Enhancing Sharia Stock Performance Through Board Commissioners’ Characteristics: The Moderating Role of Educational Level

Authors

  • Windari Driyastutik Politeknik Negeri Bandung
  • Mochamad Edman Syarief Politeknik Negeri Bandung
  • Hendi Rohendi Politeknik Negeri Bandung

DOI:

https://doi.org/10.54099/ijibmr.v5i1.1364

Keywords:

Characteristics of the Board of Commissioners, Sharia Issuers, Sharia Stock Returns

Abstract

Purpose – This study aims to analyze the influence of the characteristics of the Board of Commissioners on sharia stock returns and explore the role of moderation of education levels in this relationship. Methodology/approach – The research method used is the regression of panel data with the Feasible Generalized Least Squares (FGLS) model. This study involves variables such as the number of board of commissioners, the frequency of meetings, the proportion of the board of commissioners, the level of education, age of members of the board of commissioners, and control variables in the form of company characteristics and macroeconomic factors, namely inflation. Findings – The results showed that the characteristics of the Board of Commissioners as a whole had no significant effect on sharia stock returns, both directly and as moderation variables by the level of education, which showed that the performance of sharia issuers was more influenced by other factors. In addition, the negative relationship between the age of the Board of Commissioners and stock returns underline the importance of a balance between experience and innovation in improving the performance of sharia issuers. These findings provide insight for sharia issuers to involve all stakeholders in strategic decisions. Novelty/value – This study shows experience alone is not enough, but innovation and adaptation to the development of digital technology is also important in the performance of the company's shares.

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Published

2025-06-22

How to Cite

Driyastutik, W., Mochamad Edman Syarief, & Hendi Rohendi. (2025). Enhancing Sharia Stock Performance Through Board Commissioners’ Characteristics: The Moderating Role of Educational Level. International Journal of Islamic Business and Management Review, 5(1), 87–98. https://doi.org/10.54099/ijibmr.v5i1.1364

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