ナカジマ カツシ   NAKAJIMA Katsushi   中島 克志    所属   立命館アジア太平洋大学  国際経営学部    職種   准教授
言語種別	英語
発行・発表の年月	2025/03
形態種別	学術論文
査読	査読あり
標題	Asset pricing in a country embracing religious beliefs and social norms: Evidence from the Indonesian stock market
執筆形態	共著
掲載誌名	Borsa Istanbul Review
掲載区分	国外
出版社・発行元	Elsevier
巻・号・頁	25(2),pp.227-239
総ページ数	13
担当区分	最終著者,責任著者
著者・共著者	Ridwan Gunawa and Katsushi Nakajima
概要	The debate surrounding the financial performance of Shariah compliance (SC) and socially-responsible (SR) investments versus traditional ones remains controversial. This study pioneers an examination of this issue within Indonesia, a country where SC Investments (SCIs) and SR Investments (SRIs) are government priorities and widely embraced by investors. Our analysis, from July 2009 to June 2021, employing well-known five-factor and cross-section models, reveals that SCI underperforms conventional benchmarks, whereas SRI exhibits resilience. Our findings also suggest that investor preferences may contribute to the overvaluation of SCI and SRI assets. Additionally, we extend the existing literature by exploring corporate financing strategies, highlighting a preference for capital markets over bank borrowing among SC and SR companies. This research illuminates the multifaceted dynamics of SCIs and SRIs in a region prioritizing ethics and sustainability.