Sukuk, bond market development and target capital structure : selected Southeast Asian Countries
This study aims to identify the existence of target capital structure and explore firm specific and country specific determinants of target capital structure for firms in the selected Southeast Asian countries (Malaysia, Thailand and Singapore). We detect a remarkable effect of bond market developme...
| Main Authors: | , , |
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| Format: | Proceeding Paper |
| Language: | English |
| Published: |
2012
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/25896/ http://irep.iium.edu.my/25896/1/%28_C-10%29_Razali_-_IIAFC_2012_Sukuk_Bond_Market_Development_and_Target_Capital_structure.pdf |
| _version_ | 1848779545991184384 |
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| author | Haron, Razali Ibrahim, Khairunisah Abdul Razak, Dzuljastri |
| author_facet | Haron, Razali Ibrahim, Khairunisah Abdul Razak, Dzuljastri |
| author_sort | Haron, Razali |
| building | IIUM Repository |
| collection | Online Access |
| description | This study aims to identify the existence of target capital structure and explore firm specific and country specific determinants of target capital structure for firms in the selected Southeast Asian countries (Malaysia, Thailand and Singapore). We detect a remarkable effect of bond market development on capital structure of firms in Malaysia comparative to Thailand and Singapore. This study argues that this is due to the development of sukuk, or Islamic
bonds in Malaysia. The distinctive effect of bond market development with sukuk element on Malaysian firms shows that institutional environment and governance in which the firm operates do influence the capital structure
decision. This study contributes to the existing literature by highlighting the impact of sukuk on bond market development as one of the significant determinants of target capital structure via the dynamic model.
Keywords:
Bond Market Development, Sukuk, Malaysia, Southeast Asian,
Partial Adjustment Model |
| first_indexed | 2025-11-14T15:19:29Z |
| format | Proceeding Paper |
| id | iium-25896 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T15:19:29Z |
| publishDate | 2012 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-258962013-03-21T08:50:07Z http://irep.iium.edu.my/25896/ Sukuk, bond market development and target capital structure : selected Southeast Asian Countries Haron, Razali Ibrahim, Khairunisah Abdul Razak, Dzuljastri HG Finance This study aims to identify the existence of target capital structure and explore firm specific and country specific determinants of target capital structure for firms in the selected Southeast Asian countries (Malaysia, Thailand and Singapore). We detect a remarkable effect of bond market development on capital structure of firms in Malaysia comparative to Thailand and Singapore. This study argues that this is due to the development of sukuk, or Islamic bonds in Malaysia. The distinctive effect of bond market development with sukuk element on Malaysian firms shows that institutional environment and governance in which the firm operates do influence the capital structure decision. This study contributes to the existing literature by highlighting the impact of sukuk on bond market development as one of the significant determinants of target capital structure via the dynamic model. Keywords: Bond Market Development, Sukuk, Malaysia, Southeast Asian, Partial Adjustment Model 2012 Proceeding Paper PeerReviewed application/pdf en http://irep.iium.edu.my/25896/1/%28_C-10%29_Razali_-_IIAFC_2012_Sukuk_Bond_Market_Development_and_Target_Capital_structure.pdf Haron, Razali and Ibrahim, Khairunisah and Abdul Razak, Dzuljastri (2012) Sukuk, bond market development and target capital structure : selected Southeast Asian Countries. In: International Islamic Accounting and Finance Conference, 20-21 November 2012, Kualal Lumpur. (Unpublished) http://ari.uitm.edu.my/conferences/2012/726-international-islamic-accounting-and-finance-conference-2012.html |
| spellingShingle | HG Finance Haron, Razali Ibrahim, Khairunisah Abdul Razak, Dzuljastri Sukuk, bond market development and target capital structure : selected Southeast Asian Countries |
| title | Sukuk, bond market development and target capital structure : selected Southeast Asian Countries |
| title_full | Sukuk, bond market development and target capital structure : selected Southeast Asian Countries |
| title_fullStr | Sukuk, bond market development and target capital structure : selected Southeast Asian Countries |
| title_full_unstemmed | Sukuk, bond market development and target capital structure : selected Southeast Asian Countries |
| title_short | Sukuk, bond market development and target capital structure : selected Southeast Asian Countries |
| title_sort | sukuk, bond market development and target capital structure : selected southeast asian countries |
| topic | HG Finance |
| url | http://irep.iium.edu.my/25896/ http://irep.iium.edu.my/25896/ http://irep.iium.edu.my/25896/1/%28_C-10%29_Razali_-_IIAFC_2012_Sukuk_Bond_Market_Development_and_Target_Capital_structure.pdf |