符合伊斯兰教法的地位与ipo的投资者需求:监管质量的调节作用

IF 1.3 Q3 CRIMINOLOGY & PENOLOGY
W. Mehmood, Anis Ali, Rasidah Mohd‐Rashid, Attia Aman‐Ullah
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引用次数: 0

摘要

本研究的目的是研究符合伊斯兰教法的地位和伊斯兰教法监管如何影响巴基斯坦首次公开募股(ipo)的需求。符合伊斯兰教法的地位被视为向投资者提供可靠信号的一种方式,这可能解释了IPO需求的异常。本研究使用多元和分位数回归模型来评估2000年至2019年期间在巴基斯坦证券交易所发行的85次ipo的数据。研究发现,符合伊斯兰教法的地位与IPO需求有相当大的负相关。然而,伊斯兰教法监管与IPO需求之间存在相当大的正相关关系。此外,监管质量和伊斯兰教法合规状态之间的相互作用对IPO需求具有相当强的影响。因此,研究结果表明,符合伊斯兰教法的公司可能会吸引投资者的注意。调查发现,投资者一致认为,严格的规则和可允许的伊斯兰教法合规方面是友好的。未来的研究可以分析财务比率基准(现金和债务),以确定符合伊斯兰教法的状态和伊斯兰教法监管,以更好地理解巴基斯坦背景下的IPO需求问题。实际意义本研究的结果有助于发行人和承销商理解影响IPO高和早期成功的特征。这些知识可能有助于发行者和承销商负责任地规划和管理IPO过程。社会意义研究结果可能有助于投资者在认购巴基斯坦ipo时在招股说明书中寻找关键信息,从而做出最佳选择。原创性/价值本研究首次提供了有关巴基斯坦伊斯兰教法合规地位、伊斯兰教法监管和IPO需求之间联系的实证数据。此外,本研究还证明了监管质量和伊斯兰教法合规状况对IPO需求的交互影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Shariah-compliant status and investors demand for IPOs: the moderating role of regulatory quality
Purpose The purpose of this study is to look at how Shariah-compliant status and Shariah regulation affect the demand for initial public offerings (IPOs) in Pakistan. The Shariah-compliant status, which is seen as a method that offers a credible signal to investors, may explain the anomaly in IPO demand. Design/methodology/approach This research used multivariate and quantile regression models to assess data from 85 IPOs issued on the Pakistan Stock Exchange between 2000 and 2019. Findings Shariah-compliant status has a considerable negative association with IPO demand. Nevertheless, there is a considerable positive association among Shariah regulation and IPO demand. Furthermore, the interaction among regulatory quality and Shariah-compliant status has a considerable strong influence on IPO demand. As a consequence, the findings show that Shariah-compliant firms might possibly attract the attention of investors. Investors were found to concur on the amicability of rigorous rules and permissible Shariah-compliance aspects. Research limitations/implications Future studies could analyse the financial ratio benchmark (cash and debt) to determine the Shariah-compliant status and Shariah regulation to better understand the problem of IPO demand in the context of Pakistan. Practical implications The outcomes of this research are useful for issuers and underwriters in comprehending the characteristics that influence high and early IPO success. Such knowledge may assist issuers and underwriters in responsibly planning and managing the IPO process. Social implications The results may be useful to investors looking for critical information in prospectuses to make the best choice when subscribing to IPOs in Pakistan. Originality/value This is one of the first studies to provide empirical data on the links among Shariah-compliant status, Shariah regulation and IPO demand in Pakistan. Furthermore, this research demonstrates the interaction impact of regulatory quality and Shariah-compliant status on IPO demand.
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来源期刊
Journal of Money Laundering Control
Journal of Money Laundering Control CRIMINOLOGY & PENOLOGY-
CiteScore
2.70
自引率
27.30%
发文量
59
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