Efficiency analysis of Islamic capital markets compared to conventional: A systematic literature review and bibliometric study Nisful Laila, Indah Rahmawati, Muhammad Aldo
Faculty of Economics and Business, Universitas Airlangga
Abstract
This study employs a combination of bibliometric analysis and systematic literature review to assess the efficiency of Islamic and conventional capital markets. The outcomes of this investigation reveal the existence of three distinct sub-topic clusters pertinent to the efficiency of Islamic capital markets. Notably, Islamic capital markets exhibit distinctive attributes that make them comparatively more efficient. Additionally, the study highlights the influence of calendar effects, such as significant Muslim holidays, on the functioning of Islamic capital markets. In essence, this research contributes significantly by deepening our comprehension of the differentiating characteristics and efficiency levels between Islamic and conventional capital markets. Furthermore, it provides valuable insights for investors and market participants. In terms of future research directions, expanding the scope to encompass broader databases and embracing qualitative research approaches is recommended. This study aspires to bridge a critical empirical research gap by integrating qualitative methods through bibliometric analysis and systematic literature review, thereby offering a comprehensive outlook on the landscape of Islamic capital markets.
Keywords: Comparative study, Islamic capital market efficiency, Bibliometric analysis, Systematic literature review.
