The effects of formal institutions and national culture on equity-based financing in Islamic banks
被引:1
作者:
Silvia, Ani
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机构:
Univ Indonesia, Fac Econ & Business, Dept Management, Depok 16424, Indonesia
Univ Muhammadiyah Prof DR Hamka, Fac Econ & Business, Dept Management, Jl Raya Bogor KM 23, Jakarta Timur 13830, IndonesiaUniv Indonesia, Fac Econ & Business, Dept Management, Depok 16424, Indonesia
Silvia, Ani
[1
,2
]
Viverita, V.
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机构:
Univ Indonesia, Fac Econ & Business, Dept Management, Depok 16424, IndonesiaUniv Indonesia, Fac Econ & Business, Dept Management, Depok 16424, Indonesia
Viverita, V.
[1
]
Chalid, Dony Abdul
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机构:
Univ Indonesia, Fac Econ & Business, Dept Management, Depok 16424, IndonesiaUniv Indonesia, Fac Econ & Business, Dept Management, Depok 16424, Indonesia
Chalid, Dony Abdul
[1
]
机构:
[1] Univ Indonesia, Fac Econ & Business, Dept Management, Depok 16424, Indonesia
[2] Univ Muhammadiyah Prof DR Hamka, Fac Econ & Business, Dept Management, Jl Raya Bogor KM 23, Jakarta Timur 13830, Indonesia
Islamic banks;
Equity-based financing;
Formal institutions;
National culture;
Power distance;
RISK-TAKING;
POLITICAL-INSTITUTIONS;
CREDITOR RIGHTS;
PANEL-DATA;
LAW;
PERSPECTIVE;
GROWTH;
PROFIT;
TRUST;
D O I:
10.1016/j.pacfin.2024.102467
中图分类号:
F8 [财政、金融];
学科分类号:
0202 ;
摘要:
This study investigates the effects of formal institutions and national culture on equity-based financing across different countries. The sample is taken from 60 Islamic banks from 10 Middle East, South Asia and Southeast Asia countries between 2011 and 2019. Using generalized least squares (GLS) regression and two-way system Generalized Method of Moment (GMM) as a robustness check, we consistently find a positive and significant effect of formal institutions on equity-based financing. This finding indicates that the good quality of formal institutions plays an important role in promoting equity-based financing. In addition, we find that culture is important and even a key determinant of equity-based financing. Power distance has a more powerful impact than other cultural values, indicating that social trust greatly influences Islamic bankers' decisions to channel this particular financing. The link between formal institutions and equitybased financing is weaker in countries with cultural values that are more individualistic (less collectivist) and more uncertainty-avoidant. These findings suggest the necessity of enhancing the quality of formal institutions and taking culture into consideration when formulating policies to increase financing in accordance with the principles of Islam.
机构:
Monash Univ Malaysia, Sch Business, Jalan Lagoon Selatan, Bandar Sunway 47500, Selangor Darul, MalaysiaMonash Univ Malaysia, Sch Business, Jalan Lagoon Selatan, Bandar Sunway 47500, Selangor Darul, Malaysia
Seho, Mirzet
Bacha, Obiyathulla Ismath
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机构:
Int Ctr Educ Islamic Fincrnce INCEIF, Sch Grad Studies, Lorong Univ A, Kuala Lumpur 59100, MalaysiaMonash Univ Malaysia, Sch Business, Jalan Lagoon Selatan, Bandar Sunway 47500, Selangor Darul, Malaysia
Bacha, Obiyathulla Ismath
Smolo, Edib
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机构:
Int Univ Sarajevo, Dept Econ & Management, Hrasnicka Cesta 15, Ilidza 71210, Bosnia & HercegMonash Univ Malaysia, Sch Business, Jalan Lagoon Selatan, Bandar Sunway 47500, Selangor Darul, Malaysia
机构:
Ritsumeikan Asia Pacific Univ, Grad Sch Int Management, Beppu, Oita, JapanRitsumeikan Asia Pacific Univ, Grad Sch Int Management, Beppu, Oita, Japan
Suzuki, Yasushi
Miah, Mohammad Dulal
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h-index: 0
机构:
Univ Nizwa, Coll Econ Management & IS, Nizwa, OmanRitsumeikan Asia Pacific Univ, Grad Sch Int Management, Beppu, Oita, Japan
机构:
Monash Univ Malaysia, Sch Business, Jalan Lagoon Selatan, Bandar Sunway 47500, Selangor Darul, MalaysiaMonash Univ Malaysia, Sch Business, Jalan Lagoon Selatan, Bandar Sunway 47500, Selangor Darul, Malaysia
Seho, Mirzet
Bacha, Obiyathulla Ismath
论文数: 0引用数: 0
h-index: 0
机构:
Int Ctr Educ Islamic Fincrnce INCEIF, Sch Grad Studies, Lorong Univ A, Kuala Lumpur 59100, MalaysiaMonash Univ Malaysia, Sch Business, Jalan Lagoon Selatan, Bandar Sunway 47500, Selangor Darul, Malaysia
Bacha, Obiyathulla Ismath
Smolo, Edib
论文数: 0引用数: 0
h-index: 0
机构:
Int Univ Sarajevo, Dept Econ & Management, Hrasnicka Cesta 15, Ilidza 71210, Bosnia & HercegMonash Univ Malaysia, Sch Business, Jalan Lagoon Selatan, Bandar Sunway 47500, Selangor Darul, Malaysia
机构:
Ritsumeikan Asia Pacific Univ, Grad Sch Int Management, Beppu, Oita, JapanRitsumeikan Asia Pacific Univ, Grad Sch Int Management, Beppu, Oita, Japan
Suzuki, Yasushi
Miah, Mohammad Dulal
论文数: 0引用数: 0
h-index: 0
机构:
Univ Nizwa, Coll Econ Management & IS, Nizwa, OmanRitsumeikan Asia Pacific Univ, Grad Sch Int Management, Beppu, Oita, Japan