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The trade-off between knowledge accumulation and independence: The case of the Shariah supervisory board within the Shariah governance and firm performance nexus

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  • Kok, Seng Kiong
  • Giorgioni, Gianluigi
  • Farquhar, Stuart

Abstract

Adopting a resource dependence lens, this study examines the impact of the trade-off between knowledge accumulation and independence on the Shariah governance-firm performance nexus through a detailed examination of Shariah supervisory board tenure. Utilizing a unique, hand-collected dataset of 140 of the largest Islamic financial institutions over the period 2011–2015 and across 16 nations, we discover that Shariah supervisory board tenure is a positive, linear predictor of firm performance and that there is curvilinear relationship between tenure and the performance of Islamic financial institutions. Our findings provide novel contributions to the literature by disentangling the role and characteristics of the Shariah supervisory board and provide evidence for the existence of a trade-off between firm-based learning and independence of Shariah boards thus further highlighting the channels of transmission of these Shariah governance characterizations.

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  • Kok, Seng Kiong & Giorgioni, Gianluigi & Farquhar, Stuart, 2022. "The trade-off between knowledge accumulation and independence: The case of the Shariah supervisory board within the Shariah governance and firm performance nexus," Research in International Business and Finance, Elsevier, vol. 59(C).
    • Handle: RePEc:eee:riibaf:v:59:y:2022:i:c:s0275531921001707
    DOI: 10.1016/j.ribaf.2021.101549
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    More about this item

    Keywords

    Shariah supervisory boards; Shariah governance; Board tenure; Multi-layered governance; Firm performance; Resource dependence theory;
    All these keywords.

    JEL classification:

    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P49 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Other

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