empirical results suggest that a shariah-compliant firm holds significantly less cash compared to a conventional firm. The empirical finding still maintains after excluding top performers in the market and after controlling for other proxies of cash holdings and shariah-compliant firms. Our results suggest that the reputation benefit from a shariah-compliant index could outpace the cost of restrictions under a lenient shariah regulation environment.