The substitution hypothesis of agency conflicts: Evidence on Shariah compliant equities

Volume: 41, Pages: 90 - 103
Published: Aug 1, 2019
Abstract
According to the substitution hypothesis and recent evidence, firms that are better governed carry less debt and experience fewer agency problems. This may also imply that firms with lower debt are better governed and experience lower agency costs. We test this hypothesis by comparing the agency costs of Shariah compliant (SC, and therefore low debt) and Shariah noncompliant (SNC) firms, using a proprietary dataset comprising constituents of the...
Paper Details
Title
The substitution hypothesis of agency conflicts: Evidence on Shariah compliant equities
Published Date
Aug 1, 2019
Volume
41
Pages
90 - 103
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