Main Article Content
Abstract
Purpose – This study aims to explore the impact of banking performance indicators on share price of Islamic banks listed on GCC stock exchanges.
Methodology – The research methods related to quantitative approach are based on the data collected through the reports of 17 Islamic banks and seven stock exchanges in GCC for the period from 2012 to 2021, where the panels approach tests and fixed effect model were used to measure performance.
Findings – The study findings indicate that return on assets has a negative and non-significant impact on the Islamic banks share price in the stock exchanges, also, the return on equity and price/earnings ratio have a non-significant positive impact on the banks share price, while there is a negative and significant impact between earnings per Share and the banks share price index.
Implications – This research has significant administrative and applied implications. To gain a competitive advantage and achieving a greater market value, banks can further improve their investment performance. Furthermore, this research highlights the importance of developing Islamic banking performance and enhancing investment and financing strategies for stakeholders in Islamic banks, as well as in the financing and investment sector.
Originality – This study is considered as one of the main studies contributing to the analysis of the impact of banking performance indicators on share price of Islamic banks listed on GCC stock exchanges.
Keywords
Article Details
Copyright (c) 2023 Yasser Saleh Ali Almonifi, Vasant K. Bhosle
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References
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- Almonifi, Y. S. A., & Bhosle, V. K. (2023). Impact of the local economic crisis on Islamic banks performance in Yemen: An empirical study. International Journal of Science and Research Archive, 8(1), 638–648. https://doi.org/10.30574/ijsra.2023.8.1.0092
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- Sharma, S. (2011). Determinants of equity share prices in India. Researchers World, Journal of Arts, Science & Commerce, 2(4), 51-60. https://www.proquest.com/openview/
- Sharif, T. Purohit, H. & Pillai, R. (2015). Analysis of factors affecting share prices: The case of Bahrain stock exchange. International Journal of Economics and Finance, 7(3), 207-216. https://doi.org/10.5539/ijef.v7n3p207.
- Siddiqui, S. & Sheikh, S.P. (2016). Movement of Shariah indices in financial crisis period: Exploring evidences from national stock exchange of India. Journal of Islamic Economics, Banking and Finance, 12(1),154-171. https://doi.org/10.12816/0028328.
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References
Asee, A. M. (2010). Evaluating the financial performance of Islamic banks: An applied study on the Jordan Islamic bank for finance and investment, [Master Thesis. Aleppo University], Syria. https://lib.imamhussain.org/lib/book/7655
Ashraf, M. (2013). The role of Islamic banks in support and develop the Islamic capital markets: A case study of the Islamic capital market in Malaysia, [Master Thesis. University Larbi Ben M'hidi Oum El Bouaghi], Algeria. http://hdl.handle.net/123456789/1044
Almumani, M.A (2014). Determinants of equity share prices of the listed banks in Amman stock exchange: Quantitative approach. International Journal of Business and Social Science, 5(1), 91-104. https://ijbssnet.com/journals/Vol_5_No_1_January_2014/12.pdf
Alam, M. & Ansari, V.A. (2020). Are Islamic indices a viable investment avenue? An empirical study of Islamic and conventional indices in India. International Journal of Islamic and Middle Eastern Finance and Management, 13(3), 503-518. https://doi.org/10.1108/IMEFM-03-2019-0121
Almonifi, Y.S.A., Rehman, S., & Gulzar, R. (2021). The Covid-19 pandemic effect on the performance of the Islamic banking sector in KSA: An empirical study of Al Rajhi bank. International Journal of Management (IJM), 12(4), 533-547. https://doi.org/10.34218/IJM.12.4.2021.045.
Al-Nadui, A. A. (2012). Sharia's view about the shares involved an element of the interest. King Abdulaziz University Journal: Islamic Economics, 25(2), 3-32. https://doi.org/10.4197/Islec.25-2.1.
Almonifi, Y. S. A., & Bhosle, V. K. (2023). Impact of the local economic crisis on Islamic banks performance in Yemen: An empirical study. International Journal of Science and Research Archive, 8(1), 638–648. https://doi.org/10.30574/ijsra.2023.8.1.0092
Ali, S., Bashir, T., Ahmed, T., Ishaq, A., & Shahzad, S.J.H. (2018). The determinants of bank stock prices: A panel approach. South Asian Journal of Management Sciences, 12(2), 116-129. https://doi.org/10.21621/sajms.2018122.01.
Alam, S. Miah, M.R. & Abdul Karim, M. (2016). Analysis on factors that affect stock prices: A study on listed cement companies at Dhaka stock exchange. Research Journal of Finance and Accounting, 7(18), 93-113. https://iiste.org/Journals/index.php/RJFA/article/view/33297
Almonifi, Y.S.A. (2022). Adopting green finance ratio in evaluating Islamic banks performance as index for achieving Sharia maqasid. International Conference on Sustainable Competitive Advantage 2022. Universitas Jenderal Soedirman, Purwokerto, Indonesia. 1-16. https://openmaktaba.com/adopting-green-finance-ratio-in-evaluating-islamic-banks-performance-as-index-for-achieving-sharia-maqasid-pdf/
Bashir, A. H. (2003). Determinants of profitability in Islamic banks: Some evidence from the Middle East. Islamic Economic Studies, 11(1), 31-57. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3164222
Basheikh, A. M. (2005) The relationship between accounting variables and stock prices. King Abdulaziz University Journal of Economics and Administration, 19(2), 171-185. https://www.researchgate.net/publication/41137518_The_Relationship_between_Accounting_Variables_and_Stock_Prices_allaqt_byn_almtghyrat_almhasbyt_wasar_alashm.
Balan, S., & Srinivasan, B. B. (2017). Determinants of share price with reference to BSE “Group A” shares. EPRA International Journal of Research and Development (IJRD), 2(1), 51-58. https://eprajournals.com/IJSR/article/384/abstract
Dehuan, J., & Jin, Z. (2008). Firm performance and stock returns: An empirical study of the top performing stocks listed on Shanghai stock exchange. Academy of Accounting and Financial Studies Journal, 12(1), 79-85. https://www.proquest.com/openview/6452b8312d5c7d5c6d73653495a32a39/1?pq-origsite=gscholar&cbl=29414.
Dadhich, M., Chouhan, V. & Adholiya, A. (2019). Stochastic pattern of major indices of Bombay stock exchange. International Journal of Recent Technology and Engineering, 8(3), 6774-6779. https://doi.org/10.35940/ijrte.C6068.098319.
Fakroon, A. (2013). The effect of the size of economic institution listed on stock exchange on earnings per share "Qatar stock exchange 2010-2012 case study", [Master Thesis, Kasdi Merbah University- Ouargla], Algeria. AlMandumah. https://search.mandumah.com/Record/1018780
Fadil, A. S. (2011). The Islamic common market: Obstacles and solutions. King Abdulaziz University Journal: Islamic Economics, 24(1), 33-56. https://doi.org/10.4197/Islec.24-1.2
Gill, A., Biger, N., & Mathur, N. (2012). Determinants of equity share prices: Evidence from American firms. International Research Journal of Finance and Economics, 90(90), 176-192. http://www.internationalresearchjournaloffinanceandeconomics.com.
Global Islamic Finance Report (2016). Performance of Sharia compliant equities: A case study of India. https://www.gifr.net/gifr2016/ch_11.pdf
Goyal, A.K. & Gupta, A. (2019). Financial determinations of stock price: A study of Bombay stock exchange (BSE). International Journal of Advance and Innovative Research, 6(2), 107-112. http://ijairjournal.in/wwwroot/vol6ijair2.php
Hsiao, C. (2014). Analysis of panel data (3rd ed). Cambridge University Press.
Habib, M. & Islam, K. (2014). An empirical assessment of Islamic Index: A case study of India. International Journal of Research in Management & Technology (IJRMT), 4(3), 181-189. https://www.zbw.eu/econis-archiv/bitstream/11159/278592/1/EBP075045206_0.pdf.
Irfan, M. & Akhtar, A. (2016). Valuation of shariah compliant stocks using the DCF technique: Evidence from India. Indian Journal of Research in Capital Markets, 2(3), 42-54. https://doi.org/10.2016//ijrcm/article/view/102596
Irfan, M. & Tanwar. S. (2017). Are Shariah and non-Shariah indices related? Some Empirical Evidence from India. Journal of Business and Management (IOSR-JBM), 19(7), 01-09. https://doi.org/10.9790/487X-1907060109.
Irfan, M. (2016). A study of Islamic stock indices and macroeconomic variables. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 10(7), 2557– 2565. https://doi.org/10.1999/10006075.
IHS Markit (2020). EViews 12 user’s guide II. http://www.eviews.com
Khalid, M. M. (2013). Formulas of Islamic finance as an alternative to conventional finance in light of the global financial crisis, [Master Thesis, Skikda University], Algeria. https://mobt3ath.com/pdf.php?ext=pdf&id=31334
Khatkhatay, M.H. & Nisar, S. (2007). Shariah compliant equity investments: An assessment of current screening norms. Islamic Economic Studies, 15(1), 48-76. http://iesjournal.org/english/Docs/085.pdf
Kern, S. (2012). GCC financial markets long-term prospects for finance in Gulf region. Deutsche Bank. https://www.yumpu.com/en/document/view/42182378/gcc-financial-markets-deutsche-bank-research
Khan, M. N. & Amanullah, A. (2012). Determinants of share prices at Karachi stock exchange. International Journal of Business and Management Studies, 4(1), 111-120. https://sobiad.org/eJOURNALS/journal_IJBM/arhieves/ijbms2012_1/muhammad_nauman.pdf
Kumar, V. & Rani, R. (2021). Performance evaluation of selected banking stocks listed on Bombay stock exchange during pre & post Covid-19 crisis. International Journal of Innovation and Economic Development, 7(3), 53–61. https://doi.org/10.18775/ijied.1849-7551-7020.2015.73.2005.
Lopez, L., & Weber, S. (2017). Testing for Granger causality in panel data. The Stata Journal, 17(4), 972–984. https://doi.org/10.1177/1536867X1801700412.
Matharu, T. (2019). Interlinking the Shariah compliant stocks in India: An analysis using Granger causality. Journal of Business Management, 18(3), 39-49. https://doi.org/10.12725/ujbm.48.4.
Moss, J., & Moss, G. (2010). Variables explaining bank stock prices. Journal of Applied Business Research. https://doi.org/10.19030/jabr.v26i4.301.
Nabil, H., & Ali, F. (2009, May 5-6) The reality of performance and investment in some Islamic banks the second international conference- the current financial crisis and financial and banking alternatives. Djilali Bounaama University of Khemis Miliana, Miliana, Algeria. https://www.noor-book.com8A-6691-pdf
Natarajan, P & Dharani, M. (2012). Shariah compliant stocks in India - A viable and ethical investment vehicle. Arabian Journal of Business and Management Review, 1(6). 50-62. https://doi.org/10.12816/0002108.
Obeidat, S. & Al-Homoud, S. (2010). Analysis of the determinants of the share prices of commercial banks an empirical study of Amman stock exchange. Journal of Human Sciences, 46(1), 1-20. https://ebook.univeyes.com/
Oyedokun, G.E., Arotol, O.A. & Vincent. H. (2019). The determinant of equity share price and the listed deposit money banks in Nigeria. Journal of Accounting and Strategic Finance, 2(2), 127-142. http://jasf.upnjatim.ac.id/index.php/jasf/article/view/48
Refinitiv (2020). Islamic Finance Development report 2020. https://icd-ps.org/uploads/files/ICDRefinitiv%20IFDI%20Report%2020201607502893_2100.pdf
Rehman, S., Almonifi, Y.S.A., & Gulzar, R. (2021). Impact of the Covid-19 pandemic on Islamic bank indices of the GCC countries. International Journal of Islamic Banking and Finance Research, 7 (1), 1-17. https://doi.org/10.46281/ijibfr.v7i1.1381.
Rehman, S., Wani, I., Khanam, M. & Almonifi, Y.S.A. (2021). A brief review of growth and development in Islamic banking. IOSR Journal of Economics and Finance (IOSR-JEF), 12(3), 15-25. https://doi.org/10.9790/5933-1203041525.
Sharab, S. A. (2006). Impact of announcing dividends on stock prices of companies listed on Palestine stock exchange: An empirical study, [Master Thesis. Islamic University of Gaza], Palestine. https://search.emarefa.net/ar/detail/BIM-300212
Shubiri, F.N. (2010). Analysis the determinants of market stock price movements: an empirical study of Jordanian commercial banks. International Journal of Business and Management, 5(10), 137-147. https://doi.org/10.5539/ijbm.v5n10p137.
Sharma, S. (2011). Determinants of equity share prices in India. Researchers World, Journal of Arts, Science & Commerce, 2(4), 51-60. https://www.proquest.com/openview/
Sharif, T. Purohit, H. & Pillai, R. (2015). Analysis of factors affecting share prices: The case of Bahrain stock exchange. International Journal of Economics and Finance, 7(3), 207-216. https://doi.org/10.5539/ijef.v7n3p207.
Siddiqui, S. & Sheikh, S.P. (2016). Movement of Shariah indices in financial crisis period: Exploring evidences from national stock exchange of India. Journal of Islamic Economics, Banking and Finance, 12(1),154-171. https://doi.org/10.12816/0028328.
Soni, B. & Roy, S. (2020). Findriver- driven relationship among Shariah compliant Indian and Indonesian Indices – An empirical evidence using Granger causality. Journal of Business Management, 19(3), 1-23. https://doi.org/10.12725/ujbm.52.1.
Sukesti, F., Ghozali, I., Fuad. F., & Almasyhari, A.K. (2021). Factors affecting the stock price: The role of firm performance. Journal of Asian Finance, Economics and Business, 8(2), 165-173. https://koreascience.kr/article/JAKO202104142178581.view?orgId=kodisa&hide=breadcrumb,journalinfo
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