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Performance of initial public offerings (IPOs) : the case of Shariah-compliant companies
المؤلفون المشاركون
Yaqub, Nur al-Wihdah
Sharif, Muhammad
المصدر
العدد
المجلد 27، العدد 1 (31 أكتوبر/تشرين الأول 2019)، ص ص. 65-76، 12ص.
الناشر
البنك الإسلامي للتنمية المعهد الإسلامي للبحوث و التدريب
تاريخ النشر
2019-10-31
دولة النشر
السعودية
عدد الصفحات
12
التخصصات الرئيسية
الملخص EN
Purpose - The purpose of this paper is to examine the informational value of Shariah-compliant disclosure in the Malaysian initial public offerings (IPOs) prospectus and whether Shariah-compliant status has an impact on the IPO initial return when adopted as a signalling mechanism.
Design/methodology/approach - It uses data from 320 IPOs for Shariah-compliant companies listed on the Bursa Malaysia between 2004 and 2013.
Findings - It finds that the degree of IPO underpricing for Shariah-compliant companies is 19.97 per cent with investors earning significant returns on the first trading day.
For the effect of different factors on the degree of IPO, we find that the size and type of IPO offers have a significant impact on the degree of IPO underpricing.
Other economic confidence factor models fail to yield economically plausible parameter values.
Originality/value - The study contributes to the literature in a number of ways.
It is the first to evaluate the effect of Shariah-compliance status regulation in Malaysian market, hence it provides an insight into the effectiveness of such regulation.
Second, while the existing Shariah-compliant IPO studies in the same market focus on Shariah status at the date of the studies being conducted, this study uses the information around IPO time.
The information that investors receive around IPO time may influence investors’ decision and valuation of the IPOs in the aftermarket.
Specifically, this study is different from the previous research, as it investigates whether Shariah-compliant companies would change the average degree of IPO underpricing for companies listed on Bursa Malaysia.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Yaqub, Nur al-Wihdah& Sharif, Muhammad. 2019. Performance of initial public offerings (IPOs) : the case of Shariah-compliant companies. Islamic Economic Studies،Vol. 27, no. 1, pp.65-76.
https://search.emarefa.net/detail/BIM-1241561
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Yaqub, Nur al-Wihdah& Sharif, Muhammad. Performance of initial public offerings (IPOs) : the case of Shariah-compliant companies. Islamic Economic Studies Vol. 27, no. 1 (Oct. 2019), pp.65-76.
https://search.emarefa.net/detail/BIM-1241561
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Yaqub, Nur al-Wihdah& Sharif, Muhammad. Performance of initial public offerings (IPOs) : the case of Shariah-compliant companies. Islamic Economic Studies. 2019. Vol. 27, no. 1, pp.65-76.
https://search.emarefa.net/detail/BIM-1241561
نوع البيانات
مقالات
لغة النص
الإنجليزية
الملاحظات
Includes bibliographical references : p. 74-76
رقم السجل
BIM-1241561
قاعدة معامل التأثير والاستشهادات المرجعية العربي "ارسيف Arcif"
أضخم قاعدة بيانات عربية للاستشهادات المرجعية للمجلات العلمية المحكمة الصادرة في العالم العربي
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