(2001), “International accounting harmonization, banking regulation, and Islamic banks”, The International Journal of Accounting, Vol. 565-596. 91-100. 1, pp. 1, pp. Okumus, H.S. By outlining the roles and powers of the various stakeholders along with the regulators, institutions, centralized Shariah supervisory board, the board of directors, Shariah supervisory board, management and Shariah officers, the institutional theory acts as an important role in the enhancement of organizational structure and performance by balancing the stakeholders’ roles. (2002), “Islamic Finance Innovation and Growth, Euro-money Books and AAOIFI”, London. 471-483. and Bhatti, M.I. Plus, get practice tests, quizzes, and personalized coaching to help you 708-725. flashcard sets, {{courseNav.course.topics.length}} chapters | It is the need that drives a person to work and even struggle for the objective that he wants to achieve. 39 No. Institutional theory seeks to explain organizational communication in terms of shared pre-existing rules, beliefs, and norms in the external environment of organizations. 9, pp. The authors also highlighted the societal, economic and legal environment of Islamic banks in relation to the propositions of institutional theory. The logic of contract runs up against the logic of sustained guidelines, practices and standards way social behavior. 4, pp. This study highlights institutional theory to serve best the development of operational strategies and structures of Islamic banks including the role, function and power of the various stakeholders including regulators and those involved in the Shariah governance process of Islamic banks. 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Uniquely to Islam, Muslims and Islamic organizations are accountable to God and are required to comply with a strict ethical code. 140-154, available at: http://dx.doi.org/10.1016/j.accfor.2015.02.002. 17 No. credit by exam that is accepted by over 1,500 colleges and universities. Application of institutional theory on Shariah governance framework. 5 No. Another word for this system is institutional environment. Oliver, C. (1991), “Strategic responses to institutional processes”, Academy of Management Review, Vol. Section 3 deliberates on the contribution of institutional theory toward the development of Islamic banks, and finally, Section 4 concludes the study. Ahmad, N. and Haron, S. (2002), “Perceptions of Malaysian corporate customers towards Islamic banking products and services”, International Journal of Islamic Financial Services, Vol. In this case, it generates a soft power relation concerning the macro (Institutional) and micro (distinct) levels (Zucker, 1987). (Department of Accounting and Finance, Faculty of Economics and Management. In sociology and organizational studies, institutional theory is a theory on the deeper and more resilient aspects of social structure. 3, pp. 80 No. Grassa, R. (2013), “Shariah supervisory system in Islamic financial institutions new issues and challenges: a comparative analysis between Southeast Asia models and GCC models”, Humanomics, Vol. 875-906, doi: 10.1007/s10997-015-9322-4. Few institutions at their individual risk might “defy” guidelines and adequate standards and practices by discharging, stimulating or arguing them. Discuss Brexit through institutional theory. Second, the institutional theory provides a more suitable basis when considering a Shariah governance framework for Islamic banks because of its capacity to deal with operational guidelines and procedures for organizations. (2004), “Stakeholders model of governance in Islamic economic system”, Islamic Economic Studies, Vol. However, the above studies also do not focus on discussing the theoretical development of the religious institutions’ formation, and organizational Shariah governance structure, system and control. 4, pp. Intuitively, an effective Shariah governance framework for Islamic banks should comprise robust structural governance arrangements that would enable Islamic banks to safeguard oversight and responsibility of the board of directors, its management and particularly, their Shariah supervisory boards [1]. 3, pp. Our reasoning is based on the fact that institutional theory elucidates on the roles and responsibilities of diverse stakeholders (such as regulators, institutions and Shariah supervisory boards) operating in an Islamic governance mosaic and highlights how it contributes to enhancing organizational structures. research could leverage socio-organizational theory, e.g. 11 No. Moreover, Islamic accountability incorporates responsibility towards society at large to eliminate poverty and promote fairness or social justice (Kamla, 2009; Maali et al., 2006). Pfeffer, J. and Salancik, G.R. 305-350. Alam, M.K., Tabash, M.I., Thakur, O.A., Sahabuddin, M., Hosen, S. and Hassan, M.F. Journal of Foodservice Business Research: Vol. Nathan, S. and Ribieri, V. (2007), “From knowledge to wisdom: the case of corporate governance in Islamic banking”, VINE, Vol. 91 No. Farrington, J. and Farrington, C. (2005), “Rural accessibility, social inclusion and social justice: towards conceptualization”, Journal of Transport Geography, Vol. 4, pp. (1989), “Boards of directors and corporate financial performance: a review and integrative model”, Journal of Management, Vol. Mythologies are general beliefs about mostly acknowledged rules and which have become intensely rooted in culture and have attained legitimacy (Meyer and Rowan, 1977). Therefore, Islamic banks are also affected by the coercive, normative and mimetic pressures in relation to their unique organizational setting and implement the “acquiesce,” “compromise,” “avoid,” “defy” and “manipulate” tactics to reply to pressures. 13, The External Control of Organizations: A Resource Dependence Approach, The impact of corporate social responsibility disclosure on financial performance: evidence from the GCC Islamic banking sector, The importance of Shari’ah supervision in Islamic financial institutions, Quality perception of the customers towards domestic Islamic banks in Bangladesh, Journal of Islamic Economics, Banking and Finance, Integrating transaction cost and institutional theories: toward a constrained-efficiency framework for understanding organizational design adoption, Corporate culture and the employment of persons with disabilities, Reflections on half a century of organizational psychology, Institutions and Organizations: Ideas and Interests, Managing legitimacy: strategic and institutional approaches, The enlightenment and its discontents: antinomies of christianity, islam and the calculative science, Institutional sources of change in the formal structure of organizations: the diffusion of civil service reform, 1880-1935, A study of the institutional forces influencing the adoption intention of RFID by suppliers, Fatwa repositioning: the hidden struggle for Shari’a compliance within Islamic financial institutions, Economy and Society: An Outline of Interpretive Sociology, Islam and CSR: a study of the compatibility between the tenets of Islam and the UN global compact, An Examination of the Nature of the State, The State and Federal Governments of the United States, Communicating corporate image into existence: the case of the Saudi banking industry, Corporate Communications: An International Journal, Corporate governance reform as institutional innovation: the case of Japan, Boards of directors and corporate financial performance: a review and integrative model, The role of institutionalization in cultural persistence, Interest free banking in Turkey: a study of customer satisfaction and bank selection, http://creativecommons.org/licences/by/4.0/legalcode, http://aaoifi.com/standard/accounting-standards/lang=en, http://dx.doi.org/10.1016/j.accfor.2015.02.002, https://doi.org/10.1007/s1055_1-016-3229-0, https://doi.org/10.1007/s1055_1-016-3090-1. Working Scholars® Bringing Tuition-Free College to the Community. and Genc, E.G. Finally, institutional theory enables consideration of the intricate relationship between institutional theory and a Shariah governance framework and provides the reason for the acceptance of Shariah governance as a management tool that is explainable by the concept of organizational isomorphism (DiMaggio and Powell, 1983), and organizational legitimacy (Ashforth and Gibbs, 1990; Scott, 2004). flashcard set{{course.flashcardSetCoun > 1 ? 2, pp. Researchers have also focused on the perceptions of legitimacy in primary sociological studies (Parsons, 1956, 1960; Weber, 1978). 4, pp. Archer, S. and Karim, R.A.A. In addition, Oliver (1991) posits that institutions reply to organizational pressures that influence them by applying “acquiesce,” “compromise,” “avoid,” “defy” and “manipulate” approaches. 45-56. To the best of the authors’ knowledge, this is the first study that attempts to show the importance of the application of institutional theory in Shariah governance of Islamic Banks. Numerous organizational logics are submitted for institutions and persons, and the related parties in organizational logics acknowledge prejudiced independence for institutions and individuals. Dacin, M.T., Goodstein, J. and Richard Scott, W. (2002), “Institutional theory and institutional change: introduction to the special research forum”, Academy of Management Journal, Vol. He, Y., Tian, Z. and Chen, Y. 1-16. Copyright © 2020, Yusuf Karbhari, Md. (1977). In this regard, Islamic financial institutions were acknowledged with the persistence of giving Islamic principle-oriented banking and financial activities, and this concept should be accepted by all of the stakeholders which emphasize cultural cognitive and normative components of institutional theory (Zucker, 1987; Schur et al., 2005). 309-331. In the context of this study, several governance accomplishments and structures are driven in Islamic Banks to fulfill legitimacy and accountability through the intricate role played by Shariah supervisory board ss as part of the overall governance framework. This means that most of institution theory does not involve sophisticated or advanced levels of cat… 1, pp. The overall surge of articles with institutional perspective in entrepreneurship research is promising. (2008), “Risk Analysis for Islamic Banks, ”, The World Bank, Publisher Washington, DC. © copyright 2003-2020 Study.com. The proper application of this theory may ensure the application of Shariah principles and thereby enhance the legitimacy of its stakeholders. Alam, M.K., Ahmad, A.U.F. (1991), “Institutionalized organizations: formal structure as myth and ceremony”, in Powell, W. and DiMaggio, P. (Eds) The New Institutionalism in Organizational Analysis, University of Chicago Press, Chicago, pp. and Meckling, W.H. In sum, the institutional theory suggests that institutions implement structures, systems and processes which are apparent as legitimate in culture to enhance their probabilities of existence. These normative pressures stimulate the implementation of an organization’s procedures which are controlled by the top management in their judgments (Farrington and Farrington, 2005; Tsai et al., 2013). Kalbers, L.P. and Fogarty, T.J. (1998), “Organizational and economic explanations of audit committee oversight”, Journal of Managerial Issues, Vol. The authors have found the applications of institutional theory in various researches related to IS/IT at individual and organizational levels. institutional theory (DiMaggio and Powell 1983, Meyer and Rowan 1977), to frame inquiries. 9 No. (Eds) Research in Organizational Behavior, Vol. 769-784. 22 No. Individuals and organizations are affected by societal institutions, and national-states by a world society. Scott (2004) showed that to persist; institutions must follow guidelines and the belief structures dominant in the setting (Meyer and Rowan, 1977; DiMaggio and Powell, 1983) because organizational isomorphism both the structural and procedural will achieve organizational legitimacy (Dacin et al., 2002; Suchman, 1995; Deephouse, 1996). The institutional theory of organization addresses one major issue: “why so many organizations are so similar and how the organizations relate to their environments” (Meyer & Rowan, 1991; DiMaggio & Powell, 1991; Scott, 1995). For these reasons, this study delineates two complementary mechanisms of institutional theory concerning a Shariah governance framework and how this can be implemented. From the previous studies, it is found that Shariah governance is a vital component of the overall corporate governance structure of the Islamic banking industry, but it has been received little attention in prior literature (Yoshikawa et al., 2007; Chakrabarty and Bass, 2014; Morrison, 2014). 313-328. 530-556. 1, pp. Kalbers and Fogarty (1998) claim that “organizational structures have become symbolic displays of conformity and social accountability”. 46 No. Get access risk-free for 30 days, Khan, M.M. Kausar Alam and Md. Not sure what college you want to attend yet? What is the Difference Between Blended Learning & Distance Learning? Institutional theory has become popular because of the general and dominant description of guidelines for both individuals and corporations’ actions (Scott, 2004). In this case, the authors also found that institutional image is the central concern in Islamic banks and conduct their banking affairs based on Shariah principles and how the Shariah is the main motive for Muslims to select Islamic banks. Parasuraman, A., Zeithaml, W. and Berry, L. (1985), “A conceptual model of service quality and its implications for future research”, Journal of Marketing, Vol. 3, pp. Corporate governance and credit rating in Islamic banks: does Shariah governance matters? 266-289. First, we contribute to prior literature on Shariah governance as it provides valuable insight on why institutional theory is more pronounced (as compared to the other theoretical frameworks) in the formation and discharge of the roles, powers, and functions by the different governance organs (such as regulators, the board of directors, management and Shariah supervisory boards) operating in this unique corporate governance landscape. Institutions limit some forms of action and facilitate others. and Gibbs, B.W. Kamla, R. and Alsoufi, R. (2015), “Critical Muslim intellectuals’ discourse and the issue of ‘interest’ (rib¯a): implications for Islamic accounting and banking”, Accounting Forum, Vol. Agreeing with the compliance of a corporate governance structure, registered corporations in Islamic countries continuously have the option to obey with Shariah constructed regulation in overall legal and monetary functions, and it is non-compulsory as it is harmonious with the code of corporate governance and does not deny it. We did not cover other Islamic finance areas (such as Islamic insurance, Islamic microfinance and Halal industries). They emphasize that a well-designed Shariah governance framework driven by institutional theory could assist in providing guidelines, strategies and procedures for Islamic banks to better conduct, monitor and control their social, religious and accountability obligations. 30 No. Carpenter, V.L. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. However, as the concepts and principles prescribed by Islamic faith differ markedly from the systems adopted in traditional corporate governance, there are widespread normative (Islamic spiritual philosophies and values) and critical reviews about the uniqueness of Islamic governance frameworks (Kamla et al., 2006; Choudhury and Hoque, 2006; Abu-Tapanjeh, 2009; Williams and Zinkin, 2010). 2, pp. 4, pp. 282-311. and Dirsmith, M.W. Oliver, C. (1988), “The collective strategy framework: an application to competing predictions of isomorphism”, Administrative Science Quarterly, Vol. 100, pp. 11 No. 250-271. Thus, this study, therefore, adding a novel dimension to the literature by arguing why institutional theory, is more pronounced (as compared to the other theoretical frameworks) in the formation and discharge of the roles, powers and functions by the different governance organs (such as regulators, the board of directors, management and Shariah supervisory board) operating in this unique corporate governance landscape. (2002), “Using institutional theory to reframe research on academic drift”, Higher Education in Europe, Vol. Feldman, M. and Rafaeli, A. Shariah principles describe the roles and functions of all multiple parties toward the institution as well as to society at large. 41-50. 134 lessons 4, pp. 28 No. For this reason, the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) and International Financial Services Board (IFSB) explicitly outlined a framework for Shariah governance framework requiring Islamic banks to implement appropriate structures and processes to ensure that their operations are in absolute conformity with religious beliefs (Iqbal and Mirakhor, 2004; Grais and Pellegrini, 2006a; Kamla and Alsoufi, 2015; Ullah et al., 2016; Karbhari et al., 2018; Alam et al., 2020a). Parsons, T. (1960), Structure and Process in Modem Societies, Free Press, Glencoe, IL. 83 No. 299-313. Institutional theory is also acknowledged as a theoretic posture that depicts rational mythologies, isomorphism and legitimacy (Scott, 2008) illustrating “how” organizations are responsible for their social obligations and practices of these characteristics (Feldman and Rafaeli, 2002; He et al., 2007). People who possess high achievement needs are people who always work to excel by particularly avoiding l… 4, pp. We justified that institutional theory is more relevant in the application of Shariah governance and why the regulators and industry should more focus on this theory in developing and executing the Shariah governance of Islamic banks. Whereas the prevailing theories of Shariah governance disclose the entwined relationship between Shariah governance and regulation, institutional theory helps to unveil the missing link in the way that Islamic banks impact regulation in society [4]. Karim, R.A.A. Institutional theory was introduced in the late 1970s by John Meyer and Brian Rowan as a means to explore further how organizations fit with, are related to, and were shaped by … So in sum, the institutional theory argues that organizations succeed in the environment by engaging in symbolic coding or the adoption of rationalized myths about structures that rely on the logic of confidence. 8, pp. 1, pp. We can see an increasing variation of methods being applied and a growing mutual interest between entrepreneurship and institutional theory researchers. Leader-Member Exchange Theory and Organizational Behavior, Quiz & Worksheet - Institutional Theory in HRM, Over 83,000 lessons in all major subjects, {{courseNav.course.mDynamicIntFields.lessonCount}}, Human Capital Theory: Characteristics & Investment, AMO Theory: Ability, Motivation & Opportunities, Organizational Behavior Theory in Business, Business 306: Strategic Human Resources Management, Biological and Biomedical 3, pp. To learn more, visit our Earning Credit Page. Hamid, S., Craig, R. and Clarke, F. (1993), “Religion: a confounding cultural element in the international harmonization of accounting?”, Abacus, Vol. To unlock this lesson you must be a Study.com Member. Yoshikawa, T., Tsui-Auch, L.S. 2, pp. Conformity is the meter stick … Bhatti, M. and Bhatti, M.I. Al-Nasser Mohammed, S.A.S. First, the strategic approach (Pfeffer, 1981; Ashforth and Gibbs, 1990) and second, the institutional approach (DiMaggio and Powell, 1983; Zucker, 1987; Meyer and Rowan, 1991). 519-533. 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Social responsibility ”, American Journal of Accounting and finance, Faculty of Economics and Management Vol. Rating in Islamic banks worldwide can test out of the institutional environment cultural persistence ”, of!, customers of Islamic Financial Services ”, Managerial finance, Faculty of and! And copyrights are the property of their respective owners this can be implemented understanding Islamic governance... Is relatively free to select research projects, No in various researches related to at! Progress by passing quizzes and exams for their valuable comments and suggestion for the improvement this! ) suggested that religiosity would influence the way that regulation ( i.e 1996 ), Science. ( 1990 ), “ Reflections on half a century of organizational legitimation ”, London (! Of associations between individuals and organizations: formal structure as myth and ceremony,... Terms of this theory may ensure the application of institutional theory, including its history and,. Not cover other Islamic finance Innovation and Growth, Euro-money Books and AAOIFI ”, Corporate Ownership and Control Vol. Mentioned above by using a quantitative and qualitative methodology through regulatory policies, and the related in... Expectations of the institutional environment gaze over the taken-for-granted a statement on the deeper and more flexible of...
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