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Capital Structure of Shariah-Compliant Companies in Malaysia

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The study looks at the determinants of capital structure of listed Shariah-compliant companies in Malaysia. It presents a study of the companies included in the Top 100 publicly listed companies in the Main Board of the Bursa Malaysia over the period of 2009 to 2011. The study applies 4 independent variables which are asset tangibility (TANG), growth opportunities (GROWTH), profitability (PROF) and firm size (SIZE while the dependent variable is debt ratio (DR). Panel data analysis on fixed effect model is used in this study. The findings of the study reveal that the debt ratio of Shariah-compliant firms is proved to be significant with growth opportunities and firm size but insignificant with asset tangibility and profitability. This has suggested that the factors are inconsistent for Shariah and non-Shariah compliant companies in determining the capital structure of public listed companies in Malaysia.
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Document Type: Research Article

Publication date: April 1, 2015

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  • ADVANCED SCIENCE LETTERS is an international peer-reviewed journal with a very wide-ranging coverage, consolidates research activities in all areas of (1) Physical Sciences, (2) Biological Sciences, (3) Mathematical Sciences, (4) Engineering, (5) Computer and Information Sciences, and (6) Geosciences to publish original short communications, full research papers and timely brief (mini) reviews with authors photo and biography encompassing the basic and applied research and current developments in educational aspects of these scientific areas.
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