دانلود مقاله ISI انگلیسی شماره 44480
عنوان فارسی مقاله

انتخاب صادر کننده اوراق از نوع اوراق قرضه اسلامی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
44480 2014 14 صفحه PDF سفارش دهید 8830 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Issuer's choice of Islamic bond type
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Pacific-Basin Finance Journal, Volume 28, June 2014, Pages 122–135

کلمات کلیدی
ساختار باند - اوراق قرضه اسلامی
پیش نمایش مقاله
پیش نمایش مقاله انتخاب صادر کننده اوراق از نوع اوراق قرضه اسلامی

چکیده انگلیسی

This paper analyses factors affecting an issuer's choice of Islamic bond structure as compared with conventional financial instruments. This choice is considered in the context of issuer firm variables, the 2008 Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFIs) Islamic bond recommendations, and Shariah advisor effect in relation to Islamic instruments. A sample of Malaysian Islamic bonds is analysed using ordered probit model techniques. The results suggest that there are some significant differences between Islamic and conventional bond issuer's choice determinants which can be attributed to characteristics specific to Islamic bonds. For instance unlike conventional bonds, the stock valuation of the issuer did not impact debt–equity targets with Islamic joint venture (IJV) bond issuance. Other results from issuer firm characteristics were mixed and suggest that IJV bonds have little in common with equity and issuers should concentrate on a bond's security and seniority as with conventional bonds, rather than their Islamic structure. Secured against real asset (SARA) bonds were found not to always represent ownership of the underlying asset. AAOIFIs reported concerns in 2008 over Shariah quality of IJV bonds appear to have led to an aversion of IJV bond issuance. Finally, Shariah committees as opposed to individual Shariah advisors demonstrated an aversion to IJV bond issuance.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.