Purpose

The purpose of this paper is to investigate how Islamic banks (IBs) and conventional banks (CBs) in Malaysia choose their capital structure and what are the most significant factors that affect their decisions regarding their capital structure.

Design/methodology/approach

This study applies the autoregressive distributed lag (ARDL) approach for a sample of 54 Banks listed on Malaysian stock market over the period 2010–2018.

Findings

The study findings show that the capital structure of IBs appears to be driven by similar factors to those previously found in the corporate finance literature. They also provide evidence of the existence of a long-run and short-run relationship between leverage and its main determinants for Islamic and CBs. However, the results show that various independent variables on the capital structure do exhibit different effects (in magnitude of the coefficient) among Islamic and CBs. Moreover, we find that IBs slowly adjust their capital structure toward the desired leverage ratio than CBs.

Research limitations/implications

This research contributes to the theory in re-validating capital structure theories on IBs. It helps understand the capital structure of IBs in comparison with CBs. If in conventional finance, the standard presiding decisions of an economic agent is optimizing the risk-return ratio, this standard is not the only or the primary decision criterion in the Islamic finance context where spiritual and theological considerations are taken into consideration.

Practical implications

This research can contribute to managers in understanding the choice of capital structure for IBs within the bound of Sharia requirement. Such an understanding provides managers with applied knowledge of determining their appropriate capital structure to compete locally and globally in which IBs operate.

Originality/value

This paper offers some insights on the determinants of capital structure by investigating Islamic and CBs. It explores the implication of relevant Islamic principles on capital structure. Moreover, it analyses the determinants of capital structure using ARDL method that permits to identify the short-run and long-run relationships between capital structure and its main determinants.

中文翻译：

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伊斯兰银行和传统银行的资本结构决策：马来西亚的经验证据

目的

本文的目的是调查马来西亚的伊斯兰银行（IBs）和常规银行（CBs）如何选择其资本结构，以及影响其决定其资本结构的最重要因素是什么。

设计/方法/方法

这项研究将自回归分布滞后（ARDL）方法应用于2010年至2018年期间在马来西亚股票市场上市的54家银行的样本。

发现

研究结果表明，IB的资本结构似乎受与公司财务文献中先前发现的因素类似的驱动。他们还提供了杠杆与伊斯兰和可换股债券主要决定因素之间存在长期和短期关系的证据。但是，结果表明，在伊斯兰机构和可换股债券中，资本结构上的各种自变量确实表现出不同的影响（在系数的大小上）。此外，我们发现，IBB比CB缓慢地朝着理想的杠杆比率调整其资本结构。

研究局限/意义

这项研究为重新验证IB的资本结构理论提供了理论依据。与可换股债券相比，它有助于理解IB的资本结构。如果在传统金融中，经济主体的标准主持决策正在优化风险收益率，那么该标准不是伊斯兰金融背景中考虑精神和神学考虑因素的唯一或主要决策标准。

实际影响

这项研究可以帮助管理人员了解伊斯兰教法要求范围内IB的资本结构选择。这样的理解为管理人员提供了应用知识，帮助他们确定合适的资本结构，以在国际文凭组织开展业务的地方和全球范围内竞争。

创意/价值

本文通过调查伊斯兰和可换股债券，对资本结构的决定因素提供了一些见解。它探讨了有关伊斯兰原则对资本结构的影响。此外，它使用ARDL方法分析了资本结构的决定因素，该方法允许识别资本结构与其主要决定因素之间的短期和长期关系。