Capital market and economic growth in Malaysia : the role of sukūk and other sub-components
المؤلفون المشاركون
Yan-Ling Tan
Shafi, Roslina Mohamad
المصدر
ISRA International Journal of Islamic Finance
العدد
المجلد 13، العدد 1 (30 إبريل/نيسان 2021)، ص ص. 102-117، 16ص.
الناشر
الأكاديمية العالمية للبحوث الشرعية
تاريخ النشر
2021-04-30
دولة النشر
ماليزيا
عدد الصفحات
16
التخصصات الرئيسية
الملخص EN
Purpose – The purpose of this paper is to explore the effects of the capital market on economic growth by considering the role of sukūk (Islamic investment certificates) and other capital market sub-components in Malaysia between 1998 and 2018.
Design/methodology/approach – The empirical investigation is based on the autoregressive distributed lag (ARDL) cointegration bounds test.
Findings – The results reveal the prevalence of a long-run equilibrium relationship between capital market variables and economic growth.
As expected, bond market components ( sukūk and conventional bonds) have a positive, albeit insignificant influence on economic growth.
In contrast, in the long-term, stock market development – regardless of the indicator used on economic growth – is shown to have a significant and positive effect.
The study suggests that stock market sub-components affect Malaysia’s economic growth the most.
Research limitations/implications – The primary limitation of this study is that only corporate sukūk were considered, while government sukūk were excluded from the estimation due to a lack of requisite information, resources and data.
Practical implications – A strategic framework should be established, especially in pricing efficiencies.
Furthermore, there is a need to create more awareness on the benefits of sukūk investment among conventional bond investors, including retail investors.
Thus, there will be more players in the sukūk market, and this will help to improve market liquidity.
Originality/value – Apart from conventional capital market sub-components, this study takes into account sukūk as a sub-component in the capital market on economic growth using the ARDL framework.
Also, this study particularly concentrates on the world’s largest sukūk issuer, Malaysia, rather than focusing on other sukūk-issuing countries.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Yan-Ling Tan& Shafi, Roslina Mohamad. 2021. Capital market and economic growth in Malaysia : the role of sukūk and other sub-components. ISRA International Journal of Islamic Finance،Vol. 13, no. 1, pp.102-117.
https://search.emarefa.net/detail/BIM-1430788
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Yan-Ling Tan& Shafi, Roslina Mohamad. Capital market and economic growth in Malaysia : the role of sukūk and other sub-components. ISRA International Journal of Islamic Finance Vol. 13, no. 1 (2021), pp.102-117.
https://search.emarefa.net/detail/BIM-1430788
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Yan-Ling Tan& Shafi, Roslina Mohamad. Capital market and economic growth in Malaysia : the role of sukūk and other sub-components. ISRA International Journal of Islamic Finance. 2021. Vol. 13, no. 1, pp.102-117.
https://search.emarefa.net/detail/BIM-1430788
نوع البيانات
مقالات
لغة النص
الإنجليزية
الملاحظات
Text in English ; abstracts in .
رقم السجل
BIM-1430788
قاعدة معامل التأثير والاستشهادات المرجعية العربي "ارسيف Arcif"
أضخم قاعدة بيانات عربية للاستشهادات المرجعية للمجلات العلمية المحكمة الصادرة في العالم العربي
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