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Determinants of sukuk and conventional debt security offers in the context of trade-off and pecking-order theories

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dc.contributor.authorMohamed Hisham Hanifa
dc.contributor.supervisorAbul Mansur Mohammed Masih
dc.contributor.supervisorObiyathulla Ismath Bacha
dc.date.accessioned2017-04-27T11:06:11Z
dc.date.available2017-04-27T11:06:11Z
dc.date.issued2015
dc.description.abstractSukuk is dominating the Malaysian capital market with strong support from the government, mega-conglomerates and firms. As an important source of firms' financing, sukuk is increasingly catching up with existing conventional debt in terms of transaction volume and the number of deals. In spite of the rising interest among issuers in sukuk offers, research to appraise firm's issuance motives and the subsequent effects on shareholders' wealth upon sukuk and conventional bond announcement remains limited. Hence, through this initial study, firstly, we examine the association of firm specific characteristics with the respective debt security principles offers. Secondly, we also investigate the impact of each debt security offer announcement on issuer overall shareholders’ wealth effects. To address the first issue, we employed the dynamic GMM (both difference and system) analyses for testing the “partial adjustment model” with a view to investigating whether firms maintain an optimal target debt ratio when issuing each debt security principles, consistent with the trade-off theory key predictions. We also used the same model to examine the firm’s specific determinants of target debt ratio in an integrated approach. To address the second issue, we adopt both, “event-study” methodology and “wavelet” analysis. The aim is to examine the true dynamics of relationship between the debt security announcement and the shareholders’ wealth effects, given multi-horizon nature of investors.en_US
dc.identifier.citationHanifa, M. H. (2015). Determinants of sukuk and conventional debt security offers in the context of trade-off and pecking-order theories (Doctoral dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.edu.my/handle/INCEIF/2390en_US
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/2390
dc.languageEnglish
dc.language.isoengen_US
dc.publisherINCEIFen_US
dc.rights2015. INCEIF
dc.sourceGS
dc.subjectSukuk
dc.subjectIslamic bonds
dc.titleDeterminants of sukuk and conventional debt security offers in the context of trade-off and pecking-order theoriesen_US
dc.typePhDen_US
dlc.maintopicIslamic capital markets
dlc.subtopicIslamic capital markets::Sukuk
dspace.entity.typePublication
ikr.doctypeTheses
ikr.licenseAvailable in physical copy only (Call Number: t HG 4651 M697D)
ikr.topic.maintopicIslamic capital marketsen_US
ikr.topic.subtopicIslamic capital markets::Sukuken_US
relation.isAuthorOfPublication8e8de113-9c2e-4faf-8482-04f179564a0e
relation.isAuthorOfPublication8e8de113-9c2e-4faf-8482-04f179564a0e
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