EQUITY HOLDERS' MARKET DISCIPLINE IN GCC COUNTRIES
Keywords:
Equity Holders, Monitoring, BETA, Influence, Islamic Banks
Abstract
This paper aims to study Equity holders'(EHs) discipline in three GCC countries, Bahrain, the UAE, and KSA for the period (2004-2014). We test bank risk monitoring in the 2008 crisis period by comparing the perceived risk proxied by BETA during the pre-and post-crisis episodes. We find significant differences in BETA values in Bahrain and the UAE. Then, we use the fixed effect model and the random effect model to regress BETA on CAMEL variables measuring bank risk. We study bank reaction by regression relevant CAMEL variables to EH monitoring on BETA of a lagged period. Our results show that in Bahrain, the coefficients of the variables Liquidity and Size are significant. Thus, EHs, in Bahrain, monitor their bank using financial information on Liquidity and Size. However, we find no responsiveness of the banks to this monitoring. Thus, there is no evidence of EHs' discipline in GCC countries. We contribute first, to fulfilling the gap in market discipline literature in Emerging countries, specifically, Bahrain, KSA, and the UAE. Second, we shed light on the market discipline of a special type of banking-IBs. Third, we innovate a new monitoring signal, BETA values assessed by EHs.
JEL Classification Codes: G21, G12, M41.
References
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Baele, L., De Bruyckere, V., De Jonghe, O., & Vander Vennet, R. (2014). Do stock markets discipline US Bank Holding Companies: Just monitoring, or also influencing?. The North American Journal of Economics and Finance, 29, 124-145. https://doi.org/10.1016/j.najef.2014.05.003
Balasubramnian, B., Palvia, A. A., & Patro, D. K. (2019). Can the book-to-market ratio signal banks’ earnings and default risk? Evidence around the Great Recession. Journal of Financial Services Research, 56(2), 119-143. https://doi.org/10.1007/s10693-018-0299-4
Bank for International Settlements. (2006). International Convergence of Capital Measurement and Capital Standards, a Revised Framework. Retrieved from https://www.bis.org/publ/bcbs118.pdf
Bellelah, M. A., Bellelah, M. O., Ameur, H. B., & Hafsia, R. B. (2017). Does the equity premium puzzle persist during financial crisis? The case of the French equity market. Research in International Business and Finance, 39, 851-866. https://doi.org/10.1016/j.ribaf.2015.02.018
Berger, A. N., Davies, S. M., & Flannery, M. J. (2000). Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What When?. Journal of Money, Credit & Banking, 32(3), 641-641. https://doi.org/10.2307/2601200
Bliss, R. R., & Flannery, M. J. (2002). Market discipline in the governance of US bank holding companies: Monitoring vs. influencing. Review of Finance, 6(3), 361-396.https://doi.org/10.1023/A:1022021430852
Bliss, R. (2004). Market Discipline across Countries and Industries. MIT press.
Bliss, R. (2014). The Oxford Handbook of Banking. Oxford University Press.
Bongini, P., Iwanicz-Drozdowska, M., Smaga, P., & Witkowski, B. (2018). In search of a measure of banking sector distress: empirical study of CESEE banking sectors. Risk Management, 20(3), 242-257. https://doi.org/10.1057/s41283-017-0031-y
Chicoma, J., Demaestri, E., Iannariello, M. P., & Masci, P. (2003). Market Discipline and Stock Prices in Japan, Argentina, Chile and Mexico, Financial crisis in Japan and Latin America, Inter-American development bank. Edgardo Demaestri and Pietro Masci Editors, 189-221
Choudhry, T., & Jayasekera, R. (2012). Comparison of efficiency characteristics between the banking sectors of US and UK during the global financial crisis of 2007–2011. International Review of Financial Analysis, 25, 106-116. https://doi.org/10.1016/j.irfa.2012.09.002
Darus, F., Yusoff, H., Yatim, N., Ramli, A., & Zain, M. M. (2015). An Islamic CSR framework: Perception from practitioners, academicians and the general public. Procedia Economics and Finance, 31, 495-502. https://doi.org/10.1016/S2212-5671(15)01190-9
De Haan, J., Fang, Y., & Jing, Z. (2020). Does the risk on banks’ balance sheets predict banking crises? New evidence for developing countries. International Review of Economics & Finance, 68, 254-268. https://doi.org/10.1016/j.iref.2020.03.013
Fahlenbrach, R., Prilmeier, R., & Stulz, R. M. (2012). This time is the same: Using bank performance in 1998 to explain bank performance during the recent financial crisis. The Journal of Finance, 67(6), 2139-2185. Retrieved from https://www.jstor.org/stable/23324370
Farook, S., Hassan, M. K., & Clinch, G. (2012). Profit distribution management by Islamic banks: An empirical investigation. The Quarterly Review of Economics and Finance, 52(3), 333-347. https://doi.org/10.1016/j.qref.2012.04.007. https://doi.org/10.1016/j.qref.2012.04.007
Flannery, M. J., & Bliss, R. R. (2019). Market discipline in regulation: Pre-and post-crisis. Forthcoming, Oxford Handbook of Banking 3e.
Flannery, M. J. (2001). The faces of “market discipline”. Journal of Financial Services Research, 20(2), 107-119. https://doi.org/10.1023/A:1012455806431
Garel, A., Petit-Romec, A., & Vennet, R. V. (2018). Institutional shareholders and bank capital. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3170898
Gendreau, B. C., & Humphrey, D. B. (1980). Feedback Effects in the Market Regulation of Bank Leverage: A Time-Series and Cross-Section Analysis. The Review of Economics and Statistics, 62(2), 276-80. https://doi.org/10.2307/1924755
Geske, R., & Shastri, K. (1985). Valuation by approximation: a comparison of alternative option valuation techniques. Journal of Financial and Quantitative Analysis, 20(1), 45-71. https://doi.org/10.2307/2330677
Grira, J., Hassan, M. K., Labidi, C., & Soumaré, I. (2019). Equity pricing in Islamic banks: International evidence. Emerging Markets Finance and Trade, 55(3), 613-633. https://doi.org/10.1080/1540496X.2018.1451323
Grira, J., & Labidi, C. (2021). Banks, Funds, and risks in islamic finance: Literature & future research avenues. Finance Research Letters, 41, 101815. https://doi.org/10.1016/j.frl.2020.101815
Gunther, J. W., Levonian, M. E., & Moore, R. R. (2001). Can the stock market tell bank supervisors anything they don't already know?. Economic and Financial Review-Federal Reserve Bank of Dallas, (2), 2-9. https://sjes.springeropen.com/articles/10.1007/BF03399235
Hamalainen, P., Hall, M., & Howcroft, B. (2005). A Framework for Market Discipline in Bank Regulatory Design. Journal of Business Finance & Accounting, 32(1‐2), 183-209. https://doi.org/10.1111/j.0306-686X.2005.00592.x
Hamza, H., & Saadaoui, Z. (2013). Investment deposits, risk-taking and capital decisions in Islamic banks. Studies in Economics and Finance, 30(3), 244-265. https://doi.org/10.1108/SEF-Feb-2012-0016
Hamza, H. (2016). Does investment deposit return in Islamic banks reflect PLS principle?. Borsa Istanbul Review, 16(1). 32–42. https://doi.org/10.1016/j.bir.2015.12.001
Hassan, M. K., & Aliyu, S. (2018). A contemporary survey of Islamic banking literature. Journal of Financial Stability, 34, 12-43. https://doi.org/10.1016/j.jfs.2017.11.006
IFSB (2010). Guidance Note on the practice of smoothing the profits payout to investment account holders. Retrieved from www.ifsb.org/docs/GN-3%20Practice%20of% 20Smoothing.pdf.
IMF. (2018). Policy paper on the core principles for Islamic Finance regulations and assessment methodology. International Monetary Fund communication department.
Jaafar, M. N., Muhamat, A. A., Basri, M. F., & Alwi, S. F. S. (2020). Determinants of Systematic Risk: Empirical Evidence from Shariah Compliants Firms Listed on Bursa Malaysia. International Business Education Journal, 13(1), 71-82. https://doi.org/10.37134/ibej.vol13.1.6.2020
Jedidia, K. B., & Hamza, H. (2014). Profits and losses sharing paradigm in Islamic banks: Constraints or solutions for liquidity management?. Journal of Islamic Economics, Banking, and Finance, 10(3), 29-45. https://doi.org/10.12816/0025951
Jones, J. S., Lee, W. Y., & Yeager, T. J. (2013). Valuation and systemic risk consequences of bank opacity. Journal of Banking & Finance, 37(3), 693-706. https://doi.org/10.1016/j.jbankfin.2012.10.028
Krainer, J., & Lopez, J. A. (2004). Incorporating Equity Market Information into Supervisory Monitoring Models. Journal of Money, Credit, and Banking, 36(6), 1043-1067. https://www.jstor.org/stable/3839100
Lane, T. D. (1993). Market discipline. Staff Papers, 40(1), 53-88. https://doi.org/10.2307/3867377
Liu, L. X., Liu, S., & Sathye, M. (2021). Predicting Bank Failures: A Synthesis of Literature and Directions for Future Research. Journal of Risk and Financial Management, 14(10), 474. https://doi.org/10.3390/jrfm14100474
Louhichi, A., & Boujelbene, Y. (2016). Credit risk, managerial behaviour and macroeconomic equilibrium within dual banking systems: Interest-free vs. interest-based banking industries. Research in International Business and Finance, 38(C), 104-121. https://doi.org/10.1016/j.ribaf.2016.03.014
Merton, R. C., Scholes, M. S., & Gladstein, M. L. (1978). The Returns and Risk of Alternative Call Option Portfolio Investment Strategies. The Journal of Business, 51(2), 183-242. https://www.jstor.org/stable/2352527
Muhammad, H. (2020). Islamic corporate social responsibility: An exploratory study in Islamic microfinance institutions. The Journal of Asian Finance, Economics and Business, 7(12), 773-782. https://doi.org/10.13106/jafeb.2020.vol7.no12.773
Othman, H. B., & Mersni, H. (2014). The use of discretionary loan loss provisions by Islamic banks and conventional banks in the Middle East region: A comparative study. Studies in Economics and Finance, 31(1), 106-128. https://doi.org/10.1108/SEF-02-2013-0017
Qin, X., & Zhou, C. (2019). Financial structure and determinants of systemic risk contribution. Pacific-Basin Finance Journal, 57(C). https://doi.org/10.1016/j.pacfin.2018.10.012
Refinitiv. (2021). Islamic Finance Development Report. Retrieved from https://www.refinitiv.com/fr/resources/special-report/global-risk-and-compliance-report
Ritchken, P., Sankarasubramanian, L., & Vijh, A. M. (1993). The valuation of path dependent contracts on the average. Management Science, 39(10), 1202-1213. https://www.jstor.org/stable/2632958
Schaeck, K., Cihak, M., Maechler, A., & Stolz, S. (2012). Who disciplines bank managers?. Review of Finance, 16(1), 197-243. https://doi.org/10.1093/rof/rfr010
Slimane, I. B., Bellalah, M., & Rjiba, H. (2017). Time-varying beta during the 2008 financial crisis–evidence from North America and Western Europe. Journal of Risk Finance, 18(4), 398-431. https://doi.org/10.1108/JRF-02-2017-0020
Shaikh, M. A. (2011). Contemporary Islamic Banking: The Issue of Murabahah. Islamic Studies, 50(3/4), 435. https://www.jstor.org/stable/41932606
Shamsuddin, Z., & Ismail, A. G. (2013). Agency theory in explaining Islamic financial contracts. Middle-East Journal of Scientific Research, 15(4), 530-545. https://doi.org/10.5829/idosi.mejsr.2013.15.4.2361
Shawtari, F. A., Saiti, B., Razak, S. H. A., & Ariff, M. (2015). The impact of efficiency on discretionary loans/finance loss provision: A comparative study of Islamic and conventional banks. Borsa Istanbul Review, 15(4), 272-282. https://doi.org/10.1016/j.bir.2015.06.002
Siddiqui, A. (2008). Financial contracts, risk and performance of Islamic banking. Managerial Finance, 34(10), 680-694. https://doi.org/10.1108/03074350810891001
Tahir, S. H., Moazzam, M. M., Sultana, N., Ahmad, G., Shabir, G., & Nosheen, F. (2020). Firm's risk and capital structure: An empirical analysis of seasonal and non-seasonal businesses. The Journal of Asian Finance, Economics and Business, 7(12), 627-633. https://doi.org/10.13106/jafeb.2020.vol7.no12.627
Taktak, N. B., Zouari, S. B. S., & Boudriga, A. (2010). Do Islamic banks use loan loss provisions to smooth their results?. Journal of Islamic Accounting and Business Research, 1(2), 114-127. https://doi.org/10.1108/17590811011086714
Tripathi, V., & Thukral, S. (2018). Determinants of financing of outward foreign direct investment by Indian MNEs: A three-level analysis. International Journal of Emerging Markets, 13(5), 1154-1181. https://doi.org/10.1108/IJoEM-12-2016-0333
Ullah, S., & Jamali, D. (2010). Institutional investors and corporate social responsibility: the role of Islamic financial institutions. International review of business research papers, 6(1), 619-630.
Uchida, H., & Satake, M. (2009). Market discipline and bank efficiency. Journal of International Financial Markets, Institutions and Money, 19(5), 792-802. https://doi.org/10.1016/j.intfin.2009.02.003
Wafaretta, V., & Rahman, A. F. (2016). The impact of banks’ characteristics on profit distribution management of Islamic banks. Procedia-Social and Behavioral Sciences, 219, 769-776. https://doi.org/10.1016/j.sbspro.2016.05.066
Amir, A. A., & Nejad, M. E. F. (2018). Determinants of systematic risk in the Iranian Financial sector. Iranian Journal of Finance, 2(1), 59-79. https://doi.org/10.22034/IJF.2018.84949
Baele, L., De Bruyckere, V., De Jonghe, O., & Vander Vennet, R. (2014). Do stock markets discipline US Bank Holding Companies: Just monitoring, or also influencing?. The North American Journal of Economics and Finance, 29, 124-145. https://doi.org/10.1016/j.najef.2014.05.003
Balasubramnian, B., Palvia, A. A., & Patro, D. K. (2019). Can the book-to-market ratio signal banks’ earnings and default risk? Evidence around the Great Recession. Journal of Financial Services Research, 56(2), 119-143. https://doi.org/10.1007/s10693-018-0299-4
Bank for International Settlements. (2006). International Convergence of Capital Measurement and Capital Standards, a Revised Framework. Retrieved from https://www.bis.org/publ/bcbs118.pdf
Bellelah, M. A., Bellelah, M. O., Ameur, H. B., & Hafsia, R. B. (2017). Does the equity premium puzzle persist during financial crisis? The case of the French equity market. Research in International Business and Finance, 39, 851-866. https://doi.org/10.1016/j.ribaf.2015.02.018
Berger, A. N., Davies, S. M., & Flannery, M. J. (2000). Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What When?. Journal of Money, Credit & Banking, 32(3), 641-641. https://doi.org/10.2307/2601200
Bliss, R. R., & Flannery, M. J. (2002). Market discipline in the governance of US bank holding companies: Monitoring vs. influencing. Review of Finance, 6(3), 361-396.https://doi.org/10.1023/A:1022021430852
Bliss, R. (2004). Market Discipline across Countries and Industries. MIT press.
Bliss, R. (2014). The Oxford Handbook of Banking. Oxford University Press.
Bongini, P., Iwanicz-Drozdowska, M., Smaga, P., & Witkowski, B. (2018). In search of a measure of banking sector distress: empirical study of CESEE banking sectors. Risk Management, 20(3), 242-257. https://doi.org/10.1057/s41283-017-0031-y
Chicoma, J., Demaestri, E., Iannariello, M. P., & Masci, P. (2003). Market Discipline and Stock Prices in Japan, Argentina, Chile and Mexico, Financial crisis in Japan and Latin America, Inter-American development bank. Edgardo Demaestri and Pietro Masci Editors, 189-221
Choudhry, T., & Jayasekera, R. (2012). Comparison of efficiency characteristics between the banking sectors of US and UK during the global financial crisis of 2007–2011. International Review of Financial Analysis, 25, 106-116. https://doi.org/10.1016/j.irfa.2012.09.002
Darus, F., Yusoff, H., Yatim, N., Ramli, A., & Zain, M. M. (2015). An Islamic CSR framework: Perception from practitioners, academicians and the general public. Procedia Economics and Finance, 31, 495-502. https://doi.org/10.1016/S2212-5671(15)01190-9
De Haan, J., Fang, Y., & Jing, Z. (2020). Does the risk on banks’ balance sheets predict banking crises? New evidence for developing countries. International Review of Economics & Finance, 68, 254-268. https://doi.org/10.1016/j.iref.2020.03.013
Fahlenbrach, R., Prilmeier, R., & Stulz, R. M. (2012). This time is the same: Using bank performance in 1998 to explain bank performance during the recent financial crisis. The Journal of Finance, 67(6), 2139-2185. Retrieved from https://www.jstor.org/stable/23324370
Farook, S., Hassan, M. K., & Clinch, G. (2012). Profit distribution management by Islamic banks: An empirical investigation. The Quarterly Review of Economics and Finance, 52(3), 333-347. https://doi.org/10.1016/j.qref.2012.04.007. https://doi.org/10.1016/j.qref.2012.04.007
Flannery, M. J., & Bliss, R. R. (2019). Market discipline in regulation: Pre-and post-crisis. Forthcoming, Oxford Handbook of Banking 3e.
Flannery, M. J. (2001). The faces of “market discipline”. Journal of Financial Services Research, 20(2), 107-119. https://doi.org/10.1023/A:1012455806431
Garel, A., Petit-Romec, A., & Vennet, R. V. (2018). Institutional shareholders and bank capital. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3170898
Gendreau, B. C., & Humphrey, D. B. (1980). Feedback Effects in the Market Regulation of Bank Leverage: A Time-Series and Cross-Section Analysis. The Review of Economics and Statistics, 62(2), 276-80. https://doi.org/10.2307/1924755
Geske, R., & Shastri, K. (1985). Valuation by approximation: a comparison of alternative option valuation techniques. Journal of Financial and Quantitative Analysis, 20(1), 45-71. https://doi.org/10.2307/2330677
Grira, J., Hassan, M. K., Labidi, C., & Soumaré, I. (2019). Equity pricing in Islamic banks: International evidence. Emerging Markets Finance and Trade, 55(3), 613-633. https://doi.org/10.1080/1540496X.2018.1451323
Grira, J., & Labidi, C. (2021). Banks, Funds, and risks in islamic finance: Literature & future research avenues. Finance Research Letters, 41, 101815. https://doi.org/10.1016/j.frl.2020.101815
Gunther, J. W., Levonian, M. E., & Moore, R. R. (2001). Can the stock market tell bank supervisors anything they don't already know?. Economic and Financial Review-Federal Reserve Bank of Dallas, (2), 2-9. https://sjes.springeropen.com/articles/10.1007/BF03399235
Hamalainen, P., Hall, M., & Howcroft, B. (2005). A Framework for Market Discipline in Bank Regulatory Design. Journal of Business Finance & Accounting, 32(1‐2), 183-209. https://doi.org/10.1111/j.0306-686X.2005.00592.x
Hamza, H., & Saadaoui, Z. (2013). Investment deposits, risk-taking and capital decisions in Islamic banks. Studies in Economics and Finance, 30(3), 244-265. https://doi.org/10.1108/SEF-Feb-2012-0016
Hamza, H. (2016). Does investment deposit return in Islamic banks reflect PLS principle?. Borsa Istanbul Review, 16(1). 32–42. https://doi.org/10.1016/j.bir.2015.12.001
Hassan, M. K., & Aliyu, S. (2018). A contemporary survey of Islamic banking literature. Journal of Financial Stability, 34, 12-43. https://doi.org/10.1016/j.jfs.2017.11.006
IFSB (2010). Guidance Note on the practice of smoothing the profits payout to investment account holders. Retrieved from www.ifsb.org/docs/GN-3%20Practice%20of% 20Smoothing.pdf.
IMF. (2018). Policy paper on the core principles for Islamic Finance regulations and assessment methodology. International Monetary Fund communication department.
Jaafar, M. N., Muhamat, A. A., Basri, M. F., & Alwi, S. F. S. (2020). Determinants of Systematic Risk: Empirical Evidence from Shariah Compliants Firms Listed on Bursa Malaysia. International Business Education Journal, 13(1), 71-82. https://doi.org/10.37134/ibej.vol13.1.6.2020
Jedidia, K. B., & Hamza, H. (2014). Profits and losses sharing paradigm in Islamic banks: Constraints or solutions for liquidity management?. Journal of Islamic Economics, Banking, and Finance, 10(3), 29-45. https://doi.org/10.12816/0025951
Jones, J. S., Lee, W. Y., & Yeager, T. J. (2013). Valuation and systemic risk consequences of bank opacity. Journal of Banking & Finance, 37(3), 693-706. https://doi.org/10.1016/j.jbankfin.2012.10.028
Krainer, J., & Lopez, J. A. (2004). Incorporating Equity Market Information into Supervisory Monitoring Models. Journal of Money, Credit, and Banking, 36(6), 1043-1067. https://www.jstor.org/stable/3839100
Lane, T. D. (1993). Market discipline. Staff Papers, 40(1), 53-88. https://doi.org/10.2307/3867377
Liu, L. X., Liu, S., & Sathye, M. (2021). Predicting Bank Failures: A Synthesis of Literature and Directions for Future Research. Journal of Risk and Financial Management, 14(10), 474. https://doi.org/10.3390/jrfm14100474
Louhichi, A., & Boujelbene, Y. (2016). Credit risk, managerial behaviour and macroeconomic equilibrium within dual banking systems: Interest-free vs. interest-based banking industries. Research in International Business and Finance, 38(C), 104-121. https://doi.org/10.1016/j.ribaf.2016.03.014
Merton, R. C., Scholes, M. S., & Gladstein, M. L. (1978). The Returns and Risk of Alternative Call Option Portfolio Investment Strategies. The Journal of Business, 51(2), 183-242. https://www.jstor.org/stable/2352527
Muhammad, H. (2020). Islamic corporate social responsibility: An exploratory study in Islamic microfinance institutions. The Journal of Asian Finance, Economics and Business, 7(12), 773-782. https://doi.org/10.13106/jafeb.2020.vol7.no12.773
Othman, H. B., & Mersni, H. (2014). The use of discretionary loan loss provisions by Islamic banks and conventional banks in the Middle East region: A comparative study. Studies in Economics and Finance, 31(1), 106-128. https://doi.org/10.1108/SEF-02-2013-0017
Qin, X., & Zhou, C. (2019). Financial structure and determinants of systemic risk contribution. Pacific-Basin Finance Journal, 57(C). https://doi.org/10.1016/j.pacfin.2018.10.012
Refinitiv. (2021). Islamic Finance Development Report. Retrieved from https://www.refinitiv.com/fr/resources/special-report/global-risk-and-compliance-report
Ritchken, P., Sankarasubramanian, L., & Vijh, A. M. (1993). The valuation of path dependent contracts on the average. Management Science, 39(10), 1202-1213. https://www.jstor.org/stable/2632958
Schaeck, K., Cihak, M., Maechler, A., & Stolz, S. (2012). Who disciplines bank managers?. Review of Finance, 16(1), 197-243. https://doi.org/10.1093/rof/rfr010
Slimane, I. B., Bellalah, M., & Rjiba, H. (2017). Time-varying beta during the 2008 financial crisis–evidence from North America and Western Europe. Journal of Risk Finance, 18(4), 398-431. https://doi.org/10.1108/JRF-02-2017-0020
Shaikh, M. A. (2011). Contemporary Islamic Banking: The Issue of Murabahah. Islamic Studies, 50(3/4), 435. https://www.jstor.org/stable/41932606
Shamsuddin, Z., & Ismail, A. G. (2013). Agency theory in explaining Islamic financial contracts. Middle-East Journal of Scientific Research, 15(4), 530-545. https://doi.org/10.5829/idosi.mejsr.2013.15.4.2361
Shawtari, F. A., Saiti, B., Razak, S. H. A., & Ariff, M. (2015). The impact of efficiency on discretionary loans/finance loss provision: A comparative study of Islamic and conventional banks. Borsa Istanbul Review, 15(4), 272-282. https://doi.org/10.1016/j.bir.2015.06.002
Siddiqui, A. (2008). Financial contracts, risk and performance of Islamic banking. Managerial Finance, 34(10), 680-694. https://doi.org/10.1108/03074350810891001
Tahir, S. H., Moazzam, M. M., Sultana, N., Ahmad, G., Shabir, G., & Nosheen, F. (2020). Firm's risk and capital structure: An empirical analysis of seasonal and non-seasonal businesses. The Journal of Asian Finance, Economics and Business, 7(12), 627-633. https://doi.org/10.13106/jafeb.2020.vol7.no12.627
Taktak, N. B., Zouari, S. B. S., & Boudriga, A. (2010). Do Islamic banks use loan loss provisions to smooth their results?. Journal of Islamic Accounting and Business Research, 1(2), 114-127. https://doi.org/10.1108/17590811011086714
Tripathi, V., & Thukral, S. (2018). Determinants of financing of outward foreign direct investment by Indian MNEs: A three-level analysis. International Journal of Emerging Markets, 13(5), 1154-1181. https://doi.org/10.1108/IJoEM-12-2016-0333
Ullah, S., & Jamali, D. (2010). Institutional investors and corporate social responsibility: the role of Islamic financial institutions. International review of business research papers, 6(1), 619-630.
Uchida, H., & Satake, M. (2009). Market discipline and bank efficiency. Journal of International Financial Markets, Institutions and Money, 19(5), 792-802. https://doi.org/10.1016/j.intfin.2009.02.003
Wafaretta, V., & Rahman, A. F. (2016). The impact of banks’ characteristics on profit distribution management of Islamic banks. Procedia-Social and Behavioral Sciences, 219, 769-776. https://doi.org/10.1016/j.sbspro.2016.05.066
Published
2022-07-25
How to Cite
Guermazi, I. (2022). EQUITY HOLDERS’ MARKET DISCIPLINE IN GCC COUNTRIES. International Journal of Accounting & Finance Review, 11(1), 49-58. https://doi.org/10.46281/ijafr.v11i1.1773
Section
Regular Research Article/ Short Communication Article
Copyright (c) 2022 Imene Guermazi
This work is licensed under a Creative Commons Attribution 4.0 International License.
