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All Journal Journal of Islamic Monetary Economics and Finance
Bambang Sutrisno
Faculty of Economics and Business, Universitas Muhammadiyah Jakarta, and Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia
Economics, Econometrics & Finance

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Islamic Label and Stock Price Crash Risk Bambang Sutrisno; Irwan Trinugroho; Taufiq Arifin; Tastaftiyan Risfandy
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2661

Abstract

This study explores how an Islamic label on firms influences stock price crash risk in Indonesia. We utilize a sample of 566 nonfinancial firms listed between 2016 and 2021, apply panel data method, and find that the Islamic label benefits the firms by lowering crash risk. Investors consider firms with the Islamic label as lower risk due to leverage constraints they must adhere to, which contributes to a decreased crash risk. Our primary results are robust to various sensitivity analyses. We also find that dividend policy and audit quality strengthen the Islamic label-crash risk nexus. The COVID-19 pandemic weakens the link between the Islamic label and crash risk. Furthermore, the Islamic label-crash risk nexus persists for up to two years.  
Co-Authors Irwan Trinugroho Tastaftiyan Risfandy Taufiq Arifin