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A Literature Review Of Updated Islamic Corporate Governance Elements:Implications For Indonesia

Author

Listed:
  • Irna Puji Lestari

    (Universitas Gadjah Mada, Indonesia)

  • Mamduh Mahmadah Hanafi

    (Universitas Gadjah Mada, Indonesia)

  • Leo Indra Wardhana

    (Universitas Gadjah Mada, Indonesia)

Abstract

This study identifies elements of Islamic Corporate Governance (ICG) that contribute to the performance of shariah-compliant firms. A systematic literature review is carried out on 173 relevant articles from the Scopus database, spanning from 2004 to 2024. It identifies five key elements of ICG: (1) Shariah board governance, (2) management and board governance, (3) audit and risk governance, (4) sustainable governance, and (5) Muslim management and board governance. These key elements encompass various sub-elements that have diverse impacts on firm performance across financial, social, and environmental dimensions. The findings offer specific implications for Indonesia, emphasizing the integration of sustainability practices into corporate governance mechanisms and considering distinct approaches to ICG mechanisms for dual-sector performance between Islamic Financial Institutions (IFIs) and non-IFIs.

Suggested Citation

  • Irna Puji Lestari & Mamduh Mahmadah Hanafi & Leo Indra Wardhana, 2025. "A Literature Review Of Updated Islamic Corporate Governance Elements:Implications For Indonesia," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 11(1), pages 91-118, March.
    • Handle: RePEc:idn:jimfjn:v:11:y:2025:i:1e:p:91-118
    DOI: https://doi.org/10.21098/jimf.v11i1.2305
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    More about this item

    Keywords

    Islam; Islamic corporate governance; Shariah governance; Firm performance; Literature review;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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