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Voluntary disclosure, enterprise risk management and stock price synchronicity : evidence from shariah compliant and non-shariah compliant companies
المؤلفون المشاركون
المصدر
Journal of Islamic Business and Management
العدد
المجلد 8، العدد 1 (30 يونيو/حزيران 2018)، ص ص. 102-115، 14ص.
الناشر
Riphah International University Riphah Centre of Islamic Business
تاريخ النشر
2018-06-30
دولة النشر
باكستان
عدد الصفحات
14
التخصصات الرئيسية
العلوم الاقتصادية والمالية وإدارة الأعمال
الملخص EN
The study observes that low R2 values from market model are primarily due to the reflection of firm-specific information in stock prices and not due to noise.
The study explores that the extent to which stock prices become more informative depends upon the availability of firm-specific information in the market.
The methodology of stock price synchronicity is applied by using a sample of 30 Shariah and 30 non-Shar ̄ı‘ah compliant companies which are taken from KMI 30 and PSX 100 indexes.
The study explores the impact of Shariah compliance on stock price synchronicity or informativeness based upon the rationale that Islam puts emphasis on disclosure and social accountability which should reduce the firm’s information asymmetry and improve the stock price informativeness.
The study reports significant and positive relationship of Shariah compliance and voluntary disclosure on stock price synchronicity which is not according to the hypothesis.
The possible reason may be the size effect which may be moving the firms in line with the market.
More- over, the Enterprise Risk Management (ERM) practices have significant and negative impact on stock price synchronicity.
It confirms that ERM helps in improving the firm’s information environment and stock price informativeness.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Ghafur, Zeshan& Hasan, Arshad. 2018. Voluntary disclosure, enterprise risk management and stock price synchronicity : evidence from shariah compliant and non-shariah compliant companies. Journal of Islamic Business and Management،Vol. 8, no. 1, pp.102-115.
https://search.emarefa.net/detail/BIM-889058
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Ghafur, Zeshan& Hasan, Arshad. Voluntary disclosure, enterprise risk management and stock price synchronicity : evidence from shariah compliant and non-shariah compliant companies. Journal of Islamic Business and Management Vol. 8, no. 1 (2018), pp.102-115.
https://search.emarefa.net/detail/BIM-889058
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Ghafur, Zeshan& Hasan, Arshad. Voluntary disclosure, enterprise risk management and stock price synchronicity : evidence from shariah compliant and non-shariah compliant companies. Journal of Islamic Business and Management. 2018. Vol. 8, no. 1, pp.102-115.
https://search.emarefa.net/detail/BIM-889058
نوع البيانات
مقالات
لغة النص
الإنجليزية
الملاحظات
Includes appendix : p. 115
رقم السجل
BIM-889058
قاعدة معامل التأثير والاستشهادات المرجعية العربي "ارسيف Arcif"
أضخم قاعدة بيانات عربية للاستشهادات المرجعية للمجلات العلمية المحكمة الصادرة في العالم العربي
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