Yazar "Tekdogan, Omer Faruk" seçeneğine göre listele

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    Shariah-compliant firms and firm leverage: evidence from firm-level time varying quasi experimental analysis for MENA countries
    (Springer Nature, 2025) Ulussever, Talat; Doruk, Omer Tugsal; Ertugrul, Hasan Murat; Tekdogan, Omer Faruk
    This study undertakes an examination of financial leverage, synonymous with firm risk or capital structure, within the context of Shariah-compliant firms. Analyzing firm-level data covering 500 nonfinancial firms across 9 MENA countries, this research employs a time-varying quasi-experimental approach to delve into the primary objective of assessing the comparative financial leverage or capital structure of Shariah-compliant firms concerning their non-Shariah counterparts. We employ time-varying quasi-experimental methods, namely time-varying difference-in-differences methodology, to explore the relative time-varying effect of Shariah-compliance on the firm leverage in the MENA Region. The results unequivocally highlight a distinct trend that the Shariah-compliant firms exhibit notably lower financial leverage compared to their non-Shariah counterparts, even if we consider the time-varying Shariah-compliance dimension. These findings, substantiated through robust modeling techniques, offer compelling insights into the financial dynamics and risk profiles of Shariah-compliant entities across the MENA region.
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    Öğe
    The dynamic effect of participation �ndex on the stable firm dynamics: evidence from non-financial firms from T�rkiye
    (Emerald Group Publishing Ltd, 2025) Doruk, Omer Tugsal; Ertugrul, Hasan Murat; Tekdogan, Omer Faruk
    PurposeThis study aims to examine whether the inclusion of firms in the participation index provides sustainability according to firm growth and financial leverage within the Islamic finance principles framework by using the Local Projections method for Turkish nonfinancial firms.Design/methodology/approachThe authors use the semiparametric local projections method which allow us to make dynamic panel impulse-response analysis. At the same time, the data set the authors use is a hand collected data set. In this framework, the authors investigate the impact of inclusion in the participation index for two quarters on the firm dynamics of Turkish nonfinancial firms using the local projections methodology.FindingsThe results suggest that firms included in the index for at least two quarters experience more stable growth and significantly lower leverage, while short-term inclusion yields weaker effects. These findings suggest that prolonged compliance with Islamic financial standards strengthens internal financing capacity and shields firms from debt exposure. The study contributes to Islamic finance theory by incorporating time-varying Shariah compliance and offers practical implications for financial regulation and firm governance.Practical implicationsThis study highlights the impact of Islamic finance on firm growth, and stability, indicates its potential to decrease dependence of debt, support sustainable growth and increase economic resilience through its principles and practices. For high-value businesses to benefit from the Islamic finance principles, policymakers can create opportunities to reduce reliance on debt and increase liquid assets by aligning financial structures with Shariah standards.Originality/valueTo the best of the authors' knowledge, this is the first study in the emerging markets Islamic finance context that uses a time-varying participation index approach in its empirical analysis and sheds new light on this relationship in the literature.