The impact of proximity within elite corporate networks on the Shariah governance-firm performance nexus: Evidence from the global Shariah elite |
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| Affiliation: | 1. The Business School, RMIT Vietnam, Ho Chi Min City, Viet Nam;2. Liverpool Business School, Liverpool John Moores University, Liverpool, United Kingdom;1. School of Economics and Business Administration, Chongqing University, China;2. Business School, Soochow University, China;1. Department of Finance, Corvinus University of Budapest, Fővám tér 8, Budapest, 1093, Hungary;2. Asia-Europe Institute, Universiti Malaya, Jln Profesor Diraja Ungku Aziz, 50603 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia;3. Department of Finance, Budapest Business School University of Applied Sciences, Buzogány u. 10-12, Budapest 1149, Hungary;1. Department of Accounting, Economics and Finance, American College of Greece (Deree), Gravias Street, 6, 15342, Athens, Greece;2. Department of International and European Studies, University of Macedonia, Egnatia 156, 54636, Thessaloniki, Greece;1. LASTIC, École Supérieure Africaine des Technologies de l''Information et de la Communication, Abidjan, Côte D''Ivoire;2. LaST, Université Thomas SANKARA, Ouagadougou, Burkina Faso;3. LANIBIO, Université Joseph KI-ZERBO, Ouagadougou, Burkina Faso;4. EMS, Université Paris 1 Panthéon-Sorbonne, Paris, France |
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| Abstract: | Research shows the importance of social networks in the generation of valuable firm resources through informational flows. We extend this conceptualization to Shariah governance and the global Shariah elite as embodied by the Shariah supervisory board. Utilizing a unique dataset of 140 Islamic financial institutions over 2011–2015, across 16 nations, we find that interlocking behavior amongst Shariah supervisory boards is time-invariant and network proximity has an inverted U-shaped curvilinear impact on the performance of Islamic financial institutions. Our findings extend the academic literature on SSB interlocking behavior by disentangling the impact of network proximity on the Shariah governance-firm performance nexus. |
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