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Capital Structure of Malaysian Shariah-Compliant Firms هيكلية رأس المال الشركات الماليزية المتوافقة مع الشريعة الإسلامية

Author

Listed:
  • Omer Bin Thabet

    (Senior lecturers, University Kuala Lumpur, Malaysia)

  • Fekri Ali Shawtari

    (Senior lecturers, University Kuala Lumpur, Malaysia)

  • Abdullah Mohammed Ayedh

    (Senior lecturers, University Sains Islam Malaysia, University Putra Malaysia)

  • Fazlin Ali

    (Senior lecturers, University Sains Islam Malaysia, University Putra Malaysia)

Abstract

This study examines the capital structure of choices in Shariah-compliant markets in view of the numerous attempts made to address the issue of capital structure choice since 1958. None of these attempts studied the capital structure of Shariah-compliant markets. This study applies the model proposed by Huang and Song (2006) to test the determinants of capital structure as suggested by capital structure theories. It uses the regression of fixed effect model to examine the relationship between capital structure and its determinants for 263 Shariah-compliant firms listed on the Bursa Malaysia over the 2006-2011 period. The paper found evidence suggesting that the capital structure choice of Shariah-compliant firms is influenced by factors such as non-debt tax shields (NDTS), profitability, and risks. However, there is no evidence of the influence of tax and tangibility on capital structure choice of Shariah-compliant firms. يهدف هذا البحث إلى دراسة خيارات هيكلة رأس المال في الأسواق المالية المتوافقة مع الشريعة الإسلامية في ضوء المحاولات العديدة المبذولة في معالجة قضية خيارات هيكلية رأس مال الشركات منذ عام 1958م. لم تتطرق أي من تلك المحاولات إلى هيكلية رأس مال الشركات في الأسواق المتوافقة مع الشريعة الإسلامية. اتبعنا في الدراسة النموذج المقترح من قبل هوانغ وسونغ (Huang and Song, 2006) لاختبار المحددات التي تؤثر في هيكلة رأس المال وفق نظريات هيكلة رأس المال. لقد تم استخدام تحليل الانحدار الخطي من نموذج الأثر الثابت لدراسة العلاقة بين هيكلة رأس المال ومحدداته لـ 263 شركة مدرجة في سوق الأوراق المالية الإسلامية الماليزية للفترة ما بين 2006م إلى 2011م. أظهرت النتائج أن الإعفاء الضريبي لغير الديون والربحية والمخاطر لها تأثير على خيارات عملية هيكلة رأس المال للشركات المتوافقة مع الشريعة الإسلامية. وأبانت الدراسة من جهة أخرى أن عاملَي الملموسية والضرائب ليس لهما تأثير في خيارات هيكلة رأس مال الشركات المتوافقة مع الشريعة الإسلامية.

Suggested Citation

  • Omer Bin Thabet & Fekri Ali Shawtari & Abdullah Mohammed Ayedh & Fazlin Ali, 2017. "Capital Structure of Malaysian Shariah-Compliant Firms هيكلية رأس المال الشركات الماليزية المتوافقة مع الشريعة الإسلامية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(1), pages 105-116, January.
    • Handle: RePEc:abd:kauiea:v:30:y:2017:i:1:no:10:p:105-116
    DOI: 10.4197/Islec.30-1.10
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    References listed on IDEAS

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