Entrepreneurial finance, agency problems and Islamic ethics: complementarities and constraints

IF 2.8 4区 管理学 Q2 BUSINESS, FINANCE Venture Capital Pub Date : 2022-01-02 DOI:10.1080/13691066.2022.2067017
Habib Ahmed, Dalal Aassouli
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引用次数: 5

Abstract

ABSTRACT This paper examines the interactions between Islamic ethics related to entrepreneurs and finance and discusses their implications on entrepreneurial finance. The practice of Islamic entrepreneurial ethics creates trust that helps to mitigate agency problems. In such cases, investors can use contracts involving Islamic financial ethics. However, in the absence of the practice of normative entrepreneurial ethics, agency problems arise that need to be resolved contractually. This paper argues that Islamic legal and ethical principles impose constraints on contractual forms which reduce the flexibility of mitigating agency problems arising in entrepreneurial finance. When entrepreneurial ethics are not practiced, investors can finance entrepreneurs by diluting Islamic financial ethical principles to alleviate agency problems.
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创业金融、代理问题与伊斯兰伦理:互补性与约束
本文考察了与企业家和金融相关的伊斯兰伦理之间的相互作用,并讨论了它们对创业金融的影响。伊斯兰企业伦理的实践创造了有助于缓解代理问题的信任。在这种情况下,投资者可以使用涉及伊斯兰金融伦理的合同。然而,在缺乏规范的创业伦理实践的情况下,就会出现代理问题,需要通过契约来解决。本文认为,伊斯兰法律和伦理原则对契约形式施加了约束,这降低了缓解创业融资中出现的代理问题的灵活性。当企业家道德不被实践时,投资者可以通过稀释伊斯兰金融道德原则来为企业家提供资金,以减轻代理问题。
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来源期刊
Venture Capital
Venture Capital BUSINESS, FINANCE-
CiteScore
4.10
自引率
16.70%
发文量
21
期刊介绍: Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy
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