Does the ham matter in my "free" lunch? An analysis of the insights of the Islamic corporate social responsibility in the financial markets and its impact in value creation
Mataix i Sanjuan, Marc
Tarrazón Rodón, Ma. Antonia, dir. (Universitat Autònoma de Barcelona. Departament d'Empresa)
Universitat Autònoma de Barcelona. Facultat d'Economia i Empresa

Data:	2015
Descripció:	45 pag.
Resum:	The focal object of study in this bachelor thesis is the Islamic Corporate Social Responsibility, the financing instruments of its complying companies and whether financial markets value it or not. As an introduction, one discusses the main concepts around Islamic morality including an appraisal to the idea of justice and its differences between Islam and the western approach. Then, a review of the Shari'ah (the Islamic law that governs social and economical relations) is done to further understand the Islamic approach to Corporate Social Responsibility. The principles of Riba prohibition, risk sharing, real asset backing, wealth accounting, speculative behaviour veto and asymmetric-information-ban are debated. After that, one argues the technical insights between the concept of Riba (interest) and its prohibition in the Islamic economic transactions. Subsequently, there is a thorough description of the external financing tools included in the Shari'ah, their main goals and the dissimilarities with their vanilla counterparts. Thus, it can be stated that there is a mainstream counterpart for every Islamic financing instrument. Nonetheless, there are risk structure significant disparities. The efficient market hypothesis (EMH) acknowledges that any difference in the risk of a financial product shall be discounted through the required profitability rate. Consequently, our main hypothesis outlines that Islamic Corporate Social Responsibility should not affect value creation in the financial markets. In order to test our hypothesis, an Ordinary Least Squares (OLS) model is proposed including the monthly average return of an equity stock as the dependent variable. We set as independent variables the standard deviation of the monthly average return and a dummy argument applying for the Shari'ah compliance. The sample includes the S&P 500 index and S&P 500 Shari'ah index time series from January 2012 to December 2014. After running 36 OLS regressions, it can be observed that none of the 36 Shari'ah compliance coefficients is statistically significant. Thus we cannot reject our null hypothesis. As a main conclusion, it can be stated that Islamic Corporate Social Responsibility shall not create value in financial markets.
Drets:	Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, i la comunicació pública de l'obra, sempre que no sigui amb finalitats comercials, i sempre que es reconegui l'autoria de l'obra original. No es permet la creació d'obres derivades.
Llengua:	Anglès
Titulació:	Grau en Administració i Direcció d'Empreses i Grau en Dret [2501572]
Pla d'estudis:	Grau en Administració i Direcció d'Empreses [1102]
Document:	Treball final de grau ; Text
Matèria:	Instruments financers ; Països islàmics ; Responsabilitat social de l'empresa

45 p, 1.6 MB

1 p, 863.9 KB

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