English- Impact of Religiosity, religious inclination and biased behaviors on working capital management: Evidence from OIC Member Countries

  • Nadeem Iqbal Faculty Member, Department of Business Administration, Ghazi University D.G Khan, Pakistan https://orcid.org/0000-0002-0602-8333
  • Zain- ul-Abdin Arijo Lecturer/Incharge Director, Institute of Islamic studies, shah Abdul latif university khairpur.
  • Sajid Iqbal Faculty Member, School of Management Studies, The University of Faisalabad, Pakistan https://orcid.org/0000-0001-7729-8464
Keywords: Working Capital Management, Overconfidence Bias, Intrinsic-Extrinsic Religiously, Loss Aversion Bias, Islamic Affiliation.


Assessment of working capital management is mandatory to ensure managerial implication and decision making therefore the study contains an assessing role of manager’s Islamic associations, religious sentiments and biased behaviors affecting working capital management in Islamic Banks of organization of Islamic countries. For empirical assessment positivist approach is incorporated by using systematic sampling in parallel to belief congruence and prospect theories. The results show the considerable differences among Islamic association of managers, their religiously factors and working capital management. Furthermore the results show that Islamic association of managers and their religiously factors have significant mediating moderated impact on working capital management. The dire need is to enhance corporate culture in sample countries for better financial sustainability in the light of Islamic codes. The study provides valuable information for policy and decision makers.