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Target Capital Structure and Speed of Adjustment: A Dynamic Evidence from Shariah Approved Firms in Malaysia

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dc.contributor.authorNurshamimitul Ezza Ramlien_US
dc.contributor.authorRazali Haronen_US
dc.date.accessioned2024-05-29T08:20:41Z
dc.date.available2024-05-29T08:20:41Z
dc.date.issued2017
dc.description.abstractThe purpose of this paper is to identify the target capital structure and the speed of adjustment of Shariah approved firms listed on the Bursa Malaysia. The paper also examines the influence of firm, industry and macroeconomic determinants affecting the target capital structure. Shariah approved firms which consistently maintain their Shariah status as per the Securities Commission (SC) of Malaysia requirement, from year 2000 to 2014 are chosen as the sample of analysis. The paper employs a dynamic panel data technique specifically the Generalized Method of Moments (GMM) that is robust to the heterogeneity and endogeneity issue. The study found the existence of target capital structure of Shariah approved firms in Malaysia and in terms of speed of adjustment, Shariah approved firms are under-adjusted. Several factors seemed to have significant impact on the target capital structure ranging from the firm, industry and macroeconomic determinants. The study contributes largely in the sampling selection that focuses only on the Shariah approved firms which consistently maintain their Shariah status from the year 2000 to 2014.
dc.identifier.epage91
dc.identifier.issn1823-075X
dc.identifier.issue2
dc.identifier.spage65
dc.identifier.urihttp://jmifr.usim.edu.my/index.php/jmifr/article/view/20
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/14553
dc.identifier.volume14
dc.languageEnglish
dc.language.isoen_USen_US
dc.publisherUniversiti Sains Islam Malaysiaen_US
dc.relation.ispartofThe Journal of Muamalat and Islamic Finance Research
dc.sourceOpen Journal Systems
dc.subjectCapital structureen_US
dc.subjectShariah approved firmsen_US
dc.subjectIslamic financeen_US
dc.subjectGMMen_US
dc.titleTarget Capital Structure and Speed of Adjustment: A Dynamic Evidence from Shariah Approved Firms in Malaysiaen_US
dc.typeArticleen_US
dspace.entity.typePublication

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