2021年5月29日
DOES ISLAMIC FINANCE FOLLOW FINANCIAL HIERARCHY? EVIDENCE FROM THE MALAYSIAN FIRMS
The Singapore Economic Review
- 巻
- 67
- 号
- 01
- 開始ページ
- 511
- 終了ページ
- 540
- 記述言語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.1142/s0217590821420030
- 出版者・発行元
- World Scientific Pub Co Pte Ltd
Focusing on the sukuk market in Malaysia from 2000–2017, this study estimates the degree of each sample issuer information asymmetry and investigates how it influences sukuk issuance and how it differs by sukuk type. First, we find that a cost-plus-sales-based Murabahah sukuk is available for all sukuk issuers, even though the degree of information asymmetry is high. Second, a lease-based Ijarah sukuk can be chosen by high information asymmetric firms only when the firm has qualified collateral assets. Third, only a low information asymmetric firm can choose a profit-and-loss sharing-based Musyarakah sukuk. Therefore, we conclude that sukuk issuance also follows a financial hierarchy in accordance with the agency costs of each financial methodology required when a specific sukuk is chosen.
- リンク情報
- ID情報
-
- DOI : 10.1142/s0217590821420030
- ISSN : 0217-5908
- eISSN : 1793-6837