影响马来西亚符合伊斯兰教法的社会影响债券投资意向的因素

IF 2.5 Q2 BUSINESS, FINANCE
Syed Marwan, Suhaiza Ismail, Engku Rabiah Adawiah Engku Ali, Mohamed Aslam Mohamed Haneef
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引用次数: 0

摘要

本文有两个目的。首先,本研究旨在调查影响马来西亚利益相关者投资符合伊斯兰教法的社会影响债券(SC SIBs)意向的因素。其次,本研究比较了不同利益相关者对这些因素重要性认识的差异。设计/方法/途径本研究采用扩展的计划行为理论,对持牌资本市场投资者和参与金融市场发展的个人(开发者)进行了问卷调查。调查共获得 260 份完整有效的答复。调查结果显示,态度(β = 0.447,p < 0.01)、主观规范(SN)(β = 0.255,p < 0.01)和道德规范(MN)(β = 0.163,p < 0.01)对投资 SC SIB 的意向具有显著的正向预测作用。本研究就影响利益相关者参与 SC SIBs 的因素所提供的经验证据,有助于政策制定者和相关方采取下一步措施,在马来西亚发展、实施和向利益相关者推广 SC SIBs。基金管理者可以利用本研究的洞察力来促进对 SC SIB 的积极态度、SN 和 MN,尤其是针对受这些因素影响较大的开发商。更重要的是,研究结果表明,有必要采取不同的策略来影响马来西亚利益相关者对 SC SIB 的投资行为,以确保 SC SIB 的长期可持续性和可行性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Factors influencing intention to invest in Shariah-compliant social impact bonds in Malaysia

Purpose

The purpose of the paper is twofold. Firstly, this study aims to investigate the factors influencing stakeholders’ intention to invest in Shariah-compliant social impact bonds (SC SIBs) in Malaysia. Secondly, this study compares the differences in the perception of different stakeholders on the importance of the factors.

Design/methodology/approach

Using the extended theory of planned behaviour, the study undertakes a questionnaire survey on licensed capital market investors and individuals involved in the development of the financial market (developers). A total of 260 complete and valid responses were obtained from the survey. Multiple regression and Mann–Whitney tests were carried out to achieve the two objectives, respectively.

Findings

The results reveal that attitude (β = 0.447, p < 0.01), subjective norm (SN) (β = 0.255, p < 0.01) and moral norm (MN) (β = 0.163, p < 0.01) are significantly positive predictors of intention to invest in SC SIBs. In terms of the differences in the perceptions of the two parties, the results show that the factors have more effect towards developers than investors.

Originality/value

The empirical evidence from this study on the factors that influence stakeholders’ participation in SC SIBs is useful to the policymakers and interested parties in taking the next steps to develop, implement and promote SC SIBs to stakeholders in Malaysia. Fund managers can use the study’s insights to promote positive attitudes, SNs and MNs towards SC SIBs, especially targeting developers who are more influenced by these factors. More importantly, the results indicate a need for different strategies to influence the stakeholder investment behaviour of SC SIB in Malaysia to ensure that it is sustainable and viable in the long run.

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来源期刊
CiteScore
4.80
自引率
22.70%
发文量
78
期刊介绍: The journal provides a dynamic forum for the advancement of accounting and business knowledge based on Shari’ah and Islamic activities that have an impact on the welfare of society. JIABR publishes articles on the interplay between Islamic business ethics, accounting, auditing and governance, in promoting accountability, socio-economic justice (adl) and everlasting success (al-falah). It seeks to inform, among others, current theoretical and empirical research and practice in Islamic accounting, auditing and corporate governance, management of Islamic organizations, accounting regulation and policy for Islamic institutions, Shari’ah auditing and corporate governance, financial and non-financial performance measurement and disclosure in Islamic institutions and organizations. All styles of research, theoretical and empirical, case studies, practice-based papers and research notes that are well written and falling within the journal''s scope, are generally welcomed by the journal. Scope/Coverage Development of accounting, auditing and corporate governance concepts based on Shari’ah Socio-political influence on accounting and auditing regulation and policy making for Islamic financial institutions and organizations Historical perspectives on Islamic accounting, auditing and financial management Critical analysis on issues and challenges on accounting disclosure and measurement, Shari’ah audit and corporate governance Controls and risks in Islamic organizations Financial and non-financial performance measurement and disclosure.
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