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Islamic Label and Stock Price Crash Risk

Journal of Islamic Monetary Economics and Finance · Vol. 11 No. 2 (2025) · hlm. 331–350

DOI
10.21098/jimf.v11i2.2661
ISSN
2460-6618, 2460-6146
Terbit
2025-05-30
Penerbit
Bank Indonesia
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-nc/4.0

Abstrak

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.

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28 penulis · 54 tautan kepenulisan bersama · 20 lintas organisasi

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  • Sebelas Maret University
  • Universitas Gadjah Mada
  • University of Brawijaya
  • Universitas Muhammadiyah Jakarta
  • Universitas Teuku Umar
  • Universiti Putra Malaysia
  • Universitas Wijayakusuma Purwokerto
  • Organisasi berbeda
  • Organisasi sama
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Rekan penulisOrganisasiArtikel bersama
Doddy SetiawanSebelas Maret University4
Aldy Fariz AchsantaSebelas Maret University2
Nugroho SaputroSebelas Maret University2
BudiantoUniversitas Teuku Umar1
Wahyu WidarjoSebelas Maret University1
Leo Indra WardhanaUniversitas Gadjah Mada1
Timotius RadikaSebelas Maret University1
Aina MardiyaSebelas Maret University1
Muhammad Agung PrabowoSebelas Maret University1
Bany Ariffin Amin NoordinUniversiti Putra Malaysia1
Tulus HaryonoSebelas Maret University1
Dian Safitri Pantja KoesoemasariUniversitas Wijayakusuma Purwokerto1
Bowo SetiyonoUniversitas Gadjah Mada1
Bimo SaktiawanUniversitas Gadjah Mada1
Resfita DewiUniversitas Gadjah Mada1
Nur ImamahUniversity of Brawijaya1
Layyin NafisaUniversity of Brawijaya1
Luki Okta FahriUniversity of Brawijaya1
Y. Anni AryaniSebelas Maret University1
Desi ZulvinaSebelas Maret University1
Joko SuliyonoSebelas Maret University1
Desti Indah PratiwiSebelas Maret University1
Ayu Dwi UtamiSebelas Maret University1
Rolina RahardjoputriSebelas Maret University1

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Sumber metadata: OAI-PMH (metadata jurnal) http://www.jimf-bi.org/index.php/JIMF/oai, pertama di-harvest 9 Nov 2026, terakhir terlihat 9 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Islamic Label and Stock Price Crash Risk</dc:title>
	<dc:creator xml:lang="en">Sutrisno, Bambang</dc:creator>
	<dc:creator xml:lang="en">Trinugroho, Irwan</dc:creator>
	<dc:creator xml:lang="en">Arifin, Taufiq</dc:creator>
	<dc:creator xml:lang="en">Risfandy, Tastaftiyan</dc:creator>
	<dc:subject xml:lang="en">Islamic label, Stock price crash risk, Dividend policy, Audit quality, COVID-19 pandemic.</dc:subject>
	<dc:description xml:lang="en">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.
 </dc:description>
	<dc:publisher xml:lang="en">Bank Indonesia</dc:publisher>
	<dc:date>2025-05-30</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://jimf-bi.org/JIMF/article/view/2661</dc:identifier>
	<dc:identifier>10.21098/jimf.v11i2.2661</dc:identifier>
	<dc:source xml:lang="en">Journal of Islamic Monetary Economics and Finance; Vol. 11 No. 2 (2025); 331-350</dc:source>
	<dc:source>2460-6618</dc:source>
	<dc:source>2460-6146</dc:source>
	<dc:source>10.21098/jimf.v11i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://jimf-bi.org/JIMF/article/view/2661/1006</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance</dc:rights>
	<dc:rights xml:lang="en">http://creativecommons.org/licenses/by-nc/4.0</dc:rights>
</oai_dc:dc>