This study examines the relationship between religiosity and Islamic debt financing based on Malaysian non-financial listed firms from 2012 to 2018. We find that Muslim CEOs allocate more Islamic financing in their debt financing compared to non-Muslim CEOs, which support the upper echelons theory. However, we find that the sociological pressure from Muslim Stakeholders display no significant effect on Islamic financing. Interestingly, we further find that Islamic debt financing will incline no matter whether the Muslim population is high or low if the CEO was a Muslim. This implies that our findings support the upper echelon theory, but not the stakeholder orientation theory.

本研究以 2012 年至 2018 年马来西亚非金融上市公司为基础，研究宗教信仰与伊斯兰债务融资之间的关系。我们发现，与非穆斯林 CEO 相比，穆斯林 CEO 在债务融资中分配了更多的伊斯兰融资，这支持了高层理论. 然而，我们发现来自穆斯林利益相关者的社会学压力对伊斯兰融资没有显着影响。有趣的是，我们进一步发现，如果首席执行官是穆斯林，那么无论穆斯林人口是高还是低，伊斯兰债务融资都会倾斜。这意味着我们的研究结果支持高层理论，但不支持利益相关者导向理论。