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Stock performance under alternative Shariah screening methods: Evidence from Australia

Ali I. El Saleh and Doureige Jurdi

Accounting and Finance, 2021, vol. 61, issue 3, 4339-4388

Abstract: This paper examines the effect of Shariah screening on performance. We use the constituents of the ASX200 to identify Shariah‐compliant investments (SCI) using eight different Shariah screening methods (SSMs) and investigate the effect of quantitative screening ratios and purification ratios on performance. We find significant differences in the constituents of the SCI universe and performance across SSMs. Our results demonstrate consistent evidence that the debt and purification ratios are negatively associated with SCI performance. However, we find mixed results for the impact of liquidity ratios on performance.

Date: 2021
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https://doi.org/10.1111/acfi.12735

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