The role of ownership and governance mechanism in Sukuk Financing by Malaysian firms : An application of a double selection model
المؤلفون المشاركون
Ashraf, Dawud
Rizwan, Muhammad Suhayl
Azmat, Sad
المصدر
Islamic Research and Training Institute
العدد
المجلد 2018، العدد 2-6 (31 ديسمبر/كانون الأول 2018)45ص.
الناشر
البنك الإسلامي للتنمية المعهد الإسلامي للبحوث و التدريب
تاريخ النشر
2018-12-31
دولة النشر
السعودية
عدد الصفحات
45
التخصصات الرئيسية
الملخص EN
After controlling for the double selection bias in a sequential three-equation model of the decisions to issuance, to choose a Sukuk structure, and the volume of Sukuk engagements, we find robust evidence suggesting that ownership structure and governance mechanisms play a significant role in controlling agency costs through issuance of Sukuk.
In line with monitoring hypothesis, we find that higher government ownership positively influences the decisions to participate, issue a debt-like Sukuk and volume thereof.
Similarly, in line with complementarity hypothesis, the empirical evidence suggests that firms with higher board of directors’ independence are more likely to participate in issuing Sukuk with higher volumes.
We also find that ethnicity, in the form of a higher proportion of Malay/Muslim members on the board of directors, does not influence the initial decision on whether or not to issue Sukuk.
However, once the decision to issue Sukuk is made, firms with higher institutional ownership or a higher proportion of Malay/Muslim board members are more likely to issue equity-like Sukuk.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Ashraf, Dawud& Rizwan, Muhammad Suhayl& Azmat, Sad. 2018. The role of ownership and governance mechanism in Sukuk Financing by Malaysian firms : An application of a double selection model. Islamic Research and Training Institute،Vol. 2018, no. 2-6.
https://search.emarefa.net/detail/BIM-832835
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Ashraf, Dawud…[et al.]. The role of ownership and governance mechanism in Sukuk Financing by Malaysian firms : An application of a double selection model. Islamic Research and Training Institute No. 2-6 (2018).
https://search.emarefa.net/detail/BIM-832835
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Ashraf, Dawud& Rizwan, Muhammad Suhayl& Azmat, Sad. The role of ownership and governance mechanism in Sukuk Financing by Malaysian firms : An application of a double selection model. Islamic Research and Training Institute. 2018. Vol. 2018, no. 2-6.
https://search.emarefa.net/detail/BIM-832835
نوع البيانات
مقالات
لغة النص
الإنجليزية
الملاحظات
General Note.
رقم السجل
BIM-832835
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