How to cite this paper
Almaida, A., Abbas, U., Watto, W., Asdullah, M., Fahlevi, M & Ichdan, D. (2024). The Islamic effect: Exploring the dynamics of Islamic events on sustainable performance of Islamic and conventional stock markets.Uncertain Supply Chain Management, 12(1), 235-248.
Refrences
Ahmad, M., Kuldasheva, Z., Nasriddinov, F., Balbaa, M. E., & Fahlevi, M. (2023). Is achieving environmental sustainability dependent on information communication technology and globalization? Evidence from selected OECD countries. Environmental Technology and Innovation, 31. https://doi.org/10.1016/j.eti.2023.103178
Ahmed, S., Mushtaq, M., Fahlevi, M., Aljuaid, M., & Saniuk, S. (2023). Decomposed and composed effects of economic freedom on economic growth in south Asia. Heliyon, 9(2). https://doi.org/10.1016/j.heliyon.2023.e13478
Akash, R. S. I., Mehmood, I., & Hamid, K. (2019). Islamic Calendar Anomaly and Market Return Behavior: Empirical Evidence from Eight Islamic Economies. Global Social Sciences Review, IV(IV), 21–30. https://doi.org/10.31703/gssr.2019(iv-iv).04
Al-Hajieh, H., Redhead, K., & Rodgers, T. (2011). Investor sentiment and calendar anomaly effects: A case study of the impact of Ramadan on Islamic Middle Eastern markets. Research in International Business and Finance, 25(3), 345–356. https://doi.org/10.1016/j.ribaf.2011.03.004
Al-Khazali, O., Bouri, E., Roubaud, D., & Zoubi, T. (2017). The impact of religious practice on stock returns and volatility. International Review of Financial Analysis, 52, 172–189. https://doi.org/10.1016/j.irfa.2017.04.009
Al-Khazali, O., Lean, H. H., & Samet, A. (2014). Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach. Pacific Basin Finance Journal, 28, 29–46. https://doi.org/10.1016/j.pacfin.2013.09.003
Al-Zoubi, H. A., & Maghyereh, A. I. (2007). The relative risk performance of Islamic finance: A new guide to less risky investments. International Journal of Theoretical and Applied Finance, 10(2), 235–249. https://doi.org/10.1142/S0219024907004184
Ali, I., Akhter, W., & Ashraf, N. (2017). Impact of Muslim Holy Days on Asian stock markets: An empirical evidence. Cogent Economics and Finance, 5(1). https://doi.org/10.1080/23322039.2017.1311096
Ali, K., Ashfaque, M., Saleem, A., Bárczi, J., & Sági, J. (2022). Did the Islamic Stock Index Provide Shelter for Investors during the COVID-19 Crisis? Evidence from an Emerging Stock Market. Risks, 10(6), 109.
Asl, M. G., Adekoya, O. B., Rashidi, M. M., Doudkanlou, M. G., & Dolatabadi, A. (2022). Forecast of Bayesian-based dynamic connectedness between oil market and Islamic stock indices of Islamic oil-exporting countries: Application of the cascade-forward backpropagation network. Resources Policy, 77, 102778.
Aly, H., Mehdian, S., & Perry, M. J. (2004). An Analysis of Day-of-the-Week Effects in the Egyptian Stock Market. International Journal of Business, 9(3).
Ariss, R. T., Rezvanian, R., & Mehdian, S. M. (2011). Calendar anomalies in the Gulf Cooperation Council stock markets. Emerging Markets Review, 12(3), 293–307. https://doi.org/10.1016/j.ememar.2011.04.002
Bahloul, S., Mroua, M., & Naifar, N. (2017). The impact of macroeconomic and conventional stock market variables on Islamic index returns under regime switching. Borsa Istanbul Review, 17(1), 62–74. https://doi.org/10.1016/j.bir.2016.09.003
Behavior, R., & Markets, E. S. (1995). 9Oo 131-151.
Bley, J., & Saad, M. (2010). Cross-cultural differences in seasonality. International Review of Financial Analysis, 19(4), 306–312. https://doi.org/10.1016/j.irfa.2010.08.004
Bugan, M. F., Cevik, E. I., & Dibooglu, S. (2022). Emerging market portfolios and Islamic financial markets: Diversification benefits and safe havens. Borsa Istanbul Review, 22(1), 77–91. https://doi.org/10.1016/j.bir.2021.01.007
Chkili, W. (2022). The links between gold, oil prices and Islamic stock markets in a regime switching environment. Eurasian Economic Review, 12(1), 169-186.
Fahlevi, M., Ahmad, M., Balbaa, M. E., Wu, T., & Aljuaid, M. (2023). The efficiency of petroleum and government health services to benefit life expectancy during the inefficiencies of hydroelectricity consumption. Environmental and Sustainability Indicators, 19, 100289. https://doi.org/10.1016/j.indic.2023.100289
Fahlevi, M., Moeljadi, M., Aisjah, S., & Djazuli, A. (2023). Assessing the Sustainability of Firm Value: The Impact of Board Composition, Firm Size, and Earnings Manipulation in the LQ45 Index. E3S Web of Conferences, 426, 02042. https://doi.org/10.1051/e3sconf/202342602042
Fahlevi, M., Vional, & Pramesti, R. M. (2022). Blockchain technology in corporate governance and future potential solution for agency problems in Indonesia. International Journal of Data and Network Science, 6(3), 721–726. Scopus. https://doi.org/10.5267/j.ijdns.2022.3.010
Fama, E. F. (1970). Efficient Market Hypothesis: A Review of Theory and Empirical Work. In The Journal of Finance (Vol. 25, Issue 2), 383–417.
Hakim, S., Pasaribu, E. D. S., Gulo, D., Katharina, N., & Kalsum, U. (2023). Analysis of cash flow from operating activities, cash flow from investing activities, cash flow from financing activities, gross profit margin, and earnings per share on the stock price. Priviet Social Sciences Journal, 3(9), 1–9. https://doi.org/10.55942/pssj.v3i9.240
Halari, A., Tantisantiwong, N., Power, D. M., & Helliar, C. (2015). Islamic calendar anomalies: Evidence from Pakistani firm-level data. Quarterly Review of Economics and Finance, 58, 64–73. https://doi.org/10.1016/j.qref.2015.02.004
Hamman, M. A. (2014). Conventional Finance, Islamic Finance and Economic Development in West African Countries. *KASU Journal of Accounting Research and Practice, 3 *(2)(September 2018). https://www.researchgate.net/publication/327823002
Hearn, B., Piesse, J., & Strange, R. (2011). The role of the stock market in the provision of Islamic development finance: Evidence from Sudan. Emerging Markets Review, 12(4), 338–353. https://doi.org/10.1016/j.ememar.2011.04.004
Hess, P. (1981). Gibbons_Hess_1981 Day of week efects.pdf.
Hijazi, A. S., & Tabash, M. I. (2020). “The Impact of Ramadan month on market stock returns anomalies: An empirical investigation of Palestine Exchange (PEX).” Investment Management and Financial Innovations, 17(1), 253–265. https://doi.org/10.21511/imfi.17(1).2020.22
Iqbal, M., Kouser, R., & Azeem, M. (2013). Conventional and Islamic anomalies in Karachi Stock Exchange. Science International, 25(4), 999–1007.
Iqbal, S., Iqbal, N., & Muneer, A. (2019). Islamic calendar anomalies reshaping investor behavior: A qualitative study. Journal of Islamic Thought and Civilization, 9(2), 212–232. https://doi.org/10.32350/jitc.92.11
Jawadi, F., Jawadi, N., & Louhichi, W. (2014). Conventional and Islamic stock price performance: An empirical investigation. International Economics, 137, 73–87. https://doi.org/10.1016/j.inteco.2013.11.002
Jaziri, M., & Abdelhedi, M. (2018). Islamic occasions and investor sentiment. International Journal of Islamic and Middle Eastern Finance and Management, 11(2), 194–212. https://doi.org/10.1108/IMEFM-08-2017-0225
Jebran, K., & Chen, S. (2017). Examining anomalies in Islamic equity market of Pakistan. Journal of Sustainable Finance and Investment, 7(3), 275–289. https://doi.org/10.1080/20430795.2017.1289455
Karim, S., & Naeem, M. A. (2022). Do global factors drive the interconnectedness among green, Islamic and conventional financial markets?. International Journal of Managerial Finance.
Khan, A., Sarim, M., Tabash, M. I., & Akhtar, A. (2018). Examining anomalies in Islamic equity market of the emerging economies. Economic Annals-XXI, 170(3–4), 64–68. https://doi.org/10.21003/ea.V170-11
Khan, D., Ullah, S., & Asif, M. (2017). Islamic Calendar Anomalies: A Study of Ramadan Effect on Pakistan Stock Exchange. Journal of Managerial Sciences, 11(4).
Li, C., Su, C. W., Altuntaş, M., & Li, X. (2021). COVID-19 and stock market nexus: evidence from Shanghai Stock Exchange. Economic Research-Ekonomska Istrazivanja , 35(1), 2351–2364. https://doi.org/10.1080/1331677X.2021.1941181
Mathlouthi, F., & Bahloul, S. (2022). Co-movement and causal relationships between conventional and Islamic stock market returns under regime-switching framework. Journal of Capital Markets Studies. https://doi.org/10.1108/jcms-02-2022-0008
Meiryani, M., Delvin Tandyopranoto, C., Emanuel, J., Lindawati, A. S. L., Fahlevi, M., Aljuaid, M., & Hasan, F. (2022). The effect of global price movements on the energy sector commodity on bitcoin price movement during the COVID-19 pandemic. Heliyon, 8(10), e10820. https://doi.org/10.1016/j.heliyon.2022.e10820
Mezran, K. K., & Perteghella, A. (2020). The politics of pandemics: evolving regime-opposition dynamics in the MENA region. In The politics of pandemics.
Mitchell, M. C., Rafi, M. I. M., Severe, S., & Kappen, J. (2014). Conventional Vs. Islamic Finance: the Impact of Ramadan Upon Sharia-compliant Markets. Organizations and Markets in Emerging Economies, 5(1), 105–124. https://doi.org/10.15388/omee.2014.5.1.14244
Mustafa, K. (2020). The Islamic Calendar Effect in Karachi Stock Market The Islamic Calendar Effect in Karachi Stock Market. Global Business Review, January, 1–13. https://www.researchgate.net/publication/236147168_The_Islamic_calendar_effect_on_Karachi_stock_market
Nasir, M. A., Rossi, M., & Khan, K. (2017). The calendar anomalies on performance and volatility of stock market: the effects of Ramadan on Karachi Stock Exchange. Global Business and Economics Review, 19(1), 54. https://doi.org/10.1504/gber.2017.10000917
Puteh, A., Saputra, J., Halim, Z. A., & Bon, A. T. (2021). A mini review of Islamic stock market literature. Proceedings of the International Conference on Industrial Engineering and Operations Management, July, 3401–3407.
Raheman, A. (2015). Islamic Calender Events and Stock Market Reaction : Evidence From Pakistan. April 2017.
Ratnasari, S. L., Mahadi, N., Nordin, N. A., & Darma, D. C. (2022). Ethical work climate, social trust, and decision-making in Malaysian public administration: The case of MECD Malaysia. Croatian and Comparative Public Administration, 22(2), 289-312.
Sahabuddin, M., Islam, M. A., Tabash, M. I., Anagreh, S., Akter, R., & Rahman, M. M. (2022a). Co-Movement, Portfolio Diversification, Investors’ Behavior and Psychology: Evidence from Developed and Emerging Countries’ Stock Markets. Journal of Risk and Financial Management, 15(8), 319.
Sahabuddin, M., Hassan, M. F., Tabash, M. I., Al-Omari, M. A., Alam, M. K., & Islam, F. T. (2022b). Co-movement and causality dynamics linkages between conventional and Islamic stock indexes in Bangladesh: A wavelet analysis. Cogent Business & Management, 9(1), 2034233.
Sandhu, A. A. (2015). Islamic Calendar Effect on Market Risk and Return Evidence from Islamic Countries. Journal of Business & Financial Affairs, 4(2). https://doi.org/10.4172/2167-0234.1000140
Satt, H. (2017). Eid Mawlid al-Nabi, Eid al-Fitr and Eid al-Adha; optimism and impact on analysts’ recommendations: Evidence From MENA region. Arab Economic and Business Journal, 12(1), 57–67. https://doi.org/10.1016/j.aebj.2017.04.001
Shah, N., Qureshi, M. N., & Aslam, Y. (2017). An Empirical Investigation of Islamic Calendar Effect in Global Islamic Equity Indices. International Journal of Economics and Finance, 9(6), 57. https://doi.org/10.5539/ijef.v9n6p57
Shahid, M. N., & Sattar, A. (2017). Behavior of Calendar Anomalies, Market Conditions and Adaptive Market Hypothesis: Evidence from Pakistan Stock Exchange. Pakistan Journal of Commerce and Social Sciences, 11(2), 471–504.
Sitorus, T. B., Purba, M. I., Simbolon, W. N. B., Siregar, M. E., & Aliah, N. (2023). The impact of liquidity, return on assets, and company growth on stock prices in Manufacturing Companies listed on the Indonesia Stock Exchange. Journal of Economics and Business Letters, 3(3), 7–13. https://doi.org/10.55942/jebl.v3i3.208
Skinner, J. (1987). Nber working paper series. NBER Working Paper, 20(August), 146–146. http://www.nber.org/papers/w2983
Sonjaya, A. R., & Wahyudi, I. (2016). The Ramadan effect: Illusion or reality? Arab Economic and Business Journal, 11(1), 55–71. https://doi.org/10.1016/j.aebj.2016.03.001
Watto, W. A., Fahlevi, M., Mehmood, S., Asdullah, M. A., & Juhandi, N. (2023). Executive compensation: A justified reward or a mis-fortune, an empirical analysis of banks in Pakistan. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100092. https://doi.org/10.1016/j.joitmc.2023.100092
Yousaf, I., & Alokla, J. (2022). Herding behaviour in the Islamic bank market: evidence from the Gulf region. Review of Behavioral Finance.
Ahmed, S., Mushtaq, M., Fahlevi, M., Aljuaid, M., & Saniuk, S. (2023). Decomposed and composed effects of economic freedom on economic growth in south Asia. Heliyon, 9(2). https://doi.org/10.1016/j.heliyon.2023.e13478
Akash, R. S. I., Mehmood, I., & Hamid, K. (2019). Islamic Calendar Anomaly and Market Return Behavior: Empirical Evidence from Eight Islamic Economies. Global Social Sciences Review, IV(IV), 21–30. https://doi.org/10.31703/gssr.2019(iv-iv).04
Al-Hajieh, H., Redhead, K., & Rodgers, T. (2011). Investor sentiment and calendar anomaly effects: A case study of the impact of Ramadan on Islamic Middle Eastern markets. Research in International Business and Finance, 25(3), 345–356. https://doi.org/10.1016/j.ribaf.2011.03.004
Al-Khazali, O., Bouri, E., Roubaud, D., & Zoubi, T. (2017). The impact of religious practice on stock returns and volatility. International Review of Financial Analysis, 52, 172–189. https://doi.org/10.1016/j.irfa.2017.04.009
Al-Khazali, O., Lean, H. H., & Samet, A. (2014). Do Islamic stock indexes outperform conventional stock indexes? A stochastic dominance approach. Pacific Basin Finance Journal, 28, 29–46. https://doi.org/10.1016/j.pacfin.2013.09.003
Al-Zoubi, H. A., & Maghyereh, A. I. (2007). The relative risk performance of Islamic finance: A new guide to less risky investments. International Journal of Theoretical and Applied Finance, 10(2), 235–249. https://doi.org/10.1142/S0219024907004184
Ali, I., Akhter, W., & Ashraf, N. (2017). Impact of Muslim Holy Days on Asian stock markets: An empirical evidence. Cogent Economics and Finance, 5(1). https://doi.org/10.1080/23322039.2017.1311096
Ali, K., Ashfaque, M., Saleem, A., Bárczi, J., & Sági, J. (2022). Did the Islamic Stock Index Provide Shelter for Investors during the COVID-19 Crisis? Evidence from an Emerging Stock Market. Risks, 10(6), 109.
Asl, M. G., Adekoya, O. B., Rashidi, M. M., Doudkanlou, M. G., & Dolatabadi, A. (2022). Forecast of Bayesian-based dynamic connectedness between oil market and Islamic stock indices of Islamic oil-exporting countries: Application of the cascade-forward backpropagation network. Resources Policy, 77, 102778.
Aly, H., Mehdian, S., & Perry, M. J. (2004). An Analysis of Day-of-the-Week Effects in the Egyptian Stock Market. International Journal of Business, 9(3).
Ariss, R. T., Rezvanian, R., & Mehdian, S. M. (2011). Calendar anomalies in the Gulf Cooperation Council stock markets. Emerging Markets Review, 12(3), 293–307. https://doi.org/10.1016/j.ememar.2011.04.002
Bahloul, S., Mroua, M., & Naifar, N. (2017). The impact of macroeconomic and conventional stock market variables on Islamic index returns under regime switching. Borsa Istanbul Review, 17(1), 62–74. https://doi.org/10.1016/j.bir.2016.09.003
Behavior, R., & Markets, E. S. (1995). 9Oo 131-151.
Bley, J., & Saad, M. (2010). Cross-cultural differences in seasonality. International Review of Financial Analysis, 19(4), 306–312. https://doi.org/10.1016/j.irfa.2010.08.004
Bugan, M. F., Cevik, E. I., & Dibooglu, S. (2022). Emerging market portfolios and Islamic financial markets: Diversification benefits and safe havens. Borsa Istanbul Review, 22(1), 77–91. https://doi.org/10.1016/j.bir.2021.01.007
Chkili, W. (2022). The links between gold, oil prices and Islamic stock markets in a regime switching environment. Eurasian Economic Review, 12(1), 169-186.
Fahlevi, M., Ahmad, M., Balbaa, M. E., Wu, T., & Aljuaid, M. (2023). The efficiency of petroleum and government health services to benefit life expectancy during the inefficiencies of hydroelectricity consumption. Environmental and Sustainability Indicators, 19, 100289. https://doi.org/10.1016/j.indic.2023.100289
Fahlevi, M., Moeljadi, M., Aisjah, S., & Djazuli, A. (2023). Assessing the Sustainability of Firm Value: The Impact of Board Composition, Firm Size, and Earnings Manipulation in the LQ45 Index. E3S Web of Conferences, 426, 02042. https://doi.org/10.1051/e3sconf/202342602042
Fahlevi, M., Vional, & Pramesti, R. M. (2022). Blockchain technology in corporate governance and future potential solution for agency problems in Indonesia. International Journal of Data and Network Science, 6(3), 721–726. Scopus. https://doi.org/10.5267/j.ijdns.2022.3.010
Fama, E. F. (1970). Efficient Market Hypothesis: A Review of Theory and Empirical Work. In The Journal of Finance (Vol. 25, Issue 2), 383–417.
Hakim, S., Pasaribu, E. D. S., Gulo, D., Katharina, N., & Kalsum, U. (2023). Analysis of cash flow from operating activities, cash flow from investing activities, cash flow from financing activities, gross profit margin, and earnings per share on the stock price. Priviet Social Sciences Journal, 3(9), 1–9. https://doi.org/10.55942/pssj.v3i9.240
Halari, A., Tantisantiwong, N., Power, D. M., & Helliar, C. (2015). Islamic calendar anomalies: Evidence from Pakistani firm-level data. Quarterly Review of Economics and Finance, 58, 64–73. https://doi.org/10.1016/j.qref.2015.02.004
Hamman, M. A. (2014). Conventional Finance, Islamic Finance and Economic Development in West African Countries. *KASU Journal of Accounting Research and Practice, 3 *(2)(September 2018). https://www.researchgate.net/publication/327823002
Hearn, B., Piesse, J., & Strange, R. (2011). The role of the stock market in the provision of Islamic development finance: Evidence from Sudan. Emerging Markets Review, 12(4), 338–353. https://doi.org/10.1016/j.ememar.2011.04.004
Hess, P. (1981). Gibbons_Hess_1981 Day of week efects.pdf.
Hijazi, A. S., & Tabash, M. I. (2020). “The Impact of Ramadan month on market stock returns anomalies: An empirical investigation of Palestine Exchange (PEX).” Investment Management and Financial Innovations, 17(1), 253–265. https://doi.org/10.21511/imfi.17(1).2020.22
Iqbal, M., Kouser, R., & Azeem, M. (2013). Conventional and Islamic anomalies in Karachi Stock Exchange. Science International, 25(4), 999–1007.
Iqbal, S., Iqbal, N., & Muneer, A. (2019). Islamic calendar anomalies reshaping investor behavior: A qualitative study. Journal of Islamic Thought and Civilization, 9(2), 212–232. https://doi.org/10.32350/jitc.92.11
Jawadi, F., Jawadi, N., & Louhichi, W. (2014). Conventional and Islamic stock price performance: An empirical investigation. International Economics, 137, 73–87. https://doi.org/10.1016/j.inteco.2013.11.002
Jaziri, M., & Abdelhedi, M. (2018). Islamic occasions and investor sentiment. International Journal of Islamic and Middle Eastern Finance and Management, 11(2), 194–212. https://doi.org/10.1108/IMEFM-08-2017-0225
Jebran, K., & Chen, S. (2017). Examining anomalies in Islamic equity market of Pakistan. Journal of Sustainable Finance and Investment, 7(3), 275–289. https://doi.org/10.1080/20430795.2017.1289455
Karim, S., & Naeem, M. A. (2022). Do global factors drive the interconnectedness among green, Islamic and conventional financial markets?. International Journal of Managerial Finance.
Khan, A., Sarim, M., Tabash, M. I., & Akhtar, A. (2018). Examining anomalies in Islamic equity market of the emerging economies. Economic Annals-XXI, 170(3–4), 64–68. https://doi.org/10.21003/ea.V170-11
Khan, D., Ullah, S., & Asif, M. (2017). Islamic Calendar Anomalies: A Study of Ramadan Effect on Pakistan Stock Exchange. Journal of Managerial Sciences, 11(4).
Li, C., Su, C. W., Altuntaş, M., & Li, X. (2021). COVID-19 and stock market nexus: evidence from Shanghai Stock Exchange. Economic Research-Ekonomska Istrazivanja , 35(1), 2351–2364. https://doi.org/10.1080/1331677X.2021.1941181
Mathlouthi, F., & Bahloul, S. (2022). Co-movement and causal relationships between conventional and Islamic stock market returns under regime-switching framework. Journal of Capital Markets Studies. https://doi.org/10.1108/jcms-02-2022-0008
Meiryani, M., Delvin Tandyopranoto, C., Emanuel, J., Lindawati, A. S. L., Fahlevi, M., Aljuaid, M., & Hasan, F. (2022). The effect of global price movements on the energy sector commodity on bitcoin price movement during the COVID-19 pandemic. Heliyon, 8(10), e10820. https://doi.org/10.1016/j.heliyon.2022.e10820
Mezran, K. K., & Perteghella, A. (2020). The politics of pandemics: evolving regime-opposition dynamics in the MENA region. In The politics of pandemics.
Mitchell, M. C., Rafi, M. I. M., Severe, S., & Kappen, J. (2014). Conventional Vs. Islamic Finance: the Impact of Ramadan Upon Sharia-compliant Markets. Organizations and Markets in Emerging Economies, 5(1), 105–124. https://doi.org/10.15388/omee.2014.5.1.14244
Mustafa, K. (2020). The Islamic Calendar Effect in Karachi Stock Market The Islamic Calendar Effect in Karachi Stock Market. Global Business Review, January, 1–13. https://www.researchgate.net/publication/236147168_The_Islamic_calendar_effect_on_Karachi_stock_market
Nasir, M. A., Rossi, M., & Khan, K. (2017). The calendar anomalies on performance and volatility of stock market: the effects of Ramadan on Karachi Stock Exchange. Global Business and Economics Review, 19(1), 54. https://doi.org/10.1504/gber.2017.10000917
Puteh, A., Saputra, J., Halim, Z. A., & Bon, A. T. (2021). A mini review of Islamic stock market literature. Proceedings of the International Conference on Industrial Engineering and Operations Management, July, 3401–3407.
Raheman, A. (2015). Islamic Calender Events and Stock Market Reaction : Evidence From Pakistan. April 2017.
Ratnasari, S. L., Mahadi, N., Nordin, N. A., & Darma, D. C. (2022). Ethical work climate, social trust, and decision-making in Malaysian public administration: The case of MECD Malaysia. Croatian and Comparative Public Administration, 22(2), 289-312.
Sahabuddin, M., Islam, M. A., Tabash, M. I., Anagreh, S., Akter, R., & Rahman, M. M. (2022a). Co-Movement, Portfolio Diversification, Investors’ Behavior and Psychology: Evidence from Developed and Emerging Countries’ Stock Markets. Journal of Risk and Financial Management, 15(8), 319.
Sahabuddin, M., Hassan, M. F., Tabash, M. I., Al-Omari, M. A., Alam, M. K., & Islam, F. T. (2022b). Co-movement and causality dynamics linkages between conventional and Islamic stock indexes in Bangladesh: A wavelet analysis. Cogent Business & Management, 9(1), 2034233.
Sandhu, A. A. (2015). Islamic Calendar Effect on Market Risk and Return Evidence from Islamic Countries. Journal of Business & Financial Affairs, 4(2). https://doi.org/10.4172/2167-0234.1000140
Satt, H. (2017). Eid Mawlid al-Nabi, Eid al-Fitr and Eid al-Adha; optimism and impact on analysts’ recommendations: Evidence From MENA region. Arab Economic and Business Journal, 12(1), 57–67. https://doi.org/10.1016/j.aebj.2017.04.001
Shah, N., Qureshi, M. N., & Aslam, Y. (2017). An Empirical Investigation of Islamic Calendar Effect in Global Islamic Equity Indices. International Journal of Economics and Finance, 9(6), 57. https://doi.org/10.5539/ijef.v9n6p57
Shahid, M. N., & Sattar, A. (2017). Behavior of Calendar Anomalies, Market Conditions and Adaptive Market Hypothesis: Evidence from Pakistan Stock Exchange. Pakistan Journal of Commerce and Social Sciences, 11(2), 471–504.
Sitorus, T. B., Purba, M. I., Simbolon, W. N. B., Siregar, M. E., & Aliah, N. (2023). The impact of liquidity, return on assets, and company growth on stock prices in Manufacturing Companies listed on the Indonesia Stock Exchange. Journal of Economics and Business Letters, 3(3), 7–13. https://doi.org/10.55942/jebl.v3i3.208
Skinner, J. (1987). Nber working paper series. NBER Working Paper, 20(August), 146–146. http://www.nber.org/papers/w2983
Sonjaya, A. R., & Wahyudi, I. (2016). The Ramadan effect: Illusion or reality? Arab Economic and Business Journal, 11(1), 55–71. https://doi.org/10.1016/j.aebj.2016.03.001
Watto, W. A., Fahlevi, M., Mehmood, S., Asdullah, M. A., & Juhandi, N. (2023). Executive compensation: A justified reward or a mis-fortune, an empirical analysis of banks in Pakistan. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100092. https://doi.org/10.1016/j.joitmc.2023.100092
Yousaf, I., & Alokla, J. (2022). Herding behaviour in the Islamic bank market: evidence from the Gulf region. Review of Behavioral Finance.