Factors Influencing The Capital Structure Of Shari'ah Compliant Public Listed Companies In The Kuala Lumpur Stock Exchange (KLSE)

• Main Author: Ahmed Digale, Abdi Aziz
• Format: Thesis
• Language: English
• Published: 2009
• Subjects: HF5001-6182 Business
• Online Access: http://eprints.usm.my/32391/1/ABDI_AZIZ_AHMED_DIGALE_24%28NN%29.pdf; http://eprints.usm.my/32391/

Kefahaman mengenai prinsip-prinsip Shari'ah adalah salah satu isu penting yang perlu dipelajari dan diamalkan dengan syarat-syarat dan perundangan dalam amalan Syari'ah. Shari'ah adalah merupakan sesuatu yang sejagat boleh menyelesaikan permasalahan berkaitan dengan pemiagaan atau perkara-perkara lain. Syari'ah dibina atas dua prinsip asas, menghindari kepayahan dan menghapuskan yang haram (Rosly, 2005). Ini adalah seperti yang dinyatakan dalam al-Quran bahawa "Tuhan tidak menjadikan agama sesuatu yang menyusahkan" (Surah 22: Ayat 78). Objektif utama kajian ini adalah untuk mengkaji samada syarikat-syarikat yang tennasuk dalam kategori mematuhi Shari'ah dan tersenarai mematuhi prinsip-prinsip Shar'iah dengan menganalisis kepatuhan terhadap criteria yang ditetapkan. Ia dilihat samada faktor-faktor sepetii kegiatan perniagaan, jenis perniagaan, Pengerusi Syarikat, peratus pemilikan saham oleh golongan Muslim serta kewujudan Majlis Penyeliaan Shati'ah dan mengk~i perbezaan antara syarikat-syarikat ini berhubung dengan kriteria pematuhan. Daripada sebanyak 506 syarikat tersenarai di Papan Utama KLSE, sampel berjumlah 218 dipi1ih secara strata. Sebanyak 218 1aporan tahunan 2007 digunakan dan data dianalisis menggunakan SPSS. Adalah didapati bahawa Pengerusi syarikat mempunyai kesan yang signifikan terhadap pematuhan kriteria yang dikenakan. The understanding of the Shari'ah principles is one of the most important issues that companies must learn and train their employee to be clear towards the rules and regulations of Shari'ah to practice as its is. Hence the Shari'ah is universal for all humankind, its settles all the issues that human beings face in this world whether its business or other things. The Shari'ah is built on two basic principles, namely: removal of hardship(ra J alharaj) and the prevention of haram ( daf' a!darar) (Rosly 2005). This has direct bearing to the Qur 'anic verse that "God never intended to make religion a means of inflicting hardship" (22:78) and "God intends to make easy for you" ( 4:28). The primary objective of this study is to examine the public listed companies which are under Shari'ah compliance category are fulfilling the Shari'ah principals, by analyzing the difference of compliance Criteria in tenns of Business Activities, Type of the Business, President of the Company, The Percentage of Muslim Shareholders and Shari'ah Supervisory Board, and also to investigate the difference between these companies in terms of compliance criteria, and what are the factors affecting the adaptation of Shari' ah compliance? A total of 506 companies listed in the Main Board of KLSE Malaysia were selected a sample of 218 using stratified sampling method. 218 annual repots were collected as cross-sectional year 2007 and analyzed using the SPSS Program. The results revealed that President of the Company (POC) has significant influence on the compliance criteria. Implications, limitations, and recommendations for future research will be presented in this study.