Almaida, Asty, Abbas, Ulfat, Ahmad Watto, Waqas, Asdullah, Muhammad A. ORCID: https://orcid.org/0000-0003-1256-1158, Fahlevi, Mochammad and Amrul Ichdan, Dany (2023) The Islamic effect: Exploring the dynamics of Islamic events on sustainable performance of Islamic and conventional stock markets. Uncertain Supply Chain Management, 12. pp. 235-248.

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Abstract

This study attempts to investigate the effects of Islamic events on both Islamic and conventional stock markets and analyze which market reacts more pronouncedly to these events. From 2012 to 2022, the research used daily stock return data from eight nations: Kuwait, India, Nigeria, Malaysia, Pakistan, Qatar, Saudi Arabia, and the United Arab Emirates. The study examines how Islamic holidays such as Ashura, Eid Meelad ul Nabi, Eid ul Azha, and Ramadan affect both Islamic and Western stock markets. The researchers use the Generalized Autoregressive Conditional Heteroscedastic (GARCH) model to analyze the data. The results of this analysis show that Islamic events in India, Nigeria, Malaysia, Pakistan, and Qatar have a strong and favorable link with Islamic stock returns. However, it was discovered that there is a little correlation between Islamic events and Islamic stock returns in the remaining three nations. The study also reveals a strong and favorable correlation between Islamic events and conventional st

Item Type:	Article
Status:	Published
DOI:	10.5267/j.uscm.2023.10.002
Subjects:	H Social Sciences > H Social Sciences (General)
School/Department:	London Campus
URI:	https://ray.yorksj.ac.uk/id/eprint/11606

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