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Does leverage level matter for return anomaly during rights issue announcements ? the case of Islamic countries
المؤلفون المشاركون
المصدر
العدد
المجلد 28، العدد 2 (30 إبريل/نيسان 2021)، ص ص. 141-155، 15ص.
الناشر
البنك الإسلامي للتنمية المعهد الإسلامي للبحوث و التدريب
تاريخ النشر
2021-04-30
دولة النشر
السعودية
عدد الصفحات
15
التخصصات الرئيسية
الملخص EN
Purpose-This paper aims to measure investors’ perception of the rights issue announcement of publicly listed companies in five stock markets of Islamic countries.
Then, these firms are grouped according to their debt level to examine whether abnormal returns are different from those that are highly leveraged.
Moreover, SharTah compatibility of firms is checked to understand if return anomaly shows different behaviour around rights issue announcement days.
Design/methodology/approach - The analysis period includes the years 2010-2019, which includes 362 rights issue announcements.
The event study methodology is applied to measure the level of impact that is triggered by the rights issue announcements.
Hereafter, one-way ANOVA test is performed to identify whether there exists a difference among the sample groups according to their debt level.
Findings - Findings suggest that rights issue announcements cause -3.90% fall in share prices on average for the whole sample.
However, negative abnormal return is found significant only in Egypt and Turkey.
Individual regression analysis results suggest that an increase in debt level worsens the return anomaly only in Egypt.
This refers that the rights issue announcement is perceived as less favourable for highly leveraged companies compared to others in this country.
Finally, Shan ah-compliant companies show better performance compared to non-compliant counterparts around the event dates.
Originality/value -This paper is novel in evaluating market reaction during rights issue announcements in multiple Islamic countries.
Also, to the best of the authors’ knowledge, this study is the first attempt to compare return behaviour of Shari”ah-compliant and non-compliant firms around the rights issue announcements.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Isiker, Murat& Tas, Oktay. 2021. Does leverage level matter for return anomaly during rights issue announcements ? the case of Islamic countries. Islamic Economic Studies،Vol. 28, no. 2, pp.141-155.
https://search.emarefa.net/detail/BIM-1414664
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Isiker, Murat& Tas, Oktay. Does leverage level matter for return anomaly during rights issue announcements ? the case of Islamic countries. Islamic Economic Studies Vol. 28, no. 2 (Apr. 2021), pp.141-155.
https://search.emarefa.net/detail/BIM-1414664
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Isiker, Murat& Tas, Oktay. Does leverage level matter for return anomaly during rights issue announcements ? the case of Islamic countries. Islamic Economic Studies. 2021. Vol. 28, no. 2, pp.141-155.
https://search.emarefa.net/detail/BIM-1414664
نوع البيانات
مقالات
لغة النص
الإنجليزية
الملاحظات
Includes bibliographical references : p. 153-155
رقم السجل
BIM-1414664
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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تقوم هذه الخدمة بالتحقق من التشابه أو الانتحال في الأبحاث والمقالات العلمية والأطروحات الجامعية والكتب والأبحاث باللغة العربية، وتحديد درجة التشابه أو أصالة الأعمال البحثية وحماية ملكيتها الفكرية. تعرف اكثر
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