The Moderating Role of Education Level Between Commissioner Board and Shariah’s Stock Return: Non-Parametric Approach

DOI

10.2991/978-94-6463-990-2_34How to use a DOI?

Keywords

Board characteristics; Education level; Islamic corporate governance; Shariah stock returns

Abstract

The purpose of this paper is to determine the role of education level in moderating the characteristics of the board of commissioners on the returns of Islamic stocks. The approach employs a Robust Path Analysis method utilizing Warp_PLS. The variables used in this research include the number of board of commissioners (BC), the number of meetings (BCM), the independent board of commissioners (IBC), the education level (BCE), and the age of board members (BCA). The research results indicate that the number of board commissioners and the age of board members have a direct influence on the returns of Islamic stocks. At the same time, BCE can moderate the influence of the number of board of commissioners and the independent board of commissioners on the returns of Islamic stocks. The results indicate that education level plays a significant role in the selection of board of commissioners members and that education level can change the direction of the influence of the board of commissioners on Islamic stock returns, thereby providing practical insights for corporate governance and Islamic finance professionals. These results extend the application of agency theory, resource-based view (RBV), and legitimacy theory within Islamic corporate governance, emphasizing that board quality—particularly through education and Shariah competence—is more influential than board structure alone.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Windari Driyastutik
AU  - Moch. Edman Syarief
AU  - Hendi Rohendi
PY  - 2026
DA  - 2026/02/13
TI  - The Moderating Role of Education Level Between Commissioner Board and Shariah’s Stock Return: Non-Parametric Approach
BT  - Proceedings of the 7th International Conference on Applied Economics and Social Science (ICAESS 2025)
PB  - Atlantis Press
SP  - 506
EP  - 522
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-990-2_34
DO  - 10.2991/978-94-6463-990-2_34
ID  - Driyastutik2026
ER  -