Corporate Governance and Islamic Social Responsibility Disclosure In Kuwaiti Shariah Compliant Financial Institutions
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Published
Sep 1, 2012
Abstract
This study examines the relationship between corporate governance characteristics and the extent of Islamic social responsibility disclosure in Kuwait. The annual reports of 40 Shariah-compliant financial institutions listed on the Kuwait Stock Exchange in 2010 are examined. Four major corporate governance characteristics are investigated: 1) the existence of a Shariah supervisory board; 2) the number of board members; 3) the proportion of non-executive directors to the total number of directors on the board; and 4) role duality. The extent of Islamic social responsibility disclosure is measured using a self-constructed index. The index consists of 46 Islamic information items. Multivariate regression analyses are used to examine the relationships between these characteristics and the level of Islamic social responsibility disclosure. The results show that Shariah-compliant financial institutions disclosed 18% on average of the possible voluntary disclosure items. The findings report that Islamic social responsibility disclosure increases with the presence of a Shariah supervisory board, but decreases with role duality. Other corporate governance characteristics were found not to be significant in the study.
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Keywords
Islamic social responsibility disclosureShariah-compliant financial institutionscorporate governance characteristicsKuwait
References
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• AAOIFI, (2012), Overview and objectives, Bahrain: Accounting and Auditing Organization for Islamic Financial Institutions, Available in http://www.aaoifi.com/aaoifi/default.aspx.
• Abu Majid, N., Sulaiman, M., and Ariffin, N. M., (2011), “Developing a corporate governance disclosure index for Islamic financial institutions,” a paper presented to the 8th conference on Islamic Economics and Finance between 25 and 27 December in Doha, Qatar.
• Ackerlof, G. A., (1970), “The market for “lemons”: Quality uncertainty and the market mechanism,” Quarterly Journal of Economics, vol. 86. no. 2. pp. 488-501.
• Akhtaruddin, M., Hossain, N. A., Hossain, M., and Yao, L., (2009), “Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms, Journal of Applied Management Accounting Research, vol. 7. no. 1. pp. 1-20.
• Al-Shammari, B., (2008), “Voluntary disclosure in Kuwait corporate annual reports,” Review of Business Research, vol. 8. no. 1. pp. 62-81.
• Al-Shammari, B., Brown, P., and Tarca, A., (2008), “An investigation of compliance with international accounting standards by listed companies in the Gulf Co-Operation Council member states,” International Journal of Accounting, vol. 43. no. 4. pp. 425-447.
• Al-Shammari, B. and Al-Sultan, W. (2010), “Corporate governance and voluntary disclosure in Kuwait” International Journal of Disclosure and Governance, 7 (3): 262-280.
• Al-Shayeb, A., (2003), “Corporate financial reporting in the United Arab Emirates,” Arab Journal of Administrative Sciences, vol. 10. no.1. pp. 109-125.
• Barako, D. G., Hancock, P., and Izan, H. Y., (2006), “Factors influencing voluntary corporate disclosure by Kenyan companies,” Corporate Governance, vo. 14. no. 2. pp. 107-125.
• Baydoun, N. and Willet, R., (1997), “Islam and accounting: ethical issues in the presentation of financial information, Accounting, Commerce and Finance: The Islamic Perspective, vo. 1 no. 1. pp. 1-25.
• Baydoun, N. and Willet, R., (2000), “Islamic corporate reports,” ABACUS, vol. 36 no. 1.pp. 71-90.
• Beekun, R., (1997), Islamic Business Ethics. International Institute of Islamic Thought. Capital Market Authority (CMA) Law No. 7 of 2010. Kuwait City: Kuwait Government press.
• Chapra, M. U., (2007), “Challenges facing the Islamic financial industry,” In Hassan, M. K., and Lewis, M. K., (eds). Handbook of Islamic Banking, Cheltenham, UK: Edward Elgar Publishing Limited.
• Chau, G. K., and Gray, S. J., (2002), “Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore,” International Journal of Accounting, vol. 37. no. 2. pp.247-265.
• Chow, C. W and Wong-Boren, A., (1987), “Voluntary financial disclosure by Mexican corporations,” Accounting Review, vol. 62. no. 3. pp. 533-541.
• Company law., (1960), Company law of Kuwait No. 15/1960 and its updates. Kuwait.
• Cooke, T. E., (1991), “An assessment of voluntary disclosure in the annual reports of Japanese corporations,” International Journal of Accounting, vol. 26. no. 3. pp. 174-189.
• Fama, E. F. and Jensen, M. C., (1983), “Separation of ownership and control,” Journal of Law and Economics, vol. 25. no. June. pp. 301-325.
• Farook, S., Hassan, M. K., and Lanis, R., (2011), “Determinants of corporate social responsibility disclosure: the case of Islamic banks,” Journal of Islamic Accounting and Business, vol. 2. no. 2. pp. 114-141.
• Firth, M. A., (1979), “The impact of size, stock market listing and auditors on voluntary disclosure in corporate annual reports,” Accounting and Business Research, vol. 9. no. 36. pp. 273-280.
• Gambling, T.E. and Karim, R. A., (1986), “Islam and social accounting,” Journal of Business Finance and Accounting, vol. 13. no. 1. pp. 39-49.
• Graafland, J., Mazereeuw, C., and Yahia, A., (2006), “Islam and socially responsible business conduct: an empirical study of Dutch entrepreneurs,” Business Ethics: A European Review, vol. 15. no. 4. pp. 390-466.
• Gujarati, D. N., (2003), Basic Econometrics. 3rd ed. New York: McGraw-Hill.
• Halil, P., Bahari, A. B., Abu Bakar, R., (2011), “Shariah, social responsibilities and corporate governance of the Islamic banks in Malaysia,” European Journal of Social Sciences, vol. 23. no. 3. pp. 382-391.
• Hamid, S., Craig, R. and Clarke, F., (1993), “Religion: A confounding cultural element in the international harmonization of accounting,” ABACUS, vol. 29. no. 2. pp. 131-149.
• Haniffa, R., (2002), “Social reporting disclosure-an Islamic perspective,” Indonesian Management and Accounting Research, vol. 1. no. 2. pp. 128-146.
• Haniffa, R. and Cooke, T. E., (2002), “Culture, corporate governance and disclosure in Malaysian corporations,” ABACUS, vol. 38. no. 3. pp. 317-350.
• Haniffa, R. and Hudaib, M.A., (2002), “A theoretical framework for the development of the Islamic perspective of accounting,” Accounting, Commerce and Finance: Islamic perspective Journal, vol. 6. no. (1 and 2). pp. 1-71.
• Haniffa, R. and Hudaib, M.A., (2007), “Exploring the ethical identity of Islamic banks via communication in annual reports,” Journal of Business Ethics, vol. 76. no. 2. pp. 97-116.
• Hassan, A. and Harahap, S., (2010), “Exploring corporate social responsibility disclosure: the case of Islamic banks,” International Journal of Islamic and Middle Eastern Finance and Management, vol. 3. no. 3. pp. 203-227.
• Healy, P. M., and Palepu, K. G., (2001), “Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosures literature,” Journal of Accounting and Economics, vol. 31. no. 1-3. pp. 405-440.
• Ho, S., and Wong, K., (2001), “A study of the relationship between corporate governance structures and the extent of voluntary disclosure,” Journal of International Accounting, Auditing and Taxation, vol. 10. no. 2. pp. 139-156.
• Huafangm, X., and Jianguo, Y., (2007), “ownership structure, board composition and corporate voluntary disclosure: evidence from listed companies in China,” managerial Auditing Journal, vol. 22. no. 6. pp. 604-619.
• Inchausti, B. G., (1997), “The influence of company characteristics and accounting regulation on information disclosed by Spanish firms,” European Accounting Review, vol. 6. no. pp. 45-68.
• Jensen, M., and Meckling, W., (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure,” Journal of Financial Economics, vol. 3. no. 3. pp. 305-360.
• Karim, R.A. A. 1990. Standard setting for the financial reporting of religious business organizations : the case of Islamic banks. Accounting and Business Research, 20 (80):
299-305. (P13)
• Karim, R. A., (1995), “The nature and rationale of a conceptual framework for financial reporting by Islamic banks,” Accounting and Business Research, vol. 25. no. 1. pp. 285-300.
• Kuwait Finance House., (2012), Overview and objectives. Available on http://www.kfh.com/en/about/index.aspx.
• Kuwait Stock Exchange (KSE)., (2010), “Companies Guide,” Kuwait Stock Exchange publications. Kuwait.
• Leftwich, R. W., Watts, R., and Zimmerman , J., (1981), “Voluntary corporate disclosure: the case of interim reporting,” Journal of Accounting Research, vol. 19. no. Supplement. pp.50-77.
• Leung, S., and Horwitz, B., (2004), “Director Ownership and Voluntary Segment Disclosure: Hong Kong Evidence,” Journal of International Financial Management & Accounting,Vol. 15. No.3. pp. 235-260.
• Luo, S., Courtenay, S. M., and Hossain, M., (2006), “The effect of voluntary disclosure, ownership structure and proprietary cost on the return-future earnings relation,” Pacific-Basin Finance Journal, vol. 14. no. 5. pp. 501-521.
• Maali, B., Cassan, P., and Napier, C. 2003. Social reporting by Islamic bank. Discussion paper in Accounting and Finance, University of Southampton,Http://www.management.soton.ac.uk/research/publications/doucments/AF03-BPDF. Available on 25 Feb. 2011.
• Maali, B. Casson, P., and Napier, C., (2006), “Social reporting by Islamic banks,” ABACUS, vol. 42. no. 2. pp. 266-289.
• Makhija, A., and Patton, J., (2004), “The impact of firm ownership structure on voluntary disclosure: empirical evidence from Czech annual reports,” Journal of Business, vol. 77. no. 3. pp. 457-491.
• Malone, D., Fries, C., and Jones, T., (1993), “An empirical investigation of the extent of corporate financial disclosure in the oil and gas industry,” Journal of Accounting, Auditing and Finance, vol. 8. no. 3. pp. 249-273.
• Marston, C. L., and Shrives, P. J., (1991), “The use of disclosure Indices in accounting research: a review article,” British Accounting Review, vol. 23. no. 3. pp. 195-210.
• Molz, R., (1988), “Managerial domination of board of directors and financial performance,” Journal of Business Research, vol. 16. no. 3. pp. 235-249.
• Naser, K., Al-Khatib, K., and Karbhari, Y., (2002), “Empirical evidence on the depth of corporate information disclosure in developing countries: the case of Jordan,” International Journal of Commerce and Management, vol. 12. no.3-4. pp. 122-155.
• Neter, J., Wasserman, W., and Kunter, M., (1983), Applied regression models. Homewood: Richard D. Irwin.
• Obaidullah, M., (2001), “Ethics and efficiency in Islamic stock market,” International Journal of Islamic Financial Services, vol. 3. no. 2. pp. 1-10.
• Othman, R., Thani, A., and Ghani, E. 2009 Determinants of Islamic Social Reporting among top Shariah Approved companies in Bursa Malaysia. Research Journal of International Studies, 12 (October): 4-20.
• Othman, R., and Thani, A.M., (2010), “Islamic Social reporting of listed companies in Malaysia,” International Business and Economics Research Journal, vol. 9. no. 4. pp. 135-144.
• Ousama, A., and Fatima, A. H., (2010), “Voluntary disclosure by Shariah approved companies: an exploratory study,” Journal of Financial Reporting and Accounting, vol. 8. no. 1. pp.35-49.
• Prencipe, A., (2004), “Proprietary costs and determinants of voluntary segment disclosure: evidence from Italian listed companies,” European Accounting Review, vol. 13. no. 2. pp. 319-340.
• Rice, G., (1999), “Islamic ethics and the implications for business,” Journal of Business Ethics, vol. 18. no. 4. pp. 345-358.
• Rosenstein, S., and Wyatt, J. G., (1990), “Outside directors, board independence and shareholder wealth,” Journal of Financial Economics, vol. 26. no. 2. pp. 175-192.
• Rouf, M., (2011), “The relationship between corporate governance and value of the firm in developing countries: evidence from Bangladesh,” The International Journal of Applied Economics and Finance, vol. 5: no. 2. pp. 237-244.
• Sadeqhzadeh, A., (1995), Social responsibility accounting, sustainability accounting and Islam. Ph.D. Dissertation, University of Wollongong, Australia.
• Singhvi, S., and Desai, H., (1971), “An empirical analysis of the quality of corporate financial disclosure,” Accounting Review, vol. 46. no. 1. pp. 129-138.
• Stock Exchange law., (1983), Stock Exchange law of Kuwait of 14th August, 1983. Kuwait.
• Sulaiman, M., (2000), “Corporate reporting from an Islamic perspective,” Akauntan Nasional, October. pp. 18-22.
• Sulaiman, M., (2001), Testing a model of Islamic corporate financial reports: some experimental evidence,” IIUM Journal of Economics and Management, vol. 9. no. 2.pp. 115-139.
• Sulaiman, M., (2005),. Islamic corporate reporting: between the desirable and the desired,” International Islamic University Malaysia: Research Centre, IIUM.
• Sulaiman, M., Abu Majid, N., and Ariffin, N. M., (2011), “Corporate governance of Islamic financial institutions in Malaysia,” a paper presented to the 8th conference on Islamic Economics and Finance between 25 and 27 December in Doha, Qatar.
• Ullah, S., and Jamali, D., (2010), “Institutional investors and corporate social responsibility: the role of Islamic financial institutions,” International Review of Business Research Papers, vol. 6. no. 1. pp. 619-630.
• Wallace, R. S. O., and Naser, K., (1995), “Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong,” Journal of Accounting and Public Policy, vol. 14. no. 4. pp. 311-368.
• Weir, C. and Laing, D. (2001) Governance structures, director independence and corporate performance in the UK. European Business Review, 13(2): 86-94
• Wilson, R., (2006), “Islam and business,” Thunderbird International Business Review, vol. 48. no. 1. pp. 109-123.
• Willett, R., and Sulaiman, M., (2001), “Islam, economic rationalism, and accounting,” American Journal of Islamic Social Sciences, vol. 18. no. 2. pp. 60-93.
• Watts, R., and Zimmerman, J., (1978), “Towards a positive theory of the determination of accounting standards,” Accounting Review, vol. 53. no. 1. pp. 112-134.
• Zarzeski, M. T., (1996), “Spontaneous harmonization effects of culture and market forces on accounting disclosure practices,” Accounting Horizons, vol. 10. no. 1. pp. 18-37.
• Zubairu, U. M., Sakariyau, O. B., and Dauda, C. K., (2011), “Social reporting practices of Islamic banks in Saudi Arabia,” International Journal of Business and Social Science, vol. 2. no. 23. pp. 193-205.
• AAOIFI, (2012), Overview and objectives, Bahrain: Accounting and Auditing Organization for Islamic Financial Institutions, Available in http://www.aaoifi.com/aaoifi/default.aspx.
• Abu Majid, N., Sulaiman, M., and Ariffin, N. M., (2011), “Developing a corporate governance disclosure index for Islamic financial institutions,” a paper presented to the 8th conference on Islamic Economics and Finance between 25 and 27 December in Doha, Qatar.
• Ackerlof, G. A., (1970), “The market for “lemons”: Quality uncertainty and the market mechanism,” Quarterly Journal of Economics, vol. 86. no. 2. pp. 488-501.
• Akhtaruddin, M., Hossain, N. A., Hossain, M., and Yao, L., (2009), “Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms, Journal of Applied Management Accounting Research, vol. 7. no. 1. pp. 1-20.
• Al-Shammari, B., (2008), “Voluntary disclosure in Kuwait corporate annual reports,” Review of Business Research, vol. 8. no. 1. pp. 62-81.
• Al-Shammari, B., Brown, P., and Tarca, A., (2008), “An investigation of compliance with international accounting standards by listed companies in the Gulf Co-Operation Council member states,” International Journal of Accounting, vol. 43. no. 4. pp. 425-447.
• Al-Shammari, B. and Al-Sultan, W. (2010), “Corporate governance and voluntary disclosure in Kuwait” International Journal of Disclosure and Governance, 7 (3): 262-280.
• Al-Shayeb, A., (2003), “Corporate financial reporting in the United Arab Emirates,” Arab Journal of Administrative Sciences, vol. 10. no.1. pp. 109-125.
• Barako, D. G., Hancock, P., and Izan, H. Y., (2006), “Factors influencing voluntary corporate disclosure by Kenyan companies,” Corporate Governance, vo. 14. no. 2. pp. 107-125.
• Baydoun, N. and Willet, R., (1997), “Islam and accounting: ethical issues in the presentation of financial information, Accounting, Commerce and Finance: The Islamic Perspective, vo. 1 no. 1. pp. 1-25.
• Baydoun, N. and Willet, R., (2000), “Islamic corporate reports,” ABACUS, vol. 36 no. 1.pp. 71-90.
• Beekun, R., (1997), Islamic Business Ethics. International Institute of Islamic Thought. Capital Market Authority (CMA) Law No. 7 of 2010. Kuwait City: Kuwait Government press.
• Chapra, M. U., (2007), “Challenges facing the Islamic financial industry,” In Hassan, M. K., and Lewis, M. K., (eds). Handbook of Islamic Banking, Cheltenham, UK: Edward Elgar Publishing Limited.
• Chau, G. K., and Gray, S. J., (2002), “Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore,” International Journal of Accounting, vol. 37. no. 2. pp.247-265.
• Chow, C. W and Wong-Boren, A., (1987), “Voluntary financial disclosure by Mexican corporations,” Accounting Review, vol. 62. no. 3. pp. 533-541.
• Company law., (1960), Company law of Kuwait No. 15/1960 and its updates. Kuwait.
• Cooke, T. E., (1991), “An assessment of voluntary disclosure in the annual reports of Japanese corporations,” International Journal of Accounting, vol. 26. no. 3. pp. 174-189.
• Fama, E. F. and Jensen, M. C., (1983), “Separation of ownership and control,” Journal of Law and Economics, vol. 25. no. June. pp. 301-325.
• Farook, S., Hassan, M. K., and Lanis, R., (2011), “Determinants of corporate social responsibility disclosure: the case of Islamic banks,” Journal of Islamic Accounting and Business, vol. 2. no. 2. pp. 114-141.
• Firth, M. A., (1979), “The impact of size, stock market listing and auditors on voluntary disclosure in corporate annual reports,” Accounting and Business Research, vol. 9. no. 36. pp. 273-280.
• Gambling, T.E. and Karim, R. A., (1986), “Islam and social accounting,” Journal of Business Finance and Accounting, vol. 13. no. 1. pp. 39-49.
• Graafland, J., Mazereeuw, C., and Yahia, A., (2006), “Islam and socially responsible business conduct: an empirical study of Dutch entrepreneurs,” Business Ethics: A European Review, vol. 15. no. 4. pp. 390-466.
• Gujarati, D. N., (2003), Basic Econometrics. 3rd ed. New York: McGraw-Hill.
• Halil, P., Bahari, A. B., Abu Bakar, R., (2011), “Shariah, social responsibilities and corporate governance of the Islamic banks in Malaysia,” European Journal of Social Sciences, vol. 23. no. 3. pp. 382-391.
• Hamid, S., Craig, R. and Clarke, F., (1993), “Religion: A confounding cultural element in the international harmonization of accounting,” ABACUS, vol. 29. no. 2. pp. 131-149.
• Haniffa, R., (2002), “Social reporting disclosure-an Islamic perspective,” Indonesian Management and Accounting Research, vol. 1. no. 2. pp. 128-146.
• Haniffa, R. and Cooke, T. E., (2002), “Culture, corporate governance and disclosure in Malaysian corporations,” ABACUS, vol. 38. no. 3. pp. 317-350.
• Haniffa, R. and Hudaib, M.A., (2002), “A theoretical framework for the development of the Islamic perspective of accounting,” Accounting, Commerce and Finance: Islamic perspective Journal, vol. 6. no. (1 and 2). pp. 1-71.
• Haniffa, R. and Hudaib, M.A., (2007), “Exploring the ethical identity of Islamic banks via communication in annual reports,” Journal of Business Ethics, vol. 76. no. 2. pp. 97-116.
• Hassan, A. and Harahap, S., (2010), “Exploring corporate social responsibility disclosure: the case of Islamic banks,” International Journal of Islamic and Middle Eastern Finance and Management, vol. 3. no. 3. pp. 203-227.
• Healy, P. M., and Palepu, K. G., (2001), “Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosures literature,” Journal of Accounting and Economics, vol. 31. no. 1-3. pp. 405-440.
• Ho, S., and Wong, K., (2001), “A study of the relationship between corporate governance structures and the extent of voluntary disclosure,” Journal of International Accounting, Auditing and Taxation, vol. 10. no. 2. pp. 139-156.
• Huafangm, X., and Jianguo, Y., (2007), “ownership structure, board composition and corporate voluntary disclosure: evidence from listed companies in China,” managerial Auditing Journal, vol. 22. no. 6. pp. 604-619.
• Inchausti, B. G., (1997), “The influence of company characteristics and accounting regulation on information disclosed by Spanish firms,” European Accounting Review, vol. 6. no. pp. 45-68.
• Jensen, M., and Meckling, W., (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure,” Journal of Financial Economics, vol. 3. no. 3. pp. 305-360.
• Karim, R.A. A. 1990. Standard setting for the financial reporting of religious business organizations : the case of Islamic banks. Accounting and Business Research, 20 (80):
299-305. (P13)
• Karim, R. A., (1995), “The nature and rationale of a conceptual framework for financial reporting by Islamic banks,” Accounting and Business Research, vol. 25. no. 1. pp. 285-300.
• Kuwait Finance House., (2012), Overview and objectives. Available on http://www.kfh.com/en/about/index.aspx.
• Kuwait Stock Exchange (KSE)., (2010), “Companies Guide,” Kuwait Stock Exchange publications. Kuwait.
• Leftwich, R. W., Watts, R., and Zimmerman , J., (1981), “Voluntary corporate disclosure: the case of interim reporting,” Journal of Accounting Research, vol. 19. no. Supplement. pp.50-77.
• Leung, S., and Horwitz, B., (2004), “Director Ownership and Voluntary Segment Disclosure: Hong Kong Evidence,” Journal of International Financial Management & Accounting,Vol. 15. No.3. pp. 235-260.
• Luo, S., Courtenay, S. M., and Hossain, M., (2006), “The effect of voluntary disclosure, ownership structure and proprietary cost on the return-future earnings relation,” Pacific-Basin Finance Journal, vol. 14. no. 5. pp. 501-521.
• Maali, B., Cassan, P., and Napier, C. 2003. Social reporting by Islamic bank. Discussion paper in Accounting and Finance, University of Southampton,Http://www.management.soton.ac.uk/research/publications/doucments/AF03-BPDF. Available on 25 Feb. 2011.
• Maali, B. Casson, P., and Napier, C., (2006), “Social reporting by Islamic banks,” ABACUS, vol. 42. no. 2. pp. 266-289.
• Makhija, A., and Patton, J., (2004), “The impact of firm ownership structure on voluntary disclosure: empirical evidence from Czech annual reports,” Journal of Business, vol. 77. no. 3. pp. 457-491.
• Malone, D., Fries, C., and Jones, T., (1993), “An empirical investigation of the extent of corporate financial disclosure in the oil and gas industry,” Journal of Accounting, Auditing and Finance, vol. 8. no. 3. pp. 249-273.
• Marston, C. L., and Shrives, P. J., (1991), “The use of disclosure Indices in accounting research: a review article,” British Accounting Review, vol. 23. no. 3. pp. 195-210.
• Molz, R., (1988), “Managerial domination of board of directors and financial performance,” Journal of Business Research, vol. 16. no. 3. pp. 235-249.
• Naser, K., Al-Khatib, K., and Karbhari, Y., (2002), “Empirical evidence on the depth of corporate information disclosure in developing countries: the case of Jordan,” International Journal of Commerce and Management, vol. 12. no.3-4. pp. 122-155.
• Neter, J., Wasserman, W., and Kunter, M., (1983), Applied regression models. Homewood: Richard D. Irwin.
• Obaidullah, M., (2001), “Ethics and efficiency in Islamic stock market,” International Journal of Islamic Financial Services, vol. 3. no. 2. pp. 1-10.
• Othman, R., Thani, A., and Ghani, E. 2009 Determinants of Islamic Social Reporting among top Shariah Approved companies in Bursa Malaysia. Research Journal of International Studies, 12 (October): 4-20.
• Othman, R., and Thani, A.M., (2010), “Islamic Social reporting of listed companies in Malaysia,” International Business and Economics Research Journal, vol. 9. no. 4. pp. 135-144.
• Ousama, A., and Fatima, A. H., (2010), “Voluntary disclosure by Shariah approved companies: an exploratory study,” Journal of Financial Reporting and Accounting, vol. 8. no. 1. pp.35-49.
• Prencipe, A., (2004), “Proprietary costs and determinants of voluntary segment disclosure: evidence from Italian listed companies,” European Accounting Review, vol. 13. no. 2. pp. 319-340.
• Rice, G., (1999), “Islamic ethics and the implications for business,” Journal of Business Ethics, vol. 18. no. 4. pp. 345-358.
• Rosenstein, S., and Wyatt, J. G., (1990), “Outside directors, board independence and shareholder wealth,” Journal of Financial Economics, vol. 26. no. 2. pp. 175-192.
• Rouf, M., (2011), “The relationship between corporate governance and value of the firm in developing countries: evidence from Bangladesh,” The International Journal of Applied Economics and Finance, vol. 5: no. 2. pp. 237-244.
• Sadeqhzadeh, A., (1995), Social responsibility accounting, sustainability accounting and Islam. Ph.D. Dissertation, University of Wollongong, Australia.
• Singhvi, S., and Desai, H., (1971), “An empirical analysis of the quality of corporate financial disclosure,” Accounting Review, vol. 46. no. 1. pp. 129-138.
• Stock Exchange law., (1983), Stock Exchange law of Kuwait of 14th August, 1983. Kuwait.
• Sulaiman, M., (2000), “Corporate reporting from an Islamic perspective,” Akauntan Nasional, October. pp. 18-22.
• Sulaiman, M., (2001), Testing a model of Islamic corporate financial reports: some experimental evidence,” IIUM Journal of Economics and Management, vol. 9. no. 2.pp. 115-139.
• Sulaiman, M., (2005),. Islamic corporate reporting: between the desirable and the desired,” International Islamic University Malaysia: Research Centre, IIUM.
• Sulaiman, M., Abu Majid, N., and Ariffin, N. M., (2011), “Corporate governance of Islamic financial institutions in Malaysia,” a paper presented to the 8th conference on Islamic Economics and Finance between 25 and 27 December in Doha, Qatar.
• Ullah, S., and Jamali, D., (2010), “Institutional investors and corporate social responsibility: the role of Islamic financial institutions,” International Review of Business Research Papers, vol. 6. no. 1. pp. 619-630.
• Wallace, R. S. O., and Naser, K., (1995), “Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong,” Journal of Accounting and Public Policy, vol. 14. no. 4. pp. 311-368.
• Weir, C. and Laing, D. (2001) Governance structures, director independence and corporate performance in the UK. European Business Review, 13(2): 86-94
• Wilson, R., (2006), “Islam and business,” Thunderbird International Business Review, vol. 48. no. 1. pp. 109-123.
• Willett, R., and Sulaiman, M., (2001), “Islam, economic rationalism, and accounting,” American Journal of Islamic Social Sciences, vol. 18. no. 2. pp. 60-93.
• Watts, R., and Zimmerman, J., (1978), “Towards a positive theory of the determination of accounting standards,” Accounting Review, vol. 53. no. 1. pp. 112-134.
• Zarzeski, M. T., (1996), “Spontaneous harmonization effects of culture and market forces on accounting disclosure practices,” Accounting Horizons, vol. 10. no. 1. pp. 18-37.
• Zubairu, U. M., Sakariyau, O. B., and Dauda, C. K., (2011), “Social reporting practices of Islamic banks in Saudi Arabia,” International Journal of Business and Social Science, vol. 2. no. 23. pp. 193-205.
How to Cite
Al-shammari, Bader. 2012. “Corporate Governance and Islamic Social Responsibility Disclosure In Kuwaiti Shariah Compliant Financial Institutions”. Studies in Business and Economics 16 (2). https://doi.org/10.29117/sbe.2012.0068.
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