A Comparative Study of Stock Screening Methodologies in Stock Exchanges of Bangladesh and Malaysia and Lessons to Be Learnt

Tadawul and Dubai Financial Market - A Comparative Study

Journal of Business Administration Research ◽

10.5430/jbar.v9n2p45 ◽

2020 ◽

Vol 9 (2) ◽

pp. 45

Author(s):

Issam Tlemsani ◽

Fai Albadeen ◽

Ghada Althaaly ◽

Maha Aljughaiman ◽

Hala Bubshait

Keyword(s):

Comparative Study ◽

Financial Market ◽

Growth Rates ◽

Strong Influence ◽

Stock Exchange ◽

Stock Exchanges ◽

Gdp Growth ◽

Economic Market ◽

Stock Valuation ◽

Better Than

This research is intended to identify the fundamentals of stock valuation and utilize them in the macro analysis and micro valuation of two major stock exchanges ‘Tadawul’ and ‘Dubai Financial Market’. These stock exchanges are compared in terms of their strengths and weaknesses according to significant economic indicators, alongside essential stock market determinants, all the while highlighting relevant relationships among them. Upon assessment, GDP has a strong influence on the valuation of the market and KSA’s GDP growth in the last two years has been slightly higher than UAE’s growth, affecting projected GDP growth rates. Tadawul performed better than DFM in P/E ratio indicating a higher willingness to invest in the Saudi stock exchange as well as a higher return expectation. DFM’s stocks are highly undervalued. It can be concluded that both stock exchanges are strong and competitive respectfully, and their potential for growth depends on the economic market that they originate from.

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Purging of impure income: a comparative study of the existing purging methodologies

ISRA International Journal of Islamic Finance ◽

10.1108/ijif-07-2017-006 ◽

2017 ◽

Vol 9 (1) ◽

pp. 62-80

Author(s):

Wasiullah Shaik Mohammed ◽

Mufti Abdul Kader Barkatulla ◽

Mohammed Husain Khatkhatay ◽

Zaffar Abbas

Keyword(s):

Comparative Study ◽

Stock Exchange ◽

Company Law ◽

Capital Gains ◽

Stock Exchanges ◽

Proper Understanding ◽

Content Type ◽

Software Application ◽

Personal Understanding

Purpose The purpose of this paper is to study the concept of purging and present a comparative study of the existing purging methodologies prevailing in the market with a view to evolving a more effective method of capturing the entire impure income to be purged. Design/methodology/approach To illustrate the present discussion, a case study of purging based on numerical examples has been included. The argument has also been supported with empirical data related to the universe of Sharīʿah-compliant stocks listed on Indian stock exchanges. Findings During the study, it was found that the existing purging methodologies of calculating impure income to be purged have conceptual and practical shortcomings. Research implications/limitations The scope of the current research is limited to calculation of impure income which accrues on account of Sharīʿah non-compliant investments directly or indirectly. It does not try to quantify the benefit which may be imputed in the form of capital gains made in trading of the investee company shares due to higher market value of the shares as a result of the impure income earned by the investee company. The paper has focused on identifying and calculating the impure income on account of interest. Impure income earned from specific Sharīʿah non-compliant products or services has not been considered directly. The reason for this is that companies dealing in such products or services are generally excluded at the business screening stage itself. In the case of those companies which derive a relatively small proportion of their total income from such activities and pass the business screening stage, the quantum of the impure income is not generally reported separately in company accounts. Practical implications/limitation The result of adopting the proposed methodology will lead to complete purging of impure income (to the extent that is possible under present Company Law and stock exchange reporting regulations). Implementation of the proposed method requires a proper understanding of the working of listed companies and either a sound mathematical background or access to a software application to calculate the impure income to be purged. Originality/value The current paper is original and based on the authors’ personal understanding and experience of providing Sharīʿah consultancy services related to Sharīʿah-compliant investments.

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THE PATTERNS OF INTEGRATED REPORTING: A COMPARATIVE STUDY OF COMPANIES LISTED ON THE JOHANNESBURG STOCK EXCHANGES AND INDONESIA STOCK EXCHANGES

Jurnal Reviu Akuntansi dan Keuangan ◽

10.22219/jrak.v9i1.8248 ◽

2019 ◽

Vol 9 (1) ◽

pp. 1

Author(s):

Anis Chariri

Keyword(s):

Comparative Study ◽

Financial Reporting ◽

Ethical Leadership ◽

Annual Reports ◽

Stock Exchanges ◽

Integrated Reporting ◽

Study Find ◽

Institutional Differences ◽

Concise Information ◽

Rules And Standards

Integrated reporting is considered as the new format of financial reporting that provides users with more comprehensive and concise information. However, the format of integrated reporting is still developing that lead companies implementing integrated reporting with different level of information. This study aims at investigating the integrated reporting patterns of companies from two different reporting regimes (mandatory vs voluntary). Using annual reports of companies listed on the JSE and IDX, this study find that there are differences in seven of nine dimensions of integrated reporting among companies listed in the two markets. The only dimensions of integrated reporting with the similar patterns between the two regimes are ethical leadership and compliance with laws, codes, rules, and standards. The study contributes to the need for considering the institutional differences in studying integrated reporting issues and provide the regulators with the need for preparing relevant standards as a guidance for integrated reporting implementation

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Does earnings management mediate the impact of financial policies on market value of firms? A comparative study of China and Pakistan

International Journal of Financial Engineering ◽

10.1142/s2424786318500068 ◽

2018 ◽

Vol 05 (01) ◽

pp. 1850006 ◽

Cited By ~ 1

Author(s):

Muhammad Rizwan Kamran ◽

Zheng Zhao ◽

Haji Suleman Ali ◽

Fiza Sabir

Keyword(s):

Comparative Study ◽

Earnings Management ◽

Stock Return ◽

Management Practices ◽

Market Value ◽

Stock Exchanges ◽

Financial Policies ◽

Manufacturing Sectors ◽

The Impact ◽

Data Result

The study adds new mechanism of earnings management which explores the mediation between financial policies and market value of firms. A comparative study conducted on manufacturing sectors in which sample of 857 companies for China and 150 companies for Pakistanis taken from lists of Stock Exchanges during the period 2012 to 2016. Discretionary accruals have been calculated using the modified Jones Model (1995) and finally Panel analysis was used to analyze the data. Result discloses that in both countries, managers’ Earning Management practices could significantly mediate between these financial policies and firm’s value as measured by Tobin’s Q and stock return. This is the first empirical evidence that make available importance of financial policies which could efficiently influenced by earnings management and ultimately influences the firm’s performance.

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