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All Journal al-Uqud : Journal of Islamic Economics Indonesian Capital Market Review
Oubdi, Lahsen
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Economics, Econometrics & Finance

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Capital Structure Determinants of Shari’ah-Compliant Firms: Evidence from the MENA Region Raghibi, Abdessamad; Oubdi, Lahsen
al-Uqud : Journal of Islamic Economics Vol 5, No 1 (2021): January
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (648.477 KB) | DOI: 10.26740/al-uqud.v5n1.p16-28

Abstract

Capital structure choice is vital in corporate financial management due to its effect on both investors' risk and return. Despite the various research that has investigated factors affecting the capital structure of companies, only a few studies have started to examine the capital structure of Shari'ah-compliant companies, especially in the MENA region. Indeed, the screening requirements for which shari'ah-compliant must adhere can affect their capital structure determinants. Hence, under those conditions, this study aims to determine the factors influencing the capital structure of a shari'ah-compliant listed firm in five MENA region countries. The importance of investigating shari’ah-complaint companies’ capital structure emanates from the financial constraints on their debt capital structure. Accordingly, this study utilizes static panel data techniques on a sample consisting of Shari'ah-compliant firms over the period 2010–2018. The findings of this study were consistent with several previous studies as well as the theoretical background of capital structure determinants mainly, the trade-off and the pecking order theory. Our results give insight to managers on what determines their capital structure under shari'ah screening methodologies. However, more insight can be drought from the capital structure of shari'ah-compliant firms by extending the research into industry specifics.
Optimal level, Partial Speed of Adjustment and Determinants of Corporate Cash Holding: Evidence from MENA Countries Raghibi, Abdessamad; Thanh, Cuong Nguyen; Oubdi, Lahsen
The Indonesian Capital Market Review Vol. 13, No. 1
Publisher : UI Scholars Hub

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Abstract

This paper investigates the existence of an optimal cash level, speed of adjustment, and cash holding determinants. The threshold regression and dynamic model were used in this study on four MENA countries from 2007 to 2018. The findings show there is a nonlinear relationship between cash level and firm’s value which is consistent with the trade-off theory. Furthermore, our study confirms that firms holding cash above the optimal level of having a lower speed of adjustment than the firms with cash levels below the optimal level with size, growth, and net-working capital being key corporate cash determinants. Our results extend the theoretical implications of the trade-off theory to MENA countries and would help corporate policymakers to adjust their cash levels within the thresholds’ levels to maximize their firm value.
Co-Authors Raghibi, Abdessamad Thanh, Cuong Nguyen