A LITERATURE REVIEW OF UPDATED ISLAMIC CORPORATE GOVERNANCE ELEMENTS:IMPLICATIONS FOR INDONESIA

Irna Puji Lestari (), Mamduh Mahmadah Hanafi () and Leo Indra Wardhana ()
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Irna Puji Lestari: Universitas Gadjah Mada, Indonesia
Mamduh Mahmadah Hanafi: Universitas Gadjah Mada, Indonesia
Leo Indra Wardhana: Universitas Gadjah Mada, Indonesia

Journal of Islamic Monetary Economics and Finance, 2025, vol. 11, issue 1, 91-118

Abstract: This study identifies elements of Islamic Corporate Governance (ICG) that contribute to the performance of shariah-compliant firms. A systematic literature review is carried out on 173 relevant articles from the Scopus database, spanning from 2004 to 2024. It identifies five key elements of ICG: (1) Shariah board governance, (2) management and board governance, (3) audit and risk governance, (4) sustainable governance, and (5) Muslim management and board governance. These key elements encompass various sub-elements that have diverse impacts on firm performance across financial, social, and environmental dimensions. The findings offer specific implications for Indonesia, emphasizing the integration of sustainability practices into corporate governance mechanisms and considering distinct approaches to ICG mechanisms for dual-sector performance between Islamic Financial Institutions (IFIs) and non-IFIs.

Keywords: Islam; Islamic corporate governance; Shariah governance; Firm performance; Literature review (search for similar items in EconPapers)
JEL-codes: G30 L25 M14 Q56 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:idn:jimfjn:v:11:y:2025:i:1e:p:91-118

DOI: 10.21098/jimf.v11i1.2305

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