NDLI: Religion, governance and performance: evidence from Islamic and conventional stock exchanges

Content Provider	Springer Nature Link
Author	Polato, Maurizio Floreani, Josanco Paltrinieri, Andrea Pichler, Flavio
Copyright Year	2015
Abstract	Based on a dataset of 31 conventional and Islamic stock exchanges we compare financial performance across these two groups for 2007–2011 period. Our results suggest that CEs and IEs are differently exposed to institutional constraints and have different drivers of profitability. Islamic stock exchanges’ performances are essentially driven by traditional listing and trading services and are affected by institutional factors such as the degree of foreign trading openness of their economies and measures of society development. Furthermore, they ensure greater stability during crisis, although Shari’ah compliant investments don’t affect their revenue generation. Conventional stock exchanges have higher trading intensity, higher level of revenues’ diversification and high capital investments, as they operate with different business models. Our results could have relevant business and strategic implications for further convergence between the two groups. Moreover our analysis could be significant for firms wishing to list their shares into Shari’ah Compliant Stock Exchanges or into Conventional ones and traders choosing the most convenient trading venue.
Starting Page	591
Ending Page	623
Page Count	33
File Format	PDF
ISSN	13853457
Journal	Journal of Management and Governance
Volume Number	20
Issue Number	3
e-ISSN	1572963X
Language	English
Publisher	Springer US
Publisher Date	2015-03-11
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Islamic stock exchanges Shari’ah compliant finance Conventional stock exchanges Performance Governance Management Accounting/Auditing Industrial Organization Sociology
Content Type	Text
Resource Type	Article
Subject	Business and International Management

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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